Difference Between Claritas and CFP
Getting the right job is always tricky, and sticking to it a great deal trickier. Financial institutes and bodies over the years have made this aspect a lot easier for professionals who are seeking the path-breaking job of their career, which will put them on the right track.
What is Claritas?
Claritas® is a certified program offered by the CFA Institute (formerly known as the Association for Investment Management and Research, or AIMR), excellent for those professionals who are keen to leave their mark in the financial and the investment sector. The program helps to gain a clear perspective on the working strategies of the global investment industry and allows a professional to develop the essential qualities of ethics and professionalism in the finance and investment roles.
What is CFP?
CFP or Certified Financial Planner is a certificate course for financial planners who are looking to specialize in strategic financial planning or advisory role in the financial services industry. The certificate is conferred upon by the Certified Financial Planner Board of Standards (CFP Board) in the United States and by its affiliated body FPBS in India. CFP is a mark of excellence, recognized and respected worldwide by the financial professionals. The course is designed to meet the stringent standards of education, examination, experience, and ethics to ensure that the individuals certified win the trust of employees and have a plethora of opportunities waiting for them after completing the course.
Claritas vs CFP Infographics
Reading time: 90 seconds
CLARITAS vs CFP Summary
|Certification Organised by||CFA Institute||Certified Financial Planner Board of Standards(CFP Board)|
|Exam/Window||After registering with the program, a candidate is required to take the test within 180 working days. The test can be taken on any working day.||EXAM WINDOW:- Mar.14–21,2017, Registration Open:- Nov.22,2016, Education Verification Deadline:- Feb.14,2017, Registration Deadline:- Feb.28,2017.
EXAM WINDOW:- July 11-18,2017, Registration Open:- Mar.23,2017, Education Verification Deadline:- June 13,2017, Registration Deadline:- June 27,2017.
EXAM WINDOW:- Nov.7-14,2017, Registration Open:- July 20,2017, Education Verification Deadline:- Oct.11,2017, Registration Deadline:- Oct.24,2017
|Subjects||The Claritas program requires self-studying. The seven module of the program is divided into 21 chapters |
•Module 1 – Industry Overview (5%)
•Module 2 – Ethics and Regulation (10%)
•Module 3 – Tools and Inputs (20%)
•Module 4 – Investment Instruments (20%)
•Module 5 – Industry Structure (20%)
•Module 6 – Industry Controls (20%)
•Module 7 – Serving Client’s Needs (5%)
•General Principles of Finance and Financial Planning
•Employee Benefits Planning
•Investment and Securities Planning
•State and Federal Income Tax Planning
•Estate Tax, Gift Tax, and Transfer Tax Planning
•Asset Protection Planning
•Financial planning and consulting
|Pass percentage||CLARITAS:- 82%||In 2016, the overall pass rate was 64 percent, and the pass rate for first-time exam takers was approximately 69 percent.|
|Fees||The registration fee for a candidate is $685, which includes the study material, exam registration fee, and one time allowance to appear for the exam. The fees are reduced by $200 for candidates who register through their firm.||Exam Only:- Early fees $750, Regular fees $850
Exam & Practice Exam:- Early fees $925, Regular fees $1025
|Job opportunities||Candidates are open to entry level position after successfully clearing the Claritas Program.||Chartered Alternative Investment Analyst
Chartered Certified Accountant
Chartered Financial Analyst
Chartered Financial Consultant
Chartered Market Technician
Certified International Investment Analyst
Certified Management Accountant
Certified Public Accountant
Financial Risk Manager
Claritas: There is no education or experience requirement that a candidate needs to meet to take the Claritas® exam. However, command over the English Language is a must to successfully appear for the exam.
4.9 (1,067 ratings) 250+ Courses | 40+ Projects | 1000+ Hours | Full Lifetime Access | Certificate of Completion
CFP: The candidates must fulfill the 4E criteria to be certified as a CFP.
The minimum eligibility criterion for the CFP course is a graduate or bachelor’s degree or higher degree with a working knowledge of the financial planning practices prevalent in the industry.
Why pursue Claritas?
The Claritas® program is perfect for those professionals who want to test the waters before jumping the gun to become investment professionals specializing in certain areas. This program is a foundation level course and gives a perfect understanding of the fundamentals of the investment industry. Thus for an individual dilly-dallying about his choice of course between CFA and Claritas®, it is advisable to opt for Claritas® as the foundation course while for an in-depth study on the investment services, CFA is advised. The Claritas® course can be pursued by all the professionals in the investment industry who play a role in enabling the decision making process in a firm.
Claritas® program is a perfect route for those wanting to switch their career domain to finance as the program ensures entry-level positions in the financial industry for candidates with this certificate. Professionals from the financial services industry as well as human resources, Information technology, operations, sales and marketing, legal and administrative services are open to take this examination.
Why Pursue CFP?
CFP is the highest level of certification for a professional aiming to carve a niche in the financial industry and is appreciated worldwide by professionals as well as consumers. The certificate has been awarded the Gold Standard Award by the Wall Street Journal, which speaks volumes of its credibility. The CFP candidates are remunerated with attractive salaries in industries such as investments, insurance, tax, retirement & real estate.
These credentials have designed a new curriculum, updated the practices, and created certificate courses to ensure continuous development of the existing pool of financial professionals as well as attract freshers to the industry to bring in new perspective and talent.
In short, these financial institutions have infused a new life into the sector as well as the professionals to continuously strive towards betterment in their skills and knowledge as well as salary. You can surely take advantage of the benefits they offer, but choose them wisely!
This has been a guide to Claritas vs. CFP. Here we compare the job options, fees, pass percentage, focus areas for Claritas, and CFP Certification Exam. You may also look at the following articles for more information –