Chartered Mutual Fund Counselor (CMFC)

Chartered Mutual Fund Counselor is a professional designation for mutual fund advisers. It is awarded by the College for Financial Planning to financial services professionals who complete a study program and pass an exam covering mutual fund topics.

Applicants who successfully pass the program earn the right to use the Chartered Mutual Fund Counselor designation with their names for two years, which can improve job opportunities, professional reputation, and pay. Chartered Mutual Fund Counselor professionals must complete 16 hours of continuing education every other year and pay a nominal fee to continue using the designation.

The Chartered Mutual Fund Counselor program was developed in conjunction with the Investment Company Institute and is the only mutual fund designation recognized in the financial services industry. The study program to become a Chartered Mutual Fund Counselor covers types and characteristics of open and closed-end funds, other packaged investment products, risk and return, asset allocation, selecting a mutual fund for a client, retirement planning, and professional conduct. The Chartered Mutual Fund Counselor program is the only industry-recognized mutual fund credential.

Chartered Mutual Fund Advisors help clients select mutual funds, which are growing in number every day. The Chartered Mutual Fund Counselor course emphasizes how to evaluate mutual funds and how to use that information to make recommendations to clients. A credentialed adviser should be able to review a client’s entire investment portfolio and provide suggestions.

The College for Financial Planning holds Chartered Mutual Fund Counselor designees to strict standards of professional conduct. If a charter holder does not abide by these standards, they can be reported to the College for Financial Planning and could face disciplinary action. The College for Financial Planning publishes an online list of advisers who have had their designation suspended or revoked.

The College for Financial Planning is the education arm of the Financial Planning Association, a leadership and advocacy organization based in Denver. It was founded in 1972 and graduated its first class one year later.

The college’s mission is to be the education provider of choice for working adults in the financial services industry by enabling student learning through advanced education programs and quality support services.

The Financial Planning Association was created in 2000 through the merger of the Institute of Certified Financial Planners and the International Association for Financial Planning. Its stated primary aim is to be the community that fosters the value of financial planning and advances the practice and profession of financial planning. It is governed by a volunteer board of directors and publishes a peer-reviewed journal, the Journal of Financial Planning.