CIFP FPSC-approved Capstone Course
The Canadian Institute of Financial Planning (CIFP) is pleased to announce the launch of the
CIFP FPSC-approved Capstone Course.
Overview
Successful completion of the Capstone Course is an integral step for those pursuing the CFP®
designation. The Capstone Course will draw on the technical knowledge and financial planning
skills the student brings into the course to integrate and synthesize the various components of
financial planning. The importance of fine-tuning these professional skills in preparation for the
FPSC Financial Planning Examination 2 (FPE2) is critical as the examination adopts a
competency-based approach.
Ultimately, the Capstone Course will test the student's preparedness to write FPE2 as measured
by the comprehensive financial plan that is a required element of the course.
Delivery of Course Content
The CIFP FPSC-approved Capstone Course is a distance-learning course that is accessible
online. Formal assessments are completed and submitted by the student online and are graded
instantly. The comprehensive financial plan must be completed on paper and submitted to CIFP
for evaluation.
Course Evaluation
Successful completion of the CIFP FPSC-approved Capstone Course requires the student to
obtain a cumulative grade of 60% on the mandatory components of the course. In addition, to
pass the course, the student must obtain a minimum grade of 60% on two of the mandatory
components: the formal course assessment and the comprehensive financial plan.
The mandatory components of the CIFP FPSC-approved Capstone Course are comprised of the
following:
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10% - end-of-unit formal assessments (cumulative)
20% - formal Capstone Course assessment
70% - comprehensive financial plan
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CIFP FPSC-approved Capstone Course
Course Topics and Learning Objectives
Topic
Fundamental
Financial Planning
Practices
FPSC CFP Code of
Ethics
FPSC CFP Practice
Standards
Financial
Management
Asset Management
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Learning Objectives
collecting information needed to develop a comprehensive financial
plan
identifying opportunities and obstacles in the client's situation
analyzing and assessing client information to formulate strategies
synthesizing information to formulate and evaluate strategies to
develop a financial plan
provide student with an understanding of the role of ethics and practice
standards in financial planning
• collecting quantitative information as it relates to the client (e.g. assets
and liabilities, cash flow, income, financial obligations, preparation of
a personal budget and financial statements)
• collecting qualitative information as it relates to the client (e.g.
attitudes towards saving, spending and debt)
• analyzing client information (e.g. the viability of client goals, potential
opportunities and constraints regarding client goals, the impact of
potential changes in a client's financial situation, demands on cash
flow)
• synthesizing client information (e.g. developing financial management
strategies and identifying pros and cons of each strategy, prioritizing
implementation of strategies)
• collecting quantitative information as it relates to the client (e.g.
detailed statement of investment holdings, asset allocation, funds and
cash flow available for investment)
• collecting qualitative information as it relates to the client (e.g.
attitudes, experiences and biases towards various investments,
investment objectives, risk tolerance, return expectations and time
horizon)
• analyzing client information (e.g. calculating required rate of return
and determining if return expectations are in line with client's risk
tolerance, identifying potential investments consistent with client's
objectives and risk tolerance, characteristics of potential investments
and implications of acquiring and disposing holdings)
• synthesizing client information (e.g. developing and evaluating asset
management strategies, prioritizing implementation of strategies)
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CIFP FPSC-approved Capstone Course
Course Topics and Learning Objectives…continued
Topic
Risk Management
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Tax Planning
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Retirement Planning
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Learning Objectives
collecting quantitative information as it relates to the client (e.g. details
of existing insurance coverage and identifying potential financial
obligations)
collecting qualitative information as it relates to the client (e.g.
identifying risk management objectives, client's risk exposure tolerance
and willingness to manage risks, relevant lifestyle and health issues)
analyzing client information (e.g. evaluating existing insurance
coverage and identifying potential risk management vehicles, assessing
exposure to financial risk in relation to existing coverage, implications
of changes to existing coverage and prioritizing risk management
needs)
synthesizing client information (e.g. developing risk management
strategies and identifying pros and cons of each and prioritizing
implementation of strategies)
collecting quantitative information as it relates to the client (e.g.
gathering information to determine client's tax position including: tax
implications of assets and liabilities, current, deferred and future tax
liabilities and identifying parties relevant to client's tax situation)
collecting qualitative information as it relates to the client (e.g. client's
attitude towards taxation)
analyzing client information (e.g. reviewing relevant tax documents
from previous years and identifying potential tax strategies, evaluating
effectiveness and suitability of existing tax strategies, assessing
implications of tax planning alternatives)
synthesizing client information (e.g. developing, evaluating and
prioritizing tax planning strategies)
collecting quantitative information as it relates to the client (e.g.
potential sources of retirement income and anticipated expenses at
retirement)
collecting qualitative information as it relates to the client (e.g.
establishing retirement objectives, client's attitude towards retirement
and client's level of comfort with retirement assumptions)
analyzing client information (e.g. developing financial projections,
assessing if retirement objectives are realistic, identifying potential
retirement planning vehicles, assess financial requirements at
retirement, determine impact of changes in assumptions and potential
adjustments needed by client to reach retirement goals)
synthesizing client information (e.g. developing, evaluating and
prioritizing retirement planning strategies)
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CIFP FPSC-approved Capstone Course
Course Topics and Learning Objectives…continued
Topic
Estate Planning
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Learning Objectives
collecting quantitative information as it relates to the client (e.g. legal
and other documents)
collecting qualitative information as it relates to the client (e.g.
identifying client's estate planning objectives and identifying family
dynamics and business relationships relevant to estate planning)
analyzing client information (e.g. projecting net worth at death,
identifying potential constraints and potential estate planning vehicles,
calculating potential expenses and tax liability at death, assessing
needs of survivors and liquidity of estate)
synthesizing client information (e.g. developing, evaluating and
prioritizing estate planning strategies)
test student's ability to integrate various financial planning components
Formal Capstone
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Course Assessment
FPSC Financial
• test student's ability to integrate various financial planning components
Planning Case Study
as part of the development of a comprehensive financial plan
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