Frequently Asked Questions
Everything you need to know about the product and billing.
What are the eligibility requirements for enrolling in the PFE CDMP Program?
- Have a high school degree or the equivalent.
Have a minimum of six months’ work experience in any of the following:
- Debt Relief Industry, including but not limited to: Credit/Housing/Mortgage and Reverse Mortgage/Bankruptcy/Debt/Budget Counseling
- Financial Services Industry, including, but not limited to: Consumer Finance/Lending, Financial Planning/Advising, Collections
- Or other relevant work experience, including but not limited to: Credit Reporting, Accounting, Financial Education, Financial Therapy
What is the cost of the PFE CDMP Program?
- FCAA member fee – $300/enrollee
- Nonprofit fee – $325/enrollee
- For profit fee – $350/enrollee
How do I take the exam?
The certification exam is a 100 multiple choice, proctored, closed book exam. Exams must be taken within a year of the date of enrollment. The passing grade is 70%.
- Enrollees should only request the exam after they have studied the manual in its entirety and feel confident that they are well versed in the material.
- Exams must be proctored. Acceptable proctors in the workplace are individuals who do not have direct reporting responsibility for the exam taker. Acceptable proctors outside of the workplace are testing centers, community/local colleges/libraries, or other professionals.
- Exams must be taken within seven business days of receipt by the proctor.
- The exam must be mailed back to the Partnership for Financial Education and postmarked no later than 2 business days after the date the exam was taken.
- The Partnership for Financial Education will notify exam takers of their results within 14 business days of receiving the exam.
- An Exam Retake is allowed for a $50 fee.
How long is my certification valid?
Certifications are valid for a two-year period, which starts on the date the exam was taken.
How do I renew my certification?
- There is a $50 certification renewal fee.
- 16 hours of continuing education (CE) are required to renew certification. (Of the 16 CEUs, 1 must be an Ethics course. Other acceptable topics are those covered in the certification training manual).
- Completed CEUs must be reported on the Certification Renewal Form.
- Verification of completion of CEUs must be submitted with the Renewal Form.
- CEUs earned in excess of the requirement cannot be carried into the next certification period.
- A 45-day grace period will be granted to those who need time to complete their CE requirement. Alternatively, certificate holders can re-take the certification exam (the fee will be the prevailing certification program fee).
- A certificate will be issued within 14 business days of receipt of paperwork.
About Continuing Education (CEU’s)
Specific Continuing Education Requirements.In order to renew certification, the certificate holder must have completed 16 continuing education units (CEUs) in the two-year period leading up to renewal. Please note that each continuing education piece can only be completed once in the two-year certification cycle.
- 1 CEU is required in ethics
- 15 are required in topics related to the certification program
- Some agencies have their counselors retake the certification exam in lieu of finding 15 CEUS. It is the same price as a new enrollment. I don’t give out a grade on those exams. If an agency decides to use the certification exam for continuing education, they still need to complete the 1 CEU in ethics.
Acceptability of Continuing Education (CE) Programs:
- Any topics covered in the training manual will be considered acceptable for continuing education.
- In order for written material to be eligible for continuing education credit, there must be a testing component, with proof of completion generated.
- If the continuing education unit is a live presentation, a certificate of attendance/completion must be generated.
- Topics specific to the workplace (operational training or agency specific in content) will not be accepted for continuing education.
- Retail books and newspaper and magazine articles will not be accepted for continuing education.
Calculations of CEU credits are as follows:
- If the presentation is live, 50 minutes= 1 CEU
- If self-study, CE credit will be awarded based upon the provider’s recommended time to complete and review of the program by the Partnership for Financial Education.
Continuing Education Approval
A Continuing Education Approval Form and materials will need to be submitted to the Partnership for Financial Education. Notice of CE approval will be sent within 14 business days of receipt.
Verification of CompletionCertificate holders will be required to obtain CEU proof of completion. Proof of completion must contain:
- Certificate holder’s name
- Date of CE completion
- Title of CE program
- Number of CEUs earned.
- Name and signature of CE provider representative