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Definition of an AFP Certified Corporate FP&A Professional
A newly certified FP&A professional provides insights to the financial decision making process in an organization through analysis, financial projections (planning, budgeting and forecasting) and reporting. They may work as a member of a team of financial analysts but they are also able to work independently.
They understand the entire decision support process and are able to contribute to and be responsible for individual components of the process. They are able to perform these functions accurately and in an efficiently manner and to identify, assess and adapt their processes to changes in the business environment. FP&A professionals understand and abide by professional conduct standards.
FP&A professionals communicate with others in a wide range of positions internal and external to the organization to understand and gather qualitative and quantitative information on factors affecting the financial performance of the organization. They are also able to analyze data and relevant facts, consolidate and convey insight to support decision makers and other stakeholders.
Holders of the FP&A designation will:
•Demonstrate the knowledge and skills required to perform competently in today’s complex finance environment
•Have passed a rigorous examination and met education and experience requirements
•Agree to abide by a professional code of ethical conduct
•Be committed to keeping knowledge current by meeting continuing education requirements
Financial planning and analysis is critical to the finance profession. Yet despite its growing importance and desirability, the FP&A field lacks a set of clearly defined principles and standards of practice. As a result, the field is challenged by inconsistent competencies, standards and organizational reporting structures, as well as limited visibility, professional resources and candidate assessment tools.
Through a number of meetings and formal discussions, AFP determined that a certification program for FP&A professionals would help define universal principles and standards of practice. The program would also recognize FP&A professionals for their understanding and mastery of complex processes, tools and best practices.
As part of this process, AFP and The Caviart Group conducted an analysis of jobs and tasks for FP&A professionals in early2012. The purpose was to determine specific tasks performed by FP&A professionals and the knowledge, skills and abilities (KSAs) necessary for competent practice. The results of the survey formed the basis of an FP&A certification examination.
