Hi everybody!!!

I am new to this site. We have been thinking about emigrating to Canada for 2 years now and it's about time we have done something about it.
In UK I am a fully qualified Financial Adviser from my understanding this job is classed as "occupation under pressure" NOC 1114 in BC, however I am trying to find out if my qualification will be accepted in Canada. I have FPC 1,2,3 and CeMap-Bridge Certificates. Does anybody knows if I will have to re-sit canadian exams?
Thank you in advance for all your help!

Is FCP the same as CFP (Certified Financial Planner) which is the desired certification here?

Hi,

The material covered by both exams is the same. The difference would be the taxation and Canadian law as oppose to UK law.

I have also seen a Securities Course, which is demanded in the Banks.

I know this is a bit more complicated question but any help is much appreciated.

Thanks again
Boz

For the CFP designation I believe you will have to take the exams again. It will be best to confirm this with them, but this document does not mention recognition of foreign credentials.

Canadian law is based on English common law so, while there are differences, it is not a big deal. Tax is obviously different.

AFAIK the securities courses are not too difficult.

Yes, I suspected I will have to take the exam again. It makes sense!!

Would you know if there is a demand for for advisers in BC? I have seen quite few job adverts but not sure how good the company are, one of them was Freedom 55 Financial and the other one was rjanmakay (?) which I believe is a Estate Agent.

Thanks

There is a demand for good financial advisers. Generally, financial advisers are expected to generate business and are paid either commission or fee per service. I would expect any salary based employemnt to have a low basic and high commission element. If you have the skills to develop and keep a client base there is a good future.

Freedom 55 Financial are a respected financial services company. RJ & Makay are a recruitment agency that specializes in financial servcies staff.

Not everywhere. Napoleonic Code around here.

Fair point, though the OP said she was looking to BC.

I know

I was talking to my accountant this morning, so I'm in a stroppy mood.

Thank you for your help. It made me feel a little bit better, I shall order the study material and start studying!! Story of my live, good job I enjoy it!

Thanks once again!

AFAIK the securities courses are not too difficult.


The examination for a Certified Financial Planner is regarded as very difficult. In most years since 1991 the passing rate is only between 50 and 60%.

The CFP Certification Examination is a 10-hour multiple choice exam, divided into one four-hour session (Friday afternoon) and two three-hour sessions (Saturday). The exam includes three major case problems and is designed to assess the student's ability to apply his or her knowledge of the aforementioned areas to financial planning situations. The exam was set as a requirement in 1993 and at that time CFPs were grandfathered without having to pass this exam. [5]

Individuals holding professional designations pre-approved by the CFP Board (like PhDs in business and economics, attorneys, Certified Public Accountants (CPA), Chartered Certified Accountants (ACCA), Chartered Accountants (CA), Chartered Wealth Managers (AAFM) ), Chartered Life Underwritters (CLU), and Chartered Financial Analysts (CFA) are entitled to register for and take the exam without having to complete the education requirements by using the CFP-board's challenge status.

Work experience
After passing the examination, the candidate must demonstrate to have exempt and extensive experience in the financial planning field. The CFP Board defines work experience as "the supervision, direct support, teaching or personal delivery of all or part of the personal financial planning process to a client"[6] and such experience must fall within one or more of the following six primary elements of financial planning:

Establishing and Defining the Client Relationship
Gathering Client Data and Goals
Analyzing and Evaluating the Client's Financial Status
Developing and Presenting Financial Planning Recommendations and Alternatives
Implementing the Financial Planning Recommendations
Monitoring the Financial Planning Recommendations

Even after the student passes the exam and meets one or more of the six primary elements of financial planning, he or she must also have completed the following:

Three years full-time or equivalent (2,000 hours per year) part-time experience in the financial planning field
Be approved by the CFP Board during initial certification, which also involves an extensive background check -- including an ethics, character and criminal check.

I can tell you for sure that they are not recognised. I have my FPC 1,2,3 from Chartered Institute in London and I have contacted them before because on their web page it says that they ARE recognised and in fact Canada is one of the countries where they are not!!!

You have to take your CFP!!

I agree. I was referring to the courses you need to take to get a mutual funds license.

If you follow my link in post # 4 you will see that the requiremants for the CFP designation have changed slightly, but no doubt it is not a walk in the park.

My God!

Is it worth bothering? It sounds like it is more difficult to pass the exams in Canada than UK. I thought pass mark 60% compared to UK 70% no problem. How wrong I was. 10h exam!!! Great, can't wait!!

You both sound like you have gone through the pain and are working in your profession. Do you have any regrets? Was it worth it? How long it took to prepare yourself for the exam?

Thank you guys for all the info.

Well- I decided to take the PFP which leads to the CFP, I have done the first exam which was ok...I did my Mutual Funds exam in 2002, it was ok...too many calculations for my liking...

I just sat my Mortgage Agent exam in Dec- even though I have over 30 years experience- Ontario just brought in new rules which is good for the industry and consumers, but we all had to take an exam!!

The CFP is not easy, I have heard all sort of stories from various folks I know, I would suggest you visit

www.cfp.net

which is the site dedicated to it. I t will give you more of an overview.

Also you should be aware that jobs such as FA and mortgage agents are commission only jobs....

You can look at the banks for advisor jobs they pay a basic salary plus bonus. However look for a posting that would say "trainee" because then you will get the chance to make a salary and they will pay for the CFP.