CFP FAQs: Get Answers to Most Frequently Asked Questions

CFP FAQs

There are no shortcuts to gain excellence. In order to achieve the gold certificate in the field of finance, you must be prepared and organized accordingly. To clear the CFP exam in early attempts, you should first have an understanding of the CFP exam. We present you with the most frequently asked questions about the CFP exam.

These frequently asked questions about CFP will help you comprehend the exam. They will give a clear picture about the exam and how you can prepare to clear it in one shot. Get the information and start preparing for the most prestigious financial certification exam for your next big career move.

What is CFP Exam?

The Certified Financial Planner exam is for aspirants who want to build the knowledge and skills to handle their client’s wealth. With an economic boom comes the demand for financial planners to handle the wealth. CFP certificate is a mark of professional competency to financially advise and plan in order to efficiently handle money matters. The certificate can help you set yourself apart from the rest in the industry.

Is there a difference between a CFP certification and a master’s in personal financial planning?

Yes. Though both the courses offer knowledge in financial planning, they are both unique. CFP exam has its own set of requirements, and topics of study, and the benefits offered by both are also different.

What kind of career am I looking at after clearing the CFP?

If you attain CFP certification, it means you can become a certified financial planner, adviser or work in an organization that helps clients make their decisions related to tax, investments, insurance and retirement policies. You can be certain that no two days are going to be the same because each client will have their own financial scenarios and background, and requirements.

How can I get CFP certificate?

To get the CFP certificate, you will have to clear the CFP exam (although you should first check the eligibility to sit for the CFP exam)

Who can sit for the CFP exam?

You need to fulfill CFP’s board certification coursework in order to be eligible for the exam.

What is the Pattern of the CFP Exam?

The CFP exam is a 170 multiple choice questions, computer-based exam. It consists of two 3-hour sessions with 40 minutes of break in between. The exam is conducted in March, July, and November. You will find standalone MCQs, scenarios-based questions, and case studies.

How much time should I invest in clearing the CFP exam?

Most sincere aspirants spend around 250 to 300 hours of studying time to clear the CFP exam. Some candidates require more time. In case of being unsuccessful in your first attempt, you can clear the exam in another attempt. Although, the ideal duration for the CFP exam prep is 6 months.

Is the CFP exam hard?

The CFP exam is complex and challenging. It is one of the most respected certifications in the financial industry and therefore is quite competitive. The questions asked are not memory-based concepts but rather require you to put your theory into practical learning. Cases studies would require you to go through the vast information to collect useful information and answer the questions as per the requirements. Substantial practice and hard work can help you easily clear the exam. If you stay organized and practice enough questions, you can pass the exam in your first attempt. You can enroll in the best CFP review courses like CFP Prep by Achieve, which enables candidates to solve more than 1900 practice questions. Becoming familiar with the pattern and focusing on your weakness can help you ace the exam.

What are the registration fees for the CFP exam?

There are various levels in pricing:

  • Registration 6 weeks before the deadline: $825
  • Registration between 6 weeks and 2 weeks: $925
  • Registration 2 weeks before the deadline: $1,025

What are the passing rate and cut-off for the CFP exam?

According to the CFP board, the cut-off is based on the minimum competency level required to pass the exam. It is decided by the CFP board every year. In 2021, the pass rate for the CFP exam was 62 percent. This percentage is consistent over years.

Can I retake the CFP exam if I fail?

Yes, you can retake the CFP exam. After your first attempt, you can take the exam two more times in 24 months. However, you cannot take the exam after your five attempts.

Ready to begin your career?

We hope this article satisfies most of your queries. For further questions, you can connect with us at contactus@mcqdb.com. You can also subscribe to CFP Prep by Achieve, which offers 1900+ practice questions along with detailed explanations, in-depth insights, advanced revision features, and much more.