WASHINGTON, Aug. 7, 2018 /PRNewswire/ -- The CFP Board Center for Financial Planning and The American College jointly announced a new scholarship today that will help grow and diversify the financial planner workforce.
The partnership was announced at the Conference of African American Financial Professionals in Washington, D.C. The CFP Board Center for Financial Planning will provide scholarships to take the CFP® exam to The American College scholarship awardees who have graduated from its CFP Board Registered Program.
"This joint scholarship provides an opportunity for African American graduates of The American College's program to continue their journey to CFP® certification," said CFP Board Center for Financial Planning Executive Director Marilyn Mohrman-Gillis. "We need to create more pathways into the profession for people of color not only because it can be a rewarding career, but so that all Americans have access to competent and ethical financial planning."
The American College's African American Scholarship Program offers full tuition scholarships for designation and degree programs. To be eligible, applicants must be Black or African American and cannot be eligible for educational reimbursement from an employer.
Todd M. Schoon, JD, CLU, ChFC, Interim President & CEO at The American College of Financial Services said, "We are excited about this partnership with The CFP Board Center for Financial Planning." The College's African American Scholarship is part of its Double by 2027 initiative to double the number of African American financial advisors by 2027 from the current rate of approximately 8 percent, as reported by the Bureau of Labor Statistics.
Recipients of a scholarship from the African American Scholarship Program who successfully complete the coursework at The American College to sit for the CFP® exam and intend to pursue CFP® certification will be eligible for the CFP® exam scholarship. Up to 15 CFP® exam scholarships per year will be awarded to first-time CFP® exam-takers on a "first come, first served" basis.
The CFP® exam is just one of several requirements that need to be met in order to become a CFP® professional. In addition to passing the exam, candidates also must meet CFP Board's experience requirements, pass a background check, have a Bachelor's degree (or higher) and successfully complete a college-level program of study in personal financial planning.
ABOUT CFP BOARD
Certified Financial Planner Board of Standards, Inc. is a professional body for personal financial planners in the U.S. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning. CFP Board, along with its Center for Financial Planning, is committed to increasing the public's awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by firms as the standard for financial planning, CFP® certification is held by nearly 82,000 people in the United States.
ABOUT the CFP BOARD CENTER FOR FINANCIAL PLANNING
The CFP Board Center for Financial Planning seeks to create a more diverse and sustainable financial planning profession so that every American has access to competent and ethical financial planning advice. The Center brings together CFP® professionals, firms, educators, researchers and experts to address profession-wide challenges in the areas of diversity and workforce development, and to build an academic home that offers opportunities for conducting and publishing new research that adds to the financial planning body of knowledge. More about the Center and its initiatives can be found at www.CenterforFinancialPlanning.org.
ABOUT THE AMERICAN COLLEGE
The American College of Financial Services was founded in 1927 and is the nation's largest non-profit educational institution devoted to financial services. Holding the highest level of academic accreditation, The College offers prestigious financial planning designations such as the Retirement Income Certified Professional® (RICP®), Chartered Life Underwriter® (CLU®), Chartered Financial Consultant® (ChFC®), Wealth Management Certified Professional® (WMCP®) and education leading to the Certified Financial Planner™ (CFP®) certification. The College's faculty represents some of the foremost thought leaders of the financial services profession. For more information, visit TheAmericanCollege.edu.
SOURCE The American College