What is a ChFC?

The Chartered Financial Consultant license (ChFC) is quite similar to the CFP in that it requires passing the same six core courses. However, instead of a comprehensive exam, like in the CFP, there are two elective courses a student will take. The ChFC focuses on all around financial planning as well, and it is also a well respected designation. This license will enable one, without a college degree, to earn a lot more money than somebody without a college degree normally could. One can become a professional financial planner with a ChFC license. The ChFC license is administered and given by The American College, which is located in Pennsylvania.

Financial Designations

There are many different financial designations. There are three that are recognized above all the others: Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), and the Certified Financial Planner (CFP). These all require tests which are very difficult. They all require a college degree (the CPA requires a Master's) except the CFA, in which four years of experience can be used instead of a college degree. The CFA requires three tests to be passed, and the average study time for each test is three hundred hours. These tests are very, very difficult. The CFP requires the passing of six core courses and one comprehensive exam. This license shows expertise in all-around financial planning/comprehensive financial planning.