US to emulate India CFP model
US-based Financial Planning Standards Board is gearing up to replicate India's online examination model for certified financial planners in countries such as United States, Singapore and Malaysia. Sachin Kumar and Tejeesh NS Behl report. Walking in India’s footsteps?business Updated: Feb 17, 2012 01:36 IST
US-based Financial Planning Standards Board (FPSB) is gearing up to replicate India's online examination model for certified financial planners (CFPs) in countries such as United States, Singapore and Malaysia. FPSB is a global non-profit association that manages, develops and operates certification, education and related programs for financial planning organisations.
CFP is an international certification program in the field of financial planning, wealth management and financial advisory services.
"We would like to learn from what is being done in India and see if we can replicate (the online examination model) in a small and a controlled way ... and see it can be taken globally," said Noel Maye, CEO, FPSB. "We are looking at doing pilot test in countries such as Singapore and Malaysia."
In India, on the contrary, there is online 24/7 model of giving CFP exams where an aspirant can give the online test at his or her preferred time.
When asked about the time line to launch the online test in US, he said, "The future is migration to online exams," said Maye. "We are at very early stage, there are lot of things have to be worked out such as the approach, the platform, (technology) provider."
With increase in financial literacy and rising wealth FPSB feels that the number of CFPs will rise significantly in coming years.
"We could see around 10,000 CFP professionals in India in five years," said Maye. FPSB is also looking at increasing its presence in other part of the globe such as Africa, South America and Middle East.