Table of Contents
- What Is a Chartered Retirement Planning Counselor (CRPC)?
- Key Takeaways
- The Role of a Chartered Retirement Planning Counselor (CRPC)
- Salary Expectations of CRPC-Certified Planners
- Chartered Retirement Planning Counselor Program Details
- Which Exam Is Toughest?
- Additional Program Access
- How Long Does It Take to Obtain a CRPC?
- What Are the Average Income and Job Prospects for a CRPC?
- What Are the Various Professional Designations for Financial Professionals?
- Is a CFA Better Than a CFP?
- The Bottom Line
What Is a Chartered Retirement Planning Counselor (CRPC)?
Let me explain what a Chartered Retirement Planning Counselor, or CRPC, really is. It's a professional designation from the College for Financial Planning, given to those who finish their study program and pass the final exam.
If you're in financial planning, earning a CRPC can directly improve your job opportunities, build your professional reputation, and increase your pay. Once you get it, you can use the CRPC title with your name for two years, and to keep it, you need to complete 16 hours of continuing education every two years plus pay a small fee.
Key Takeaways
Here's what you need to know at a glance: A CRPC holder has earned this designation through the College for Financial Planning's program. The training involves assessing someone's full financial needs before or after retirement, covering retirement income sources, personal savings, taxes, estate planning, and more. According to the college, people with this designation see about a 9% bump in their earnings.
The Role of a Chartered Retirement Planning Counselor (CRPC)
Don't confuse CRPCs with Certified Financial Planners (CFPs). While CFPs handle all areas of personal finance, CRPCs zero in on retirement planning specifically.
The CRPC program emphasizes client-centered problem-solving, teaching you to deeply understand clients' needs before and after they retire. As the College for Financial Planning puts it, it helps you create a clear 'road map for retirement' for your clients. The coursework covers the whole process, including financial goals, income sources, savings, employer plans, taxes, cash flow, asset management, and estate planning.
Salary Expectations of CRPC-Certified Planners
If you're wondering about the financial upside, CRPC holders report a 9% earnings increase, based on data from the college. Plus, if you go on to pursue CFP certification, you can skip two of the six courses in their program, and the CRPC course itself counts for up to 45 hours of continuing education credits.
Chartered Retirement Planning Counselor Program Details
As of 2023, the CRPC course costs $1,350, and if you work in financial services, you might qualify for a discount. Enrollment is open, so you can start anytime with options for live online or on-demand classes.
You have to pass the final exam within one year of enrolling, and take it within six months. If you fail, retakes cost $100 each. Check the College for Financial Planning's CRPC page for more details or to enroll.
Which Exam Is Toughest?
Among the 200-plus certifications in financial services, the Chartered Financial Analyst (CFA) from the CFA Institute is often called the toughest. Most candidates already have degrees in finance or related fields, and the three-part exam covers investment tools, asset valuation, portfolio management, and wealth planning.
CRPC Program Topics
- Maximizing the Client Experience During the Retirement Planning Process
- Principles and Strategies When Investing for Retirement
- Making the Most of Social Security Retirement Benefits
- Bridging the Income Gap: Identifying Other Sources of Retirement Income
- Navigating Health Care Options in Retirement
- Making the Emotional and Financial Transition to Retirement
- Designing Optimal Retirement Income Streams
- Achieving Tax and Estate Planning Objectives in Retirement
- Fiduciary, Ethical, and Regulatory Issues for Advisers
Additional Program Access
Once you're enrolled, you get access to the online student portal with study materials, video lectures, quizzes, and live class sessions.
How Long Does It Take to Obtain a CRPC?
Expect to spend 90 to 135 hours on the course before the exam, according to Kaplan Financial Education. You can do it online, live or on demand.
What Are the Average Income and Job Prospects for a CRPC?
The average base salary for someone with CRPC certification is $72,000, per Payscale. Many pursue it while already in the field, and the college notes a 9% earnings increase post-certification.
What Are the Various Professional Designations for Financial Professionals?
There are over 200 designations, but here are some common ones: Certified Financial Planner (CFP) from the CFP Board, for broad financial advice after exams and ongoing education. Certified Public Accountant (CPA) licensed by state boards, often leading to executive roles. Chartered Financial Analyst (CFA) from the CFA Institute, for investment analysis. Chartered Financial Consultant (ChFC) from the American College of Financial Services, similar to CFP for comprehensive financial advice.
Is a CFA Better Than a CFP?
It depends on your career goals. A CFA focuses on investment analysis and portfolio management, ideal for roles at investment firms or funds, requiring three tough six-hour exams. A CFP covers personal finance like budgeting and retirement, suited for working with individuals, with a 170-question exam in two three-hour sessions.
The Bottom Line
The CRPC program started with baby boomers in mind, addressing complex retirement issues like savings, estate planning, and taxes. Now, it's relevant for Gen X and younger generations too. If you're planning for retirement, a CRPC advisor has the specialized skills you need.
