The CFP® exam is equally as challenging as the CFA® exams, the CPA® exam, and bar exam. Every year, thousands of candidates go through this rigorous certification testing, but not everyone makes it to the finish line. However, you can pass the exam. It takes discipline, learning, and a great deal of practice. Successful candidates treat the exam like a marathon and prepare accordingly, using every available resource. Read on to learn how to pass the exam on your first attempt, and what some of the common pitfalls are that lead most people to fail.
According to the CFP Board, you should spend a minimum of 200 hours studying for the CFP® exam over the course of two or three months. Everyone’s schedule varies, but as a rule of thumb, you should devote about 15+/- hours per week to studying and preparing for the exam.
It’s easy to get discouraged when looking at the CFP® exam pass rates, which typically hover around 65% for first-time test takers. Some candidates fail because their study plan wasn’t comprehensive enough, while others put too much emphasis on memorization and not enough on understanding how the material applies to real financial planning situations.
After studying so hard, you’ll have plenty of time to showcase and apply your financial planning knowledge in real-life situations. The exam involves 170 multiple-choice questions and is divided into two 3-hour sessions with a 40-minute break in between.
Your exam screen will display a clock so you can easily keep track of the remaining time. During the exam, you can strikethrough text or highlight questions that you wish to review once more. Keep in mind that you won’t be able to edit your answers during or after the break.
The 170 questions fall into three different buckets: stand-alone questions, short scenario questions, and case study questions.
The stand-alone questions will have you choose from four answer options, while the short scenarios each feature, on average, three questions that will appear one at a time on the right side of the screen.
When it comes to case study questions, on the other hand, even the most prepared students tend to get stuck. Each case study scenario covers several pages, and there are 8-12 questions per case study. Candidates are expected to evaluate a hypothetical situation and identify the best course of action for their client — a complex task that requires both memorization and applied critical thinking. So, the case study section of the CFP® exam is usually considered the most difficult.
The standard registration fee for the CFP® exam is $925, but you can save $100 by registering six weeks before the registration deadline. There’s also a late registration rate of $1,025 applied during the final two weeks of registration.
If you fail and want to retake the exam, you must wait for the next testing window and pay the full fee. You may attempt the CFP® exam three times over the course of a 24-month period or up to a lifetime maximum of five times. There are three opportunities a year to take the exam, during 8-day testing windows in March, July, and November.
Failed the CFP® exam? Here's your 6-step plan to passing →
Give yourself the best chance of success with our CFP® review program, The Dalton Review®. We’ll bring you up to speed with this complete study program that includes live review classes taught by CFP® professionals and the most rigorous question bank in the industry.
We also offer a Guarantee to Pass™ option that guarantees you’ll pass your exam or get 100% of your money back. The Guarantee to Pass™ program offers additional lectures, supplemental Q&A sessions, and one-on-one coaching to help you target your weakest topic areas. We often hear our exam prep program is more challenging than the CFP® exam. We make sure our students are prepared to pass, on their first attempt.
Not sure where to start? Schedule a call with one of our friendly program advisors and learn how to start moving in the direction of your dream career!
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