CFP Board Approaches 100,000 CFP® Professionals, With Most Ever Exam-Takers in a Single Year

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Jan 11, 2024, 10:00 ET

Class of 2023 Certificants Is Most Diverse in CFP Board's History

WASHINGTON, Jan. 11, 2024 /PRNewswire/ -- CFP Board today reported a record number of new CFP^® certificants in 2023. As of December 31, 2023, the number of CFP^® professionals reached an all-time high of 98,875, an increase of 3.9% over 2022 numbers. Last year also had the most exam-takers in CFP Board history, with 9,839 people sitting for the exam.

"As we enter the 51st year of CFP^® certification, the value of the CFP^® mark is only growing," said CFP Board CEO Kevin R. Keller, CAE. "CFP Board is dedicated to building a sustainable, diverse financial planning profession that reflects the communities we serve ꟷ it's one of our strategic priorities. We aim to attract talent and insights from all backgrounds to meet the growing demand for competent and ethical financial planners."

Most Diverse Certificant Class in CFP Board History

Overall, the class of 2023 welcomed 6,089 new CFP^® professionals. Of these new certificants, 56% are under age 35. In addition to trending younger, this new class of CFP^® professionals represents the most diverse class in CFP Board's history, with the most new women and racially and ethnically diverse CFP^® professionals in a single year:

The number of new women CFP^® professionals grew to 1,692, an 11.5% increase over 2022. The overall number of women CFP^® professionals increased to 23,484 (23.8% of all CFP^® professionals).
New racially and ethnically diverse CFP^® professionals grew to 858, a 12.6% increase over 2022.

Significant Increase in Diversity of CFP^® Professionals

In 2023, the ranks of CFP^® professionals hit all-time highs for each demographic:

The number of racially and ethnically diverse professionals increased to 9,408 (9.5% of all CFP^® professionals), reflecting a growth rate of 7.9% and representing twice the overall growth rate of all CFP^® professionals:
- Hispanic CFP^® professionals grew by 11.3%. The number of Hispanic CFP^® professionals increased to 3,016 (3.1% of all CFP^® professionals).
- The number of Black CFP^® professionals grew by 7.5%. There are now 1,899 Black CFP^® professionals (1.9% of all CFP^® professionals).
- The number of Asian or Pacific Islander CFP^® professionals increased by 5.5%. There are now 4,096 Asian or Pacific Islander CFP^® professionals (4.1% of all CFP^® professionals).
- American Indian or Alaskan Native CFP^® professionals increased their numbers by 6.6% to 241 (0.2% of all CFP® professionals).
- Multi-ethnic CFP^® professionals grew by 20.0% to 156 (0.2% of all CFP^® professionals).

For more information on CFP^® professional demographics, visit CFP.net/demographics.

Pro Bono Hours and Scholarship Awards Increase

In a reflection of CFP^® professionals' commitment to service, pro bono hours contributed by CFP^® professionals increased by 20% in 2023, reaching 330,192 hours. Last year CFP Board formally resolved to establish a pro bono tradition.

Additionally, CFP Board administered $725,055 in scholarships to 176 recipients, marking a notable 54% increase in scholarship awards from the previous year. This growth highlights CFP Board's ongoing efforts to support workforce development in the financial planning profession.

"CFP Board is committed to creating a culture of service. Our commitment extends to supporting current CFP^® professionals already giving back to their communities and cultivating a future talent pipeline of those seeking to have a positive impact," added Keller. "By helping to provide funding for diverse individuals pursuing CFP^® certification, we move closer to our goal of meeting the growing demand for competent, ethical financial planning."

ABOUT CFP BOARD
CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER^™ certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP^® certification is held by nearly 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.

SOURCE CFP Board