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April 7, 1999

Wall Street Credentials

ChFC
Chartered Financial Consultant

Overview -- The Chartered Financial Consultant credential is a designation generally reserved for those professionals who focus on the personal financial-planning process. It is one of the newest financial credentials available as it has only been in existence since 1982. It is also one of the less common designations -- fewer than 40,000 people have attained the credential since it was first offered.

The ChFC is a designation that is given by the American College, an institution based in Bryn Mawr, Pennsylvania. Not your typical university, the college is an independent and accredited institution that provides graduate and professional education primarily on a self-study basis.

The ChFC credential is one of the many available to those working as financial planners and is rarely the only designation a financial planner has. CFPs and CPAs working with individuals are those that most commonly strive for the ChFC designation.

Requirements -- In order to qualify for the ChFC credential an applicant must complete ten courses from the American College. The courses are not traditional college courses since they are "distance" courses taught through independent study. Those who have done coursework in similar areas may qualify for transfer credits and may not have to take some of the courses.

The American College also has a three-year experience requirement that has to be fulfilled before the credential will be rewarded. An undergraduate or graduate degree from an accredited university can be substituted for one of the three years. The specific experience accepted by the American College spans a wide range of job descriptions, and most work vaguely related to personal finance is suitable. The work experience must be achieved immediately before the designation is given.

The American College also requires financial consultants to follow a code of ethics. Finally, thirty hours of continuing-education credit are needed to maintain the right to use the credential.

Time Needed To Fulfill Requirements -- The ten courses required to receive the ChFC designation generally take about three months apiece, but the actual time to prepare for each exam depends on the study speed of the individual student. For those taking all ten courses, it typically takes slightly more than two years of self-study to complete the education requirement. The work experience can be attained while a student is taking the self-study courses, making the credential attainable in as little as two years for those already holding a degree.

For more information about the American College and the wide variety of financial- and insurance-related designations that can be achieved through the school, visit their website at http://www.amercol.edu.

Next -- Certified Public Accountant (CPA)

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