Let’s face it: the Certified Financial Planner® (CFP®) exam is no walk in the park.
Come every March, July, and November, the anxiety in the finance classrooms becomes so thick you can practically slice it with a knife.
And it’s easy to see why!
According to the CFP Board, only 65% of exam takers pass. Luckily, you can still walk into your testing center with confidence and pass with flying colors on your first try.
The secret? A smart, strategic plan starts with the tips you’ll learn here.
Whether you’re just starting out or fine-tuning your study plan, we’re here to help you succeed. Let’s dive into the top tips you need to know to help you ace the CFP® exam–no retake required.
Key Takeaways
- Start early: Begin preparing at least 3-6 months before your exam date.
- Use multiple study methods: Combine self-paced study with CFP® review courses and practice exams.
- Focus on real-life scenarios: CFP® exam questions often relate to actual financial planning situations.
- Don’t skimp on practice questions: The more you practice, the better grasp you’ll have on the material covered.
- Stay calm on test day: A good night’s sleep and a clear head will help you perform your best.
1. Create a Comprehensive Study Schedule
One of the best ways to prepare for the CFP® exam is to create a study schedule that fits your lifestyle. Cramming for 20 hours the week before the exam isn’t nearly as effective as pacing yourself with two- or three-hour sessions spread out over time. Start studying for the CFP® exam three to six months before your test date. This can help you feel less overwhelmed (and more empowered!) as the testing window approaches.
Make sure to leave plenty of time to review materials closer to your test day. Whether you’re tackling professional conduct and regulation or digging into retirement savings strategies, a little extra time can make all the difference.
2. Use Multiple Study Resources
Everyone has a different learning style, and it’s important to figure out what works best for you. Many candidates find success by combining different resources, such as a live exam review course, self-paced online classes, or CFP® Board-offered materials. These resources will give you a variety of perspectives on the financial planning concepts that the CFP exam covers.
You can’t overestimate the value of practice exams, too. It may even be in your best interest to take a practice exam before you start studying so you can identify your weak spots and allocate more study time to them. Naturally, practice makes perfect, so the CFP Board recommends studying with as many practice questions as possible.
3. Focus on Real-Life Scenarios
The CFP® exam requires a deep understanding of the financial planning process, which is why test takers often encounter real-world scenarios in their exam questions. It’s not just about knowing the rules; it’s about applying them in situations you’ll actually face in your financial planning career. This includes tasks like income planning, retirement savings, education planning, and more.
Use your review materials and practice questions to familiarize yourself with these scenarios. The more comfortable you are with applying financial planning knowledge to real-world situations, the more confident you’ll feel on exam day (and in your future career!).
4. Take Practice Exams
Practice exams are your best friend when preparing for the CFP® exam. Not only do they help with exam preparation, but they also give you a chance to identify your weak spots. Many review courses include a test bank of questions that mimic the actual test questions you’ll face. And since the exam is multiple-choice, practicing with similar types of questions will help hone your test-taking skills.
Further, taking several practice exams before the big day will also help with time management. You’ll get used to pacing yourself through the material in two or three-hour sessions, just like the real deal. Aim to take at least one or two full-length practice exams in the weeks leading up to your exam date.
5. Stay Calm and Confident on Exam Day
By the time exam day rolls around, you’ll have put in the work. Now, it’s all about staying calm and confident. Make sure you get a good night’s sleep before the exam, and leave plenty of time to get to the test center. The CFP Board offers exams in testing windows during March, July, and November, so plan your study time accordingly.
On test day, don’t stress if a question seems tricky. Remember: by then, you’ll be more than prepared to succeed! According to one successful test-taker:
“I remember vividly taking the exam in 2016 and getting through the first 10 questions and immediately thinking “yup, I’m screwed.” And that did nothing but ruin my mentality for the rest of the exam. If you get to a question on the exam that you’re clueless about, take a deep breath, fill in an answer, mark it for review to go back later if you have time, and then, in the wise words of Ted Lasso, be a goldfish. Forget about that question and move on to the next one with the confidence of knowing you’re more than prepared.”
Keep your cool, focus on what you’ve studied, and use the process of elimination on multiple-choice questions. Don’t be afraid to leave a question and return to it later. Remember, the CFP Board’s pass rate shows that most candidates pass on their first attempt—so can you!
6. Prioritize Self-Care
Self-care isn’t optional when it comes to a pursuit as stressful as the CFP® exam. But it’s not just woo-woo nonsense; self-care can lead you to success and prevent burnout. According to a successful candidate who passed the test
“Exercise helps with daily stress. Consider taking a walk after an hour or two of studying. Sometimes I would work out and/or practice cello between study sessions, and that was always rejuvenating.”
It’s no surprise that self-care increases mental abilities by shielding students from brain fog and fatigue. However, it’s so much more than that. Students who participate in self-care routines also report lower stress levels and a higher quality of life overall.
Conclusion
Studying for the CFP® exam is a marathon, but with a comprehensive and thoroughly organized study plan, you’ll cross the finish line victorious. For the best outcome, use a combination of resources like practice exams, review courses, and real-life scenarios to guide your studies. The CFP® exam requires dedication, but if you keep these tips in mind, you’ll be well on your way to passing the exam and earning that coveted CFP® certification.
FAQs
The CFP Board recommends studying for at least 250 hours. Break this down into manageable chunks by starting early, fitting studying into bite-size 2-3 hour chunks when you can, and getting ready to sacrifice some time for the sake of your future.
Use a self-paced course, take multiple practice exams, and review as many practice questions as possible. This will help you cover all exam topics and solidify your knowledge of the financial planning process.
The CFP® pass rate for first-time test takers typically hovers around 60%. But don’t let that intimidate you! With a solid study plan, you can set yourself up for success and aim to be part of that group without the stress of a retake.
The exam covers a broad range of financial planning concepts, including retirement savings, income planning, professional conduct, estate planning, and personal finance. Make sure to review all exam topics using the CFP Board’s recommended resources.
Time management is key! Take multiple practice exams to familiarize yourself with the format. Each section is three hours long, so it’s important to pace yourself. Keep an eye on the clock, and if a question stumps you, move on and come back to it later.
