Financial Planning and Investment Designations
Designations are voluntary credentials from CFP Board, CFA Institute and The American College of Financial Services. They are not securities registrations, and none is an order of steps on its own. Pick the designation that fits your work; they are separate options.
CFP
CFP Certification Examination
A voluntary financial-planning certification from CFP Board, not a government license.
- Passing score
- Pass/fail only. CFP Board does not publish a fixed passing percentage; the cutoff is set through a criterion-referenced standard-setting process.
- Number of questions
- 170
- Time
- Two 3-hour sessions in one day
Level
Professional designation exam (practice-oriented). A voluntary certification, not a government license
Format
170 multiple-choice questions delivered across two 3-hour sessions in a single day
Prerequisites
Bachelor's degree (any discipline) from an accredited institution. May be completed up to 5 years after passing the exam; completion of CFP Board-registered education coursework (or equivalent via transcript review or an accelerated path for certain existing credentials/degrees) covering the 8 Principal Knowledge Topic domains, including a capstone financial-plan-development course; and clearance under CFP Board's Fitness Standards (background/ethics review). Full certification (beyond sitting the exam) also requires a work-experience requirement of 6,000 hours under the Standard Pathway or 4,000 hours under the Apprenticeship Pathway.
Who it's for
Aspiring and practicing financial planners and advisors, including career-changers and students, pursuing the CFP mark, a voluntary certification administered by CFP Board.
ChFC
Chartered Financial Consultant (ChFC)
Completed through 8 required courses, each with its own proctored exam.
- Passing score
- Not published by The American College.
- Number of questions
- Not published by The American College. Each required course has its own proctored final exam.
- Time
- Not published by The American College; each course exam is proctored separately.
Level
Professional designation (post-high-school; no bachelor's degree required to enroll)
Format
Course-based, not a single unified exam. Candidates complete 8 required online, self-paced courses; each course includes quizzes, knowledge checks, and its own closed-book, proctored final exam (Pearson OnVUE online proctoring or in-person Pearson test centers). The College states there is no single high-stakes cumulative exam covering the whole designation.
Prerequisites
High school diploma or equivalent to enroll (no bachelor's degree required). To be awarded and use the ChFC designation, candidates must complete all 8 required courses/exams, have three years of full-time business experience in a related field within the five years preceding the award, and agree to the College's Code of Ethics.
Who it's for
Financial services professionals (advisors, planners, insurance and retirement specialists) seeking a comprehensive, applied financial-planning credential covering insurance, tax, retirement, investment, and estate planning.
CLU
Chartered Life Underwriter (CLU)
Completed through 4 required courses (2 for candidates who already hold the CFP or ChFC).
- Passing score
- 70%or higher final course grade in each required course.
- Number of questions
- Not published by The American College. Each required course has its own proctored final exam.
- Time
- Not published by The American College; each course exam is proctored separately.
Prerequisites
High school diploma or equivalent; three years of relevant experience in financial planning or a related profession to use the designation once earned; agreement to The American College Code of Ethics and Procedures.
Who it's for
Financial and insurance professionals whose clients need holistic life insurance, estate, and business-owner risk planning. E.g., life insurance agents, financial advisors, and estate/business planning professionals building deeper technical expertise beyond a base license.
CFA Level I
CFA Program Level I Exam
The first of three sequential exams required for the CFA charter.
- Passing score
- CFA Institute does not publish a fixed passing percentage. The Minimum Passing Score is maintained from one administration to the next through equating unless a significant change prompts the Board of Governors to reset it.
- Number of questions
- 180multiple-choice questions (90 per session, two sessions)
- Time
- Two 135-minute sessions
Level
Level I of III sequential exams required for the CFA charter
Format
180 multiple-choice questions (three answer choices: A, B, or C) split into two 135-minute sessions (2 hours 15 minutes each), computer-based, with an optional break between sessions; total seat time approximately 4.5 hours
Prerequisites
To enroll in the CFA Program a candidate must meet one of: (1) a completed bachelor's (or equivalent) degree from an accredited institution, (2) be in the final year of a bachelor's degree program with the Level I exam window falling within 23 months of expected graduation, or (3) have a combination of professional work experience and/or higher education totaling at least 4,000 hours accrued over a minimum of 36 consecutive months. Candidates must also hold a valid international travel passport and agree to abide by the CFA Institute Code of Ethics and Professional Conduct Program.
Who it's for
Aspiring and early-career investment professionals (equity/credit analysts, portfolio management associates, risk and research staff) seeking the foundational body of knowledge for the CFA charter. It also draws career-changers entering investment management who need a broad, rigorous grounding in finance, accounting, and quantitative methods.
Side by side
| Fact | CFP | ChFC | CLU | CFA Level I |
|---|---|---|---|---|
| Questions | 170 | Not published by The American College. Each required course has its own proctored final exam. | Not published by The American College. Each required course has its own proctored final exam. | 180 multiple-choice questions (90 per session, two sessions) |
| Duration | Two 3-hour sessions in one day | Not published by The American College; each course exam is proctored separately. | Not published by The American College; each course exam is proctored separately. | Two 135-minute sessions |
| Passing score | Pass/fail only. CFP Board does not publish a fixed passing percentage; the cutoff is set through a criterion-referenced standard-setting process. | Not published by The American College. | 70% or higher final course grade in each required course. | CFA Institute does not publish a fixed passing percentage. The Minimum Passing Score is maintained from one administration to the next through equating unless a significant change prompts the Board of Governors to reset it. |
| Prerequisites and sponsorship | Bachelor's degree (any discipline) from an accredited institution. May be completed up to 5 years after passing the exam; completion of CFP Board-registered education coursework (or equivalent via transcript review or an accelerated path for certain existing credentials/degrees) covering the 8 Principal Knowledge Topic domains, including a capstone financial-plan-development course; and clearance under CFP Board's Fitness Standards (background/ethics review). Full certification (beyond sitting the exam) also requires a work-experience requirement of 6,000 hours under the Standard Pathway or 4,000 hours under the Apprenticeship Pathway. | High school diploma or equivalent to enroll (no bachelor's degree required). To be awarded and use the ChFC designation, candidates must complete all 8 required courses/exams, have three years of full-time business experience in a related field within the five years preceding the award, and agree to the College's Code of Ethics. | High school diploma or equivalent; three years of relevant experience in financial planning or a related profession to use the designation once earned; agreement to The American College Code of Ethics and Procedures. | To enroll in the CFA Program a candidate must meet one of: (1) a completed bachelor's (or equivalent) degree from an accredited institution, (2) be in the final year of a bachelor's degree program with the Level I exam window falling within 23 months of expected graduation, or (3) have a combination of professional work experience and/or higher education totaling at least 4,000 hours accrued over a minimum of 36 consecutive months. Candidates must also hold a valid international travel passport and agree to abide by the CFA Institute Code of Ethics and Professional Conduct Program. |
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