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Certified Financial Planner™
A certification exam administered by the Certified Financial
Planner Board of Standards
Inc. that focuses on over 100 topics of concern to the financial
planning field, such as retirement, estate, and investment
planning. Upon successfully completing the education requirements,
passing the exam, and have indicated that you will adhere
to the CFP Board's Code of Ethics and Professional Responsibility
and Financial Planning Standards, you are eligible to use
the CFP mark. The CFP certification mark represents your proven
expertise within the financial planning profession.
| Time
Limit: |
10 hours total. 4 hours on the first day, and
two 3-hour sessions on the second day. |
| Number
of Questions: |
285
questions |
| Passing
Score: |
Criterion-referenced,
in that performance is measured according to a
set level of required competency, rather than
against the scores of other individuals who have
written the same exam. This prevents any advantages
or disadvantages that can occur when past exams
were of lower or higher difficulty. |
| Passing
Rates: |
63% passed the November 2005
exam. |
| Format: |
Multiple
Choice |
| Prerequisites: |
Must
fulfill education requirements successfully in
order to apply to write the exam. Additionally,
as of January 2007 a Bachelor's Degree will be
required in order to achieve CFP certification
status. Further details on educational requirements
can be found here. |
| Corequisites: |
Three
years of qualifying work experience must be completed
up to 10 years before and 5 years after the date
of the exam. |
| Enrolment
Fee: |
$595
US. In the event that a special International
test site is arranged, the CFP applicant must
pay an additional site fee of $1,200. |
| Exam
Date(s): |
The
third Friday and Saturday of March, July and November. |
| Exam
Results: |
Six
weeks after the date of your exam. |
| Official
Exam Website: |
http://www.cfp.com/become |
(Click Here for CFA Level I
and II exam
information)
Multiple
choice questions on the exam are either based on case
studies or are randomly selected. Case study questions
are each worth 3 points, and random multiple choice
questions are worth 2 points each. An exam will typically
contain around 3 case studies, with 10-20 questions
based on each.
The CFP Board provides a list of formulas for the exam.
You can obtain these formulas here.
The complete topic list for the CFP examination can
be found here.
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