One of the most important factors in a candidates success on the CFP® Certification Examination is the amount of time they spend studying for the exam. Consider that it takes about 150-175 hours of total prep time to get “exam ready”, not including time spent attending the review. Figure 100-125 hours to work through pre-study materials and another 40-60 hours of post-review studying.
It’s a good idea to determine the number of hours you can study each week, divide that number into 175 to budget how many weeks you need to study. Once you know the total number of weeks you need to study, work backwards from the exam date to determine the ideal date to begin your studies. On average, if you can study for 10 hours per week, you’ll need to start studying 17.5 weeks prior to the exam, or a little over 4 months. If you can study for 15 hours per week, you’ll need about 12 weeks or 3 months. The point is, start early to be sure you can get all the studying done necessary to pass the exam. Something else to consider is attending The Dalton Review twice, before taking the CFP(r) Certification Examination. Once you enroll in The Dalton Review, you can attend as many times as you want, at no additional cost. By starting early, attending the review twice and putting the required time into studying, you’ll be in great position to pass the exam on your first try. So, consider attending the review that’s offered prior to the exam you’re actually going to take. The more times you hear the material, the deeper understanding you will get each time.
Here’s an example of an ideal study plan:
March Exam - Attend the review in Nov., study Dec. - March, attend the review again in March and pass the March exam.
July Exam - Attend the review in March, study April - July, attend the review again in July and pass the July exam.
Nov. Exam - Attend the review in July, study Aug. - Nov., attend the Nov. review, pass the Nov. exam.
Happy Studying!
Joseph M. Gillice, CPA, CFP®
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