Certificate
in Financial Planning
Curriculum
To earn
the Certificate in Financial Planning, participants must successfully
complete the program's seven modules:
General
Principles of Financial Planning
Provides
an introduction to the entire financial planning process,
in addition to an overview of the specific areas of risk management
and insurance, retirement, and investments. Discusses methods
of gathering client data and teaches students how to interact
with clients. Topics include time value of money, personal
financial statements, cash flow and debt management, asset
acquisition, education planning, and ethics. The module also
covers the regulatory environment, the business of financial
planning, and other financial planning concepts.
Learning
Objectives. Upon completion of this module, participants
will be able to
- Implement
the financial planning process, while following CFP Board's
Code of Ethics and Professional Responsibility and
Financial Planning Practice Standards.
- Understand
the economic, social, political, and technological environment
and be able to determine how financial plans should accommodate
those environments.
- Use
time value and risk-adjustment techniques in financial planning
applications.
- Implement
goal funding, including determination of realistic targets,
and the use of specialized techniques available for education,
retirement, and other goals
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Insurance Planning
Covers
various aspects of risk management and insurance decisions
in personal financial planning. Topics include insurance for
life, medical, and disability, including how insurance rates
are developed, what types of contracts are available, how
to read insurance proposals, and how life insurance is used
in financial planning. Property, casualty, homeowners’, liability,
and auto insurance are discussed. Other topics include tax
issues, annuities, group life insurance, long term care, and
business insurance.
Learning
Objectives. Upon completion of this module, participants
will be able to
- Develop
an understanding of the integration of investment planning
and tax planning with insurance planning as it relates to
long-term financial planning
- Understand
the various types of life insurance products
- Comprehend
key insurance terminology
- Demonstrate
the ability to incorporate employee benefits into insurance
financial planning recommendations
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Income Tax Planning
Covers
the principles and current law and practice of income taxation
and its impact on financial planning for individuals, couples,
and families in their roles as investors, employees, and small
business owners.
Learning
Objectives. Upon completion of this module, participants
will be able to
- Evaluate
the impact of taxes on family financial decisions throughout
the life cycle
- Apply
the underlying economic and management principles used to
help families make tax planning decisions
- Integrate
tax planning into the six-step financial planning process
- Identify
potential income tax issues and communicate with clients
and their tax advisors
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Investment Planning
Explores
various types of securities trades in financial markets, investment
theory and practice, portfolio construction and management,
and investment strategies and tactics. Topics include sources
of information, investment risk and return, asset allocation
and diversification, equity valuation, fundamental analysis,
bond valuation, and derivatives.
Learning
Objectives. Upon completion of this module, participants
will be able to
- Understand
the importance of financial markets and instruments in the
wealth creation process
- Understand
where the investment process fits into the achievement of
investors' financial goals
- Evaluate
different types of financial interests
- Evaluate
the return and risk implications of different investing
strategies and tactics
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Retirement Planning
This
module focuses on both public and private retirement plans.
The public plans include Social Security, Medicare, and Medicaid.
The private plans include defined benefit and defined contribution
plans and their regulatory provisions. The specifics of the
various plans are analyzed, as well as non-qualified deferred
compensation plans. Finally, issues that individuals face
in retirement are discussed, such as life-style choices and
medical issues.
Learning
Objectives. Upon completion of this module, participants
will be able to
- Understand
the importance of retirement planning for the pre-retirement
accumulation period and the actual retirement when the funds
are used
- Demonstrate
the ability to provide a client with an evaluation of retirement
needs
- Understand
important provisions of Social Security and Medicare coverage
- Determine
legal and tax requirements for a retirement plan to be considered
qualified for income tax purposes
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Estate Planning
This
module covers the efficient conservation and transfer of wealth,
consistent with a client’s goals. It is a study of the legal,
tax, financial, and non-financial aspects of this process,
covering topics such as trusts, wills, probate, advance directives,
gift planning, wealth transfers, and related taxes.
Learning
Objectives. Upon completion of this module, participants
will be able to
- Understand
the effects of lack of estate planning, including state
laws of intestacy
- Project
estate taxation and liquidity needs in various situations
- Recommend
appropriate and efficient methods of wealth transfer
- Understand,
analyze, and evaluate client need for various estate documents
- Recommend
estate planning techniques for traditional and nontraditional
families, relationships, and needs
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Personal Financial Planning Capstone
The capstone
experience will engage the student in critical thinking and
decision making about personal financial management topics,
integrating the knowledge gained in the previous modules into
a cohesive, inclusive understanding of the financial planning
process.
Learning
Objectives. Upon completion of this module, participants
will be able to
- Integrate
knowledge gained in other financial planning and support
courses
- Demonstrate
the ability to analyze, synthesize, and evaluate personal
financial situations
- Demonstrate
the ability to develop and justify the economic assumptions
used in a financial plan
- Understand
the CFP Board's Code of Ethics and Professional Responsibility
and Financial Planning Practice Standards as
they apply to the financial planning process
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