CFP Board Moving to Computer-Based Testing For CFP® Certification Examination
New platform will offer more access and opportunities for exam-takers
Washington, D.C., January 9, 2014 – Certified Financial Planner Board of Standards, Inc. announced today that it is transitioning to a computer-based testing platform for its CFP® Certification Examination, offering individuals more accessibility to complete initial certification requirements.
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The move to computer-based testing (CBT) will be effective with the November 2014 exam. The final paper-based exams will be administered this March (March 21-22, 2014) and July (July 18-19, 2014).
"This move to computer-based testing provides test-takers increased opportunities to take the exam while retaining the rigor of the CFP® Certification Examination," said CFP Board’s Chief Executive Officer Kevin R. Keller, CAE. "Those taking the CFP® Certification Examination will find a greatly improved experience that tests their knowledge of financial planning and helps prepare them to be ethical and competent CERTIFIED FINANCIAL PLANNER™ professionals."
The CFP® Certification Examination is just one of several criteria that need to be met in order to become CFP® professionals. In addition to passing the exam, candidates also must meet CFP Board’s experience requirements, pass a background check, have a Bachelor’s degree (or higher) and successfully complete a college-level program of study in personal financial planning.
One of the greatest benefits to computer-based testing is that exam-takers will immediately have access to preliminary – though unofficial – results of their exam. Official results will be available within 1-2 weeks versus the current 5 weeks.
Additional benefits of computer-based testing include:
- Convenient and Comprehensive One-Day Exam. The current exam is administered over a day and a half period with ten hours of testing time. With CBT, the exam will be administered in one day with six hours of testing time.
- Expanded Number of Testing Dates. Currently there are three time windows (March, July, November) to take the exam. With CBT, there will still be three time windows, but there will be five testing days to choose from within those windows, for a total of 15 possible testing days.
- Increased Number of Testing Sites. There are currently 50 paper-based sites. With CBT, there will be more than 250 testing sites in the United States where test-takers can go to sit for the exam. A site is located within 25 miles of nearly 90 percent of CFP® certification candidates.
- Best Possible Exam Experience. These professionally-designed sites are quiet, comfortable, secure and accessible, offering exam-takers a consistent testing experience no matter which site they choose.
- Online Scheduling. Exam-takers will schedule their exam online, providing them flexibility in selecting their test date and testing site within the five-day window the exam will be offered.
- Equally Rigorous. The exam maintains the same content detailed in CFP Board’s exam blueprint, representing the requisite knowledge and abilities to deliver financial planning services to clients.
In making the transition to CBT, CFP Board is joining many other certifying bodies that administer exams through computer based testing, including the National Board of Medical Examiners, National Association of Boards of Pharmacy, American Board of Surgery and the National Registry of Emergency Medical Technicians. The CPA exam as well as various FINRA exams are also administered through CBT.
Prometric, a leading provider in testing services, is serving as CFP Board’s partner in administering the CFP® Certification Examination.