Chinnapong

The results are in for FP Canada’s October sitting of the certified financial planner (CFP) exam.

The exam was written by 507 candidates, including 345 first-timers, a release said. The pass rate for first-time writers was 70.7%.

In a post-exam survey, about 84% of exam writers said they took the exam to enhance their skills and better serve clients, the release said.

More than one-third (37%) said title protection legislation was a motivating factor. In Ontario, “financial planner” became a protected title this year, requiring an approved credential.

In addition to the CFP designation and FP Canada’s qualified associate financial planner designation, credentials approved to use “financial planner” include chartered life underwriter (CLU), personal financial planner (PFP) and registered retirement consultant (RRC).

For 30% of CFP exam writers in October, certification was required by their employers, the FP Canada survey found.

As of Sept. 30, Canada had about 17,000 CFP professionals, the release said.