Number of CFPs in U.S. Nears 99,000

In 2023, the number of certified financial planners hit 98,875 — a rise of nearly 4% from 2022, according to the Certified Financial Planner Board of Standards, which says close to 9,840 individuals took the exam last year.

This was a faster growth rate than in 2022, when the number of CFPs rose 3.4%.

“As we enter the 51st year of CFP certification, the value of the CFP mark is only growing,” said CFP Board CEO Kevin R. Keller, in a statement. “CFP Board is dedicated to building a sustainable, diverse financial planning profession that reflects the communities we serve — it’s one of our strategic priorities.”

Last year, the group welcomed 6,089 new CFP professionals, 56% of whom were under 35 years of age. 

The number of new CFPs who are women grew to 1,692, an 11.5% increase over 2022. The total  number of female CFP professionals now stands at 23,484, representing 23.8% of all CFPs — continuing to inch up from 23.6% in 2022 and 23.4% in 2021. 

According to the 2020 U.S. Census, women accounted for 50.4% of the U.S. population.

The combined number of diverse professionals rose to 9,408, which reflects a year-over-year growth rate of 7.9% and accounts for 9.5% of all CFPs. U.S. Census data from 2020 shows that residents who identify as Hispanic or as members of other ethnic groups accounted for roughly 41% of the population.