Demarcating designations: Chartered Financial Analyst and Certified Financial Planner
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Rachel K. Smith* is an associate professor of Marketing at the University of Arkansas at Little Rock. She is the coordinator of the International Business programme. Her research interests include financial services, healthcare and ethics.
Ashvin Vibhakar is a Chartered Financial Analyst, and is Professor of Finance at the University of Arkansas at Little Rock. He is Director of the Institute of Economic Advancement at the university and teaches International Finance, Business Finance and Portfolio Management.
Andy Terry is a Chartered Financial Analyst and a Certified Public Accountant, and is a professor of Finance at the University of Arkansas at Little Rock. He teaches Business Finance, International Finance and Financial Planning and is a faculty member of the Economic and Finance Department.
Abstract Financial planning service professionals seek certifications in order to gain the necessary skills for their profession, to establish professional credibility, and to validate their knowledge base. This research provides insight and guidance for financial service professionals considering attainment of a professional designation as well as those who already hold such a designation by examining the differences and similarities between two financial analysis/planning designations: the Chartered Financial Analyst (having earned the CFA designation) and the Certified Financial Planner (having earned the CFP certification); 272 professionals who hold both designations were surveyed. The research showed that although some overlap exists, the skills, expertise and target market of these two designations remain quite distinct in terms of what they emphasise and whom they target. Journal of Financial Services Marketing (2008) 12, 299–310. doi:10.1057/palgrave.fsm.4760083 Keywords Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), financial planning, credence services
INTRODUCTION Financial planning service professionals seek certifications in order to gain the necessary skills for their profession, to establish professional credibility, and to validate their knowledge base. Choosing the appropriate designation and designing an effective
*Correspondence: Department of Marketing and Advertising, University of Arkansas at Little Rock, 2801 S. University Ave, Little Rock, Arkansas 72204, USA Tel: 501 569 8868; Fax: 501 569 8898; E-mail: [email protected]
© 2008 Palgrave Macmillan Ltd 1363-0539 $30.00
Vol. 12, 4 299–310
marketing strategy around that designation are important career decisions for financial service professionals. This research provides insight and guidance for financial service professionals considering attainment of a professional designation as well as those who already hold such a designation. It does this by examining the differences and similarities between two financial analysis/planning designations: the Chartered Financial Analyst (having earned the CFA designation) and the Certified Financial Planner (having earned the CFP certification). The overarching questions this research attempts
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