Financial Planning and Investment Designations
CFP
CFP Certification Examination
Voluntary financial-planning certification administered by CFP Board.
- Level
- Professional designation exam (post-bachelor's, practice-oriented) — a voluntary certification, not a government license
- Format
- 170 multiple-choice questions delivered across two 3-hour sessions in a single day (85 questions per session); includes stand-alone questions, small scenario-based question sets (~3 questions per scenario), and longer case-study question sets (~8-12 questions per case)
- Passing score
- Pass/fail only — CFP Board does not publish a fixed passing percentage. Each question is worth 1 point and the cutoff is set through a criterion-referenced 'standard setting' process performed by CFP professionals for each exam form; the exact numeric cutscore is not publicly disclosed.
- Number of questions
- 170
- Prerequisites
- Bachelor's degree (any discipline) from an accredited institution — may be completed up to 5 years after passing the exam; completion of CFP Board-registered education coursework (or equivalent via transcript review or an accelerated path for certain existing credentials/degrees) covering the 8 Principal Knowledge Topic domains, including a capstone financial-plan-development course; and clearance under CFP Board's Fitness Standards (background/ethics review). Full certification (beyond sitting the exam) also requires a work-experience requirement of 6,000 hours under the Standard Pathway or 4,000 hours under the Apprenticeship Pathway.
- Who it's for
- Aspiring and practicing financial planners and advisors, including career-changers and students, pursuing the CFP mark as the leading voluntary personal-financial-planning credential in the U.S.
ChFC
Chartered Financial Consultant (ChFC)
Comprehensive financial-planning designation from The American College of Financial Services.
- Level
- Professional designation (post-high-school; no bachelor's degree required to enroll)
- Format
- Course-based, not a single unified exam. Candidates complete 8 required online, self-paced courses; each course includes quizzes, knowledge checks, and its own closed-book, proctored final exam (Pearson OnVUE online proctoring or in-person Pearson test centers). The College states there is no single high-stakes cumulative exam covering the whole designation.
- Prerequisites
- High school diploma or equivalent to enroll (no bachelor's degree required). To be awarded and use the ChFC designation, candidates must complete all 8 required courses/exams, have three years of full-time business experience in a related field within the five years preceding the award, and agree to the College's Code of Ethics.
- Who it's for
- Financial services professionals (advisors, planners, insurance and retirement specialists) seeking a comprehensive, applied financial-planning credential covering insurance, tax, retirement, investment, and estate planning. Positioned by the College as a practical, real-world-scenario-focused alternative/complement to the CFP mark.
CLU
Chartered Life Underwriter (CLU)
Life insurance and estate-planning designation from The American College of Financial Services.
- Level
- Professional designation (post-licensing specialization, not an entry-level or FINRA-style exam)
- Who it's for
- Financial and insurance professionals whose clients need holistic life insurance, estate, and business-owner risk planning — e.g., life insurance agents, financial advisors, and estate/business planning professionals building deeper technical expertise beyond a base license.
CFA Level I
CFA Program Level I Exam
First of three exams for the CFA charter from CFA Institute.
- Level
- Level I of III sequential exams required for the CFA charter
- Format
- 180 multiple-choice questions (three answer choices: A, B, or C) split into two 135-minute sessions (2 hours 15 minutes each), computer-based, with an optional break between sessions; total seat time approximately 4.5 hours
- Passing score
- CFA Institute does not publish a fixed passing percentage. The Minimum Passing Score (MPS) is a criterion-referenced score set separately for each exam administration using a modified Angoff standard-setting process: a panel of charterholders independently judges, question by question, the probability that a 'just-qualified' candidate would answer correctly, and the compiled results are the primary (not final) input to the MPS, which is ultimately approved by the CFA Institute Board of Governors. CFA Institute reports a 10-year average Level I pass rate of roughly 41%, but that is a historical outcome statistic, not a target score.
- Number of questions
- 180 multiple-choice questions (90 per session, two sessions)
- Prerequisites
- To enroll in the CFA Program a candidate must meet one of: (1) a completed bachelor's (or equivalent) degree from an accredited institution, (2) be in the final year of a bachelor's degree program with the Level I exam window falling within 23 months of expected graduation, or (3) have a combination of professional work experience and/or higher education totaling at least 4,000 hours accrued over a minimum of 36 consecutive months. Candidates must also hold a valid international travel passport and agree to abide by the CFA Institute Code of Ethics and Professional Conduct Program.
- Who it's for
- Aspiring and early-career investment professionals (equity/credit analysts, portfolio management associates, risk and research staff) seeking the foundational body of knowledge for the CFA charter. It also draws career-changers entering investment management who need a broad, rigorous grounding in finance, accounting, and quantitative methods.
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