CFP professionals in India grew by 17.6% in 2021, reaching total of 2,338

Representative Image (Image Source: Reuters)

Representative Image (Image Source: Reuters)

Certified CFPCM professionals in India grew by 17.6 percent last year, reaching a total of 2,338 CFP professionals as of December 31, 2021, as per data from the Financial Planning Standards Board (FPSB), which owns the international CERTIFIED FINANCIAL PLANNERCM certification program.

According to Noel Maye, CEO of FPSB, India’s rate of growth of CFP professionals placed it in the top three globally, after Brazil (36 percent) and Indonesia (22 percent); and its net growth of 349 CFP professionals, ranks it in the top seven growth territories globally.

“Despite the COVID-19 pandemic, momentum in the growth of CFP professionals in India is strong and increasing, consistent with global trends for the CFP certification program,” Maye said in a statement.

Table 1: India vis-à-vis Top 7 markets in terms of no of CFPs
Country / Market No of CFPs in 2021 No of CFPs in 2020
United States 92,055 88,726
China 26,800 23,579
Brazil 7,385 5,414
Japan 24,064 23,095
Canada 16,797 16,400
India 2,338 1,989
Indonesia 2,281 1,886

India’s CFP professional growth story is part of a growing global movement in 2021, where the number of CFP professionals reached an all-time high of 203,312 globally, the statement noted.

Chart 1: Greatest net increase in CFP professionals by territory (Source: FPSB) Chart 1: Greatest net increase in CFP professionals by territory (Source: FPSB)

Further potential for growth

Maye termed last year’s CFP certification program in India “a success story”. He noted that with less than 2,400 CFP professionals, the potential for growth “is enormous”.

Table 2: YoY growth in CFP professionals
Year Numbers in India
2021 2338
2020 1989
2019 1915
2018 1513

FPSB took over the direct operation of the CFP certification program in India in 2019 and updated the curriculum for CFP certification. This is available through its online learning portal or one of 16 education providers; introduced three specialty designations as a career path to CFP certification; partnered with the NSE Academy and an online exam provider to offer certification exams throughout India; and facilitated online and in-person Continuing Professional Development (CPD) opportunities for CFP professionals to retain their certification.

As many as 1,602 candidates have enrolled in FPSB’s education and certification programs, leading to 621 newly-minted CFP professionals last year.

“India has a massive population of young, educated people looking to establish themselves in rewarding careers and to demonstrate their capabilities against a global standard. FPSB will work with stakeholders to prepare new entrants to the profession and to deepen connections among practitioners, employers, associations, regulators, and government, to promote and support the emergence of financial planning in India as a valued and respected profession,” he added.

Chart 2: CFP professionals by region (Source: FPSB) Chart 2: CFP professionals by region (Source: FPSB)

FPSB and the FPSB global network administer CFP certification and other programs in 27 territories including Australia, Brazil, Canada, Chinese Taipei, France, Germany, Hong Kong, India, Indonesia, New Zealand, China, Korea, Singapore, South Africa, the UK, and the US.