The Financial Planning Standards Board (FPSB) India aims to increase the representation of women in the financial planning field. With the goal of promoting diversity and reducing gender disparities, FPSB India aims to achieve a 35:65 ratio of women-to-men certified financial planners (CFPs) by 2030.
As of 2023, India has 2731 CFPs, with approximately 22% being women, a figure that has increased by 2% since the previous year. CEO of FPSB India Krishan Mishra stated, “FPSB India is dedicated to fostering diversity and creating opportunities for women to excel in financial planning. We are establishing new partnerships, especially to support women in pursuing careers in financial planning. We would like to have 35:65 ratio by 2030. 35% of total CFP professionals should be women.”
Mishra emphasized the importance of cultivating a new generation of financial planning professionals who can serve as consultants for clients. Despite being adept at managing their organizations, many individuals struggle with their personal finances, highlighting the need for expert financial advice. Therefore, it is essential to cultivate a diverse pool of financial professionals, including more women, to meet the diverse needs of clients. FPSB India’s initiative aims to achieve a more gender-balanced financial planning workforce by 2030.
FPSB in the US is a global professional organization that establishes standards and awards the Certified Financial Planner (CFP) certification worldwide. In India, FPSB operates as a subsidiary of this global entity. In India it registered a growth rate of 8.5% year-on-year compared to 5.1% jump seen in global CFP community reaching 2,23,770 as of December 2023.
Recently, FPSB India and the Indian Institute of Foreign Trade (IIFT) signed an agreement to launch executive and regular PG programs aimed at equipping working professionals and students with financial planning skills. These courses will be integrated with the CFP certification, bridging the gap between theoretical learning and practical application in financial planning. FPSB India also plans to recognize IIFT’s short-term courses as continuing professional development (CPD) resources, covering topics such as leadership and executive development to enhance the skills of CFP professionals.
Furthermore, FPSB India has established a strategic partnership with IIM Bangalore to advance financial education and professional development. They have launched the Executive Program in Financial Planning for Working Professionals and Students to meet the growing demand for advanced financial planning education. This program will leverage the expertise of both FPSB India and IIM Bangalore to deliver comprehensive learning experiences tailored to the evolving needs of the industry. Mishra remarked, “This collaboration signifies a significant milestone in our efforts to elevate the financial planning profession in India. By partnering with IIM Bangalore, we aim to provide students with unparalleled opportunities to excel in the professional financial planning sector and contribute to the growth and development of the industry.”
“There are some restrictions when you are a liaison office put by the Reserve Bank of India, wherein you can’t solicit students in the market. So as a foreign organisation, you can just actually support the set of members and the students who are already there with you. However, what we did is that we created a subsidiary on December 22 and we are ready to go out of the market and make people aware about this qualification and this profession, so that awareness level will go up. Now I would not say that the number is sufficient. It is a very small fraction of the kind of population that we have. But we foresee a tremendous amount of growth. In fact, what I foresee is that we should be looking at least 10,000 CFPs by say 2027-2028,” Mishra told Business Today.