Laying the Foundation: How to Choose Your First Financial Certification

For those looking to take the next step in their financial services career, choosing the right first financial certification is key. With a wide range of options available — each offering different areas of expertise, time commitments, and long-term benefits — choosing your first designation or certification is a critical yet often difficult decision to make. This guide offers a comprehensive comparison of some of the most recognized credentials in the industry, helping you understand what they cover, how to earn them, and the impact they can have on your professional growth.

Foundational Licenses

Series 65 License

Best for: Advisors who want to become investment advisor representatives (IARs) quickly.

The Series 65 isn’t a professional designation, but a required license for individuals planning to give investment advice for a fee. There are no prerequisites to take the exam, which tests knowledge of laws and regulations, ethics, and key investment strategies, making it a quick path toward advancing your career in financial services, specifically the area of investment management.

While a necessary threshold for many roles in financial services, the Series 65 alone does not establish the deep planning expertise that many potential clients want. It is a stepping stone toward success, but certainly not the end of the road for most.

Comprehensive Financial Planning

CFP^® Certification

Best for: Advisors who want a respected, comprehensive financial planning credential.

The CFP® certification is considered by many to be the “gold standard” of financial planning credentials. It covers an extensive range of foundational financial planning topics, including retirement, tax, estate, insurance, investments, and more. To earn your CFP® mark, you must hold a bachelor's degree or higher from an accredited college or university and complete coursework on financial planning through a CFP Board Registered Program, like the programs from the College for Financial Planning, The American College of Financial Services, and others.

With exam pass rates 5% above the national average, The College’s CFP® Certification Education Program stands out against other CFP® education programs. The flexible e-learning format allows advisors to learn at their own pace, with most learners completing the program in about 12 months, and the live, on-demand access to instructors fostering more thorough retention.

As a respected and well-known certification, the CFP® commands trust from potential clients and signals a high standard of professionalism, ethics, and general financial planning knowledge.

Chartered Financial Consultant^® (ChFC^®)

Best for: Advisors seeking applied skills in financial planning and a flexible path to the CFP®.

The College’s Chartered Financial Consultant® (ChFC®) designation covers similar content to the CFP® curriculum — but with more case studies, greater real-world application, and built-in flexibility. It also fulfills the education requirement for the CFP® exam, allowing learners to earn two valued certifications at once.

The ChFC® curriculum’s strong focus on practical application empowers learners to go beyond theory and apply their knowledge in advanced areas such as behavioral finance, non-traditional family structures, and small business planning. With this strong foundation in applied financial planning, ChFC® advisors see a 75% higher growth in client retention and a 32% higher growth in earnings.¹

Unlike the CFP® mark, a bachelor’s degree is not required to enroll in the ChFC® program, making it an ideal first certification choice for advisors who want foundational and practical financial planning knowledge while preparing to eventually earn the CFP® mark. The 100% online format allows learners to study and complete courses on their own time, with most completing the program in under 18 months.

Applied Knowledge Paths

Wealth Management Certified Professional^® (WMCP^®)

Best for: Advisors who want to deepen their investment management knowledge early in their careers.

The College’s Wealth Management Certified Professional® (WMCP®) designation covers goal-based planning, creating efficient investment portfolios, and wealth management — designed for professionals aiming to understand the intricacies of the wealth management industry and serve clients with comprehensive financial strategies, knowledge, and expertise.

The program is a strong option for those who wish to position themselves as an investment expert, especially early on in their financial services career. Compared to those without designations, WMCP® designees report:

• 32% higher growth in earnings
• 28% higher growth in number of clients
• 144% higher growth in client retention¹

Like the ChFC®, the WMCP® does not require a bachelor’s degree to enroll and features a flexible online learning format that enables advisors to learn at their own pace — with most completing the three-course-curriculum and exam in under 12 months.

Financial Services Certified Professional^® (FSCP^®)

Best for: Advisors who want to focus on growing a successful practice.

Unlike many credentials that focus solely on technical planning knowledge, the Financial Services Certified Professional® (FSCP®) Program delivers practical strategies for running a financial services practice. On top of fundamental financial services knowledge and skills, the  FSCP® curriculum emphasizes product knowledge, prospecting and marketing, and business planning principles — all areas of need for those building a practice.

The FSCP® program is a strategic first step for advisors early in their career looking to build client relationships, business skills, and, eventually, their own practice. The results speak for themselves: 69% of FSCP® designees note significantly increased client conversations, with a reported 129% increase in client retention to match.¹

To successfully complete the five-course program, which has no prerequisites, learners must pass each course’s final exam with a 70% or higher.

Advanced or Niche Credentials

Chartered Financial Analyst^® (CFA^®)

Best for: Professionals pursuing deep expertise in investment management.

The Chartered Financial Analyst® (CFA®) demonstrates a strong foundation in advanced investment analysis, expert portfolio management, and strict ethical principles.

CFA® charter-holders are held to high ethical standards and must satisfy a number of requirements, including holding a bachelor’s or equivalent degree, 4,000 hours in a minimum of three years of work experience, multiple referrals letters, and more. Individuals must also pass three exams, which often require extensive preparation and can be taken more than once if needed.

Given the time, effort, and money that goes into meeting its requirements, the CFA® is a respected designation in the industry for its rigor. However, it may not be the most strategic first step for individuals focused on comprehensive financial planning with client-facing value.

Certified Public Accountant (CPA)

Best for: Professionals with an accounting background aiming to advise on tax and financial planning.

The Certified Public Accountant (CPA) license is necessary for public accountants and highly respected as a tax planning credential. Requirements vary by state, but all candidates must have a minimum of one year of work verified by a licensed CPA, a bachelor's degree and a total of 150 hours of post-secondary education, and have passed four sections of the CPA exam.

Many CPAs also become financial planners, but for most financial professionals, it isn’t a likely first certification unless already on an accounting track. For professionals who want to focus on incorporating applied and tax-informed financial planning into their existing business model, an alternative certification is The College’s Tax Planning Certified Professional® (TPCP®) designation program.

Certified Investment Management Analyst^® (CIMA^®)

Best for: Advisors working with high-net-worth clients.

The Certified Investment Management Analyst® (CIMA®) integrates practical client-focused skills with advanced investment knowledge to help advisors meet the investment needs of their affluent clients.

The curriculum covers numerous areas of interest for professionals focused on investment management, including advanced portfolio construction, accounting and risk management, and more. The CIMA® takes about six to nine months to complete, and learners must pass a final exam to achieve the certification.

According to the Investments and Wealth Institute, 94.5% of surveyed individuals rate the CIMA® as highly valuable, and CIMA® advisors are 20% more likely to work with ultra-high-net-worth clients than those without the certification. However, the CIMA® is best suited for individuals who are already working with high-net-worth clients — not those just starting out in their career.

Finding the Right Fit

If you’re early in your career, the most impactful credential is one that builds foundational knowledge, gives you the tools to serve clients confidently, and opens the door to future specializations. The College’s programs — the CFP® Certification Education Program, ChFC®, WMCP®, and FSCP® — are designed with those goals in mind. Whether your desired focus is comprehensive planning, investment strategies, or building a thriving practice, these designations are built to grow with your career.

More From The College

• Learn more about the programs mentioned: CFP® Certification Education Program, ChFC®, WMCP®, TPCP®, and FSCP®