Opening Session
Sponsored by:
Opening Session sponsored by Wiley
The Power of Data in our CFP Board
Registered Programs: Program
Evaluation and Certification
Completion
Dr. Charles Chaffin
Director of Academic Programs and Initiatives
CFP Board
CFP Board Registered Programs
CFP Board Registered Programs
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Baccalaureate
Certificate
Master’s
Doctoral
127
191
49
5
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372 registered programs
227 colleges and universities
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55 prospective programs
CFP Board Registered Programs
Total Programs
13% growth in
total number of
programs since
2010
380
370
360
350
340
330
320
310
300
2010
2011
2012
2013
2014
New Programs
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University of Wisconsin-Madison
Illinois State University
Texas A&M University
University of the Pacific
Penn State Erie, The Behrend College
University of Akron
Oregon State University
Kaplan University
Eastern New Mexico University
Mount Vernon Nazarene University
Emory University
Columbus State University
Suffolk University
Benedictine University at Mesa
Utah Valley University
Bryant and Stratton College
CFP Board Registered Programs
Ph.D.
1%
2010
Master's,
12%
Certificate,
59%
Baccalaureate,
28%
Ph.D.
1%
2014
Master's,
14%
Baccalaureate,
34%
Certificate,
51%
CFP Board Registered Programs
PROSPECTIVE PROGRAMS/PROGRAMS IN-DEVELOPMENT (N=55)
Master's
13%
Doctoral
4%
Certificate
8%
Baccalaureate
75%
CFP Board Registered Programs
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Degree programs: Over 80% of new and prospective degree
(baccalaureate, master’s, doctoral) programs are/will be housed in
AACSB/ACBSP- accredited school/college of business
– Finance Department
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Critical need for faculty across program types
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Certificate Programs: Overwhelming majority of CFP® exam registrants are
graduates of CFP Board Registered certificate programs
– Almost 33% of CFP Board Registered baccalaureate programs are less than four
years old
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Significant increase in the number of blended instructional platforms
amongst certificate programs (classroom-based/online)
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Financial Literacy can equal recruitment
– Financial literacy courses (lower-division, a la carte) can create and develop your
student pipeline for certificate and baccalaureate programs
CFP Board Registered Programs
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27% of all program renewals (2013-2014) required edits
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Self-assessment
Financial plan development (capstone) course
Inconsistent data regarding contact hours, program structure
“document what you are already doing”
We can discuss
– RegisteredPrograms@CFPBoard.org for a conference call to discuss
registration, curricular, or strategic matters relative to your program (over 250
conference calls since August, 2013)
CFP Board Registered Programs
Self-Assessment Data
CFP Board Registered Programs
Self-Assessment Data
Areas of Strength Part 1
Certificate Programs
N=116
High Rate of Graduate Employment/Promotion:
Group Work:
Focus on Professional Development:
Focus on Exam:
Flexible Schedule:
Flexible Payment Plan:
Financial Community Awareness/Support:
Faculty Strength:
Faculty Evaluation of Program:
External Award:
Experiential Learning Opportunities/Internships:
Exam Pass Rate:
Establishing/Engaging FPA and/or NAPFA:
Enrollment:
Emphasis on Objectives/Outcomes:
Delivery Method:
Curriculum:
Collaboration with other Schools/Programs:
Case Use:
Career Development:
Alumni Engagement/Support:
Advisory/Review Board/Committee:
Admissions Standards:
Administration Strength:
Accreditation:
Accessibility:
0
10
20
30
40
50
60
70
80
90
CFP Board Registered Programs
Self-Assessment Data
Areas of Strength Part 2
Certificate Programs
N=116
Webinars:
Variety of Learning Experiences:
Student Support:
Student Quality:
Student Placement:
Student Involvement in Program:
Student Evaluation of Faculty/Program:
Student Diversity:
Student Certification:
Student Assessment:
Scholarships:
Schedule/Program Flexibility:
Retention:
Require Internship:
Reputation:
Relationships/Interaction with Practitioners:
Regular Updates to Comply with CFP Board:
Regular Communication and Feedback:
Quality of Materials:
Program/Class Size:
Program Consistency/ Uniformity:
Online Student Support:
Online Program Component/Materials:
Networking:
Mentoring Program:
Marketing:
Location:
Integration of Multiple Topics in Each Course:
Institutional/University Support:
0
10
20
30
40
50
60
70
80
90
CFP Board Registered Programs
Self-Assessment Data
Areas of Strength Part 1
Baccalaureate Programs
N=83
Mentoring Program:
Marketing:
Location:
Integration of Multiple Topics in Each Course:
Institutional/University Support:
High Rate of Graduate Employment/Promotion:
Guest Lecturers:
Financial Community Awareness/Support:
Faculty Strength:
Faculty Evaluation of Program:
External Award:
Exposure to Financial Planning Software:
Experiential Learning Opportunities/Internships:
Exam Pass Rate:
Establishing/Engaging FPA and/or NAPFA:
Encouraged to Take CFP Exam:
Emphasis on Student Learning Outcomes:
Emphasis on Objectives/Outcomes:
Curriculum:
Collaboration with Other Schools/Programs:
Case Use:
Career Development:
Alumni Engagement/Support:
Advisory/Review Board/Committee:
Administration Strength:
Accreditation:
0
10
20
30
40
50
60
CFP Board Registered Programs
Self-Assessment Data
Areas of Strength Part 2
Baccalaureate Programs
N=83
Working World Experience:
Website:
Variety of Learning Experiences:
Tracking Students/Graduates:
Student Support:
Student Quality:
Student Placement:
Student Involvement in Program:
Student Evaluation of Faculty/Program:
Student Enthusiasm:
Student Diversity:
Student Certification:
Student Assessment:
Scholarships:
Retention:
Resources:
Require Internship:
Reputation/Ranking:
Relationships/Interaction with Practitioners:
Regular Updates to Comply with CFP Board:
Program/Class Size:
Program Caters to Professional Development:
Program Caters to Exam:
Private Sector Support:
Online Program Component/Materials:
Networking:
0
10
20
30
40
50
60
CFP Board Registered Programs
Self-Assessment Data
Areas of Weakness Part 1
Baccalaureate Programs
N=83
Lack of Consistency within the Curriculum:
Lack of Community Awareness:
Lack of Advisory/Review Board/Committee:
Inadequate Tracking of Students/Graduates:
Inadequate Student Support:
Inadequate Student Assessment:
Inadequate Relationships/Interaction with Practitioners:
Inadequate Marketing:
Inadequate Exposure to Financial Planning Software:
Inadequate Experiential Learning Opportunities:
Inadequate Alumni Engagement/Support:
Faculty Quality:
Faculty (Number of):
Exam Pass Rate:
Enrollment:
Curriculum:
Competition within Institution for Program Resources:
Case Use (Number of):
Inadequate Administrative Support:
0
5
10
15
20
25
CFP Board Registered Programs
Self-Assessment Data
Areas of Weakness Part 2
Baccalaureate Programs
N=83
Retention:
Recruitment:
Recognition:
Quality of Materials:
Program/Course Schedule:
Program/Class Size:
Program Cost:
Poor Student Placement for Internship:
Organization of Program/Course:
Maturity of Program:
Matriculation to CFP Exam:
Location:
Length of Program:
Lakc of Working World Experience:
Lack of Viable Internship Opportunities/Program:
Lack of Student Diversity:
Lack of Program Target Audience:
Lack of Involvement with FPA and/or NAPFA:
Lack of Faculty Coordination:
Lack of Corporate Sponsorship:
0
5
10
15
20
25
CFP Board Registered Programs
Self-Assessment Data
Methods Of Identification
Certificate Programs
N=116
50
45
40
35
30
25
20
15
10
5
0
CFP Board Registered Programs
Self-Assessment Data
Use of Student Centered Learning Objectives
Certificate Programs
N=116
5%
4%
6%
Yes:
No:
No But Will:
Varies Depending on The Class:
85%
CFP Board Registered Programs
Self-Assessment Data
Use of Student Centered Learning Objectives
Baccalaureate Programs
N=83
5%
7%
8%
Yes:
No:
No But Will:
Varies Depending on The Class:
80%
CFP Board Registered Programs
Self-Assessment Data
CFP Board Account Creation
Baccalaureate Programs
N=83
28%
Encouraged:
48%
Mandatory:
Do Not Promote:
Do Not Promote But Will:
11%
13%
CFP Board Registered Programs
Self-Assessment Data
CFP Board Account Creation
Certificate Programs
N=116
16%
5%
5%
Encouraged:
Mandatory:
Do Not Promote:
Do Not Pomote But Will:
74%
Registration renewal
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Build your strongest evaluation letter from CFP Board to your institution
– Use it as an advocacy instrument
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CFP Board requires only one course
– Minimum number of contact hours for program
– Topics can be configured in any manner
– Capstone course must contain the seven required learning objectives
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Press releases available
– Renewal registration
– Initial registration
Renewal/Initial Registration
Press Releases
Registration renewal
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Program self-assessment doesn’t happen instantaneously
– Plan for your deadline
CFP Board Registered Program
Registration Renewal
2013-2014 Renewal Timeline for CFP Board Registered Programs
The following graph illustrates the deadlines for incomplete applications:
Incomplete Registration
o 1-30 Days After Renewal Deadline
o No access to Online Education Verification System
Temporary Suspension
o 30-45 Days After Renewal Deadline
o Program Information is removed from CFP Board
webpage
o No access to Online Education Verification System
until registration is confirmed
Deregistration
o 45 Days After Renewal Deadline
o Institution will need to complete an Initial
Application in order to house a registered program
o Current students will not be eligible for CFP®
Certification relative to Education requirement
o No access to Online Education Verification System
until registration is confirmed
CFP Board Certification Completion Initiative
CFP Board Certification Completion
Initiative
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Initial data disseminated to all CFP Board Registered Programs on May 1,
2014
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Total number of graduates submitted
Percentage of graduates who had created an account
Percentage of graduates who took the CFP® exam
Percentage of graduates who passed the CFP® exam (not the pass rate)
Percentage of graduates who became certified
*Only since 2012
* FOR INSTITUTIONAL USE ONLY
CFP Board Certification Completion
Initiative
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Certification Completion Initiative (CCI) Reports will play a significant role in
registration renewal beginning for the 2015-2016 period
– Most notably for CFP Board ID, taking CFP® exam
– Program targets for each variable
– Measures that institution is currently undertaking to improve performance
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CFP Board is reporting what your institution is reporting
– Issues with institutions with multiple programs
– Report all completers and not “who you think will move forward with certification”
CFP Board Certification Completion
Initiative
Computer-based testing
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Early registration will allow candidates to get their preferred exam date and
location
– Exam sites within large cities will likely fill quickly
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Candidates may re-schedule exam date and/or test site location
– There is no charge for scheduling changes (exam site and/or exam day) made
30 days or more in advance of the exam day
– Any changes made 5-29 days in advance of the exam day will result in a $100
scheduling change fee
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Individuals do not have to wait until their education is verification
(submission to CFP Board) to schedule exam
– Once payment has been received, the exam can be scheduled with Prometric.
Practice Exams
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Purpose- a resource for candidates as part of their overall preparation to
take the CFP® examination
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50 unique practice exam questions (retired)
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Online access
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Instant feedback upon completion
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Timed for realistic practice
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Access period of 90 days
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The act of copying or revealing content is prohibited
Job Analysis
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Comprehensive research study to determine the knowledge, skills or
abilities required to perform tasks in financial planning practice
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Serves the Examination and Education requirements for CFP certification
(CFP® Examination blueprint and Principal Topics List for CFP Board
Registered Programs/Continuing Education
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Required by NCCA (National Council on Certifying Agencies) accreditation
and to ensure the content validity of the examination
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Validation of Student-Centered Learning Objectives based upon CFP Board
Principal Topics (2011, 2014)
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CFP Board will grant 1 hour of continuing education (CE) credit to CFP®
professionals who complete the survey
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Survey will be disseminated to all CFP® professionals and educators on
August 11. Survey will close September 8, 2014.
2014 Financial Planning Challenge
2014 Financial Planning Challenge
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Kansas State University
Texas A&M University
University of Akron
University of Georgia
Utah Valley University
Virginia Tech
Western Carolina University
William Paterson University
www.CFP.net/RegisteredPrograms
Public Awareness Campaign Toolkit
Increasing public awareness is central to CFP Board’s mission. In November
2010, CFP Board’s Board of Directors authorized the organization to proceed
with a multi-year public awareness campaign to raise the awareness of CFP®
certification. The campaign includes a toolkit of resources that CFP®
professionals can use in their local communities to extend the reach of the
campaign, and updates from CFP Board on the progress of the campaign.
Find the toolkit at www.CFP.net/toolkit
Marketing Materials
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Digital Copies available on flash drive and at
www.CFP.net/RegisteredPrograms
Faculty/Advising Center contacts
RegisteredPrograms@CFPBoard.org
CFP Board Education
Quarterly Webinars
Save the Date
2015 CFP Board Registered Program
Conference
August 6-7, 2015
Resources
Information and Resources:
www.CFP.net/RegisteredPrograms
Sample Exam Items:
www.CFP.net/Exam
Communicate:
LinkedIn subgroup for Registered Program
Directors and Faculty
http://bit.ly/RPLnkd
This presentation is available at www.CFP.net/RegisteredPrograms
Dr. Charles Chaffin
Director of Academic Programs and Initiatives
CFP Board