DEFINITION of 'Chartered Mutual Fund Counselor - CMFC'
A professional designation awarded by the College for Financial Planning to financial services professionals who complete a study program and pass an exam covering mutual fund topics. Successful applicants earn the right to use the CMFC designation with their names for two years, which can improve job opportunities, professional reputation and pay. Every two years, CMFC professionals must complete 16 hours of continuing education and pay a nominal fee to continue using the designation.
BREAKING DOWN 'Chartered Mutual Fund Counselor - CMFC'
The CMFC 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 CMFC 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.