download the cfp board-registered programs winter 2014 update
TRANSCRIPT
CFP Board-Registered Programs Winter 2014 Update
Dr. Charles ChaffinDirector of Academic Programs and Initiatives
CFP Board
January 30, 2014
January 2014 Webinar
■ Data regarding CFP Board Registered Programs
■ New data regarding Registration Renewals
■ Financial Plan Development (Capstone) course
■ New Data coming to CFP Board Registered Programs
■ New information regarding the CFP® Exam
■ Important surveys
■ Stay engaged
CFP Board Registered Programs
■ Baccalaureate: 120
■ Certificate: 185
■ Master’s: 47
■ Doctoral: 5
Total: 357
CFP Board Registered Program renewals: Self-Assessment
Self-Assessment
67
27
15 15 128 8 6 6 5
0
10
20
30
40
50
60
70
80
Areas of Strength: Degree Programs
(30%)
(12%)
(7%) (7%) (5%)(4%) (4%) (3%) (3%) (2%)
Total: 255
Additional Strengths: Degree Programs■ Guest Lecturers - 5■ Ongoing Assessments - 4■ Class Size - 4■ External Award - 4■ Advisory Board - 3■ Use of Student Centered
Learning Objectives - 3■ Regular Testing/Assessment - 3■ Retention -3■ Peer Counseling - 3■ Name Recognition - 3■ Exam Preparation Class - 2■ Multiple Topics per Course - 2■ Web-site - 1■ Accessibility - 1■ Strong Electives - 1
■ Require Internship - 1■ Commitment to Ideals and
Priorities of CFP Board - 1■ Marketing - 1■ Broad Emphasis - 1■ Enrollment - 1■ Students Participate in
University Groups - 1■ Students Volunteer with VITA -
1■ Faculty Awareness - 1■ Case Use - 1■ Use of Student Directors - 1■ Diversity - 1■ New Leadership - 1■ Website - 1■ Location - 1
Self-Assessment
58
33
20 17 16
8 8 7 7 6
0
10
20
30
40
50
60
70
Areas of Strength: Non-Degree Programs
(6%)
(3%) (3%) (3%) (2%)
Total: 265
(22%)
(12%)
(8%)(6%)
(3%)
Additional Strengths: Non-Degree Programs■ Case Use - 6■ Class Size - 6■ Accessibility - 6■ Webinars - 5■ Regular Updates to Comply
with CFP Board - 5■ Program Caters to Exam - 5■ Retention - 5■ Professional Chapters - 5■ Program Completion - 4■ Name Recognition - 4■ Career Development - 4■ Student Quality - 3■ Placement - 3■ Enrollment - 2■ Students Getting Certified - 2
■ Program Consistency/Uniformity - 2
■ Variety of Learning Experiences - 2
■ Accreditation - 2■ Resources - 2■ Integration of Multiple Topics
in Each Course - 2■ Exam Pass Rate - 1■ Lecture Series - 1■ High Exam Passing Rate - 1■ Require Internship - 1■ Guest Lecturers - 1■ External Award - 1■ Emphasis on Outcomes - 1■ Emphasis on Assessment - 1■ Regular Communication and
Feedback to Students - 1■ Delivery Method - 1
Self-Assessment
33
26
20
15
6 6 5 4 3 3
0
5
10
15
20
25
30
35
Areas of Weakness: Degree Programs
(9%)
(16%)
(13%)
(4%)(3%) (2%)
Total: 158
(21%)
(4%) (3%)(2%)
Additional Weaknesses: Degree Programs
■ Lack of Practitioner Involvement - 3
■ Exam Registration - 3■ Student Availability - 2■ Lack of Review or Practitioner
Board - 2■ Poor Student Centered
Learning Objectives - 2■ Students Taking Class for
Personal Enrichment, not for CFP Profession - 2
■ Class Overlap/Need to Streamline - 2
■ Student Awareness of Working World Experience - 2
■ Lack of Knowledge of Which Students are Pursuing What - 2
■ Instructor Inconsistency (Different Teaching Styles) - 2
■ Not Enough Demand for CFP®
Certification in Area - 2
■ Students Taking Exam - 1■ Certification - 1■ Student Availability for
Internships - 1■ Not Enough Cases - 1■ Need Program Director - 1■ Foreign Students - 1■ Relying on Temporary Faculty
- 1■ Real World Knowledge of FP
Experience - 1■ Student Centered Learning
Outcomes - 1■ Budget - 1■ Better Qualified Instructors - 1■ Recruitment - 1■ Completion of Program Within
Time Frame - 1
Self-Assessment
30
19
96 6 6 6 5 4 4
0
5
10
15
20
25
30
35
Areas of Weakness: Certificate Programs
(15%)
(7%)(5%) (5%) (5%) (5%) (4%) (3%) (3%)
Total: 129
(23%)
Additional Weaknesses: Certificate Programs
■ Curriculum - 3■ Awareness of Students in
Programs - 2■ Finishing Within the Expected
Completion Period - 2■ Assessment - 2■ Faculty (Not Enough) - 2■ Student Awareness of Working
World Experience - 2■ Competition Within Institution
for Class Time and Space - 2■ Lack of Administrative Support
- 2■ Lack of Consistency Within the
Curriculum - 2■ Lack of Consistency in
Learning Objective Assessment - 2
■ Student Quality (Display Lack of Effort) - 2
■ Student Intelligence/Quality - 1■ Class Format - 1■ Delivery Method of Program - 1■ Academic Achievement Level -
1■ Lack of Review or Practitioner
Board - 1■ Mentoring - 1■ Length of Program - 1■ Obtaining CFP® Certification -
1■ Difficulty in Navigating Online
Program - 1■ Lack of Community Awareness
- 1■ Lack of Program Target
Audience - 1
Self-Assessment
88
66
3524 22
17 16 13 12 11
0102030405060708090
100
Identification Method and Plans for Improvement
(16%)
(9%)
(6%) (5%)(4%) (4%) (3%) (3%) (3%)
Total: 304
(22%)
Self-Assessment
108
14 16
0
20
40
60
80
100
120
Yes No Varies Depending on theTeacher
Student Centered Learning Objectives Used in Class
(12%)(10%)
Total: 138
(78%)
Student-Centered Learning objectives
Learning Objectives
Learning ExperiencesAssessment
Self-Assessment
102
2
34
0
20
40
60
80
100
120
Encouraged Mandatory Do Not Promote
Promotion of CFP Board accounts
(25%)
Total: 138
(74%)
(1%)
Self-Assessment
20
15
12
10
5
3
0
5
10
15
20
25
Alumni Support External Support UniversitySupport
Dean Support Scholarships High Placementin Financial
PlanningChallenge
Additional Strengths
(18%)
(15%)
(8%)
(5%)
Total: 65
(31%)
(23%)
Program Evaluation versus Student Assessment
Program Evaluation
■ Evaluation of the efficacy of the program relative to objectives, curriculum and instruction, student placement, etc. Part of the reflective process of biennial
renewals
■ The letter that institutions receive in 2013-2014 will serve as a basis for the next evaluations Example: What has been done to rectify the
weaknesses you identified in 2013?
Student Assessment
■ Quantifying student achievement relative to specific outcomes Student-centered Student-Centered Learning Objectives based
upon CFP Board Principal Topics (2011) (updated, 2014)
Self-assessment
■ Who is part of the self-assessment process? Faculty Administration Alumni Practice Advisory board Students Program evaluation metrics
Financial Plan Development (Capstone) Course
The syllabus must contain: 1. LEARNING OBJECTIVESUpon completion of this course, the student will be able to:
■ Demonstrate a comprehensive understanding of the content found within the Financial Planning curriculum and effectively apply and integrate this information in the formulation of a financial plan.
■ Effectively communicate the financial plan, both orally and in writing, including information based on research, peer, colleague or simulated client interaction and/or results emanating from synthesis of material.
■ Collect all necessary and relevant qualitative and quantitative information required to develop a financial plan.
■ Analyze personal financial situations, evaluating clients’ objectives, needs, and values to develop an appropriate strategy within the financial plan.
■ Demonstrate logic and reasoning to identify the strengths and weaknesses of various approaches to a specific problem.
■ Evaluate the impact of economic, political, and regulatory issues with regard to the financial plan.
■ Apply the CFP Board Financial Planning Practice Standards to the financial planning process.
2. ASSESSMENT RUBRIC FOCUSED UPON REQUIRED LEARNING OBJECTIVES
WWW.CFP.NET/REGISTEREDPROGRAMS
Certification Completion Initiative
Program Post Upload Requirement Matching CFP Account Ever Sat for Exam Passed Exam Ever Certified 6,372 1,494 1,291 768 723
100.00% 23.45% 20.26% 12.05% 11.35%1,981 1,537 1,447 810 741
100.00% 77.59% 73.04% 40.89% 37.41%
<Program Title>
<Program Title>
Average for Program Type
Certification Completion Initiative Institutional Report<Institution Name>
Report Date: 01/29/2014
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Post Upload Requirement Matching CFP Account Ever Sat for Exam Passed Exam Ever Certified
<Program Title> Average for Program Type
Certification Completion Initiative
■ All institutions will receive an individual report for each of their registered programs Program Director Primary Contact Chief Academic Officer
■ Institutions will be asked how they plan to address issue in upcoming renewals
■ This is valid from beginning of 2012-present
Certification Completion Initiative
■ If institutions would like to submit names prior to 2012, a standard form will be developed outlining how to do so Be comprehensive
■ Are you submitting all of the names of all of your program graduates? FERPA directory information Form for students to complete at
www.CFP.net/RegisteredPrograms
August 7-8JW Marriott HotelWashington, DC
CFP Board Registered Program Conference
■ Call for proposals will be disseminated in February
■ Early-bird registration will begin in February
CFP Board Registered Programs engaging firms/profession
CFP Board WIN Online Survey
■ CFP Board’s Women’s Initiative (WIN) was launched in 2013■ WIN has two goals:
Identify the root causes for the underrepresentation of women CFP® professionals (just 23% of CFP® professionals are women)
Develop strategies for attracting more women to the profession■ CFP Board commissioned multi-phased research project to understand
root causes Happening Now: An online survey conducted among a variety of
key constituents, including Program Directors■ Your participation is critically important and strongly encouraged
Survey invitations have already been sent to you from CFP Board’s research partner, Fondulas Strategic Research and Toluna
Watch for a reminder invitation today Your participation benefits both the financial planning industry as a
whole, but in particular, the growth, strength, and quality of CFP Board registered programs
Student-Centered Learning ObjectivesValidation Study
Student-Centered Learning ObjectivesValidation Study
■ Validate Learning objectives document from 2011
■ Provide clarity regarding competency requirements relative to CFP® certification Faculty Students
Student-Centered Learning ObjectivesValidation Study
Student-Centered Learning ObjectivesValidation Study
■ Share with program colleagues
■ Survey closes on February 15
■ https://www.prometricsurvey.com/se.ashx?s=123C457B06B4196C
Make sure your institution’s voice is heard
Computer-Based Testing
Computer-Based Testing
The CFP® Certification Examination will transition to a computer-based testing format
beginning with the November 2014 exam.
■ Frequently Asked Questions www.CFP.net/computerbasedtesting
■ Share this link with your students
■ More information regarding testing site locations later this year
Student Exam takers
■ A list of names of students who sat for each exam will be provided to each institution after every exam July 2014
Interpreting your Exam Results
■ Recorded Webinar ■ Frequently Asked Questions www.CFP.net/exam/interpreting-results
Stay Engaged
■ Please submit the names and emails of faculty or career center contacts to:
For students to create a CFP Board IDwww.CFP.net/students
Questions/Discussion
A recording of this webinar will be available at www.CFP.net/RegisteredPrograms within a few weeks of this event.
Dr. Charles ChaffinDirector of Academic Programs and Initiatives
CFP Board(202) 379-2224