In your preparation for the FPE1, you will undoubtedly focus on learning technical concepts. However, you will also require some finely-honed, exam writing skills.
One candidate who passed sent us the following note:
“In preparing for the exam, the most important thing that I have learned was that I needed the necessary technical knowledge, but I also needed excellent exam writing skills. I could only pass The CFP® Exam when I had both knowledge and skills.”
In subsequent Posts, we will describe these exam writing skills, as well as provide you with information on the format of the FPE1 and technical knowledge on topics, such as the Federal Budget.
Most candidates are very concerned about their technical knowledge.
The FPSC used to publicize the fact that you needed at least 70% in order to pass the Exam. Then, they said that they were no longer going to use 70% as the minimum mark and would determine the pass based upon other performance criteria, but they were not increasing the standards to pass the Exam. So, in order to pass the FPE 1, you must be able to answer at least 70% of the questions correctly.
Based upon recent feedback from candidates, the questions in our Collection of 1,000 Questions are generally more technically difficulty than those on the Exam. Any one of these questions could be on the Exam.
You must have a good understanding of the concepts and their application to client situations. This does not mean being able to do the most complex calculations, nor does it mean having an intimate knowledge of obscure provisions of the Income Tax Act.
There will be questions on the Exam that I could not answer because I could not figure out what they were asking, I did not remember some rate or rule, or I just made an error in answering the question. You may have the same experience, but you can get 30% of the questions wrong and still pass.