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Job Analysis Survey Results

Application of knowledge and skills most important to the practice of professional financial planning according to planners

June 9, 1999, Toronto - Financial planners rate their ability to apply listening and analytical skills, as well as their ability to apply technical knowledge, to understand their clients' personal financial goals and how to reach them as essential to their practice. This is one of the findings of a job analysis survey conducted by Insignia Marketing Research Inc., Toronto, for the Financial Planners Standards Council (FPSC).

The job analysis was part of a comprehensive Syllabus Review developed by FPSC to keep the Professional Proficiency Examination leading to the Certified Financial Planner® (CFP®) designation relevant to the knowledge and skills planners use in their current practice. Over 300 CFP professionals across the country, constituting a representative sample, were asked to rate specific topic areas in a revised draft syllabus for depth of knowledge and frequency of application relative to their current practice. They were asked to respond as "someone who does not have a specialized practice, but rather someone who provides a comprehensive range of financial planning services without supervision."

"This type of comprehensive field-based survey is fundamental to the ongoing process of setting standards that are relevant to that which practitioners are actually called upon to do in their daily practice,'' says FPSC President, Don Johnston.

The CFP professionals surveyed indicated that retirement planning is what they do most often for their clients. Investment planning and income tax planning run a close second as areas of knowledge most frequently applied.

The survey findings also suggest that the ability to number-crunch remains useful, despite specialized timesaving software. Planners recognize the need for in-depth subjective analysis that is beyond the capability of computer programs.

The findings of this survey have been used to develop a revised syllabus that will be implemented in the 2001 CFP examination sessions.

Currently there are over 60 institutions that either offer education programs leading to the CFP examination that have been approved through FPSC or that have entered into a partnership with one of FPSC accredited national distance learning organizations.

Financial Planners Standards Council is a not-for-profit organization dedicated to benefiting and protecting the Canadian consumer by establishing and enforcing education, examination, experience and ethics requirements for financial planners who choose to earn the CFP designation. The FPSC is the Canadian licensor of the internationally recognised CFP certification marks currently used by more than 9,500 planners in Canada and 50,000 planners in 11 countries around the world.