Educator Guidelines
for FPSC-Approved
Capstone Courses
Version 2.0 March 2014
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Standards Board Ltd. (FPSB). Financial Planning Standards Council is the marks licensing authority for the CFP marks in Canada, through
agreement with FPSB. All other ® are registered trademarks of FPSC, unless indicated. © Copyright 2014 Financial Planning Standards
Council. All rights reserved.
TABLE OF CONTENTS
CFP® Certification and the Capstone Course .............................................................................................. 1
About FPSC ............................................................................................................................................... 1
The CFP Certification Program ................................................................................................................. 1
CFP Professional Competency Profile ...................................................................................................... 2
Requirements for an FPSC-approved Capstone Course ............................................................................. 4
Key Requirements ..................................................................................................................................... 4
Criteria for the Financial Planning Case .................................................................................................... 5
Use of Financial Planning Software in FPSC’s Financial Plan Requirement ............................................ 6
FPSC-Developed Financial Planning Case Studies .................................................................................. 6
Key FPSC Information Accompanying the Case Materials ...................................................................... 6
Case Use Requirements............................................................................................................................ 6
Restricted Use ........................................................................................................................................... 6
Application for FPSC Approval of a Capstone Course ................................................................................ 7
Section I – General .................................................................................................................................... 7
Section II – Capstone Course Student Entry Requirements ..................................................................... 7
Section III – Capstone Course Information ............................................................................................... 8
Course Description ....................................................................................................................................... 8
Section IV – Learning Objectives ............................................................................................................ 10
Section V – Financial Plan Requirement ................................................................................................. 10
Section VI – Declaration .......................................................................................................................... 11
Application Process .................................................................................................................................... 12
Completing the Application ..................................................................................................................... 12
Application Fee ........................................................................................................................................ 12
Submission of Application Form to FPSC .............................................................................................. 12
Initial review ............................................................................................................................................. 12
Detailed Review ....................................................................................................................................... 13
Reapplication Process ............................................................................................................................ 13
Annual Update ......................................................................................................................................... 13
More Information ......................................................................................................................................... 13
CFP® Certification and the Capstone Course
The Capstone Course plays a critical role in the training and assessment of future CFP professionals. It
is the course where all the components of financial planning are integrated, where students hone their
synthesis skills and demonstrate that they can develop a comprehensive financial plan.
In this document, FPSC provides the parameters of the Capstone Course. These parameters ensure that
all Education Providers maintain the required standards for FPSC to qualify students to proceed along
the path to CFP certification. Education Providers are encouraged to exceed these standards.
About FPSC
Financial Planning Standards Council (FPSC) is a not-for-profit standards-setting and certification body
that develops, promotes and enforces professional standards in financial planning through CERTIFIED
FINANCIAL PLANNER® certification — the gold standard for financial planning in Canada. FPSC's purpose
is to instil confidence in the financial planning profession.
FPSC ensures that CFP professionals and FPSC Level 1 Certificants in Financial Planning™ meet
appropriately high standards of knowledge, skills, abilities and ethics through rigorous requirements for
education, examinations and experience.
The CFP Certification Program
CFP certification, long considered the gold standard in financial planning, signifies internationally
recognized standards of knowledge, skills, abilities and ethics. There are more than 17,500 CFP
professionals across Canada, part of an international network of 150,000 individuals who have earned
CFP certification in 25 territories around the world.
CFP professionals demonstrate their financial planning competence through extensive education, a
rigorous standardized national examination process, comprehensive continuing education requirements
and accountability to FPSC for a code of ethics, practice standards and the rules and regulations of a
professional body.
Educator Guidelines for FPSC-Approved Capstone Courses
Page 1
CFP Professional Competency Profile
The foundation for the CFP certification program is the CFP Professional Competency Profile, which
requires candidates to meet established standards in four key areas: education, examination, experience
and ethics.
The Competency Profile represents the complete set of financial planning competencies required of a
CFP professional, establishing the distinct set of technical knowledge, skills and abilities required and
the specifics of what CFP professionals must be able to do in practice. The Competency Profile provides
a description of the abilities that a CFP professional must possess, representing not only the tasks, but
also the job-related skills, knowledge, attitudes and judgments required for competent performance by
individuals in the profession.
The ability to integrate information across all elements of financial planning to meet the needs of the
client, combined with adherence to rigorous professional standards, distinguishes a CFP professional
from other providers of financial advice. These features are the foundation of the Competency Profile
and its application.
A thorough understanding of the Competency Profile is recommended prior to the development of the
Capstone Course and completion of this application. The Competency Profile can act as a guide and
framework in the development of the Capstone Course in order to ensure that students can demonstrate
the knowledge, skills and abilities they will need to be prepared for real-world experiences as a
professional financial planner.
Education in the CFP Certification Program
The Competency Profile is the foundation for the CFP certification program. FPSC’s competency-based
approach focuses on the performance outcomes expected in practice. In order to assess a candidate’s
competence, the CFP certification process requires that candidates meet established standards in the
key areas of ethics, education, examination and experience.
Education is a fundamental requirement for achieving CFP certification. Candidates for CFP certification
must successfully complete a set of FPSC-approved courses in order to be eligible to write the
examinations leading to CFP certification.
The qualifying education requirement consists of two distinct components:
• An FPSC-approved Core Curriculum program
• An FPSC-approved Capstone Course
The Core Curriculum program and Capstone Course are distinct and separate from each other and
subject to a different set of guidelines and approval process. An education provider may choose to offer
one or both of the education components. Each education requirement is integral to eligibility for the
examinations leading to CFP certification.
FPSC’s Objectives for the Capstone Course
As the CFP certification program incorporates a competency-based approach, the education guidelines
require that education providers commit to incorporating a competency-based approach to learning
within their courses. FPSC recognizes that the Core Curriculum courses are developed such that they
focus on the competencies and underlying knowledge domains within a specific component of financial
planning (e.g., asset management or retirement planning) in isolation. Although effective for mastering the
core financial planning competencies, this approach results in limited opportunities for the integration of
professional skills and financial planning competencies across many components of financial planning.
The Capstone Course requirement addresses this issue. The Capstone Course’s focus is the
fundamental financial planning practices, professional skills and integration which are inherent in the
Competency Profile and essential to the practice of financial planning.
Educator Guidelines for FPSC-Approved Capstone Courses
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FPSC’s Capstone Courses guidelines are designed to:
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Ensure that all aspects of the Competency Profile are covered through FPSC’s education
requirements, emphasizing areas that may not be fully covered in Core Curriculum courses such
as:
o Fundamental Financial Planning Practices
o Integration of Financial Planning Areas
o Professional Skills
o Ethical Principles
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Ensure an FPSC-approved Capstone Course is competency-based and requires the
demonstration of a broad range of competencies required of a CFP professional.
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Promote consistency of learning outcomes among the range of FPSC-approved education
programs. The Capstone Course, through specific criteria for approval, will ensure that all
education programs have met FPSC’s minimum requirements for the demonstration of the CFP
professional competencies, professional skills and related technical knowledge.
Educator Guidelines for FPSC-Approved Capstone Courses
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Requirements for an FPSC-approved Capstone
Course
Key Requirements
FPSC has developed specific requirements for the Capstone Course to ensure that candidates for CFP®
certification develop the appropriate competencies for comprehensive financial planning. The focus of
the course is on fundamental planning practices, professional skills, and integration of concepts and
knowledge.
Key requirements for an FPSC-approved Capstone Course are:
• Achievement of Capstone Course learning objectives
• Completion of an individual financial plan by each student, based on a case study provided by
FPSC
Educators wishing to offer an FPSC-approved Capstone Course must demonstrate how their Capstone
Course will meet these two requirements.
Learning Objectives
Upon successful completion of the course, the student should be able to:
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Apply and integrate technical knowledge gained from Core Curriculum courses (pre-requisite
and co-requisite) in the identification and analysis of issues relating to personal financial
planning.
Collect all qualitative and quantitative information required to develop a financial plan.
Evaluate client’s objectives, needs and values that have financial implications.
Analyze and synthesize personal financial situations.
Identify potential opportunities and constraints, assessing information to formulate strategies.
Formulate and evaluate strategies to develop a financial plan.
Prioritize and consolidate recommendations into a financial plan.
Communicate information, ideas and concepts to clients and others in a written and oral manner
that is understandable.
In the process of completing the Capstone Course learning objectives, the student should integrate the
following objectives:
• Demonstrate ethical judgment in providing professional services.
• Assess the impact of economic, political and regulatory environments on financial situations.
• Demonstrate logic and reasoning to identify the strengths and weaknesses of alternatives or
approaches to problems.
• Adhere to the FPSC® Code of Ethics and the FPSC® Financial Planning Practice Standards as
they apply to the financial planning process.
FPSC expects educators to adopt these learning objectives when developing their Capstone Course but
acknowledges they may include ancillary objectives to meet their own requirements.
The educator is required to demonstrate how the teaching and learning methodologies and the course
assessments ensure that all Capstone Course learning objectives are met.
If an educator adds their own course learning objectives they must demonstrate how these align with the
Capstone Course learning objectives. This can be achieved by mapping course objectives to those that
FPSC has established for approval purposes. A table is provided in the Application for Approval of
Capstone Course to link learning objectives and/or learning activities and assessments.
Educator Guidelines for FPSC-Approved Capstone Courses
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Financial Plan Requirement
The student’s completion of an individual, comprehensive financial plan assures FPSC that Capstone
Course graduates are able to analyze and synthesize information in a realistic financial planning
scenario. It demonstrates they can integrate information from at least four of the six financial planning
areas in order to make suitable recommendations.
Developing and completing the plan reinforces the acquisition of competencies, skills, professional
practices and technical knowledge. Presentation of the plan provides students with the opportunity to
learn from peers and mentors, accept and learn from constructive assessment and feedback, practice
how to defend one’s recommendations and consider conflicting views on financial issues. Completion of
the financial plan by each student individually offers the educator a means to assess competency.
The development of a financial plan is a critical learning assessment within a Capstone Course and
FPSC has established minimum requirements for its completion. Education Providers must uphold
minimum educational standards for the financial plan requirement as outlined in the following criteria.
Educational Outcomes for the Financial Plan Requirement
In an FPSC-approved Capstone Course, the financial plan requirement will be based upon the following
outcomes (as a minimum standard). Students must be able to:
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Address issues across a wide range of financial planning components.
Integrate the financial planning components and clearly prioritize the components that may be
most relevant given the client’s position in his or her life cycle.
Demonstrate the fundamental financial planning competencies.
Make recommendations, supported by appropriate analysis and synthesis.
Demonstrate appropriate professionals skills when creating and presenting financial plans.
Communicate a completed comprehensive financial plan clearly and professionally.
Criteria for the Financial Planning Case
FPSC has established minimum standards to ensure consistency in the breadth and depth of the
financial planning case study that serves as the foundation for the financial plan requirement:
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The case will present a true-to-life scenario of a client’s position, consistent with common issues
that would be seen in practice.
The case will present facts relating to a minimum of four components of financial planning. At
least two of these will be the focus of the issue. There will be sufficient data provided to address
the major planning issue(s) of the case, as well as any other planning issues.
The case will contain conflicting goals or complications.
There will be more than one course of action that is appropriate for the client.
The case scenario must present qualitative factors that will impact analyses and
recommendations.
The case will include key financial data to enable the preparation of a net worth statement and a
cash flow statement. In some cases, these financial statements will be provided. The case will
also provide other important financial information such as details concerning insurance policies,
investment statements, pension plans and similar information sources.
Expectations for Student Response
• Each student will prepare and submit a financial plan individually. The plan will be based on a
case study provided by FPSC.
• Students will be expected to complete qualitative and quantitative analyses to formulate
strategies and support their recommendations.
• Students must be able to provide the rationale for issues they ranked as high in importance.
• Students will be expected to prioritize recommendations to cover various financial planning
areas.
Educator Guidelines for FPSC-Approved Capstone Courses
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Students will be expected to demonstrate the professional skills required in the CFP
Professional Competency Profile.
Students will be required to validate assumptions included in the financial plan.
Students must be able to defend the approach and/or recommendations taken within the
financial plan.
The financial plan should be well presented and well articulated in a written report to the client.
The financial plan must be a stand-alone document. It must clearly attribute the references for
any research/assumptions the student may have incorporated into the financial plan.
The financial plan should be geared to the client’s level of sophistication.
The financial plan should be presented as a true client engagement. Students should apply the
FPSC® Financial Planning Practice Standards and the FPSC® Code of Ethics while preparing the
plan.
Use of Financial Planning Software in FPSC’s Financial Plan Requirement
FPSC allows the use of financial planning software within the completion of FPSC’s financial plan
requirement only for the purposes of developing projections and analysis to support the financial
planning strategies and recommendations. The student is responsible for understanding all calculations
and must develop and present the financial planning analysis, strategies and recommendations in a
written report independently. The student is prohibited from relying upon financial planning software for
these purposes. Students must be able to explain and provide a rationale for all results/data within their
financial plan.
FPSC-Developed Financial Planning Case Studies
FPSC has developed financial planning cases to help the educator incorporate a financial plan into the
Capstone Course and to offer course registrants a national standard. The case studies are based upon
real client situations and developed into a case study format by a professional case writer from
information provided by practicing CFP professionals across Canada. The FPSC cases are offered at a
per-student fee to the community of FPSC-approved Capstone Course providers.
Teaching notes and student requirements accompany each case for instructional purposes. The cases
have been class-tested and reviewed by educators before publication.
Key FPSC Information Accompanying the Case Materials
The three case studies are published in one student package. The following FPSC documents, an
important reference for future financial planning professionals, are included in the package. This
information is critical to guide both education and continuous learning.
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CFP Professional Competency Profile
FPSC® Code of Ethics
FPSC® Financial Planning Practice Standards
Case Use Requirements
To ensure a standard of consistency in all Capstone Course offerings, educators must use at least one
of the FPSC-developed cases to meet the financial plan requirement. Educators will determine which
FPSC case best suits their learning situation. Alternatively, educators may choose to use all of the FPSC
case studies in developing and delivering their course. They may also use additional cases for whatever
course work they see fit. Educators may add information to the FPSC case studies to allow for a more
detailed analysis of various financial planning components provided the new content is consistent in
quality and purpose.
Restricted Use
Because of the necessity of securely managing the case solutions, use of one or more of the FPSC
cases is restricted to a FPSC-approved Capstone Course. In the future, these case studies may be
made available in a different format for other financial planning courses, but currently they are limited to
the Capstone Course.
Educator Guidelines for FPSC-Approved Capstone Courses
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Application for FPSC Approval of a
Capstone Course
Please refer to this section of the Guidelines for assistance in completing the Application for Approval of
Capstone Course. It explains what information is required and will enable you to submit a complete and
accurate application.
To the extent possible, all of the required information must be included within the application form.
Course outlines and similar documentation may be included as appendices. FPSC may request
additional information if deemed necessary to assist in a thorough and objective review of the proposed
Capstone Course.
Section I – General
Education Provider
Education Provider is the institution responsible for the development of the Capstone Course curriculum,
the assessment of the students, and the maintenance of course relevancy and timeliness. It is also the
institution that monitors the quality of the education and is responsible for the reporting liaison with
FPSC regarding our educational requirements.
Program Head
The person the Education Provider makes responsible for the development of the Capstone Course.
Chief Academic Officer/Dean
The officer with signing authority, who is ultimately responsible for the commitment to offering the
Capstone Course.
Section II – Capstone Course Student Entry Requirements
Part A – Your Core Curriculum Program Information
The Capstone Course is the culmination of the financial planning education requirements for CFP®
professionals. FPSC-approved Core Curriculum courses will be referred to as pre-requisites or corequisites. Educators should ensure that all students have met these minimum requirements when
registering for and completing an FPSC-approved Capstone Course.
An education provider may enroll students from each of its FPSC-approved Core Curriculum programs,
if more than one is offered. All of the programs/streams from which this Capstone Course can be
accessed should be referenced in Part A – Your Core Curriculum Program Information.
To respond to Part A, please indicate the following:
• Program name, program type and structure for each program through which the Capstone
Course is offered. If you are an FPSC-approved Core Curriculum provider, this program
information should be consistent with that included in the Application for Approval of Core
Curriculum Courses on file with FPSC.
• Pre-requisite and co-requisite courses. As the Capstone Course integrates the competencies,
skills and abilities across all financial planning areas, FPSC requires that the Core Curriculum
courses are completed prior to or concurrent with the Capstone Course. FPSC may limit the
number of courses that can be taken concurrently since the Capstone Course draws upon this
prior knowledge. List all of the courses required for eligibility to the Capstone Course for each
program in which it is offered, including the Core Curriculum courses. Indicate which courses
are pre-requisites and which are co-requisites. Add additional attachments if necessary.
Educator Guidelines for FPSC-Approved Capstone Courses
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Part B – Students from other Education Streams
You may also enroll students from other FPSC-approved qualifying programs or candidates with
relevant prior qualifications who qualify for the Routes to CFP Certification. Indicate this in Part B –
Students From Other Education Streams.
Students who have not taken an FPSC-approved educational path may register in your Capstone
Course, but the educator will be required to inform them that completion of the Capstone Course will not
qualify as a requirement for CFP certification.
Section III – Capstone Course Information
This section will provide information on your prospective FPSC-approved Capstone Course. Recapping
or reviewing coverage of the Core Curriculum should be confined to what is necessary to accomplish the
course objectives. If requesting approval for more than one Capstone Course, where the content is
substantially different in each, a separate Application for Approval of Capstone Course must be
submitted. If offering the same course to different student populations, one application will suffice with
appropriate description provided.
Course Name
Provide the name assigned to the course, such as that which will appear in the academic calendar
and/or academic transcript. If using the CFP marks in the name of your course, program or course
materials, refer to the Guide to Use of the CFP Marks by Education Providers.
Course Code(s)
Include the course code that is used by the education provider, i.e., the course code that would appear
on a student’s transcript. List all the course codes here. If the same course is offered within more than
one program and is assigned to more than one course code, include all code references.
Course Website
Include the website that supports the course, if applicable.
Course Level
Indicate the academic level at which the course is offered, i.e., whether the course meets the standards
of a baccalaureate, masters or college level of education. If the academic level is classified differently
within your province, please indicate and provide explanation.
Course Description
Provide a brief course description. Please include a course outline.
Was this course included as part of the “Core Curriculum courses” in your Application for Approval of
Core Curriculum Program with FPSC?
If this course was included as a “required course” on your Application for Approval of Core Curriculum
Program, please indicate so by checking “Yes”. If it was not, check “No”.
Approval of your Core Curriculum courses filed with FPSC was based upon the bundle of courses
included in each “program” at the time of application. The Capstone Course is a separate and distinct
educational requirement; it should not be reported as a component of both the Core Curriculum and the
course allocated to satisfy the Capstone Course requirement. If this course (or similar course) was
included in the Application of Approval of Core Curriculum, FPSC will require a clear explanation of how
the content and course-related material will be dealt with in both the Core Curriculum and Capstone
Course. We may revisit the Application for Approval of Core Curriculum courses to ensure that all Core
Curriculum requirements are still met, even if the Capstone Course is effectively removed from the listing
of Core Curriculum courses required.
Course Delivery
Provide details of the course delivery format, estimated lecture and self-study hours, course duration
and frequency. Although FPSC does not mandate specific course duration, as a minimum, the course
Educator Guidelines for FPSC-Approved Capstone Courses
Page 8
should be equivalent to no less than a one-semester course (i.e., 38 to 42 in-class hours with
approximately the same time assigned for self-study). An online self-study course would approximate
the combined in-class lecture and discussion time and out-of-class assignment hours. If hours allocated
are less than this target, educators will need to provide further detail on how they will cover all the
content in the course.
Instructors
Individuals teaching each course should have appropriate educational qualifications, skills and
professional experience to ensure that all learning outcomes are achievable for a diverse student
population. Given the competency-based and integrative nature of the Capstone Course, the
professional experience of the educator/subject matter expert will play a significant role. CFP
professionals are preferred because the Capstone Course focuses on the competencies and skills
required in professional practice as a financial planner.
Include the names and credentials of the educators who will teach the Capstone Course. Also include a
résumé for each of the educators listed in this section to demonstrate the qualifications, skills and
experience (both industry and academic) that each educator brings to his/her role. The documentation
must indicate academic degrees, professional designations, specific industry training and licences.
We understand that instructors may be replaced over time. Replacement faculty must have equivalent or
greater expertise and such changes must be noted in the Annual Update (see below).
You may have submitted documentation for instructors previously if they taught Core Curriculum
courses. We request that you include a current copy with the Capstone Course application to ensure
that we have the proper documentation for each application.
Textbooks/Resource Materials
The textbooks, articles, cases and other resource materials used in the Capstone Course provide insight
into the depth and breadth of the planned course. They indicate the extent to which the course is
focused on the application and integration of the competencies, skills and knowledge gained in the Core
Curriculum courses. The materials used in the Capstone Course should reflect this focus and not
duplicate the purpose of the Core Curriculum more than necessary to meet the Capstone Course
objectives.
Please list all key materials that you will use in the offering of this course, including the FPSC-developed
case studies.
Additional materials listed may include, but are not limited to: your own developed content; practitionerutilized software programs; professionally published educational publications, such as textbooks; and
related learning, teaching, and assessment materials.
Currency and Relevance of Capstone Course Material
FPSC expects that all content within a Capstone Course is continually updated and kept relevant and
that it reflects up-to-date financial planning issues. In this section, please outline how the educator will
ensure currency and relevance in this course.
New FPSC-developed cases will be made available on a periodic basis to support currency and
relevance.
Course Evaluation
An FPSC-approved Capstone Course requires each individual student to complete a comprehensive
written financial plan using one of the FPSC-developed cases. A specific weighting to the financial plan
for the purposes of student evaluation is not strictly mandated, other than to state that it should
represent a weighting of at least 25% and not more than 75%.
Educators are encouraged to incorporate a diverse set of evaluation methodologies into the course. In
addition to the financial plan requirement, include in the space provided the other assessments (such as
tests, assignments, case study work, presentations and final exam) and their relative weightings.
Educator Guidelines for FPSC-Approved Capstone Courses
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If you do not have sufficient room for each individual assessment, group together similar assessments.
For example, if you are grouping three mini-cases weighted at 25% total, you can include it in the field
as “Mini cases (3)” with a weighting of “25%”.
Also in this section, describe the efforts made to identify and mitigate plagiarism and other academic
offences within your student community. Authentication of individual work is essential for the financial
plan requirement.
Section IV – Learning Objectives
To ensure readiness of students as future CFP professionals, FPSC has developed a set of Capstone
Course learning objectives that will serve as the minimum standard for any FPSC-approved Capstone
Course. In this section, educators must indicate how they have met the Capstone Course Learning
Objectives.
Part A - Required Capstone Course Learning Objectives
Indicate how well your course will achieve the Capstone Course learning objectives and how this will be
accomplished.
Column A – Objective Met
Indicate that your Capstone Course meets, directly or indirectly, each of the Capstone Course learning
objectives by checking off the box for “Yes” or “No”. Note: If “No” is indicated, a full explanation must
be provided. Use additional attachments, if necessary.
Column B – Your Related Learning Outcomes
This column is most relevant for those who have included their own learning objectives. If using different
wording in your objectives, show how they correlate with each of FPSC’s learning objectives.
Column C – How Are the Learning Objectives Achieved?
Reference the learning activities and assessments that will be completed. For example, an educator may
include some mini-scenarios which are directed to identifying client objectives and issues. The activity
does not involve full analysis of data and recommendations but focuses on identifying the relevant
factors to consider about the client. This exercise supports the Capstone Course learning objective #3 –
“Evaluate client’s objectives, needs and values that have financial implications”. It is possible and likely
that a learning activity/assessment will support more than one of the Capstone Course learning
objectives.
Part B - Additional Learning Objectives
In the table provided, list all additional learning objectives. FPSC will review the complete list of learning
outcomes associated with each Capstone Course. Add any supporting comments in the table and
attachments, if necessary.
Section V – Financial Plan Requirement
An FPSC-approved Capstone Course must include the completion of a written, comprehensive financial
plan using one of the FPSC-developed cases.
Section I of this document gave a formal educational purpose, described specific criteria for the case
situation and established expectations for the financial plan. To ensure completeness and consistency
within this requirement, specific outcomes for the financial plan requirement are expected.
Educational Outcomes for the Financial Plan Requirement
In this section, educators will describe how they will meet the minimum standards for the financial plan
requirement within their Capstone Course. Indicate how the course will meet each of the listed
educational outcomes for the financial plan requirement.
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How Educational Outcomes Are Met
In the comments section, include how your assignment of the case study will meet the listed educational
outcomes. Include any specific requirements required of your students to support each educational
outcome. Use additional space if necessary to provide a full explanation. For example, the case
assignment may include a role-play activity in which the student will communicate to their peers the
rationales for recommendations made. This directly supports educational outcome #6, “Students must
be able to communicate their completed plan clearly and professionally.”
Currency and Relevance of Financial Planning Case Scenario
Maintaining currency and relevance with the provision of financial planning cases is challenging. FPSC
will allow educators to supplement the required cases with information needed to sustain their quality
and relevance. The cases are designed to reduce the likelihood of becoming dated, however it is
recognized that continuous use will reduce the possibility of protecting the case solutions and
replacements will be needed.
FPSC Requirements for the Student’s Financial Plan
FPSC has specific expectations for the student’s financial plan response. In this section, indicate if each
requirement will be met, and how the educator will ensure that the student’s response to the FPSC case
study will meet the specific FPSC requirements.
Indicate the efforts made to authenticate the individual’s creation of the plan and to identify and mitigate
plagiarism.
Oral presentation of the financial plan is considered to be an optimal means of meeting the course
requirements, but it is not a mandatory FPSC requirement. The intent is for students to be able to
demonstrate their understanding of the case, present their recommendations in a compelling way,
defend their recommendations, learn through educator/mentor expert feedback and build overall
competency.
Section VI – Declaration
This section outlines the conditions for FPSC approval of a Capstone Course. It includes specifics
regarding the term for which the approval is registered with FPSC and conditions for the use of the CFP
marks.
This section also includes an attestation that all of the information included in Sections I through V of the
Application for Approval of Capstone Course are complete, true and correct. This attestation should be
signed by the Chief Academic Officer responsible for the program(s) in which the course will be offered.
Upon submission of the Application for Approval of Capstone Course, Section VI must be signed, dated
and sent to FPSC by email, fax or mail.
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Application Process
Completing the Application
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Complete one Application for Approval of Capstone Course (Sections I through VI) for each
distinct Capstone Course. If the same course is available to students through more than one
academic stream/program, it is considered to be one course for the purposes of this application
process. If a similar, but different, course is available to students within more than one academic
stream/program, separate applications for each course must be completed. This distinction is
one of judgment. However, if the courses involve a different set of learning objectives,
incorporate different learning activities and/or assessments or use different materials they would
require separate applications.
Include any supplementary materials that will support or provide additional information for the
Capstone Course. Examples of supplementary materials requested include a course outline,
résumés of educators and supplementary explanation/appendices that may have been created
within the process of completing the application. Please label all additional files/documents
appropriately.
Ensure that all requirements have been met and that all course information has been provided
before submitting the application. Incomplete applications will result in a delay in the application
review and approval process. FPSC will provide an explanation when requesting missing
information and the review will proceed when it is received. Applications are reviewed on a first
in, first out basis. Other applications, if any, will be addressed in the interim, but the application
in question will resume its place in the queue once the appropriate information/material is
received.
The completed Application for Approval of Capstone Course must be certified for accuracy in
Section VI – Declaration and signed by:
o The director or senior officer responsible for the application; or
o Chief Academic Officer.
Application Fee
The receipt of the Application for Approval of Capstone Course is subject to an application fee of $500
plus applicable taxes (see below*). This fee partially covers the administration of the review for approval
and the annual updates. Cheques should be made payable to “Financial Planning Standards Council”.
* Taxes: 5% GST in AB, MB, NT, NU, PE, QC, SK, YT; 12% HST in BC, 13% HST in ON, NB, NL; 15% HST in NS
Submission of Application Form to FPSC
Keep in mind that the approval process can take up to three months, depending on volume of
applications received and issues that may arise within the review process. If you are seeking approval of
a Capstone Course within a specific time frame, please inform us of this and ensure that you submit the
completed application on a timely basis and well within the general guidelines for the approval process.
• Submit an electronic copy of the Application for Approval of Capstone Course to Hellen
Kountouros at hkountouros@fpsc.ca.
• Send one hard copy of the signed Section VI – Declaration, together with the application fee to:
Financial Planning Standards Council
Attention: Hellen Kountouros
902 – 375 University Avenue, Toronto, Ontario, M5G 2J5
Initial review
Once the application package and fee are received, FPSC staff will review the application to ensure that
all required information is included with the submission. This preliminary review will serve to identify any
omissions prior to the detailed review process.
FPSC will inform the applicant, in writing, within 30 days of receipt of the application if there are
significant omissions and/or deficiencies in the information provided.
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Detailed Review
FPSC will complete a detailed review of the application within one to three months of initial review to
ensure that the application is complete. Time frame may vary based on the volume of applications
concurrently under review.
Applications will be reviewed by FPSC staff with consultation by our Academic Advisory Committee, as
needed. FPSC will request any required additional information to ensure that the Capstone Course
meets all of FPSC’s requirements. If deemed necessary, a meeting or phone call may be scheduled to
gain further clarification and information regarding the contents of the application. Upon completion of
the review process, FPSC will prepare a brief summary outlining the results of the assessment, which
will lead to one of the following outcomes:
Approved
FPSC determines that the requirements for the Capstone Course have been satisfactorily met. FPSC will
notify the educator and list the Education Provider and program name on the FPSC website.
Pending Approval
FPSC determines that the requirements for the Capstone Course have not been satisfactorily met. FPSC
will advise the program head in writing of the review results, outline the reasons for the decision taken
and indicate, if appropriate, measures that can be taken to revise and resubmit the application. The
educator will have an opportunity to resubmit the application, if they choose to do so.
Reapplication Process
Six months before the three-year approval period expires, FPSC will advise education providers that
their approval period is expiring. To enable renewal, educators will receive a website link to the most
recent Application for Approval of Capstone Course.
Annual Update
Because of the nature of the financial plan requirement, the details included in the original submission of
this application may need to be updated as the cases change and learning activities supporting the
Capstone Course evolve. Educators will be sent an annual update document requesting confirmation of
some of these key details and notification of any changes to the FPSC-approved Capstone Course.
FPSC will also request that the educators provide a count of the number of students who register and
complete their Capstone Course each year. The annual update form will be distributed electronically as
the anniversary of the approval of the Capstone Course approaches.
FPSC will also request an outline of how the specific learning objectives and the specific requirements of
the financial plan requirement originally approved through this application are maintained within the
course over the three-year approval period.
To obtain and maintain approval, all Capstone Courses must meet FPSC requirements. These
requirements may be amended from time to time based on feedback from educators and students, in
conjunction with our Academic Advisory Committee and/or Certification Committee.
More Information
For more information about FPSC approval of Capstone Courses, please contact Hellen Kountouros at
hkountouros@fpsc.ca, 416.593.8587, ext.236 or 1.800.593.8587.
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