The formal affiliation now in place between the Certified Lease & Finance Professional (CLFP) Foundation and the Equipment Leasing & Finance Association (ELFA) is in action, taking steps to align the industry’s premier credential with the industry’s leading trade association.
Committed to building a stronger, more connected talent pipeline, the two organizations are natural complements. ELFA provides advocacy, research and industry leadership, while CLFP delivers rigorous education, testing and professional standards.
Moving forward: accreditation
Yet as much as affiliation makes sense, it is not the finish line. Rather, it’s the starting point. The organizations are already at work to pursue several long-term goals, including ANSI accreditation. This accreditation is a formal, third-party recognition by the American National Standards Institute (ANSI).
Currently, the CLFP Foundation offers the CLFP certification. Serving as the chief credential for equipment leasing and finance professionals, the certification demonstrates industry expertise, ethical commitment and competence. Candidates must have at least three years of industry experience, pass a comprehensive exam and adhere to professional standards.
Accreditation, explains Reid Raykovich, CEO of the CLFP Foundation, takes things to the next level. In accreditation, she explains, an independent, third-party review process validates that the program meets recognized standards for quality, fairness and rigor. “Accreditation is an official seal of approval that assures even greater credibility and emphasizes adherence to industry best practices.”
Preparing the best equipment finance workforce possible
While accreditation offers marked value to the two organizations, the real benefits accrue to employers and industry professionals. According to Reid, more and more employers are including the “CLFP-preferred” specification on job descriptions for positions in the industry. They understand the importance of employing professionals who are dedicated to the profession, who understand the intricacies of equipment finance and who are able to execute efficiently and effectively.
Accreditation, she continues, gives employees a competitive advantage in securing key positions, and in developing the confidence that comes with knowing they have the knowledge to perform at the highest level. It’s also a way to advance people in the industry thoughtfully. “The accreditation process gives individuals the chance to assimilate their experience in the field with comprehensive industry information and best practices.”
“Through CLFP accreditation, we can ensure that the equipment finance workforce of tomorrow is more prepared, more diverse and better supported than ever before,” says Reid. “This will make a pronounced difference in hiring and in developing the profession.”
What will change – and not change
The path to accreditation is a long and arduous one that can take up to three years, explains Reid. To provide a true independent perspective, it involves building out an independent certification commission that includes one member outside of the profession.
The process will likely identify some changes in training and preparation for the CLFP exam, and in the exam itself. For example, with accreditation, independent organizations must offer training classes; the CLFP Foundation will no longer be able to offer its own. The commission will review every test question for fairness, comprehension and applicability.
“What will not change are the exam rigor, standards and ethics that are hallmarks of our organization,” stresses Reid. “Our philosophy will hold true and steady.”
Conclusion
“Accreditation is not about prestige,” concludes Reid. “It’s about accountability, credibility and commitment to the future of our industry.” Third-party validation assures professionals across the finance sector of adherence to high standards and business practices. “Without accreditation, you’re asking stakeholders to trust you. With it, we’re showing them why they can.”
