CFP Certification (Australia)
CFP Certification Program (CFP Certification Unit)
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ExploreAbout this exam
The CERTIFIED FINANCIAL PLANNER® (CFP) designation is a professional designation rather than an academic qualification: it is earned through practical experience and ongoing learning, and in Australia it is awarded by the Financial Advice Association Australia (FAAA), the only association licensed to deliver the CFP program here. The FAAA partners with the Financial Planning Standards Board, which owns the CFP marks outside the United States. Candidates reach the final stage through the CFP Certification Unit, also called CFP-C or the Capstone Unit - the source confirms these are just different terms. Entry depends on your qualifications and experience: holders of an approved postgraduate degree can enter directly, while others may first need Proficiency Units 1–4 (formerly CFP 1–4), and FAAA membership is required. The unit has three assessment components: a 55-page financial plan assignment for a fictitious client based on a case study, an open-book online exam of 70 multiple-choice questions delivered via FAAA Learn with four hours plus 15 minutes reading time, and an experience component that differs for advisers registered on the ASIC FAR and those who are not. The exam covers technical knowledge areas categorised by the FPSB knowledge domains. Preparation means working the case-study assignment against the marking sheet, then revising across the technical domains under timed conditions.
What you'll study
About CFP Certification (Australia) preparation
What is the exam format and how long do I get?
It is open book and completed online via FAAA Learn. There are 70 multiple-choice questions covering technical knowledge areas categorised by the Financial Planning Standards Board's knowledge domains. You get four hours to complete it, plus an additional 15 minutes of reading time.
What score do I need to pass?
The source does not publish a pass mark for the exam. It only states that failing the assignment or exam means repeating that assessment, with fees applying. Treat any specific pass percentage you see elsewhere as unverified and confirm with the FAAA education team.
How many attempts do I get if I fail?
You repeat the failed assessment, and fees apply. The repeat does not have to happen in the semester immediately following; it can be completed later, subject to limits. However, if you fail the exam after three attempts you will be unable to continue in the program.
How long do I have to finish the whole program?
You must finalise the CFP Certification program within 4 years from the semester you first enrolled into. If you commence and experience difficulties, the FAAA advises reaching out to the education team to discuss your options rather than letting the window lapse.
Can I split the assignment and exam across semesters?
Yes. You can complete the assignment in one semester and the exam in the following semester, or spread the three assessments over a calendar year from the semester you enrol in. The FAAA notes that advisers with 5 years experience can often manage the assignment and exam in one semester.
What does the assignment involve?
You write a 55-page financial plan for a fictitious client based on a case study. A template and marking sheet are provided so you understand how it will be graded, and statement of advice software is not required. Build your plan directly against the marking sheet criteria.
What is the experience component?
If you are on the ASIC FAR, it is two client meetings - a fact find and presentation of plan - assessed by an assessor of your choosing who is not a family member or another current candidate. If you are not on the ASIC FAR, it is a register of 20 activities plus a letter of good standing.
Do I need to be an FAAA member, and what does it cost?
Yes, you must be an FAAA member to enrol; non-members approved for entry must join before the semester commences. The CFP Certification Unit fee is $2,200, with a discounted rate of $1,980 for members employed by an FAAA Professional Practice. Proficiency Units are priced separately.
Do I earn CPD for completing the unit?
Yes. Successful completion of the assignment and exam awards 30 hours of CPD. Note that this is separate from the CPD hours attached to individual Proficiency Units, which range from 18 to 25 hours depending on the unit.
How should I sequence my study?
Confirm eligibility first, since an approved postgraduate degree gives direct entry while other pathways require Proficiency Units 1–4. Then check semester dates, because assignment and experience deadlines fall well before exam day. Draft the assignment early against the marking sheet and leave the final weeks for timed exam practice.