CFP Exam: A Comprehensive Overview
The Certified Financial Planner (CFP) certification is a globally recognized professional credential that demonstrates an individual’s expertise in financial planning. Administered by the CFP Board in the United States and the Financial Planning Standards Board (FPSB) internationally, the CFP certification entails a comprehensive examination process.
Key Facts
- Number of Exams: The CFP certification has a single exam.
- Exam Format: The exam consists of 170 multiple-choice questions.
- Exam Sections: The exam is split into two sections, each containing 85 questions.
- Exam Duration: The exam lasts for a total of 6 hours.
- Break: There is a scheduled 40-minute break between the two sections of the exam.
- Exam Topics: The exam covers various topics including the financial planning process and principles, tax planning, income and retirement planning, estate planning, risk management, and insurance.
- Exam Frequency: The CFP exam is offered three times a year, in March, July, and November.
- Exam Delivery: The exam can be taken either in-person at test centers or remotely proctored.
- Calculator Usage: Only CFP-approved calculators can be used during the exam.
- Exam Results: Preliminary results are provided immediately after completing the exam, and official results are sent via email approximately 4 weeks following the close of the testing window.
- Exam Attempts: There are limits on the number of attempts for the CFP exam. Candidates are allowed a maximum of 5 attempts in a lifetime and a maximum of 3 attempts within a 2-year period.
Exam Format and Structure
The CFP exam consists of a single, computer-based examination comprising 170 multiple-choice questions. The exam is divided into two sections, each containing 85 questions and lasting three hours. A scheduled 40-minute break separates the two sections.
Exam Topics and Coverage
The CFP exam encompasses a wide range of topics related to financial planning, including:
- Financial planning process and principles
- Tax planning
- Income and retirement planning
- Estate planning
- Risk management
- Insurance
Exam Frequency and Delivery
The CFP exam is offered three times annually, in March, July, and November. Candidates can choose to take the exam either in person at designated test centers or remotely via proctored online testing.
Calculator Usage and Preliminary Results
During the exam, candidates are permitted to use only CFP-approved calculators. Preliminary results are provided immediately upon completion of the exam, while official results are communicated via email approximately four weeks after the testing window closes.
Exam Attempts and Limitations
The CFP exam imposes certain limitations on the number of attempts candidates are allowed. Individuals are granted a maximum of five attempts over their lifetime and a maximum of three attempts within a two-year period. If a candidate exceeds the three attempts within two years, they must wait one year before retaking the exam.
Conclusion
The CFP exam is a comprehensive assessment of an individual’s knowledge and skills in financial planning. With its focus on practical application and problem-solving, the CFP certification serves as a valuable credential for professionals seeking to excel in the financial planning industry.
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FAQs
How many exams are there in the CFP certification process?
The CFP certification consists of a single, comprehensive exam.
What is the format of the CFP exam?
The CFP exam is a computer-based exam comprising 170 multiple-choice questions. It is divided into two sections of 85 questions each, with a 40-minute break in between.
What topics are covered on the CFP exam?
The CFP exam covers a wide range of topics related to financial planning, including the financial planning process and principles, tax planning, income and retirement planning, estate planning, risk management, and insurance.
How often is the CFP exam offered?
The CFP exam is offered three times a year, in March, July, and November.
Can I use a calculator on the CFP exam?
Yes, candidates are permitted to use CFP-approved calculators during the exam.
How long does it take to receive my CFP exam results?
Preliminary results are provided immediately after completing the exam, while official results are communicated via email approximately four weeks after the testing window closes.
How many times can I take the CFP exam?
Candidates are allowed a maximum of five attempts over their lifetime and a maximum of three attempts within a two-year period.
What happens if I fail the CFP exam three times within two years?
If a candidate exceeds the three attempts within two years, they must wait one year before retaking the exam.