CFP® Certification Examination
Guide to CFP® Certification

The CFP® Certification Examination is designed to assess your ability to apply financial planning knowledge to real-life financial planning situations. By passing this exam, you demonstrate to the public that you are at the appropriate level of competency required to practice financial planning.

Eligibility
You can apply for the CFP® Certification Examination when you have successfully fulfilled the education requirement.

Development
To develop exams that reflect the current practice of financial planning, CFP Board conducts regular job analyses by reviewing the typical tasks performed by planners and assessing the knowledge and skills needed to perform these tasks.

Valid job-related exam topics are developed and exam questions written by task forces that include practicing financial planners and financial planning educators. The exam questions are subjected to a rigorous review by CFP Board's Council on Examinations and subcommittees of content experts composed of practicing planners and educators. Each question is answered - and assessed - by practicing financial planners.

Samples of retired exam questions may be downloaded or viewed. The sample multiple-choice questions provide you with an understanding of question format, but should not be used as a practice exam or indicator of exam preparedness.

The CFP® Certification Examination tests current tax law, and the tax tables and other indexed numbers provided to examinees with the exam booklets will reflect current year tax law, with the exception of any recent tax law changes signed into law six months or less prior to the exam administration date. For example, a tax law signed into law in January would not be eligible for testing on the March exam but would be eligible for testing on the July exam and thereafter.

A document with the tax tables and other indexed numbers provided to examinees with the exam booklets is available on CFP Board’s Web site with an indication of the exam administration(s) to which it applies.

Questions and Case Scenarios
All questions on the CFP® Certification Examination are presented in a multiple-choice format. There are two primary types of questions. The first type is in the form of a brief fact or scenario. Enough facts are given to allow the tester to answer from one to six questions that follow. These questions are worth two points each.

The second type of question is presented following an extensive case scenario. After reading each scenario, you will be asked to answer 10 to 20 multiple-choice questions. Typically, there are three case scenarios and three corresponding sets of questions on each exam. Each case question is worth three points.

Balance of Emphasis
The CFP® Certification Examination will test your ability to integrate knowledge from all of CFP Board's specified topic areas. Questions may focus on discrete topics or may require knowledge of several topics. Each exam attempts to achieve a distribution of the topics based on the target percentages shown for each category.

Cognitive Level
The cognitive levels that are tested on the CFP® Certification Examination are:

• Knowledge
• Comprehension/Application
• Analysis/Synthesis
• Evaluation

The CFP® Certification Examination measures your critical thinking and problem-solving ability, with less emphasis on the first cognitive level.

Logistics

Test Dates
The CFP® Certification Examination is scheduled to last 10 hours over a day and a half and is held three times a year, generally on the third Friday and Saturday of March, July and November. The exam is a pencil-and-paper format and consists of one four-hour session on Friday afternoon, and two three-hour sessions on Saturday. Exam locations are available in more than 50 locations around the U.S. Exact location sites are not secured until after the application deadline so that we may accommodate all applicants; information about exact exam location sites is provided to applicants approximately two weeks prior to the exam date.

Application Submittal

If you have completed the education requirement for CFP® certification and are ready to apply for the CFP® Certification Examination, you may apply online.

CFP Board must receive complete exam applications no later than 5:00 p.m. Eastern time on the application deadline. Late applications will not be accepted under any circumstances. Only complete exam applications will be processed. The following constitutes a "complete" exam application:

• Application (in full) signed and dated
• Exam fee (in full)
• Appropriate qualifying documentation (e.g., transcript, certificate, diploma or license)

Your exam application will be reviewed by CFP Board; however, your exam will be administered by Prometric, in Lawrenceville, New Jersey.

Alternate Test Dates and Special Accommodations
If you cannot test on Fridays and/or Saturdays because of religious beliefs, CFP Board will make alternate testing arrangements. A written request for such accommodations must be included with the application, along with a letter from your religious leader.

CFP Board will make reasonable accommodations for anyone who, because of a disability, will need special accommodations to sit for the CFP® Certification Examination. A written request for such accommodations must be included with the application, along with a physician's letter outlining the disability and suggesting the special accommodations that would best address this disability.

International Test Sites
CFP Board will establish international test sites for the CFP® Certification Examination on a case-by-case basis for a site fee of $1,475 in addition to the regular exam fee.

Fee
The fee for the CFP® Certification Examination is $595 and must be paid in full by the application deadline. Provisions for refunds and conditions of forfeiture of fees are described in the "Withdrawal" section below.

Veteran Affairs
The fee for the CFP® Certification Examination is eligible for Veteran Affairs (VA) reimbursement through the License and Certification Approval System (LACAS) under United States Code Title 38, Chapter 3689. Go to www.gibill.va.gov/pamphlets/lcweb.htm (Licensing and Certification section) for more information.

Scheduling Confirmation

Upon acceptance of your exam application, you will be sent confirmation of your exam registration. You can also log in to CFP Board's Web site to confirm your exam status.

You will be sent an admission ticket by e-mail approximately two weeks before the exam date. The exact time and location of the exam are printed on the ticket. You must bring the ticket with you to the exam on both days. In general, you must report to the testing facility by 12:30 p.m. on Friday and 8:30 a.m. on Saturday. A government issued photo ID, matching the name under which you registered, must be presented at the exam center.

Withdrawal

If you are unable to take the CFP® Certification Examination for which you were registered, you have the following options:

1. Withdraw from the exam and re-register for a later exam, paying a $50 re-registration fee.
2. Withdraw from the exam and request a refund of the refundable portion of your exam fee ($50 of the exam fee is non-refundable).

You may withdraw from the exam and immediately re-register or request a refund, or you can maintain a credit with CFP Board of the refundable portion of your exam fee and re-register or request a refund up to 24 months from the date of the exam for which you last registered. If you fail to re-register or request a refund within this 24-month period, the entire exam fee will be forfeited.

The refundable portion of your exam fee is the amount of the exam fee, less the $50 non-refundable fee.

CFP Board must receive requests for withdrawal from the exam no later than 5:00 p.m. Eastern time on the withdrawal date listed below.

Exam Date	Application Deadline	Withdrawal Deadline
March 19-20, 2010	February 3, 2010	February 9, 2010
July 16-17, 2010	June 1, 2010	June 8, 2010
November 19-20, 2010	October 5, 2010	October 12, 2010

Requests for withdrawal or re-scheduling received after the Notification of Withdrawal dates listed above will not be honored and the entire exam fee will be forfeited.

Failure to Appear

If you fail to appear for the exam, you will forfeit the entire exam fee. Certain allowances are made for medical or other emergencies.

Medical or Other Emergencies
CFP Board will consider waiving the fee forfeiture in case of a medical emergency. Your request for such a waiver must be made in writing and supported by verifying documentation from a physician, which clearly states that you are physically unable to appear for the exam due to personal or immediate family medical issues. Your request must be received within 10 business days after the exam dates. Requests will be reviewed on a case-by-case basis. Requests received after the 10 business day timeframe, or not supported by verifying documentation, will not be reviewed.

What to Bring to the Exam
You should bring the following items to the exam site:

• Admission ticket
• Government-issued photo identification, such as a driver's license, matching name under which you registered
• #2 pencils (or other comparable soft graphite or mechanical pencils)
• One or more battery-powered, hand-held financial function calculator(s)*

*You will need a financial calculator with an internal rate of return (IRR) function for problems with unequal periodic cash flows. Calculators with alphabetic keys and/or paper-tape printing capabilities will not be permitted. Calculators must be cleared of all programmed formulas prior to each section of the exam, and no programming functions on the calculator may be used during the exam. Calculators are subject to inspection by proctors, and violation of this policy will result in removal from the exam room and forfeiture of the exam registration fee.

Food or drink (including water) is not permitted in the exam room. Individuals who require access to food during any of the exam sessions may bring a small snack to be consumed outside of the exam room. All exam sites provide access to water fountains located outside of the exam room.

The exam booklets will contain other needed information, such as income tax rate tables for individuals, corporations and estates and trusts; income tax standard deductions, phaseout thresholds for itemized deductions and personal exemptions; the estate and gift tax table and a table of applicable credit amounts; investment formulas; and scratch paper.

Misconduct
You will be expected to conduct yourself in an ethical manner before, during and after the CFP® Certification Examination. Actions such as, but not limited to, using any prohibited aids in connection with the exam, attempting to give or receive assistance, or otherwise communicate in any form with another person about the exam during the exam administration, will result in investigation by an independent entity and/or CFP Board. In some cases, CFP Board may take disciplinary action, if appropriate. If you are found to have demonstrated exam misconduct, your exam may not be scored, the exam fee may be forfeited and you may be barred from taking any CFP Board exam for three years from the date of the incident.

Before taking the exam you will sign a statement prohibiting you from sharing exam questions with any entity other than CFP Board. Revealing questions may result in disciplinary action including, but not limited to, monetary restitution, being permanently barred from taking any CFP Board exam or prosecution under copyright law. If a review course provider or academic program asks you to reveal specific questions - as opposed to a general impression of the exam and strengths/deficiencies in that provider's program - please report the incident to CFP Board.

Acceptable Qualifying Documentation
The CFP® Certification Examination application form must be accompanied or followed with documentation verifying your qualification (see below for acceptable documentation for each eligibility type). Documentation must be received at CFP Board no later than 5:00 p.m. Eastern time on the application deadline. Late applications will not be accepted under any circumstances.

CFP Board-Registered Program – photocopies of transcripts, diplomas, score reports or a letter of authorization from the program director. If you completed individual courses at two or more CFP Board-Registered Programs but have not completed, or had credits transferred to, any one entire program, you must provide photocopies of transcripts from each CFP Board-Registered Program you attended.

CEBS – a photocopy of your CEBS designation plus a transcript or score report showing completion of the Personal Financial Planning I and II courses.

CFA® – a copy of the certificate, a copy of the congratulatory letter from CFA Institute, a copy of a verification letter from CFA Institute or a printout of charter holder directory from CFA Institute’s Web site, www.CFAinstitute.org.

CLU and ChFC – a copy of the certificate, a copy of the congratulatory letter from The American College, a transcript, a score report (only the last score report is necessary as it lists all previous credits/courses), Sylvan test site score report printouts or a printout from the student access center of The American College’s Web site www.TheAmericanCollege.edu.

CPA – a copy of your CPA license (must not be expired), a recent printout (not more than 90 days old) from a state board of accountancy Web site noting your current CPA license status (active) with unexpired expiration date, a copy of your inactive CPA license showing unexpired expiration date and a letter of good standing from state board of accountancy noting status (inactive), unexpired expiration date and statement of good standing, a recent printout (not more than 90 days old) from a state board of accountancy Web site noting your current status (inactive) with unexpired expiration date and statement noting status is in good standing (not available from all web sites). CFP Board will NOT accept CPA certificates, AICPA membership cards and expired, exempt or revoked licenses. State board of accountancy Web sites may be located through the AICPA Web site at www.aicpa.org/yellow/ypsboa.htm.

International CFP® Certification - written documentation verifying that you hold a current CFP® certification issued by one of the affiliate organizations of Financial Planning Standards Board, Ltd.

Licensed attorney – a copy of your license (must not be expired), a recent (not more than 90 days old) letter of verification from appropriate licensing body noting you are admitted to practice, a recent printout (not more than 90 days old) from an appropriate licensing body’s Web site showing active status and unexpired expiration date, or a letter from an appropriate licensing body noting your license is inactive but in good standing.

Ph.D. in business, economics or business administration (DBA) – a copy of transcripts (unofficial or student issued are ok) or a letter from registrar’s office noting conferment of degree and major. CFP Board does NOT accept copies of diplomas unless the major of economics, business or business administration is noted on the diploma.

Scoring
Answers to the exam questions must be recorded on the answer sheet. No credit is given for answers noted in the exam booklet. Select only one answer for each question. Multiple responses to a single question will be scored as incorrect. Your score is based on the number of correctly answered questions.

Exam Results

Exam results are released approximately eight weeks after the exam date and are delivered via first class mail.

Neither CFP Board nor Prometric will disclose exam results over the phone or by fax. All exam books are the property of CFP Board and will not be returned to you.

Pass Score

The CFP® Certification Examination is a pass or fail exam. The primary goal of a certification exam is to separate those who have met the certification standard (passing) from those who have not (failing). Certification exams are generally constructed to provide the best precision at the passing point. They are not designed to rank-order candidates. Therefore, rank-ordering scores in a fashion that would suggest the degree to which a candidate failed (or passed) would be an inappropriate use of test results.

The method used to score your exam (a modified Angoff method) is in accordance with voluntary certification examination standards. Establishing the pass score is based upon a "criterion-referenced" rather than "norm-referenced" methodology. The norm-referenced methodology, which is common in the academic world, uses a bell curve to establish the "average" score needed to pass the exam. Whether you pass or fail a norm-referenced exam depends on your relative standing in comparison to the other test takers.

In contrast, the criterion-referenced methodology does not rely on a bell curve. Your performance will not be ranked in comparison to others taking the test. Instead, your performance is scored against an established level of competency. Also, although every effort is made to calibrate test difficulty level in advance, there always will be slight differences in the overall ease or difficulty of one exam as compared with another. So, before the minimum passing score is set for this exam it will be statistically equated with past exams. This means that you will be not be advantaged if this exam is easier than past exams, nor will you be disadvantaged if it is more difficult.

If you fail the exam, you will receive feedback on the major content areas where your test performance was below the minimum competency level. Scores, percentages or grades are not provided on this exam.

Re-examination Procedures
If you fail the CFP® Certification Examination and elect to retest, you are required to retake the entire exam. There is no limit on the number of times you may retake the exam. You will have to pay the current exam fee for each retake.

Review and Appeals
For security reasons, exam material is not available for review. Neither the staff of Prometric nor of CFP Board will discuss specific exam questions. You may submit your comments about exam questions in writing via email to examinations@CFPBoard.org or by mail to:

CFP Board
Attn: Exam Administrator
1425 K Street, NW, Suite 500
Washington, DC 20005

All comments about exam questions must be received by CFP Board by midnight Eastern time on the Wednesday following the exam dates in order to be considered and reviewed. CFP Board's Council on Examinations will review comments relating to the exam but will not make written responses to comments.

If you feel your answer sheet was scored incorrectly, you may request a hand scoring for a $40 fee. Submit a request to CFP Board by calling 800-487-1497 within 10 business days of the online release of the exam results. Requests made after the 10 business days will not be honored. In the event there is a discrepancy between the hand-scored and machine-scored results, hand-scored results will prevail.

Appeals of exam policies are handled by CFP Board's Council on Examinations, which meets three times a year. Specific requests for appeals must be made in writing and addressed to the Council on Examinations in care of CFP Board. Appeals will be reviewed by the Council on Examinations at its regularly scheduled meetings.

Exam Review Course Providers
CFP Board does not assess the quality, nor does it endorse or recommend any one of the courses or its materials. Review course providers' performance ratios are not available from CFP Board.

When seeking review courses or study materials for the CFP® Certification Examination, consider asking the following questions of the provider:

• Do key personnel have the backgrounds required to develop and maintain the course? Is a CFP® certificant involved in the development and maintenance of the course material?
  
• How do I sign up, receive materials, ask questions or access faculty? Does the provider have written complaint policies/procedures?
• Does the provider offer a live review course, and is there one scheduled in my area?
• What is the cost of the course and materials; dates of availability; cost of updates, if any?
• Does the provider possess the organizational and financial resources to carry out its program on a continuing basis?

Topic List for CFP® Certification Examination
(Download Topic List)
The Topic List for CFP® Certification Examination, based on the 2004 Job Analysis Study, is the basis for the CFP® Certification Examinations. Each exam question will be linked to one of the following topics, in the approximate percentages indicated following the general headings. Questions will pertain to all levels in Bloom's taxonomy with an emphasis on the higher cognitive levels. Questions often will be asked in the context of the financial planning process and presented in an integrative format.

In addition to being used for the CFP® Certification Examination, this list indicates topic coverage requirements to fulfill the pre-certification educational requirement. Continuing education (CE) programs and materials that address these topics will be eligible for CFP Board CE credit.

(References to sections (§) in this list refer to sections of the Internal Revenue Code.)

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