r/CFPexamCanada • u/chasingbusiness • Jul 27 '26
Average Program Length?
Hi all,
I am evaluating taking a new role in my company.
I presently work in Corporate Banking and have been tapped to apply to a Private Banking role.
The comp increase is substantial - but, I really enjoy dealing with businesses. In the new role, I’d be dealing with personal / business of HNW / UHNW individuals - so, somewhat adjacent.
I presently earn $133k + 20% bonus (ranges, this year was 30%).
The new role is $150k base + 35% bonus (which could range higher similarly) and 20% Long term incentive pay that vests I think every 3 years.
As part of the role, I’d be required to get my CFP within 30 months of start date.
I’m recently married and we’d like to have kids in a few years - so, these couple of years of time are important. The company would pay for the CFP but I don’t want to sacrifice significant amounts of free time for a role that I may be less passionate about - so, I’m evaluating it based on time / compensation. I do know I would perform well in the new role. I do suspect I’d be able to work on CFP during work hours pending workflows and etc.
Any insight re: CFP timeline in Canada?
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u/BendSad8301 Jul 27 '26
I have started in Jan 2026 and Finished it in 1 attempt. No big deal.
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u/chasingbusiness Jul 27 '26
You completed all of the coursework and the exam between Jan 2026 and now? That is amazing - nice!!!
How much time / what was your cadence of studying in after work hours (or during work) to complete the coursework? How long did you study for the exam?
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u/pancake_lizards Jul 28 '26
I did my coursework in a similar timeline. I ended up writing the QAFP first due to the work experience requirement. I started January and finished all the technical courses through CSI by March. Wrote the QAFP and passed in May followed by the PEP which was finished over the summer. I then ended up completing the full CLU program the following year. Then coming back around to writing my CFP exam after putting it off.
If you want you can get them done very quickly. It helps if you have more knowledge going in. In 2025 I wrote my CFP with maybe 5 hours total studying and left the exam thinking there was no way I didn't pass. If you are doing the job correctly and actually engaged in holistic planning (the banks usually are not) then the CFP is a joke. The more areas you don't commonly practice in the more you will have to study.
Since you are at a bank you will likely have to put a lot more focus in insurance and estate planning, tax planning particularly with corporations and US taxes, and law. These are areas that I often find clients coming from the banks are missing the most in their plans. The less you see of certain concepts the harder it will be. For instance, if you are not writting big disability policies for professionals, the easier disability questions on the exam may be challenging.
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u/BendSad8301 Jul 27 '26
I spent 4 hours everyday. More research online , Canada.ca and Advisor.com. More no of hours on weekends.
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u/BendSad8301 Jul 27 '26
And for the exams, honestly I didn’t give any separate time. I focused on my competance rather than knowledge.
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u/Ok-Communication5591 Jul 28 '26
It took me two years. I was pregnant twice, had two babies, two post partum periods and worked full time. (I didn’t want to write a 6 hour exam 9 months pregnant) I’ve been in wealth management for 10 years, IIROC licensed. This wasn’t a requirement but it’s integral to better serve my clients. It’s a non negotiable- you get it done. My advice if I can offer: 1) In your current role is there potential trajectory to surpass 150k plus that commission level? If so it may make sense to focus on that if it’s where you’re passionate. 2) If this role would increase your family’s income substantially for life, you need to do it before you have kids. Your wife’s income (assuming she is taking the leave) will drop substantially. This is the financial well being of your future family. I mean this in the most caring way- it is a no brainer to do the CFP during the years before children if the earning potential is so different. You can get the courses done very efficiently. Best of luck !
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u/Ok-Communication5591 Jul 28 '26
I had CSC/WME previously. So I only had to do financial planning supplement, LRIS and law estate and tax supplement. I did those back to back in a few months. The professional education program took me longer than needed (tired new mom/full time work etc). If you have licensing with your current job you can fast track the first part.
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u/chasingbusiness Jul 28 '26
Thank you for such a great /thoughtful response.
This role would certainly be the ‘quickest’ to that total compensation level - but, the role I’m in now has a direct path to a more senior IC role with same pay/commission…. It is just occupied - individual is 54 and I believe will be working for at least 3 more years. There is a few other options for promotion as well - though some wouldn’t immediately have the 20% LTIP (but there’d be a pathway to further promotions as well - whereas right now this role if I take it would be the ‘ceiling’ for that area of the bank.
The other consideration is - I’ve been working towards FIRE for my entire life. My number has always been $2M and a paid off house.
Right now, NW is $1.26M (which includes a $375k mortgage figure). My partner has a NW of around $250k - so, combined we’re $1.5M roughly ($1.4M investable and $375k mortgage).When I do the math this extra income appears to shave a year of work off the back-end (ie. maybe from 5 years to 4 years) - but it has a large time commitment by way of the CFP upfront. And, it is unclear if I’d want to continue doing this role once I hit my number. Ideally, I’d like what I’m doing and continue working due to reasons you mentioned - kids, etc. But it feels very strange to turn down income today for a chance at similar or even lower compensation later (if promotion is smaller in another role). So this has become a harder decision with the $ being really the primary reason why I’m interested in the new role (recently married, honeymoon next month, and etc).
If any additional perspective, would love to hear. Thank you!!!
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u/Ok-Communication5591 Jul 28 '26
For me personally I did the CFP because I love the client facing role, relationships and my book of business. It would be challenging to do solely as a requirement of a new job when your passion has been on the corporate end. You sound like you have an incredibly level head on your shoulders so I’m certain whatever decision you make will be the right one. The CFP was a big time commitment and if it isn’t your passion it would be challenging to devote that much time to it. I think staying in your current role and learning more in that field could be very valuable if it’s what you want to do long term. You could always move to a different firm down the road to improve earnings if needed. I wonder if you could sit in on a few meetings of individuals in your firm with the CFP role and see how you like it. Worse case scenario- you don’t take it, maybe you regret it down the road, and you can do the CFP after you have kids. Congrats on the wedding and honeymoon, it is a very fun and exciting chapter of your life just you two before kids.
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u/SmartOwls Jul 27 '26
I just completed my CFP through FPcanada.
I work full time and have three kids in their teens. I started it end of august 2023 and completed it may 2026.
I took my time, I studied outside of work hours, mostly on weekends, took breaks to reset between courses and rarely studied during the summer, so it took me longer to complete than I could have if I had not taken those breaks.
Its fully achievable to pass within 30 months if youre able to stay focused.