Correspondence: Rachel K Smith, Department of Marketing and Advertising, University of Arkansas at Little Rock, 2801 S. University Ave, Little Rock, Arkansas 72204, USA. Tel: 501 569 8868; Fax: 501 569 8898; E-mail: rksmith1@ualr.edu

¹is an associate professor of Marketing at the University of Arkansas at Little Rock. She is the coordinator of the International Business programme. Her research interests include financial services, healthcare and ethics.

²is a Chartered Financial Analyst, and is Professor of Finance at the University of Arkansas at Little Rock. He is Director of the Institute of Economic Advancement at the university and teaches International Finance, Business Finance and Portfolio Management.

³is a Chartered Financial Analyst and a Certified Public Accountant, and is a professor of Finance at the University of Arkansas at Little Rock. He teaches Business Finance, International Finance and Financial Planning and is a faculty member of the Economic and Finance Department.

Received 8 July 2007; Revised 8 July 2007.

Abstract

Financial planning service professionals seek certifications in order to gain the necessary skills for their profession, to establish professional credibility, and to validate their knowledge base. This research provides insight and guidance for financial service professionals considering attainment of a professional designation as well as those who already hold such a designation by examining the differences and similarities between two financial analysis/planning designations: the Chartered Financial Analyst (having earned the CFA designation) and the Certified Financial Planner (having earned the CFP certification); 272 professionals who hold both designations were surveyed. The research showed that although some overlap exists, the skills, expertise and target market of these two designations remain quite distinct in terms of what they emphasise and whom they target.