Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Your Guide to the CFP Certification Exam (2018 Edition)
    Your Guide to the CFP Certification Exam (2018 Edition)
    Your Guide to the CFP Certification Exam (2018 Edition)
    Ebook179 pages2 hours

    Your Guide to the CFP Certification Exam (2018 Edition)

    By Matthew Brandeburg

    3.5/5

    ()

    Read preview

    About this ebook

    "Your Guide to the CFP Certification Exam" provides the essential tools you need to pass the demanding six-hour exam. CFP instructor Matthew Brandeburg helps you diagnose your problem areas and develop an action plan, so you can stay organized and face the exam with confidence. Whether you're challenging the exam for the first time or trying again after an unsuccessful attempt, you'll learn the critical skills needed to pass, and no detail will be left untouched.

    This Study Guide Includes:
    - What to expect on the CFP Certification Exam
    - Unit summaries
    - 225 question practice exam
    - Sample case with analysis

    Inside This Study Guide You Will Learn:
    - How to track your progress using proven benchmarks
    - How many hours you need to study
    - How to identify problem areas using the diagnostic practice exam
    - How to complete the cases with more accuracy and less frustration
    - What you need to memorize within twenty-four hours of the exam

    LanguageEnglish
    PublisherCoventry House Publishing
    Release dateApr 5, 2015
    Your Guide to the CFP Certification Exam (2018 Edition)
    Author

    Matthew Brandeburg

    Matthew Brandeburg is a Certified Financial Planner in Columbus, Ohio. He serves as the Chief Operating Officer for a fee-only financial planning firm with over $700 million in assets under management and he's an active member of the National Association of Personal Financial Advisors (NAPFA). Matthew is the author of the books "Financial Planning For Your First Job," "Your Guide to the CFP Certification Exam," and "CFP Certification Exam Practice Question Workbook." In addition, he teaches the class "Financial Planning in your 20s and 30s" at Ohio State University.

    Read more from Matthew Brandeburg

    Related to Your Guide to the CFP Certification Exam (2018 Edition)

    Related ebooks

    Business For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      Planning To Win

      Dec 9, 2020

      Planning To Win
      3 min read

    • Article

      Getting To The Root Of The Problem: Using The Five Whys Method

      Feb 25, 2018

      The University of Sydney’s Dr Martin Tomitsch, co-author of the book Design. Think. Make. Break. Repeat. says a helpful exercise for facility managers is the five whys method, which came out of the auto industry to identify the root cause of problems

      1 min read

    • Article

      Take The Plunge

      Aug 10, 2017

      A few months ago, my boss asked me if I would like to take part in a Q Grading course. The first thing that crossed my mind was: “There is no way I have the time or the skills for that right now.” But instead of telling him that, I just said I’d thin

      4 min read

    • Article

      Manage Your Studies

      May 10, 2023

      Manage Your Studies
      2 min read

    • Article

      Nail Your Dream Job

      Jul 28, 2021

      Nail Your Dream Job
      7 min read

    • Article

      Why You Should Do An End-of-season Review

      Oct 31, 2023

      As the former head coach of British Triathlon's Olympic Programme, Ben Bright oversaw our most successful Games to date. He's also a former triathlon Olympian (Sydney 2000) and is now the national coaching consultant for British Triathlon. With the e

      2 min read

    • Article

      Ask The Expert

      May 5, 2023

      Ask The Expert
      3 min read

    • Article

      Deliberate Practice

      Apr 15, 2020

      Deliberate Practice
      7 min read

    • Article

      Find Your Study Method

      Mar 1, 2024

      Find Your Study Method
      4 min read

    • Article

      Time Management

      Jan 12, 2024

      AT THE start of a new year, it’s important to learn how to manage your time correctly. This skill is called time management. If you can learn to organise your time successfully, it can make a big difference to how you study, how well you handle your

      4 min read

    • Article

      Change Sustainability Your ROI Health Check

      Mar 28, 2019

      Change sustainability programs are as unique as each of the workplace projects themselves. They can be developed either to dovetail into the end of a change program where businessas-usual kicks in, or they can be integrated into a prototype rotation

      5 min read

    • Article

      Rising Up To The Challenges

      Dec 14, 2018

      A recent study by ASSOCHAM reveals that only seven per cent of India's management graduates match industry expectations. Lakhs of MBA graduates come out of business schools every year in the country. Apart from the IIMs and a few other management ins

      3 min read

    • Article

      BELL the CAT

      Feb 1, 2020

      If there is one exam in which you stand a chance to succeed, even with little time at your disposal, it is CAT (Common Admission Test). While a longer duration of preparation can increase your chances of success, you must remember that any game is de

      2 min read

    • Article

      How Do I Pass My Driving Test?

      Mar 21, 2024

      How Do I Pass My Driving Test?
      5 min read

    • Article

      The Holistic Student

      Oct 20, 2022

      The prospect of study – and later exams – can be an overwhelming thought for many students, resulting in stress and pressure. Exercise, a healthy diet and sleep can all play a valuable role during this time. Studying is mentally and emotionally deman

      2 min read

    • Article

      Beyond Busyness

      Aug 8, 2017

      JAN MCLEODis a highly respected coach, mentor, speaker and consultant, a specialist in the areas of high performance, wellbeing, nutrition and change strategy in the workplace. W: thecapacity equation.com.au, madforhealth.com.au We are fast approachi

      3 min read

    • Article

      How To Succeed As A Health Coach

      Dec 13, 2017

      Whether you’re a newly qualified health coach or a health and wellness professional wanting to set yourself apart from the pack, your career journey should be a life-changing and positive experience, for you as well as your clients. Yet, even with th

      2 min read

    • Article

      How to Become a More Strategic Leader

      Sep 1, 2019

      MY CAREER AT FACEBOOK started in 2006 as its first intern. Three years later, I became a rookie manager at the age of 25. Today, I manage an organization of hundreds of people. This journey has brought countless new challenges, mistakes and lessons.

      5 min read

    • Article

      How Long To Get In Shape?

      Jun 26, 2019

      How Long To Get In Shape?
      4 min read

    • Article

      How To Choose A YTT Course

      May 21, 2021

      How To Choose A YTT Course
      2 min read

    Related categories

    Reviews for Your Guide to the CFP Certification Exam (2018 Edition)

    3.5/5

    3 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Your Guide to the CFP Certification Exam (2018 Edition) - Matthew Brandeburg

      Contents

      Part 1: What to Expect on the CFP® Certification Exam

      How Much Should You Study?

      How to Prepare for the Exam

      Tracking Your Progress

      Recommended Study Schedule

      Exam Format

      Exam Provided Materials

      Test Taking Strategy

      Summary of How to Use This Guide

      Part 2: Unit Summaries

      General Principles of Financial Planning

      Insurance Planning and Risk Management

      Income Tax Planning

      Investment Planning

      Retirement Planning

      Estate Planning

      Part 3: Diagnostic Practice Exam

      Questions

      Answer Key

      Part 4: Case Studies

      Case Strategy

      Bonsell Case

      Bonsell Case Analysis

      Bonsell Case Answers

      Conclusion

      Appendix: Blank Worksheets

      Part 1

      What to Expect on the CFP® Certification Exam

      HOW MUCH SHOULD YOU STUDY?

      Because there will be so much material presented to you, it’s important to know how many hours you should study in order to be prepared for the exam. With a national pass rate just over 50 percent, the CFP® Certification Exam requires a high level of organization, and a carefully thought out plan if you want to pass. Your plan must begin with an understanding that you’ll probably never reach the point where you feel like you’ve mastered the material completely. However, if you study the right number of hours, you’ll know you’re as prepared as possible.

      The leading CFP® review providers recommend you spend the following number of hours preparing for the exam:

      • College for Financial Planning: 200 to 250 hours

      • Dalton: 200 hours

      • Kaplan: 200 hours before attending live review class

      • Keir: 200 to 300 hours

      • Ken Zahn: 140 hours before attending live review class

      I recommend studying three hundred hours and completing five thousand multiple choice questions before attempting the exam.

      HOW TO PREPARE FOR THE EXAM

      The most productive way to prepare for the CFP® Certification Exam is to complete as many practice questions as possible. This allows you to see which types of questions you’re likely to face on the exam, and lets you learn from your mistakes. It’s okay if you find yourself doing the same questions every few weeks, as long as your approach to answering the questions is still strong. In other words, if you’re simply memorizing answers it’s not a good use of your time. As a general rule, you should attempt one thousand practice questions before cycling back to previous questions you’ve already attempted. For any practice test or quiz that you take, be sure to record your scores on the summary sheets provided (see Appendix: Blank Worksheets). Tracking your progress is essential.

      During the first few weeks you’re studying for the exam, it’s common to score between 50 percent and 70 percent on practice tests. This can seem frustrating, but remain focused your end goal: Increase your overall test scores to a level where you’re consistently scoring 80 percent or higher. It usually takes one month to raise your average test score 5 percent. To achieve this, you’ll need to get into the habit of finding out why you missed each question that you did. Then commit the facts of the question to memory so you won’t miss a similar question in the future.

      The 225-question Diagnostic Practice Exam included in this guide will serve as your benchmark, and help you determine how much work is ahead of you. For example, if you score 65 percent on the Diagnostic Practice Exam, you’ll need to study an additional three months before you’re prepared for the exam. (Because it takes one month to raise your average test score 5 percent, it will take three months to increase your score 15 percent.)

      The Diagnostic Practice Exam also serves as your study guide. For each question you attempt, read the answer that follows and make sure you understand the key details of the question. If you find a topic that is particularly difficult for you, make note of it, and do additional research. The biggest obstacle to passing the exam is recognizing your problem areas so you can focus your time and energy accordingly. By using the Diagnostic Practice Exam as your roadmap, you’ll quickly and easily be able to pinpoint the areas where you need to spend additional time studying. Once you’ve mastered each topic, retake the exam to check your progress.

      TRACKING YOUR PROGRESS

      Use the blank worksheets provided in the Appendix to track your progress. You should become familiar with two worksheets.

      1. Study Journal

      On the Study Journal, record the date you studied, the length of time you studied, and the source of your study materials. Also list the subjects you focused your attention on (e.g., Investments, Retirement Planning, Estate Planning, etc.). Record any milestones you surpassed, such as reached 100 hours of study time, or finished reading Keir book for the second time. You goal is to study at least three hundred hours by test day. A blank Study Journal and a partially completed sample are provided in the Appendix.

      2. Practice Test Results

      On the worksheet titled Practice Test Results, record the number of times you worked on a particular set of questions, the source of the questions, how many questions you answered correctly, and how many you attempted. Then add up your figures at the bottom of the page. You should attempt at least five thousand questions prior to taking the exam, and your scores should exceed 80 percent by test day. A blank Practice Test Results worksheet and a partially completed sample are provided in the Appendix.

      RECOMMENDED STUDY SCHEDULE

      The following study schedule should be repeated each week until the exam. If you follow the schedule, you’ll achieve eighteen hours of study per week, and three hundred hours in just over four months. It’s important not to skip a day and to maintain a consistent pace. Of course, life gets in the way and it may not be possible to follow the prescribed schedule each day. If you’re forced to miss a day, try to make it up as soon as possible. If you find yourself consistently falling behind, you should consider taking the exam at a later date.

      Sunday: 1 hour organizing notes and developing study plan, 3 hours of case questions.

      Monday: 2 hours of multiple choice questions

      Tuesday: 2 hours of multiple choice questions

      Wednesday: 2 hours studying notes only

      Thursday: 2 hours of case questions

      Friday: 2 hours of multiple choice questions

      Saturday: 4 hours of multiple choice questions (focus on your weakest subject areas from the past week)

      You need to study the day before, and the day of, the exam. Some CFP® review providers say it’s best to clear your head before the exam. I disagree. You need to use the hours leading up to the exam to absorb any last minute details. As a first-time exam passer (passed March 2008), I can personally tell you it’s amazing how much knowledge you’ll lose once the test is over, and just how quickly it will go. With that in mind, you need to make studying stress-free within twenty-four hours of the exam, and use that time effectively as a refresher. Part 2 of this guide provides six unit summaries with key facts you need to know for the exam. You should study the six unit summaries during the twenty-four hour period leading up to the exam.

      EXAM FORMAT

      The CFP® Certification Exam is administered in a computer-based testing format. The exam consists of two 3-hour sessions separated by a 40-minute break. The exam is comprised of 170 multiple-choice questions, including stand-alone questions and sets of questions associated with short scenarios or more lengthy case histories. Scenarios can be brief, with few accompanying questions, or more extensive, with ten or more associated questions.

      Of the two sessions you’ll face, one will inevitably seem more difficult than the other. Anticipate this and move on. I have not heard of a CFP® exam where each session was equally as difficult in the eyes of the test takers. Don’t be discouraged if your first session is difficult, it will get easier.

      Based on the 8 Principal Knowledge Topic Categories provided by the CFP® Board, the estimated breakdown for the exam is:

      • Professional Conduct and Regulation: 7% = 12 questions

      • General Financial Planning Principles: 17% = 29 questions

      • Education Planning: 6% = 11 questions

      • Risk Management and Insurance: 12% = 20 questions

      • Tax Planning: 12% = 20 questions

      • Investment Planning: 17% = 29 questions

      • Retirement and Income Planning: 17% = 29 questions

      • Estate Planning: 12% = 20 questions

      Based on the 8 Major Domains provided by the CFP® Board, the exam can further be broken down

      Enjoying the preview?
      Page 1 of 1