Class of 2022 certificants is most diverse in CFP Board’s history
WASHINGTON, Jan. 19, 2023 /PRNewswire/ — Certified Financial Planner Board of Standards, Inc. (CFP Board) today reported strong increases in the number and diversity of CFP® professionals in 2022, reaching all-time highs for numbers of new women and racially and ethnically diverse CFP® professionals. These significant milestones further CFP Board’s goal of increasing the public’s access to competent and ethical financial planners.
“As we enter the 50th year of CFP® certification, the talent pipeline for CFP® professionals only grows stronger,” said CFP Board CEO Kevin R. Keller, CAE. “Increasing the number and diversity of CFP® professionals is one of CFP Board’s strategic priorities, and we are especially excited to see the record-breaking numbers of women and racially and ethnically diverse professionals who earned their CFP® certification in 2022.”
As of December 31, 2022, the number of CFP® professionals reached a record high of 95,137, an increase of 3.4% over 2021 numbers.
Most Diverse Certificant Class in CFP Board History
Overall, the class of 2022 welcomed 5,214 new CFP® professionals. Of these new certificants, over 55% are under age 35. In addition to trending younger, this new class of CFP® professionals represents the most diverse class in CFP Board’s history, hitting all-time highs in the following categories:
- New women CFP® professionals grew to 1,519. Nearly 30% of new CFP® professionals are women.
- New racially and ethnically diverse CFP® professionals grew to 763. Nearly 15% of new CFP® professionals are diverse.
“CFP Board is focused on creating a more sustainable financial planning profession that reflects the diversity of the people we serve,” added Keller. “To advance the profession and best serve the needs of the public, we need to continue to attract talent and insights from every background. Our goal is to meet the increased demand for financial planning and ensure that the public has access to competent and ethical financial planners.”
Significant Increase in Diversity of CFP® Professionals
In 2022, the ranks of CFP® professionals hit all-time highs for each demographic:
- The number of women CFP® professionals increased to 22,446 (23.6% of all CFP® professionals) — an increase of 4.4% over 2021.
- The number of racially and ethnically diverse professionals increased to 8,715, reflecting a growth rate of 8.5% and representing 2.5 times the overall growth rate of all CFP® professionals:
- Hispanic CFP® professionals grew by 10.3%. The number of Hispanic CFP® professionals increased to 2,710 (2.9% of all CFP® professionals).
- The number of Black CFP® professionals grew by 8.8%. There are now 1,766 Black CFP® professionals (1.9% of all CFP® professionals).
- The number of Asian or Pacific Islander CFP® professionals increased by 6.7%. There are now 3,883 Asian or Pacific Islander CFP® professionals (4.1% of all CFP® professionals).
- American Indian or Alaskan Native CFP® professionals increased their numbers by 15.3% to 226 (0.2% of all CFP® professionals).
- Multi-ethnic CFP® professionals grew by 13% to 130 (0.1% of all CFP® professionals).
For more information on CFP® professional demographics, visit CFP.net/demographics.
About CFP Board
Certified Financial Planner Board of Standards, Inc. is the professional body for personal financial planners in the U.S. CFP Board sets standards for financial planning and administers the prestigious CFP® certification – one of the most respected certifications in financial services – so that the public has access to and benefits from competent and ethical financial planning. CFP Board, along with its Center for Financial Planning, is committed to increasing the public’s awareness of CFP® certification and access to a diverse, ethical and competent financial planning workforce. Widely recognized by the public, advisors and firms as the standard for financial planning, CFP® certification is held by more than 95,000 people in the United States.