The Financial Planning Standards Board (FPSB), the standards-setting body for the CFP designation outside the US, says numbers of CFP Professionals globally grew by more than 10,550 last year to reach 203,312.

The FPS says the 5.5% rate of growth of CFP professionals in 2021 was double the previous year. The FPSB has a target of 250,000 CFP Professionals worldwide by 2025.

Brazil saw particularly strong growth of 36.4% to 1,971 CFP Professionals. There was also strong growth in China, India and Indonesia.

The US leads the pack globally with 92,055 CFP Professionals, next comes China with 26,800 and Japan with 24,064. Other major territories for CFP Professionals include Canada, Australia, South Africa, Hong Kong, South Korea and the Netherlands.

The six territories with double-digit growth rates in the number of CFP professionals last year were Brazil (36.4%), Indonesia (22.2%), India (17.6%), the People’s Republic of China (13.7%), Chinese Taipei (Taiwan) (12.9%) and Israel (11.7%).

Source: FPSB

In the UK, where the CFP designation is run by the CISI, numbers remain in the doldrums at 900, an increase of only 3 on 2019's 897 and 18 down on the total of 915 in 2018. CFP Professional numbers peaked at just over 1,000 in 2014. UK CFP numbers remain below Singapore which has more than 1,000 CFP Professionals.

In the UK competition from the more widely used Chartered Financial Planner designation provided by the CII has kept CFP numbers down.

The CISI has introduced a number of  initiatives in recent years to boost numbers, including a revamped exam, a new Level 7 qualifications and more training initiatives. 

Sally Plant, head of CISI Financial Planning, told Financial Planning Today: “Although UK CFP practitioner numbers declined after the merger (with the IFP), we are now on an upward trajectory with huge support and enthusiasm from the CISI Financial Planning membership and Accredited Firms. 

“There are 905 UK CFP professionals, which is a growth of 37 since last year, with over 200 in the pipeline studying for the CFP examination. In March 2022 the CISI is launching a new pathway for professionals with the Chartered Insurance Institute (CII) Chartered qualification, in recognition of the fact that they have already been awarded high level technical qualifications.

"For these candidates, the CISI level 6 exam will be replaced with an online professional assessment, and provide a flexible and fasttrack alternative to the Financial Plan. Details on the launch presentation can be found on the CISI Website."

Talking about the global numbers, FPSB CEO Noel Maye said: “We’re pleased to report that, despite the Covid-19 pandemic, momentum in the global growth of CFP professionals remains strong and is increasing” 

“Last year, the number of CFP professionals reached the highest ever, with growth from emerging, developing and mature markets demonstrating the broad appeal of Financial Planning and CFP certification worldwide.”

The number of CFP professionals has doubled globally since FPSB’s creation in 2004 and the number of CFP professionals around the world has increased ten-fold since CFP certification first went international in 1990.

• Editor's Note. Story updated to correct change in UK CFP numbers from 2019 to 2021 to 3 (not 13 as originally stated). Additional UK CFP data added too.