About The Exam:
The CFP exam is conducted by the Board of Certified Financial Planners. It verifies whether or not you possess the qualities and knowledge to become a Certified Financial Planner. To assess your ability to apply theoretical knowledge to practical situations the exam makes use of case studies.It makes sure that you are knowledgeable enough to practice as a professional.
Format Of The Exam:
The CFP exam is structured multiple choice format. The exam will consist of two types of multiple choice questions- Brief Scenario questions and Detailed Case Study questions.
Brief Scenario Questions:In these type of questions, a brief scenario will be provided to you. On the basis of this scenario you will be given six multiple choice questions worth two points each. These questions whether or not you have a good knowledge of the theory underpinning financial planning.
Detailed Case Study Questions:In these type of questions you will be provided with a detailed case study or real-life scenario. This detailed scenario is succeeded by ten to twenty questions. These questions your ability to apply their theoretical knowledge to the real life situations. The exam usually contains three such case studies and the questions are worth three marks each.
The areas that will be tested in the exam are as follows:
General Principles of Financial Planning
Insurance Planning and Risk Management
Employee Benefits Planning
Income Tax Planning
Investment Planning
Retirement Planning
Estate Planning
How To Prepare For The Exam:
The CFP exam thoroughly tests your ability in financial planning, ensuring that they are suitable for professional practice. A Certified Financial Planner (CFP) Exam Study guide can prove quite helpful. It can guide you through the entire syllabus and make you familiar with the type of questions. You can also get some tips from experts that would help you manage your time for this timed test. So grab your copy of study guide today and make the best out of your preparation time. Good Luck!