AFP has announced that current holders of the Certified Public Accountant USA (CPA), Certified Management Accountant (CMA) or Certified Treasury Professional (CTP), credential are eligible to waive Part I of the Certified Corporate Financial Planning and Analysis (FP&A) Professional Exam.
In 2019, AFP reformatted both parts of the FP&A Exam to new FP&A test specifications. Part I of the exam focuses on fundamental knowledge in finance, accounting and forecasting — fundamental knowledge also tested on the above certification and licensing exams. AFP determined the fundamental knowledge exhibited by holding the CPA, CMA or CTP credentials is sufficiently comparable to passing Part I of the FP&A exam.
Part II of the exam takes that fundamental knowledge and applies it to FP&A, testing the ability to convert that knowledge into building, interpreting and communicating financial projections through various techniques. Therefore, holders of the other certifications will still need to take this portion of the exam.
“While the other exams are not exact duplicates of the first part of our FP&A exam, they do test the fundamental knowledge that we require to achieve the certification,” said Jim Kaitz, president and CEO of AFP. “By waiving that portion of the exam to these practitioners, we ensure that all FP&A credential holders are held to the same standards.”
APPLYING FOR A WAIVER
When submitting an application, you will be asked to choose a testing window for the Exam Part I. After submitting your online application, or along with your paper application, submit the completed Exam Part I waiver application to email@example.com and the required supporting documentation.