Changes to the ChFC Program - 07/16/2014

[DHK]

ChFC®: Charted Financial Consultant | The American College

New changes to ChFC curriculum as of 7/1/2018:

What is changing in the ChFC® program curriculum?

Two ChFC® designation courses, HS 314 - Applications in Financial Planning I, and HS 319 - Applications in Financial Planning II, will be combined into one streamlined course, HS 347 - Contemporary Applications in Financial Planning.

What is HS 347?
HS 347 - Contemporary Applications in Financial Planning - examines the unique challenges associated with current topics in the financial planning profession. Up-to-date content and compelling case studies provide students with a complex yet comprehensive understanding of financial planning in important areas, including estate planning, special needs planning, small business planning, divorced and blended families, and planning for retirement. Course materials consist of a textbook and supplemental learning materials, including an e-book, sample exams, review questions, interactive exercises, and video learning content. The final examination is a multiple choice exam of 150 questions. Course topics are separated into modules consisting of two chapters of text, and one case study. Each chapter has accompanying videos, review questions, interactive exercises, and true-false questions.

Why is this change happening?
Combining HS 314 and HS 319 into one course will make it easier for students to understand the comprehensive financial planning topics covered in the ChFC®. By reducing the number of courses in the designation program, The College will also be able to update ChFC® content more frequently.

HS 347 incorporates most of the content from the two courses it is replacing. By combining two courses into one, students will have the best of both worlds – all the modern applications-based content of the two previous courses, but with only one exam to take.

HS 347 will serve as one, complete applications-based “cap” for ChFC® students, as well as for CFP® professionals who which to earn the ChFC®.

When is this change occurring?
As of July 1, 2018, the courses HS 314 - Applications in Financial Planning I, and HS 319 - Applications in Financial Planning II will no longer be open to new student enrollments.

I am pursuing the ChFC® at the time of the curriculum change. How am I affected?
If you are already enrolled in the ChFC® program, but you have not completed or begun HS 314 and/or HS 319, you will continue under your current curriculum requirements, with no changes.

You will have until December 31, 2019, to complete the ChFC® designation under the current program requirements. If you do not finish your ChFC® within this 18-month window, you will be transitioned to the new ChFC® curriculum and will be required to complete HS 347 to earn the designation.

If you have already completed or begun HS 314 and/or HS 319, you have until December 31, 2019, to complete the ChFC® designation under the current program requirements. If you do not finish your ChFC® within this 18-month window, you will be transitioned to the new ChFC® curriculum and will be required to complete HS 347 to earn the ChFC® designation. If you have already completed or are currently enrolled in HS 314 or HS 319, please be sure to complete your ChFC® in advance of this deadline to avoid losing credit for those courses.

Will the cost of ChFC® education change?
The total cost of the ChFC® designation will not change. Because the course HS 347 contains two course’s worth of material, the cost to enroll in HS 347 will be more than the cost of a standard ChFC® program course. The standard 2018 full program package price will remain $5,290.

I have a CFP® certification, what must I do to earn the ChFC®?
The first seven courses in the Chartered Financial Consultant® (ChFC®) designation are identical to the seven required courses to complete Certified Financial Planner™ (CFP®) certification education requirements.

Many people who have a CFP® certification, or who have completed the CFP® education but do not have the CFP® license, may wish to earn the ChFC® designation in addition to, or instead of, the CFP®. A CFP® is not required to enroll in the ChFC®. A student may earn the ChFC® in the following ways:

• Enroll in the ChFC® program and take all seven required CFP® courses, plus HS 347
• A CFP® license holder in good standing may take HS 347 to get the ChFC® without going through the process of transferring in all of the original coursework. CFPs in good standing can earn ChFC® by completing with HS 347, regardless of whether they have completed the capstone course HS 333 - Personal Financial Planning: Comp. Case Analysis.
• Enroll in the ChFC® program and transfer in some courses. All seven required CFP® courses can be transferred in. HS 347 cannot be transferred in. If someone does not have the CFP® license in good standing, they must provide all of the original course documents and transcripts and the courses must have been completed within seven years.

Will I be provided with a longer examination window for HS 347?
No, currently HS 347 carries the same testing window as any other HS-level course at The American College of Financial Services.

Will my HS 347 examination be longer than the examinations for other courses in the ChFC® program?
HS 347 is a longer course and has is a lengthier exam that other ChFC® designation courses. This course has a 150-question, multiple choice exam, and allows four hours for completion.

The biggest news on this... is that CFP holders can now obtain ChFC by just taking ONE additional course. And that's regardless of whether or not you have taken a "capstone" course - which was a more recent CFP & ChFC requirement. (If you really think about it... passing the CFP comprehensive exam IS the best "capstone" you could earn.)

So, if you got your CFP 10 years ago and you want to add to (or replace) your CFP, just enroll in one ChFC course, and you can earn the ChFC.