CFP Study Guide
The Certified Financial Planner Board of Standards, Inc. administers the Certified Financial Planner (CFP) examination every third Friday and Saturday of the months of March, July, and November. This exam aims to measure the expertise of financial planners in the financial planning field, and is a step that will bring them closer to being able to use the CFP certification mark.
The exam covers about 100 pertinent topics relevant to the field. There are 285 multiple-choice questions that are to be answered in 2 days:
* First Day (4 hours)
* Second day (2 sessions, 3 hours each)
The multiple-choice questions are either based on case studies or randomly chosen. The latter are worth 2 points, while those questions based on case studies are worth 3 points. The exam covers a variety of topics, the most common of which are investment planning and retirement planning. Other topics include:
* Estate planning
* General principles of financial planning
* Insurance planning and risk management
* Employee benefits planning.
Before taking the exam, it is required that the applicant hold a bachelor’s degree. Also, he should be able to commit that he would complete 5 years of qualifying work experience after the exam, in addition to the 3-year work experience he must have undertaken within 10 years immediately preceding the exam.
The one-time examination fee is $595. For international applications where a special testing site is arranged, there is an additional site fee of $1,200. There is a separate rate for those who wish to be recertified.
Exam results are released 6 weeks after the exam date. Passing scores are determined according to a set level or required competency.
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