Global Financial Planning Education Standards

Abstract

Financial planning may not meet all the accepted criteria of traditional professions such as divinity and law, it does, however, fit the post-modernist view of professions characterized by the role played by professional associations. The hallmark of a profession is the presence of a common body of knowledge and it can be claimed that a theoretical body of knowledge for the "financial planning profession" has always existed, although it has only been in recent times that agreement has been reached on a common understanding of the theoretical basis of the financial planning profession. This common body of knowledge is the basis upon which the Financial Planning Standards Board [FPSB] is attempting to develop a global curriculum as part of the certification process for financial planners. The FPSB has developed a curriculum framework to be applied by its affiliate members to ensure consistency in global education standards. A review of Certified Financial Planner (CFP) certification in Australia, China, India and the United States exposes differences in how this is approached. The International Organization for Standardization [ISO] has also emerged as another forum in which global financial planning education standards have been set. Although the FPSB's global financial planning education standards has a high degree of compatibility with the ISO standard, the ISO standard has largely remained as a shelf reference.