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Difference Between Claritas and CFP
Getting the right job is always tricky, and sticking out is tougher. However, over the years, financial institutes and bodies have made this aspect a lot easier for professionals seeking the path-breaking job of their career, putting them on the right track.
So let us check out the CFP (Certified Financial Planner) course and the Claritas Investment Certificate of various studies offered.
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What is Claritas?
The Claritas® is a certified program offered by the CFA Institute (formerly known as the Association for Investment Management and Research or AIMR), excellent for professionals keen to dominate in the financial and the investment sector. The program helps to gain a clear perspective on the working strategies of the global investment industry. In addition, it allows a professional to develop the essential qualities of ethics and professionalism in the finance and investment roles.
What is CFP?
The CFP or Certified Financial Planner is a certificate course for financial planners specializing in strategic financial planning or advisory roles in the financial services industry. The certificate is conferred by the Certified Financial Planner Board of Standards (CFP Board) in the United States and by the affiliated body FPBS in India. The CFP is an impression of excellence, recognized and respected worldwide by financial professionals. The course is designed to meet the stringent standards of education, examination, experience, and ethics to ensure that the certified triumph employees trust and explore many opportunities awaiting them after completing the course.
Claritas vs CFP Infographics
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CLARITAS vs CFP - Comparative Table
| Section | Claritas | CFP |
|---|---|---|
| Organizing Body | The CFA Institute, USA, organizes the exams. | The Certified Financial Planner Board of Standards Inc. (CFP Board), USA, manages the exams. |
| Pattern | The course has only a final exam, an MCQ including 100 questions to be completed in 100 minutes. However, before taking the final exam, the candidates need to take two exams (Mock Exam A and Mock Exam B) after one month from the date of registration and score 70% or more in each of them. | The course has only one level that has been divided into two 3-hour exams. |
| Duration of Course | The candidates have to pass the exam within 180 days from registration. | The candidates can complete the course in 36 months. |
| Syllabus | The course consists of 20 chapters, which are divided into seven modules: -
| The syllabus revolves around: -
|
| Exam Fees | It is a fully-online certificate program available for free. The CFA Institute offers the course through its digital platform learning ecosystem. | The exam fees vary in the range of $825 to $1,025 depending on the time of registration, such that $825, $925, and $1,025 corresponds to early, standard and late registration, respectively. |
| Jobs | Some common profiles include: -
| Some common profiles include: -
|
| Difficulty | The Claritas Investment Certificate's pass rate was 82%. The CFA Institute expects the pass rate of the course to be on the higher side compared to its flagship program, CFA Charter. However, there is no recent information available about the pass rate of the candidates. | The difficulty level of the exams is moderate, with a historical pass rate of more than 60%. During 2019, the overall pass rate was 62%, while that for the first-timers was even higher at 66%. |
| Exam Date | The exams are conducted online on all working days. | The schedule for the upcoming exams during the year 2022
|
Exam Requirements
Claritas: There is no education or experience requirement that a candidate needs to meet to opt for the Claritas® exam. However, command of the English language is essential to appear for the exam successfully.
CFP: The candidates must fulfill the 4E criteria to be certified as a CFP:
- Education
- Examination
- Ethics
- Experience
The minimum eligibility criterion for the CFP course is a graduate or bachelor's degree or higher degree with a working knowledge of the financial planning practices prevalent in the industry.
Why Pursue Claritas?
The Claritas® program is ideal for those professionals who want to test the waters before jumping the gun to become investment professionals specializing in certain areas. This program is a foundation-level course and enables an understanding of the fundamentals of the investment industry. Thus for an individual dilly-dallying about his choice of course between CFA and Claritas®, it is advisable to opt for Claritas® as the foundation course, while to opt for an in-depth study on the investment services, CFA is advisable. The Claritas® course can be pursued by all the professionals in the investment industry that play a role in enabling the decision-making process in a firm.
The Claritas® program is an excellent route for those who desire to switch their career domain to finance. The program ensures entry-level positions in the financial industry for candidates with this certificate. In addition, professionals from the financial services industry, human resources, information technology, operations, sales and marketing, and legal and administrative services are accessible for this examination.
Why Pursue CFP?
CFP is the highest level of certification for a professional aiming to carve a niche in the financial industry and is appreciated worldwide by professionals and consumers. The Wall Street Journal has been awarded the Gold Standard award certificate, which speaks volumes of its credibility. In addition, the CFP candidates are remunerated with attractive salaries, investments, insurance, tax, retirement, and real estate.
Conclusion
These credentials have designed a new curriculum with the updated practices and created certificate courses to ensure continuous development of the existing pool of financial professionals and attract freshers to the industry to acquire new perspectives and talent.
Shortly, these financial institutions have infused a new life into the sector and the professionals continuously strive towards betterment in their skills, knowledge, and salary. Therefore, aspirants can surely take advantage of the benefits they offer, but choose them wisely!
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