Top 11 Financial Services Representative Certifications

Certifications are important for a financial services representative in the job market because they demonstrate their knowledge and expertise in the field. They also help to set them apart from other applicants and increase their chances of gaining employment. Certifications also provide employers with assurance that the candidate is knowledgeable and qualified to perform the job duties required. Certifications can also give financial services representatives a competitive edge when negotiating salary or promotions, as employers may be more likely to hire someone who has proven their knowledge in the field. Finally, certifications can provide financial services representatives with access to exclusive resources, programs, and networking opportunities that can help them stay current on industry trends and developments.

The purpose of this article is to review the top certifications for Financial Services Representatives and explain how they can help advance a representative's career.

What are Financial Services Representative Certifications?

Financial services representative certification is a professional credential that demonstrates an individual's knowledge and expertise in the financial services industry. This certification can be obtained by taking courses, passing tests, and/or completing a portfolio of work experience. It is designed to help individuals demonstrate their understanding of financial principles and regulations, as well as their ability to provide quality advice to clients.

This certification helps individuals stand out in the competitive job market, as it proves they have the necessary skills and knowledge required for success in the financial services industry. Financial service representatives with this certification are more likely to secure positions with higher salaries and greater responsibility than those without it. Additionally, many employers require financial services representatives to obtain and maintain this certification in order to remain employed within the company.

By obtaining this certification, individuals can also gain access to other opportunities such as continuing education credits or discounts on certain products or services. Furthermore, some employers may offer higher salaries or bonuses for employees who hold this credential. Ultimately, having a financial services representative certification will give individuals an edge over other candidates when applying for jobs within the financial services industry.

Pro Tip: Financial services representative certifications can provide valuable credentials for those wanting to advance their career in the financial services industry. Be sure to research the different certifications available, as well as the requirements and fees associated with them, before you make a decision on which certification is right for you.

Related: What does a Financial Services Representative do?

Top 11 Financial Services Representative Certifications

Here’s our list of the best certifications available to Financial Services Representatives today.

1. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute, formerly known as the Association for Investment Management and Research (AIMR). The CFA program is a globally recognized, graduate-level curriculum that covers a broad range of topics in finance, economics, accounting, quantitative methods, and ethics. It is designed to give financial professionals the knowledge and skills necessary to make sound investment decisions.

In order to become a CFA charterholder, candidates must pass three levels of exams over a period of two to four years. Each level consists of multiple-choice questions and essay questions covering topics such as economics, financial statement analysis, portfolio management, equity investments, fixed income investments, derivatives instruments, alternative investments, corporate finance and ethical and professional standards.

To get started on the path to becoming a CFA charterholder you must first register with the CFA Institute. This involves completing an online application form and paying an initial registration fee. After registering with the CFA Institute you will need to purchase study materials for each exam level which can be purchased directly from the institute or from third party providers. You will also need to complete at least four years of qualified work experience in investment decision making before you are eligible to sit for your Level III exam.

The cost of taking all three levels of exams varies depending on where you live but typically ranges from $1,000 - $2,500 USD per level including registration fees and study materials.

2. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional designation given to financial advisors who have completed the necessary coursework and passed the comprehensive examination administered by the Certified Financial Planner Board of Standards. The CFP credential is recognized as an international standard of excellence in the field of financial planning.

It typically takes three to four years to complete all of the requirements for the CFP certification. This includes completing a bachelor's degree, taking specific courses in finance and economics, passing an ethics exam, and completing a minimum of 6,000 hours of experience in personal financial planning.

To get your CFP certification, you must first complete the educational requirements outlined above. Once you have done so, you can then apply for the CFP exam through the Certified Financial Planner Board of Standards. The exam fee is $695 plus applicable taxes and fees. After passing the exam, you will be required to pay an additional fee for your certification designation and annual renewal fees thereafter.

The cost for obtaining your CFP certification varies depending on which educational program you choose and whether or not you are eligible for any discounts or scholarships offered by certain organizations or programs. Generally speaking, it can cost anywhere from $2,000-$10,000+ to obtain your CFP designation.

3. Certified Investment Management Analyst (CIMA)

Certified Investment Management Analyst (CIMA) is a professional certification offered by the Investments & Wealth Institute. It is a globally recognized certification that demonstrates an individual’s expertise in investment management and financial planning. The CIMA designation is designed for professionals working in the fields of wealth management, portfolio management, trust services, and retirement planning.

It typically takes 8-10 months to complete the CIMA program depending on the individual’s commitment level and available study time. The program consists of three components: self-study coursework, a comprehensive exam, and a professional experience requirement.

In order to become certified as a CIMA, individuals must first meet certain eligibility requirements such as having at least three years of relevant work experience or completing an approved educational program. They must then pass the CIMA Exam with a score of at least 75%. Once these requirements are met, individuals can apply for certification through the Investments & Wealth Institute.

The cost of obtaining the CIMA designation varies based on whether you choose to take part in self-study or classroom instruction. Self-study courses range from $1,000-$2,000 while classroom instruction costs around $3,500-$4,000. Additionally, there is an application fee of $250 and an annual renewal fee of $125.

4. Chartered Retirement Planning Counselor (CRPC)

Chartered Retirement Planning Counselor (CRPC) is a professional designation offered by the College for Financial Planning. It is designed to recognize individuals who have attained a high level of knowledge and experience in retirement planning. It is an advanced credential that focuses on helping people plan for their retirement years.

To earn the CRPC designation, individuals must meet certain educational requirements and pass an examination. The educational requirements include completing a series of courses related to retirement planning, such as Social Security, Medicare, taxation, estate planning, and more. The exam consists of multiple-choice questions covering topics related to retirement planning.

The process of earning the CRPC designation typically takes about nine months to complete. Individuals must complete the required coursework and pass the exam within that time frame in order to be eligible for certification.

The cost of obtaining the CRPC designation varies depending on the specific program chosen. Generally speaking, it costs between $2,000 and $3,500 to become certified as a Chartered Retirement Planning Counselor. This cost includes tuition fees for courses and materials needed to prepare for the exam.

Overall, becoming a Chartered Retirement Planning Counselor can be a great way to demonstrate expertise in retirement planning and help clients make informed decisions about their financial future.

5. Accredited Asset Management Specialist (AAMS)

Accredited Asset Management Specialist (AAMS) is a professional designation offered by the College for Financial Planning and administered by Kaplan Professional. The AAMS certification is designed to provide financial advisors with the knowledge and skills needed to effectively manage their clients’ assets.

The AAMS certification program consists of four courses: Investment Principles, Asset Allocation, Portfolio Management, and Investment Strategies for Today’s Markets. Each course is offered online and can be completed at your own pace. The entire program takes approximately three months to complete, depending on the time you dedicate to it.

To become an AAMS, you must have at least three years of experience in the financial services industry or a bachelor's degree in finance or a related field from an accredited college or university. You must also pass a comprehensive exam that covers all four courses in order to receive your certification.

The cost of the AAMS certification program varies depending on whether you choose to take the courses online or in person. The online option costs $1,499 while the in-person option costs $2,499.

6. Certified Fund Specialist (CFS)

Certified Fund Specialist (CFS) is a professional certification program designed to help financial professionals gain a comprehensive understanding of the mutual fund industry. The CFS program is offered by the Institute of Business and Finance (IBF), an international professional organization dedicated to providing education, training, and certifications for financial professionals.

The CFS program consists of two courses: Fundamentals of Mutual Funds and Advanced Mutual Funds. The Fundamentals course covers topics such as mutual fund structure, performance evaluation, portfolio management, regulations, taxation, and more. The Advanced course delves deeper into topics such as asset allocation strategies, portfolio construction techniques, risk management tools, and more.

The CFS program takes approximately three months to complete. It consists of self-study materials that can be completed at your own pace or through live webinars with IBF’s instructors. Once you have completed both courses and passed the exams with a minimum score of 70%, you will receive your CFS certification.

The cost of the CFS program varies depending on the format in which it is taken. For self-study materials only, the cost is $1,295 USD plus applicable taxes; for live webinars with instructors included in the package, the cost is $1,495 USD plus applicable taxes.

7. Registered Financial Consultant (RFC)

Registered Financial Consultant (RFC) is a professional designation awarded by the International Association of Registered Financial Consultants (IARFC). It is a mark of distinction that recognizes financial professionals who have achieved a high level of knowledge and experience in the areas of financial planning, investments, retirement planning, estate planning, insurance, and risk management.

To become an RFC, applicants must meet certain educational requirements and pass an examination administered by the IARFC. Applicants must hold a bachelor’s degree from an accredited college or university, or have at least five years of full-time experience in the financial services industry. They must also complete at least 30 hours of continuing education every two years to maintain their designation.

The cost for the RFC exam varies depending on whether you are already an IARFC member or not. If you are not an IARFC member, it costs $395 for non-members to take the exam. If you are already a member, it costs $295 for members to take the exam.

It typically takes about three months to prepare for and pass the RFC exam. The exam consists of multiple-choice questions covering topics such as financial planning principles, investment strategies, taxation laws and regulations, retirement plans and estate planning.

8. Chartered Financial Consultant (ChFC)

Chartered Financial Consultant (ChFC) is a professional designation awarded by The American College of Financial Services to individuals who have completed a rigorous program of study in financial planning. The ChFC designation requires that the individual demonstrate their knowledge and understanding of the principles of insurance, taxation, retirement planning, investments and estate planning.

The program consists of nine courses and can take up to two years to complete. In order to qualify for the ChFC designation, applicants must have at least three years of full-time experience in the field of financial services or related areas. Applicants must also pass an examination covering the course material.

To obtain the ChFC designation, applicants must first register with The American College of Financial Services and pay a registration fee. After registering, applicants must then complete all nine courses within two years and pass the exam with a score of 70% or higher. Once all requirements are met, applicants will receive their ChFC designation from The American College of Financial Services.

The cost for obtaining the Chartered Financial Consultant (ChFC) designation varies depending on how many courses you take at once and how quickly you complete them. Generally speaking, it can cost anywhere from $3,000-$5,000 USD to obtain your ChFC designation.

9. Certified Retirement Counselor (CRC)

Certified Retirement Counselor (CRC) is a professional designation that is awarded to individuals who have completed a comprehensive program of study in retirement planning. The program focuses on retirement income planning, investments, estate and tax planning, Social Security and Medicare, and other topics related to retirement.

To become a CRC, individuals must complete the Retirement Management Analyst (RMA) certification program offered by the College for Financial Planning. The RMA program consists of three courses: Retirement Plan Distribution Strategies; Retirement Income Planning; and Investment Strategies for Retirement Planning. Each course requires approximately 30 hours of study time and can be completed online or in a classroom setting.

The cost of the RMA program varies depending on the delivery method chosen. Online courses typically range from $1,500 to $2,000 per course while classroom courses may be slightly more expensive. Additionally, there is an exam fee of $225 for each course which must be paid at the time of registration.

Once all three courses are completed and the exams have been passed with a score of 70% or higher, applicants will receive their Certified Retirement Counselor designation from the College for Financial Planning.

10. Chartered Life Underwriter (CLU)

Chartered Life Underwriter (CLU) is a professional designation awarded by The American College of Financial Services. It is the highest standard of education and training for life insurance professionals. The CLU program provides comprehensive education in the areas of life insurance, estate planning, investments, taxation, employee benefits and retirement planning.

It typically takes two to three years to complete the CLU program. To become a CLU, you must meet certain educational requirements and pass an exam administered by The American College of Financial Services. You must also have at least three years of full-time experience as a life insurance professional or financial planner.

The cost of the CLU program varies depending on your educational background and experience level. Generally speaking, it costs around $2,500 to $3,000 for the entire program including tuition fees, textbooks and exams.

The CLU designation is highly respected in the industry and can help you advance your career in life insurance or financial planning. It demonstrates to employers that you have achieved a high level of expertise in these areas and are committed to providing quality advice to clients.

11. Certified Estate and Trust Specialist (CES).

A Certified Estate and Trust Specialist (CES) is a professional designation offered by the American College of Financial Services. The CES designation is designed to provide financial advisors with the knowledge and skills needed to help clients manage their estates and trusts.

The program consists of six courses, which cover topics such as estate planning, trust administration, income tax law, fiduciary accounting, and more. The courses are offered online or in person at various locations across the United States.

It typically takes 12-18 months to complete all six courses and earn the CES designation. The cost for the program varies depending on how many courses you take at once, but it typically ranges from $2,500-$4,000.

In order to be eligible for the program, applicants must have a bachelor’s degree or higher in business or finance-related fields; three years of experience in estate planning; and a passing score on the Certified Estate & Trust Specialist Exam (CETSE).

Do You Really Need a Financial Services Representative Certificate?

No, you do not need a Financial Services Representative Certificate to work in the financial services industry. While having a certificate may give you an edge over other applicants for certain roles, there are several ways to gain the knowledge and experience needed for success without one. For example, many employers offer on-the-job training or continuing education courses that can provide the same level of knowledge and skills required for the job. Additionally, there are a variety of online courses and certifications available that can help you gain the knowledge and skills necessary to excel in the financial services industry.

Ultimately, it is up to you to decide whether obtaining a Financial Services Representative Certificate will benefit your career path. It is important to research any potential opportunities carefully before making a decision as it could have long-term implications for your career.

Related: Financial Services Representative Resume Examples

FAQs About Financial Services Representative Certifications

Q1. What is a Financial Services Representative Certification?

A1. A Financial Services Representative Certification is a professional certification that demonstrates mastery of financial concepts, knowledge and skills related to providing financial services. It is awarded by the Financial Industry Regulatory Authority (FINRA).

Q2. How do I become certified as a Financial Services Representative?

A2. To become certified as a Financial Services Representative, you must pass the FINRA Series 6 or 7 Exam, which covers topics such as investments, taxation, and retirement planning. You must also complete any required continuing education credits and adhere to applicable industry regulations and best practices.

Q3. How much does it cost to become certified?

A3. The cost of becoming certified depends on the specific exam you take and can range from $30-$250 for registration fees plus additional costs for study materials or prep courses if desired.

Q4. How long does it take to get certified?

A4. The amount of time needed to prepare for the exam varies depending on your level of experience in the financial services industry and other factors such as test-taking skills and study habits; however, most people can expect to spend at least two months studying before taking the exam.

Q5. Are there any job opportunities available with this certification?

A5. Yes! Becoming certified as a Financial Services Representative opens up many job opportunities in the finance sector including positions in banking, insurance, investments, tax preparation, accounting and more!