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
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CLARITAS vs CFP – Comparative Table
|Organizing Body||The exams are organized by the CFA Institute, USA.||The exams are organized by the Certified Financial Planner Board of Standards Inc. (CFP Board), USA.|
|Pattern||The course has only one final exam, which is an MCQ including 100 questions to be completed in 100 minutes. However, prior to taking the final exam, the candidates need to take two exams (Mock Exam A and Mock Exam B) after one month from the date of registration and score 70% or more in each of them.||The course has only one level that has been divided into two 3-hour exams.|
|Duration of Course||The candidates have to clear the exam within 180 days from the date of registration.||The candidates can complete the course in a span of 36 months.|
|Syllabus||The course consists of 20 chapters, which are divided into 7 modules and they are
|The syllabus revolves around
|Exam Fees||It is a fully-online certificate program that is available for free. The CFA Institute offers the course through its digital platform, Learning Ecosystem.||The exam fees vary in the range of $825 to $1,025 depending on the time of registration, such that $825, $925, and $1,025 corresponds to early, standard and late registration respectively.|
|Jobs||Some of the common profiles include
||Some of the common profiles include
|Difficulty||The pass rate of the Claritas Investment Certificate was 82%. The CFA Institute expects the pass rate of the course to be on the higher side as compared to its flagship program, CFA Charter. However, there is no recent information available pertaining to the pass rate of the candidates.||The difficulty level of the exams is moderate with a historical pass rate of more than 60%. During 2019, the overall pass rate was 62%, while that for the first-timers was even higher at 66%.|
|Exam Date||The exams are conducted online on all working days.
|The schedule for the upcoming exams during the year 2021
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.
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 planningFinancial PlanningFinancial planning is a structured approach to understanding your current and future financial goals and then taking the necessary measures to accomplish them. Because this does not begin and end in a specific time frame, it is referred to as an ongoing process. 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 StandardGold StandardThe gold standard was a monetary term used when gold exchange was used instead of paper currency. 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 perspectives 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 –