How to Become a CLFP

Thank you for your interest in applying to sit for the Certified Lease & Finance Professional examination. Upon passing the examination, you will be among a select few in the equipment leasing industry that have demonstrated the knowledge required to pass a very detailed examination and call themselves “Certified Lease & Finance Professionals.” You will be entitled, with permission from the CLFP Foundation, to use the CLFP Logo and Certified Lease & Finance Professional designation(s) on all of your professional literature and correspondence.

Before starting this application process, please read all the requirements and make sure you can supply the required information.

Application Instructions

  1. Print the CLFP Application and complete it in its entirety. Incomplete applications will not be processed.
  2. Be sure to read the CLFP Standards of Conduct. Upon passing the examination, you agree to act with and be bound by these Standards.
  3. Sign the application and fax or e-mail it to the CLFP Foundation with your credit card information. You may also mail it to the CLFP Foundation office along with your check.

 

Eligibility

Leasing professionals with the following prerequisites may apply:

  • CLFP candidates must have a minimum of three years of verifiable equipment leasing and financing experience; however, one year may be substituted with other financial experience; check with us for eligibility requirements. For those with less than three years experience, please look into the CLFP Associate designation.
  • Acceptable character, ability and reputation both within and outside of the industry.
  • Pledge, in writing, to adhere to the CLFP Standards of Professional Conduct.

 

Examination

The examination is offered at the conclusion of each of the Academies for Lease & Finance Professionals and more commonly, examinations are administered by proxy.

 

About the CLFP Exam

The CLFP Exam is an eight-hour test featuring various question formats including multiple choice, true/false, etc. The Exam is cumulative and a score of 75% is needed to pass. If 75% is not obtained, the individual sections are taken into consideration and only the sections that the person did not pass would need to be taken again.

Part I – 200 points (90 Minutes)
History and Purpose of Leasing – 75 points
Leasing Law – 100 points

Part II – 200 points (150 Minutes)
Financial and Tax Accounting – 100 points
Pricing – 100 points

Part III – 250 points (120 Minutes)
Credit – 125 points
Documentation – 125 points

Part IV – 250 points (120 Minutes)
Sales and Marketing – 75 points
Funding, Operations and Customer Service – 75 points
Collections – 50 points
Asset and Portfolio Management – 50 points

 

Fees and Refunds

A fee of $695 is payable with the filing of the application; this includes a $30.00 non-refundable fee to cover the cost associated with a public records background check of the applicant. Applicant acknowledges that the $30.00 fee will be non-refundable, even if the application is declined.

For those that need financial assistance, please consider applying for a grant from the Chris Walker Education Fund which may be downloaded by clicking here. Chris Walker was the President of the CLFP Foundation Board of Directors when he passed away and was very active with the National Equipment Finance Association (NEFA) as well. In the spirit of his passion for education, NEFA created the Chris Walker Education Fund and more information may be found on NEFA’s website.

Applicants may pass parts of the examination; therefore, the applicant may retake those parts of the examination that the applicant has not passed as many times as necessary. The re-examination fee is $265.00, provided that all parts of the examination are passed within one year from the date of the first examination. If the examination is not passed within one year, then the payment process as outlined above is repeated. Payments may be made by credit card, PayPal or check, subject to collection.

In the event that after payment of the application fee the applicant is not able to sit for the CLFP exam, the applicant may request a hardship withdrawal. In case of a medical emergency or other extenuating circumstance, refunds of only the $665 exam fee will be considered. The request for such a waiver must be made in writing and e-mailed or faxed to the Executive Director who will present the case to the CLFP Board of Directors.

 

Prerequisites

  1. CLFP candidates must have a minimum of three years of verifiable equipment leasing and financing experience; however, one year may be substituted with other financial experience; check with us for eligibility requirements. For those with less than three years experience, please look into the CLFP Associate designation.
  2. Completed application and examination fee
  3. Approval to sit for the exam

 

Character

A CLFP has and maintains acceptable character and reputation, and can answer NO to the following questions or provide in separate letter complete details to questions answered yes:

      • Have you ever been convicted of, or are you now under indictment for, a felony crime?
      • Have you or your firm ever been sanctioned by a leasing trade organization for conduct or business practices?
      • Are you or is your firm now the subject of any action before the Ethics or Standards Committee of any leasing trade organization?
      • Have you or your firm ever had a license to do business revoked, for cause, by a government entity, including licenses for real estate, insurance, securities, mortgage brokerage or the like?
      • Are you or is your firm now the subject of any investigation by a governmental agency that could result in the revocation of a license to do business?

 

CLFP Standards of Professional Conduct

      • A CLFP will consent, in writing, to adhere to the Standards of Professional Conduct and the CLFP Pledge.
      • A Certified Lease & Finance Professional will always strive to conduct all business dealings in an honest, ethical, and professional manner.
      • A Certified Lease & Finance Professional will respect ownership of funds delivered as advanced fees or security deposits and will treat in a fiduciary capacity all funds received in that capacity.
      • A Certified Lease & Finance Professional will strive to constantly gain additional education to improve his/her professional competency and will work to promote education and integrity within the leasing industry.
      • A Certified Lease & Finance Professional will never knowingly make false or misleading statements to his/her employer, employees, customers, vendors, brokers or funding sources.
      • A Certified Lease & Finance Professional will never be involved in fraudulent activities.
      • A Certified Lease & Finance Professional will act in a leadership role in the industry and always be held to the highest standards of conduct applicable to the industry.

 

CLFP Pledge

“By applying for certification and recertification I agree that, if certification or recertification is granted, I will adhere strictly to the Standards of Professional Conduct of the CLFP Foundation (the “Standards”).

I am aware that certification or recertification may be revoked due to, among other things, a finding by the Foundation that I have failed to adhere to the Standards. I agree to participate in any peer review or examination conducted by the Board of Directors or designated representatives of the Foundation and to be bound by the results of any such review or examination.

If my certification or recertification is revoked or other disciplinary action is taken upon finding that I have violated the Standards, I agree I shall have no right or cause of action to pursue any claim against the Foundation or any member of its Board of Directors, Advisory Council, its officers, Executive Director or other representatives and I hereby waive and release any claim that I may have, at law or in equity, arising out of any such revocation or other disciplinary action.”

 

Annual Renewal

Upon achieving your CLFP there are ongoing requirements to maintain your elite status as a CLFP In Good Standing and retain the license to use the designation.

Annual renewal membership is currently $150 and is due with the renewal form which includes an affirmation in writing to adhere to the Standards of Professional Conduct and the CLFP Pledge.

For more information, please log in to your member account.

 

The terms “Certified Lease & Finance Professional”, “CLFP Foundation” and “CLFP”, as well as the CLFP Designation as they all pertain to their use in the equipment leasing industry, are owned by the CLFP Foundation and protected under Federal Trademark Law. Only upon meeting and maintaining the qualifications for use as determined by the CLFP Foundation Board of Directors will the CLFP Foundation grant an individual a license for use of materials owned by the CLFP Foundation. The CLFP Foundation intends to comply with all antitrust laws.

For more information, please log in to your member account in the upper right corner of the page.

 

CLFP Associate Designation

In an effort to attract motivated young leasing professionals in our industry to strive for CLFP Certification, we are pleased to announce the CLFP Associate Program.

While continuing to maintain the current high levels of competency, standards of professionalism and conduct required for CLFP designation, it is our goal to identify the younger professional who wants to attain the CLFP Associate designation, while still meeting our current 3 year time in the industry requirement for full certification. Toward that goal we have identified the CLFP Associate Program for the individual with less than three years in the industry who is motivated to participate in the education needed and sit for the exam prior to reaching the 3-year threshold.

The application for the CLFP Associate Designation may be found here.

Learn More About

Application Instructions

  1. Print the CLFP Application and complete it in its entirety. Incomplete applications will not be processed.
  2. Be sure to read the CLFP Standards of Conduct. Upon passing the examination, you agree to act with and be bound by these Standards.
  3. Sign the application and fax or e-mail it to the CLFP Foundation with your credit card information. You may also mail it to the CLFP Foundation office along with your check.

 

Eligibility

Leasing professionals with the following prerequisites may apply:

  • CLFP candidates must have a minimum of three years of verifiable equipment leasing and financing experience; however, one year may be substituted with other financial experience; check with us for eligibility requirements. For those with less than three years experience, please look into the CLFP Associate designation.
  • Acceptable character, ability and reputation both within and outside of the industry.
  • Pledge, in writing, to adhere to the CLFP Standards of Professional Conduct.

 

Examination

When the application has been processed and the prerequisites have been verified, the applicant will be notified that he or she is eligible to sit for the exam.

The examination is offered at the conclusion of each of the Academies for Lease & Finance Professionals and more commonly, examinations are administered by proxy.

 

 

About the CLFP Exam

The CLFP Exam is an eight-hour test featuring various question formats including multiple choice, true/false, etc. The Exam is cumulative and a score of 75% is needed to pass. If 75% is not obtained, the individual sections are taken into consideration and only the sections that the person did not pass would need to be taken again.

Part I – 200 points (90 Minutes)
History and Purpose of Leasing – 75 points
Leasing Law – 100 points

Part II – 200 points (150 Minutes)
Financial and Tax Accounting – 100 points
Pricing – 100 points

Part III – 250 points (120 Minutes)
Credit – 125 points
Documentation – 125 points

Part IV – 250 points (120 Minutes)
Sales and Marketing – 75 points
Funding, Operations and Customer Service – 75 points
Collections – 50 points
Asset and Portfolio Management – 50 points

 

2019 CLFP Exam Outline

Part I – 175 points (90 minutes)
History and Purpose of Leasing – 75 points
Leasing Law – 100 points

Part II – 200 points (150 minutes)
Financial and Tax Accounting – 100 points
Pricing – 100 points

Part III – 250 points (120 minutes)
Credit – 125 points
Documentation – 125 points

Part IV – 250 points (120 minutes)
Sales and Marketing – 75 points
Funding, Operations and Customer Service – 75 points
Collections – 50 points
Asset and Portfolio Management – 50 points

 

Fees and Refunds

A fee of $695 is payable with the filing of the application; this includes a $30.00 non-refundable fee to cover the cost associated with a public records background check of the applicant. Applicant acknowledges that the $30.00 fee will be non-refundable, even if the application is declined.

For those that need financial assistance, please consider applying for a grant from the Chris Walker Education Fund which may be downloaded by clicking here. Chris Walker was the President of the CLFP Foundation Board of Directors when he passed away and was very active with the National Equipment Finance Association (NEFA) as well. In the spirit of his passion for education, NEFA created the Chris Walker Education Fund and more information may be found on NEFA’s website.

Applicants may pass parts of the examination; therefore, the applicant may retake those parts of the examination that the applicant has not passed as many times as necessary. The re-examination fee is $265.00, provided that all parts of the examination are passed within one year from the date of the first examination. If the examination is not passed within one year, then the payment process as outlined above is repeated. Payments may be made by credit card, PayPal or check, subject to collection.

In the event that after payment of the application fee the applicant is not able to sit for the CLFP exam, the applicant may request a hardship withdrawal. In case of a medical emergency or other extenuating circumstance, refunds of only the $665 exam fee will be considered. The request for such a waiver must be made in writing and e-mailed or faxed to the Executive Director who will present the case to the CLFP Board of Directors.

 

Prerequisites

  1. CLFP candidates must have a minimum of three years of verifiable equipment leasing and financing experience; however, one year may be substituted with other financial experience; check with us for eligibility requirements. For those with less than three years experience, please look into the CLFP Associate designation.
  2. Completed application and examination fee
  3. Committee approval to sit for the exam

 

Character

A CLFP has and maintains acceptable character and reputation, and can answer NO to the following questions or provide in separate letter complete details to questions answered yes:

      • Have you ever been convicted of, or are you now under indictment for, a felony crime?
      • Have you or your firm ever been sanctioned by a leasing trade organization for conduct or business practices?
      • Are you or is your firm now the subject of any action before the Ethics or Standards Committee of any leasing trade organization?
      • Have you or your firm ever had a license to do business revoked, for cause, by a government entity, including licenses for real estate, insurance, securities, mortgage brokerage or the like?
      • Are you or is your firm now the subject of any investigation by a governmental agency that could result in the revocation of a license to do business?

 

CLFP Standards of Professional Conduct

      • A CLFP will consent, in writing, to adhere to the Standards of Professional Conduct and the CLFP Pledge.
      • A Certified Lease & Finance Professional will always strive to conduct all business dealings in an honest, ethical, and professional manner.
      • A Certified Lease & Finance Professional will respect ownership of funds delivered as advanced fees or security deposits and will treat in a fiduciary capacity all funds received in that capacity.
      • A Certified Lease & Finance Professional will strive to constantly gain additional education to improve his/her professional competency and will work to promote education and integrity within the leasing industry.
      • A Certified Lease & Finance Professional will never knowingly make false or misleading statements to his/her employer, employees, customers, vendors, brokers or funding sources.
      • A Certified Lease & Finance Professional will never be involved in fraudulent activities.
      • A Certified Lease & Finance Professional will act in a leadership role in the industry and always be held to the highest standards of conduct applicable to the industry.

 

CLFP Pledge

“By applying for certification and recertification I agree that, if certification or recertification is granted, I will adhere strictly to the Standards of Professional Conduct of the CLFP Foundation (the “Standards”).

I am aware that certification or recertification may be revoked due to, among other things, a finding by the Foundation that I have failed to adhere to the Standards. I agree to participate in any peer review or examination conducted by the Board of Directors or designated representatives of the Foundation and to be bound by the results of any such review or examination.

If my certification or recertification is revoked or other disciplinary action is taken upon finding that I have violated the Standards, I agree I shall have no right or cause of action to pursue any claim against the Foundation or any member of its Board of Directors, Advisory Council, its officers, Executive Director or other representatives and I hereby waive and release any claim that I may have, at law or in equity, arising out of any such revocation or other disciplinary action.”

 

Annual Renewal

Upon achieving your CLFP there are ongoing requirements to maintain your elite status as a CLFP In Good Standing and retain the license to use the designation.

Annual renewal membership is currently $150 and is due with the renewal form which includes an affirmation in writing to adhere to the Standards of Professional Conduct and the CLFP Pledge.

For more information, please log in to your member account.

 

The terms “Certified Lease & Finance Professional”, “CLFP Foundation” and “CLFP”, as well as the CLFP Designation as they all pertain to their use in the equipment leasing industry, are owned by the CLFP Foundation and protected under Federal Trademark Law. Only upon meeting and maintaining the qualifications for use as determined by the CLFP Foundation Board of Directors will the CLFP Foundation grant an individual a license for use of materials owned by the CLFP Foundation. The CLFP Foundation intends to comply with all antitrust laws.

For more information, please log in to your member account in the upper right corner of the page.

 

CLFP Associate Designation

In an effort to attract motivated young leasing professionals in our industry to strive for CLFP Certification, we are pleased to announce the CLFP Associate Program.

While continuing to maintain the current high levels of competency, standards of professionalism and conduct required for CLFP designation, it is our goal to identify the younger professional who wants to attain the CLFP Associate designation, while still meeting our current 3 year time in the industry requirement for full certification. Toward that goal we have identified the CLFP Associate Program for the individual with less than three years in the industry who is motivated to participate in the education needed and sit for the exam prior to reaching the 3-year threshold.

The application for the CLFP Associate Designation may be found here.

Tips on Preparing for the CLFP Exam

CLFP Mentor Program

After you have read and studied The Certified Lease & Finance Professionals’ Handbook, you will probably have some very specific questions. To answer those questions, we ask you to complete a short survey rating yourself on your strengths and weaknesses on the subjects to be covered in the exam. We will then match you with a Mentor whose strengths complement your weaknesses. We ask only that you have made the commitment to take the CLFP exam by scheduling a specific date to sit for the exam. This gives your Mentor the assurance that the time he or she spends with you will be time well spent.

 

Attend an Academy for Lease and Finance Professionals (ALFP)

The ALFP is a three-day event designed to fully prepare an individual to sit for the CLFP exam. During the first two days, all of the required sections of the CLFP exam are covered in-depth and on the third day, the exam is offered, but not mandatory.

 

Study Tools

      • Check out the 2019 Certification Exam Outline detailed above
      • Review the 2019 Body of Knowledge, an in-depth outline of the Equipment Leasing Industry. This is an excellent guide to follow through your entire study program
      • Read The Certified Lease & Finance Professionals’ Handbook to assist you with your studies – available for purchase below. This handbook has been written by a group of leasing professionals who represent all aspects of the industry
      • Make sure you are comfortable with solving for rate, yield, etc. using the concept of Time Valuing on one of the financial calculators, such as the HP 12c or HP 17bII+, HP 19b or TValue)
      • Visit www.quizlet.com and search for “CLFP Exam”

Want to Stay on Track?

Check out a printable Recommended Steps to Becoming a CLFP guide below.

CLFP Foundation

P.O. Box 146, Northbrook, IL 60065
Phone (206) 535-6281  Fax (866) 795-5839   info@clfpfoundation.org