Posted by: Kaplan Financial Education
Published: November 13, 2018
Last year, just over 7,500 individuals sat for the CFP® exam in the March, July, and November exam windows combined. If you are planning to sit for the CFP® certification exam in the near future, you’re probably wondering how big of a challenge you’re about to face (be sure not to fall for these common myths). We’ve put together this resource as an all-inclusive answer source for your questions about the difficulty of the CFP® exam...and how to improve your odds of success.
The overall pass rate for the CFP® exam in 2017 was 64%. That pass rate has remained relatively consistent since CFP Board introduced a new exam blueprint prior to the March 2016 CFP® exam. The new blueprint was based on the 8 Principal Knowledge Topics that were defined in CFP Board’s 2015 Job Task Analysis Study.
The topics tested on the CFP® exam are essentially CFP Board’s 8 Principal Knowledge Topic Categories. Every question you face will directly tie back to one of these eight topics. According to CFP Board, the topic categories, and their weight on the exam, can be broken down as follows:
|Professional Conduct and Regulation||7%|
|General Principles of Financial Planning||17%|
|Risk Management and Insurance Planning||12%|
|Retirement Savings and Income Planning||17%|
As you can see, there’s no single topic that dominates the CFP® exam curriculum. The test is truly designed to assess your understanding across all of the Principle Knowledge Topic Categories. But with three of the topics, at 17% each, collectively making up over 50% of the exam, it is essential you have a firm grasp on those three topics to be successful. In addition, the exam contains two case studies that comprise 20% of the 170 multiple-choice questions.
The CFP® exam is not easy. It requires a significant investment of time to be successful. But most of the time, failure on the exam is the result of poor preparation. Investing in exam preparation is a way to avoid that. In addition, these tips will help you develop the knowledge and confidence necessary to pass the CFP® exam.
Preparing for the CFP® exam can be a daunting task. Making a CFP® exam study plan is the best way to ensure you use your study time efficiently and are ready to pass on test day. Download this free eBook to learn how to create a CFP® exam study plan that works for you.