Continuing Education Requirements

CFP® professionals and FPSC Level 1® certificants have an obligation to ensure their knowledge and competence in their field remains current. To renew certification, CFP professionals must complete 25 hours of Continuing Education (CE) annually and FPSC Level 1 certificants must complete 12 hours of CE annually as outlined in the table below.

 

Important Changes to Your Continuing Education Requirements – Effective January 1, 2020

FP Canada is making changes to its certification programs. Effective January 1, 2020, CFP professionals will be required to complete two hours of CE in the category of Professional Responsibility annually (a change from the current one-hour annual requirement); for a total of 25 CE credits required annually. Also effective January 1, 2020, FPSC Level 1® certification will be replaced by QAFP certification and all current FPSC Level 1 certificants will automatically become QAFP professionals. QAFP professionals will be required to complete 12 CE credits annually.
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Current Annual Continuing Education Requirements for FP Canada Certificants

 CFP ProfessionalsFPSC Level 1 Certificants

Total Annual Credit
Requirement

(Jan 1 - Dec 31)

2512
BREAKDOWN BY CATEGORYAnnual Credit RequirementsCarry-Over Permitted to Next Calendar YearAnnual Credit RequirementsCarry-Over Permitted to Next Calendar Year
Financial Planning 10 minimum25 maximum7 minimum12 maximum
Professional Responsibility1* minimumNo**1 minimumNo**
Practice Management

No minimum

5 maximum

No

No minimum

 

5 maximum,
combined for all
three categories

No
Product Knowledge

No minimum

5 maximum

NoNo
Giving Back

No minimum

5 maximum

NoNo

* Effective January 2020, CFP professionals must complete 2 hours of CE in the category of Professional Responsibility annually (a change from the current 1-hour annual requirement)
** If more than 1 credit in Professional Responsibility is obtained, the additional credit(s) may be applied under the Financial Planning category.

 

CE Credit Categories

FP Canada’s CE requirements go beyond maintaining technical competence. They are designed to support the maintenance and ongoing professional development required to continue meeting client needs. CE requirements include the following five categories:

 

Qualifying CE must be related to one or more aspects of the CFP Professional Competency Profile, the foundation of certification requirements leading to CFP certification. CE in this category may relate to one or more of the financial planning areas, professional skills and technical knowledge.

The Professional Responsibility requirement is designed to support and enhance your understanding of your professional duties and to provide approaches for identifying and addressing common ethical dilemmas and challenges that you may face.

Qualifying CE requires practical application of the principles and rules in the FP Canada Standards Council Standards of Professional Responsibility to scenarios or examples of ethical dilemmas that financial planners encounter. CE activities that focus on direct knowledge or rote recall of the Standards of Professional Responsibility without demonstrated understanding and application will not qualify.

Examples of Qualifying CE:

  • In-person workshop where participants review examples of ethical dilemmas that financial planners may encounter and how the Standards of Professional Responsibility may apply.
  • Online, self-directed course where learners are asked to review examples of ethical dilemmas that financial planners may encounter and are asked to contemplate, through interactive online activities or assessment, how the Standards of Professional Responsibility may apply.

Examples of Non-Qualifying CE:

  • In-person workshop that provides an update on the regulatory environment and outlines mutual fund and securities regulation for advisors but does not apply the Standards of Professional Responsibility to examples or scenarios of ethical dilemmas.
  • Online, self-directed course that presents and explains the Standards of Professional Responsibility but does not apply the principles or rules to examples or scenarios of ethical dilemmas that financial planners may encounter.

Qualifying CE includes the knowledge and skills used in building professional relationships and growing a professional practice. CE in this category may include activities focused on prospecting, business planning, business development, networking or sales skills.

Qualifying CE includes the product knowledge that planners may use to advise on and sell products or comment on products held by their clients. CE in this category may be focused on any financial planning product, including investment, insurance or debt. Ideally, CE should present a balanced view of the product that includes features and benefits as well as client suitability, risks and costs. The content of CE should help you make product recommendations based on the fit of the product with your client’s situation rather than on the product’s returns.

Qualifying CE includes volunteering with community organizations, industry associations, and charitable groups in a way that helps Canadians understand the importance of financial planning and/or enhances their financial well-being. CE in this category may include involvement in pro bono teaching or development of education programs, community involvement, development of published financial planning research, or involvement in financial planning-related committees, task forces, or focus groups.

 

 

Questions?

For more information about Continuing Education requirements, visit our Meeting Your CE Requirement page or our FAQ: Continuing Education. If you have further questions, contact FP Canada Stakeholder Support at info@fpcanada.ca, 416-593-8587 or 1-800-305-9886. Our office is open from Monday to Friday, 9:00 a.m. to 5:00 p.m. ET.