A guide to help you better prepare for the CFP exam
The Certified Financial Planner (CFP) designation is now considered a symbol of excellence and competence by financial professionals and businesses around the world. Many new investors and individuals have now understood the need for these professionals who have been awarded this certification. The CFP course curriculum is considered very comprehensive and the certification a tough nut to crack. Obtaining the CFP certification not only increases a candidate’s professional knowledge, but the prestige associated with the certification gives the necessary boost to your own business and career. The CFP certification also guarantees an attractive payment package and additional income through inquiries. Professionals may charge an hourly rate for offering financial planning advice. Another advantage of a CFP designation is that certified professionals gain the ability to assess their role in the client’s financial situation. They can also envision themselves in the financial profession of their choice, as they have a clear understanding of financial concepts. A stockbroker, an investor, a banker, an insurance professional, and apparently anyone who is associated with the financial industry can gain enormously from CFB certification.
Although the CFP exam is difficult, good study material and a willingness to work hard can help you get through.
The applicant must commit to the exam to crack it successfully.
About the CFP exam and tips to solve it
Students who have decided to opt for the CFP certification must have been fully aware of the exam pattern and course content. As the course is very broad, an average student typically requires at least 1,000 hours of study in order to complete the course and exam.
The CFP exam covers 5 components which are:
1. Insurance with modules on planning and ethics of education
2. Investment planning
5. Estate planning
The CFP test lasts 10 hours and is divided into a four-hour session on Friday and two three-hour sessions on Saturday. Students must answer 285 multiple-choice questions, including two case studies. The case studies expect students to apply course material to examples in real time. The exam is carried out three times a year, in the months of March, July and November. The FBSBI conducts this examination in India. CFP is considered to be one of the most requested certification courses in Finance.
Tips for CFP exams
- Understand concepts instead of memorizing them: In the Certified Financial Planning certification exam, it is important that the concepts are understood correctly as the question is based on case studies and students are required to apply these concepts to real life situations.
- Try to decipher Reasoning from the CFP board: Students should learn how the blackboard arrives at an answer by reviewing previous work. This will help them to answer the questions correctly.
- Keep your first answer as your final answer: Once you get to an answer, don’t change it unless you find a misconception.
Find the best CFP study materialsAlways rely on reliable study material for your CFP course and certification.