Certified Financial Marketing Professional (CFMP)
The Certified Financial Marketing Professional (CFMP) exam offered by the American Bankers Association is the only certification for bank marketers that is acknowledged by industries. Basically, this certification helps you validate your abilities and expertise of Data analysis, revenue generation and leadership along with necessary critical skills that will help you give a boost to your career in the bank marketing industry.
Eligibility criteria for the Certified Financial Marketing Professional exam
Because they are based on US rules and regulations, ABA certificates are only available in the United States. As a result, applicants from outside the United States are not permitted to take the Certified Financial Marketing Professional test. So, as a candidate, you must meet specific requirements by the time you sit for the exam.
Hence, you should fulfill either of the following requirements:
- Minimum three years of experience in financial services marketing or a Bachelor’s degree with an economics, business or marketing-related major.
- Completion of the ABA bank marketing school.
OR
- Experience in professional marketing of five or more years which must include a minimum of three years in financial services marketing.
So, completion of these requirements would enable you to appear for the exam and earn the CFMP designation.
Skills measured
- Data and Analytics
- Leadership Skills and Strategy
- CX, Communication and Branding
- Risk Management and Compliance
- Ideation and Generation of Revenue
Benefits of the CFMP certification
Getting awarded with the CFMP certification avails various benefits in elevating your career and benefitting your institution. Moreover, it sets you apart from others in the following manner:
- Maintaining Your Competitive Edge
This certification acts as an evidence that you have attained the abilities and possess all the knowledge to stay current in your field.
- Boosts Your Confidence and Enhances Retention
This certification provides you valuable recognition in the industry. Also, maintenance of an ABA Professional Certification within itself helps the management to show their commitment to the employees.
- Allegiance to the Industry
This certification shows you commitment to the industry and your willingness to keep learning. Taking out enough time to prepare and study for the exam helps you stand out.
Scheduling the exam
So, you can apply for the exam following the steps given below:
1: Refer to the eligibility requirements to see if you can apply.
2: Find out the available exam dates.
3: Proceed with buying the exam and then the payment using a credit card. Also, you will be prompted to create a Certifications Manager account.
4: Once the purchase is done, submit the application that appears.
Two weeks post your application, you will receive an Approval/Denial email from ABA. In case your application is denied, you will get a refund of the exam fee minus a $100 application fee.
Rescheduling/Cancellation of exam
Now, in case, you wish to cancel the exam or reschedule it because of some reason, then the refund that you’ll receive would depend on the dates applicable to your current exam registration. The following table shows the structure of fee refund.
| Before due date of application | After due date of application | 2 Business Days or Less Prior to Scheduled Exam Date or End of the Exam Window | |
| Transferring to a future exam date/window | No fees | $175 fee to ABA | Entire Exam-Fee Fined – No Changes Allowed |
| Rescheduling within the same CBT exam window | No fees | $50 fee to Scantron (post selecting a test date) | Entire Exam-Fee Fined – No Changes Allowed |
| Cancellation | Refund of the Exam Fee minus $100 application fee | Refund of the Exam Fee minus $275 | Entire Exam Fee Fined – No Changes Allowed |
Further, your request to transfer your registration to a future window or cancelling the exam has to be submitted in writing to [email protected] .
Exam Details
Now, another very important thing to note is the pattern of exam, number of questions asked, time allotted and other minor details. So, we have mentioned the important details of the Certified Financial Marketing Professional exam as follows:
- Type of questions-Multiple-choice questions
- No. of questions-150
- Time allotted-3hrs
- Calculators will be provided
- Results-Instant Pass/Fail outcome at the test site itself
- Official score reports delivered via email
For more details and any queries, visit the Certified Financial Marketing Professional Exam FAQs
Certified Financial Marketing Professional (CFMP) Course Outline
Furthermore, the syllabus of CFMP exam has been categorized in various sections and subsections. So, let’s look into the various domains of the exam as follows:
DOMAIN 1: DATA, RESEARCH, AND MEASUREMENT (20%)
1.1. Making strategic, data-driven marketing decisions.
1.2. Researching client profiles to identify needs.
1.3. Procuring data from primary and secondary sources to assess competitive environment.
1.4. Applying return-on-investment (ROI) methodologies to measure product sales outcomes.
1.5. Establishing digital metrics to determine the results of marketing initiatives.
1.6. Collaborating with various business lines to measure and increase sales.
1.7. Leveraging data to support marketing recommendations made to executive management.
1.8. Defining marketing parameters and ways to calculate ROI for events.
1.9. Defining the client journey and identify communication preferences.
DOMAIN 2: STRATEGY (21%)
2.1. Creating segmentation strategies to target messaging.
2.2. Aligning marketing resources with strategic organizational goals.
2.3. Translating the strategic organizational goals into actionable marketing
2.4. Budgeting marketing resources to support the marketing plan.
2.5. Synthesizing industry trends to develop marketing tactics.
2.6. Creating an annual marketing plan.
DOMAIN 3: REVENUE GENERATION (20%)
3.1. Creating and measure shareholder value.
3.2. Quantifying and communicating financial outcomes of initiatives to leadership.
3.3. Developing campaigns to meet sales goals.
3.4. Recognizing current market conditions and competition to price deposits.
DOMAIN 4: COMMUNICATION AND BRAND (25%)
4.1. Building an effective internal communication plan.
4.2. Developing an external communication plan.
4.3. Creating strategy to build the brand.
4.4. Creating appropriate content to engage audiences.
4.5. Constructing a crisis communication plan.
DOMAIN 5: RISK MANAGEMENT (14%)
5.1. Establishing a complaint management process.
5.2. Ensuring compliance with the Community Reinvestment Act (CRA).
5.3. Collaborating to ensure ADA compliance.
5.4. Managing vendor risk.
5.5. Developing and disseminating accurate information.
5.6. Monitoring advertising content for accuracy and consistency.
5.7. Controlling exposure to risk by complying with regulations.
5.8. Ensuring compliance with digital advertising guidelines.
Preparation guide for the Certified Financial Marketing Professional (CFMP) Exam
It’s completely accurate to state that the finest preparation for tomorrow is wise resource management now. We’ve assembled a variety of study tools and a sequence of preparation activities for you to use in order to ace this test.
Go through the topics of exam
First and foremost, become familiar with all of the exam’s themes and subtopics. This will aid in the distribution of your study materials. Remember, it’s not just the topics that will help you ace the test; it’s also the depth of knowledge and practical application. As a result, pay close attention to the curriculum.
Explore the details of exam
Another crucial item to consider before beginning to study is to understand the test pattern, which includes information on the kind and amount of questions as well as the time given. This will assist you in strategizing your learning strategy as well as managing your time when taking the exam.
Study resources
- In order to prepare for the exam, you can avail the CFMP online preparation course offered by ABA. This training program leverages the same knowledge domains that are on the actual exam. Moreover, it provides you with audio and video lessons, readings and access to a virtual instructor.
- You can also reach out the Bank Marketing School that will help you move beyond the basics and gain industry-specific knowledge in marketing that will improve your leadership skills and will boost your knowledge to the next level.
- If you are fond of traditional learning, then you can also study from books. The book called Marketing Financial Services by American Bankers association is a text that provides thorough knowledge of marketing concepts along with special requirements for financial marketing services.
Join study groups
Joining study groups and communities, on the other hand, may be quite beneficial. It is a platform that connects professionals and novices, allowing you to have your questions answered while also having constructive debates with your peers. As a result, joining these organisations will keep you up to date.
Practice tests
Finally, the most crucial aspect of preparing is to practice questions. This not only allows you to assess your degree of preparation, but it also allows you to build confidence by tackling difficult questions. As a result, while you may obtain a variety of example papers on the internet, the practice exams we provide are unquestionably reliable. We offer you a one-of-a-kind set of professionally crafted questions that will greatly assist you in honing your skills.
