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CFP is all you need if you want to be an Advisor, If you want to go deeper into the investment that's the CFA i don't think it helps a ton in the planning process.
Subject Expert
If you’re client facing, a CFA probably isn’t the route to go. CFP if you’re newer in the business. If you’re a seasoned veteran it is nice to have but unlikely to add additional revenue to your bottom line.
Way overkill for my advisory roles unless your in UHNW or institutional, CFP is all retail clients will know
Coach
They will both take you years to get.
CFP shouldn't take more than a year to complete coursework and exam, especially with how frequently the computer exam is offered now. They do still have the 3 year experience requirement, and bachelor's no longer counts for one, but if under the supervision of a current CFP can knock a year off.
I know hundreds of financial advisors, and only about 5 of them have their CFA. Probably 15-20% of them have their CFP. If you are wanting to be client facing as an advisor, go the CFP route. If you are wanting to manage money or do research, and not be client facing, the CFA is what you need. Like others have said, they are two completely different career paths. Typical CFP career is working with clients as an advisor. Typical CFA is researching specific investments, perhaps working with a mutual fund company or with the asset management department of a large brokerage. Obviously people can deviate, but that is pretty typical. Hope that helps.
RJ1, I used to work in IT at RJ. Would you be open to connecting offline and talking more about your experience?
With turnover in the industry, firms are constantly hiring. For most client-facing advisors, CFP is more recognizable and practical, as it demonstrates proficiency in a broad range of planning topics. From the CFP you can easily add insurance (CLU), planning (ChHC) and other designations as there's a fair amount of overlap in required coursework. It's also far easier to obtain than the CFA which is in investment analyst specialization, though both have become easier to obtain in recent years. I'd likely recommend starting with the CFP, and if you're working with UHNW clientele and personally doing portfolio management considering the CFA. CIMA ("CFA-light") is an alternative to the CFA that is less time-intensive if you're interested in an investment specialization designation.