CFP® Exam 101: Everything You Need to Know to Pass the CFP® Test
The CFP® exam is for the financial industry what the bar is for the legal industry. Being a CERTIFIED FINANCIAL PLANNER™ [professional] is largely considered the gold standard in financial planning. Of the approximately 270,000 financial advisors in the U.S., only about 83,000 are CFP® [professionals].
“If you’re serious about personal finance, your education and standing out from the masses, you want the CFP,” says Rianka Dorsainvil, a CERTIFIED FINANCIAL PLANNER™ [professional] in the District of Columbia, and founder and president of Your Greatest Contribution. That said, becoming a CFP® [professional] is no cake walk.
The CFP® exam is likely the hardest test you’ll ever take, Dorsainvil says. “Think of the hardest exam you took in college then times it by 10.”
Preparing to take the CFP® exam begins months or even years before you actually sit to take the test. Many prospective financial planners begin preparing for the CFP® exam, but not all complete it.
“We’ve done studies around when we lose people in the process,” says John Loper, a CERTIFIED FINANCIAL PLANNER™ [professional] and the CFP Board’s managing director of professional practice. “We lose a lot of people after the first and second course, and I think it’s primarily because they underestimate the amount of time and dedication required to pursue the CFP® exam.”
To successfully pass the CFP® exam, you must get yourself in the proper mindset. That mindset begins with knowing what to expect from the CFP® exam….
U.S. News & World Report
By Coryanne Hicks
January 31, 2019