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CFP Examination

Multiple-choice or constructed-response questions first?

Posted by David Gobeil on

There is some debate as to whether to answer the multiple-choice or constructed-response questions first. You could do the multiple-choice questions first to get a quick sense of accomplishment. Then, take a deep breath, adjust your pace and start on the constructed-response questions. We would want to do the constructed-response questions that are most demanding of our attention first: while we are fresh, not as we approach exhaustion in the late morning or afternoon.

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Time management for multiple-choice questions

Posted by David Gobeil on

The Guide to Examinations for CFP Certification says: “The CFP Examination is a competency-based examination of up to six hours in duration. Approximately three quarters of the examination will consist of constructed-response questions and one quarter of multiple-choice questions. “For the multiple-choice items, candidates must select the most appropriate or best answer from the options provided for the scenario presented in the question. There is only one correct answer for each multiple-choice question and marks are not deducted for incorrect responses.” The CFP Examination is six hours in duration. Although the FPSC can change it: there have been 26 multiple-choice...

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Constructed-Response Questions

Posted by David Gobeil on

On The CFP Examination, you will find 20 or more constructed-response questions.  A constructed-response question is a question that requires you to produce an answer in your own words, using a computer. These questions will range from short-answer questions to longer, extended-response questions. The questions involve client situations that require you to complete an analysis, prepare a written report, draft a financial plan or write a letter to a client.  Templates  Each of these questions includes a response template. A response template is a table with titles and other guidance that directs you in responding to a question. Apparently, every question...

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The CFP Examination Blueprint

Posted by David Gobeil on

The Blueprint sets out the parameters as to what is assessed on the examination and the percentage value assigned to competencies as defined within the CFP Professional Competency Profile. Levels of Complexity According to the Blueprint, the level of complexity generally increases as the difficulty of the situation and information to process increases and the number of variables to consider and the need to integrate different variables increases. Level of complexity is broken down into three levels. Basic complexity: 5% to 15% Basic requires application of knowledge of various facets of financial planning to straight forward financial planning situations. Questions...

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Technical knowledge in Professional Competency Profile

Posted by David Gobeil on

The required technical knowledge with the topics classified as to levels of knowledge is included in Appendix B of the CFP® Professional Competency. We suggest that you print a copy of Appendix B and use it as a checklist. Every question on the Exam will include a client situation and require you to analyze the information about the client. This analysis may only require you to calculate some amount or it may require you to evaluate financial planning strategies. Awareness and Understanding Based upon the courses that you took in order to be eligible to write the CFP Examination, you...

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