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Opening Session

(2)

Opening Session sponsored by Wiley

The Power of Data in our CFP Board

Registered Programs: Program

Evaluation and Certification

Completion

Dr. Charles Chaffin

Director of Academic Programs and Initiatives

CFP Board

(3)
(4)

CFP Board Registered Programs

Baccalaureate

127

Certificate

191

Master’s

49

Doctoral

5

372 registered programs

227 colleges and universities

(5)

CFP Board Registered Programs

300

310

320

330

340

350

360

370

380

2010

2011

2012

2013

2014

Total Programs

13% growth in

total number of

programs since

2010

(6)

New Programs

University of Wisconsin-Madison

Illinois State University

Texas A&M University

University of the Pacific

Penn State Erie, The Behrend College

University of Akron

Oregon State University

Kaplan University

Eastern New Mexico University

Mount Vernon Nazarene University

Emory University

Columbus State University

Suffolk University

Benedictine University at Mesa

Utah Valley University

(7)

CFP Board Registered Programs

Baccalaureate,

28%

Certificate,

59%

Master's,

12%

Ph.D.

1%

2010

Baccalaureate,

34%

Certificate,

51%

Master's,

14%

Ph.D.

1%

2014

(8)

CFP Board Registered Programs

Baccalaureate

75%

Certificate

8%

Master's

13%

Doctoral

4%

(9)

CFP Board Registered Programs

Degree programs: Over 80% of new and prospective degree

(baccalaureate, master’s, doctoral) programs are/will be housed in

AACSB/ACBSP- accredited school/college of business

– Finance Department

Critical need for faculty across program types

Certificate Programs: Overwhelming majority of CFP

®

exam registrants are

graduates of CFP Board Registered certificate programs

– Almost 33% of CFP Board Registered baccalaureate programs are less than four

years old

Significant increase in the number of blended instructional platforms

amongst certificate programs (classroom-based/online)

Financial Literacy can equal recruitment

– Financial literacy courses (lower-division, a la carte) can create and develop your

student pipeline for certificate and baccalaureate programs

(10)

CFP Board Registered Programs

27% of all program renewals (2013-2014) required edits

– Self-assessment

– Financial plan development (capstone) course

– Inconsistent data regarding contact hours, program structure

– “document what you are already doing”

We can discuss

RegisteredPrograms@CFPBoard.org

for a conference call to discuss

registration, curricular, or strategic matters relative to your program (over 250

conference calls since August, 2013)

(11)

CFP Board Registered Programs

Self-Assessment Data

(12)

CFP Board Registered Programs

Self-Assessment Data

0 10 20 30 40 50 60 70 80 90

Accessibility: Accreditation: Administration Strength:Admissions Standards: Advisory/Review Board/Committee:Alumni Engagement/Support: Career Development:Case Use: Collaboration with other Schools/Programs:Curriculum: Delivery Method: Emphasis on Objectives/Outcomes:Enrollment: Establishing/Engaging FPA and/or NAPFA:Exam Pass Rate: Experiential Learning Opportunities/Internships:External Award: Faculty Evaluation of Program:Faculty Strength: Financial Community Awareness/Support:Flexible Payment Plan: Flexible Schedule:Focus on Exam: Focus on Professional Development:Group Work: High Rate of Graduate Employment/Promotion:

Areas of Strength Part 1

Certificate Programs

(13)

CFP Board Registered Programs

Self-Assessment Data

0 10 20 30 40 50 60 70 80 90

Institutional/University Support: Integration of Multiple Topics in Each Course:Location: Marketing: Mentoring Program: Networking: Online Program Component/Materials:Online Student Support: Program Consistency/ Uniformity:Program/Class Size: Quality of Materials: Regular Communication and Feedback: Regular Updates to Comply with CFP Board: Relationships/Interaction with Practitioners: Reputation: Require Internship:Retention: Schedule/Program Flexibility:Scholarships: Student Assessment: Student Certification:Student Diversity: Student Evaluation of Faculty/Program:Student Involvement in Program: Student Placement:Student Quality: Student Support: Variety of Learning Experiences:Webinars:

Areas of Strength Part 2

Certificate Programs

(14)

CFP Board Registered Programs

Self-Assessment Data

0 10 20 30 40 50 60

Accreditation: Administration Strength: Advisory/Review Board/Committee:Alumni Engagement/Support: Career Development:Case Use: Collaboration with Other Schools/Programs:Curriculum: Emphasis on Objectives/Outcomes: Emphasis on Student Learning Outcomes:Encouraged to Take CFP Exam: Establishing/Engaging FPA and/or NAPFA:Exam Pass Rate: Experiential Learning Opportunities/Internships:Exposure to Financial Planning Software: External Award: Faculty Evaluation of Program:Faculty Strength: Financial Community Awareness/Support:Guest Lecturers: High Rate of Graduate Employment/Promotion:Institutional/University Support: Integration of Multiple Topics in Each Course:Location: Marketing: Mentoring Program:

Areas of Strength Part 1

Baccalaureate Programs

(15)

CFP Board Registered Programs

Self-Assessment Data

0 10 20 30 40 50 60

Networking: Online Program Component/Materials: Private Sector Support: Program Caters to Exam: Program Caters to Professional Development: Program/Class Size: Regular Updates to Comply with CFP Board: Relationships/Interaction with Practitioners: Reputation/Ranking: Require Internship: Resources: Retention: Scholarships: Student Assessment: Student Certification: Student Diversity: Student Enthusiasm: Student Evaluation of Faculty/Program: Student Involvement in Program: Student Placement: Student Quality: Student Support: Tracking Students/Graduates: Variety of Learning Experiences: Website: Working World Experience:

Areas of Strength Part 2

Baccalaureate Programs

(16)

CFP Board Registered Programs

Self-Assessment Data

0 5 10 15 20 25

Inadequate Administrative Support: Case Use (Number of): Competition within Institution for Program Resources: Curriculum: Enrollment: Exam Pass Rate: Faculty (Number of): Faculty Quality: Inadequate Alumni Engagement/Support: Inadequate Experiential Learning Opportunities: Inadequate Exposure to Financial Planning Software: Inadequate Marketing: Inadequate Relationships/Interaction with Practitioners: Inadequate Student Assessment: Inadequate Student Support: Inadequate Tracking of Students/Graduates: Lack of Advisory/Review Board/Committee: Lack of Community Awareness: Lack of Consistency within the Curriculum:

Areas of Weakness Part 1

Baccalaureate Programs

(17)

CFP Board Registered Programs

Self-Assessment Data

0 5 10 15 20 25

Lack of Corporate Sponsorship: Lack of Faculty Coordination: Lack of Involvement with FPA and/or NAPFA: Lack of Program Target Audience: Lack of Student Diversity: Lack of Viable Internship Opportunities/Program: Lakc of Working World Experience: Length of Program: Location: Matriculation to CFP Exam: Maturity of Program: Organization of Program/Course: Poor Student Placement for Internship: Program Cost: Program/Class Size: Program/Course Schedule: Quality of Materials: Recognition: Recruitment: Retention:

Areas of Weakness Part 2

Baccalaureate Programs

(18)

CFP Board Registered Programs

Self-Assessment Data

0 5 10 15 20 25 30 35 40 45 50

Methods Of Identification

Certificate Programs

N=116

(19)

CFP Board Registered Programs

Self-Assessment Data

85%

6%

5%

4%

Use of Student Centered Learning Objectives

Certificate Programs

N=116

Yes: No: No But Will:

(20)

CFP Board Registered Programs

Self-Assessment Data

80%

7%

5%

8%

Use of Student Centered Learning Objectives

Baccalaureate Programs

N=83

Yes: No: No But Will:

(21)

CFP Board Registered Programs

Self-Assessment Data

48%

13%

11%

28%

CFP Board Account Creation

Baccalaureate Programs

N=83

Encouraged: Mandatory: Do Not Promote: Do Not Promote But Will:

(22)

CFP Board Registered Programs

Self-Assessment Data

74%

5%

5%

16%

CFP Board Account Creation

Certificate Programs

N=116

Encouraged: Mandatory: Do Not Promote: Do Not Pomote But Will:

(23)

Registration renewal

Build your strongest evaluation letter from CFP Board to your institution

– Use it as an advocacy instrument

CFP Board requires only one course

– Minimum number of contact hours for program

– Topics can be configured in any manner

– Capstone course must contain the seven required learning objectives

Press releases available

– Renewal registration

– Initial registration

(24)

Renewal/Initial Registration

Press Releases

(25)

Registration renewal

Program self-assessment doesn’t happen instantaneously

(26)

CFP Board Registered Program

Registration Renewal

2013-2014 Renewal Timeline for CFP Board Registered Programs

The following graph illustrates the deadlines for incomplete applications:

Incomplete Registration

o 1-30 Days After Renewal Deadline

o No access to Online Education Verification System

Temporary Suspension

o 30-45 Days After Renewal Deadline

o Program Information is removed from CFP Board

webpage

o No access to Online Education Verification System

until registration is confirmed

Deregistration

o 45 Days After Renewal Deadline

o Institution will need to complete an Initial

Application in order to house a registered program

o Current students will not be eligible for CFP®

Certification relative to Education requirement

o No access to Online Education Verification System

(27)
(28)

CFP Board Certification Completion

Initiative

Initial data disseminated to all CFP Board Registered Programs on May 1,

2014

Total number of graduates submitted

Percentage of graduates who had created an account

Percentage of graduates who took the CFP

®

exam

Percentage of graduates who passed the CFP

®

exam (not the pass rate)

Percentage of graduates who became certified

*Only since 2012

(29)

CFP Board Certification Completion

Initiative

Certification Completion Initiative (CCI) Reports will play a significant role in

registration renewal beginning for the 2015-2016 period

Most notably for CFP Board ID, taking CFP

®

exam

– Program targets for each variable

– Measures that institution is currently undertaking to improve performance

CFP Board is reporting what your institution is reporting

– Issues with institutions with multiple programs

(30)

CFP Board Certification Completion

Initiative

(31)

Computer-based testing

Early registration will allow candidates to get their preferred exam date and

location

– Exam sites within large cities will likely fill quickly

Candidates may re-schedule exam date and/or test site location

– There is no charge for scheduling changes (exam site and/or exam day) made

30 days or more in advance of the exam day

– Any changes made 5-29 days in advance of the exam day will result in a $100

scheduling change fee

Individuals do not have to wait until their education is verification

(submission to CFP Board) to schedule exam

(32)

Practice Exams

Purpose- a resource for candidates as part of their overall preparation to

take the CFP® examination

50 unique practice exam questions (retired)

Online access

Instant feedback upon completion

Timed for realistic practice

Access period of 90 days

(33)

Job Analysis

Comprehensive research study to determine the knowledge, skills or

abilities required to perform tasks in financial planning practice

Serves the Examination and Education requirements for CFP certification

(CFP® Examination blueprint and Principal Topics List for CFP Board

Registered Programs/Continuing Education

Required by NCCA (National Council on Certifying Agencies) accreditation

and to ensure the content validity of the examination

Validation of Student-Centered Learning Objectives based upon CFP Board

Principal Topics (2011, 2014)

CFP Board will grant 1 hour of continuing education (CE) credit to CFP

®

professionals who complete the survey

Survey will be disseminated to all CFP® professionals and educators on

August 11. Survey will close September 8, 2014.

(34)
(35)

2014 Financial Planning Challenge

• Kansas State University

• Texas A&M University

• University of Akron

• University of Georgia

• Utah Valley University

• Virginia Tech

• Western Carolina University

• William Paterson University

(36)

Public Awareness Campaign Toolkit

Increasing public awareness is central to CFP Board’s mission. In November

2010, CFP Board’s Board of Directors authorized the organization to proceed

with a multi-year public awareness campaign to raise the awareness of CFP

®

certification. The campaign includes a toolkit of resources that CFP

®

professionals can use in their local communities to extend the reach of the

campaign, and updates from CFP Board on the progress of the campaign.

(37)

Marketing Materials

Digital Copies available on flash drive and at

www.CFP.net/RegisteredPrograms

(38)

Faculty/Advising Center contacts

(39)

CFP Board Education

Quarterly Webinars

(40)

Save the Date

2015 CFP Board Registered Program

Conference

(41)

Resources

Information and Resources:

www.CFP.net/RegisteredPrograms

Sample Exam Items:

www.CFP.net/Exam

Communicate:

LinkedIn subgroup for Registered Program

Directors and Faculty

(42)

This presentation is available at www.CFP.net/RegisteredPrograms

Dr. Charles Chaffin

Director of Academic Programs and Initiatives

CFP Board

References

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