The Certified Financial Planner Board of Standards said Tuesday that it has formed a working group to study the bachelor's degree requirement for CFP certification, and named its members.
CFP Board has formed the Academic Pathways & Standards Working Group to evaluate the requirement.
CFP Board announced Jan. 28 that it had moved to increase continuing education requirements for CFP professionals starting in 2027, boosting the required CE credits from 30 to 40 hours per two-year cycle.
"The APSWG will conduct a careful analysis of the bachelor's degree requirement, assessing whether the requirement continues to reflect current practices, emerging trends, and the evolving needs of the financial planning profession and the public it serves," CFP Board said Tuesday. "Based on this analysis, the APSWG will provide a recommendation to the Board of Directors on whether the requirement should be maintained or modified."
The working group includes the following members:
- Anthony Battle, assistant director, planning and retirement, Principal Securities Inc.
- Jack Brod, board chair, Savant Wealth Management
- Kamila Elliott, founder and CEO, Collective Wealth Partners
- Brett Esselburn, head of advisory and investment consulting, Equitable Advisors
- Bonnie Harper, vice president, private wealth consultant, Raymond James
- Jason Kelly, director, financial planning, Edward Jones
- Phuong Luong, program director, financial planning program, Boston University
- Martin Schamis, vice president/head of wealth planning, Janney Montgomery Scott
- Denise Streeter, associate professor, School of Business, Howard University
- Demetra Sullivan, regional market executive, branch network, Charles Schwab
"Strong competency standards are essential to the credibility of CFP certification," said K. Dane Snowden, CFP Board CEO. "That credibility matters — to the profession, to Americans and to every CFP professional. Reviews like this help keep our standards aligned with the expectations and needs of the families CFP professionals serve."
The requirement has sparked debate among CFPs.
"Man ... I have SUCH mixed feelings about this one," Jeff Levine, the financial planning and tax management expert, said in a LinkedIn post. "Ultimately, I think the decision needs to be driven by the CFP Board's broader, long-term vision for the marks. If the Board wants the marks to show someone has demonstrated a minimum level of acceptable competence to work with clients and provide financial advice, then I say scrap the (any) Bachelor's degree requirement."
The CFP Board's board of directors will review the recommendation and may revise it as it deems appropriate. CFP Board will put any proposed modification to the bachelor's degree requirement out for public comment. No final decision is anticipated in 2026.
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