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Failing CFP® exams can be disheartening. As per the report, only 64% of the total participants passed the CFP® exam in March 2023. Yes, this is shocking. But, as we know that "Nothing Is Impossible", similarly passing the CFP® exam is possible. With some good tips and tricks, you can easily crack the CFP® exam on the first attempt.
So, how to pass the CFP® exam?
Nothing to worry about! We have this article for you. Here, you will find the 10 most effective tips for passing the CFP® exam.
Before continuing this article let's take a quick look at the CFP® exam details.
I failed CFP® exam. Now what?
“How can I pass the CFP® exam without failing?”
To achieve your goals, follow these ten tips to prepare, plan, and execute an effective strategy.
According to the CFP® Board, the best way to study for CFP® is advanced learning. Participants should study for their exams for at least 250 hours. To learn the material, you should set aside one to three hours a day, every day.
Depending on your memory, the number of hours will vary. Do you learn quickly? Do you think you'll be able to grasp the concepts easily?
The exam covers every topic in the syllabus, so make sure to learn the entire syllabus. Developing a habit of dedicating a specific amount of time to study helps.
By doing this, you will have no stress when the exams are approaching because you will be able to tackle all the relevant subjects without feeling overwhelmed. Revision requires enough time, so get started as soon as possible.
You can also prepare according to topics' weightage. Below is the weightage of each CFP® exam topics:
Before starting the prepration, think of a few question:
Now you need to create a plan that is efficient. With such a vast amount at hand, it's easy to get overwhelmed. You can tackle the syllabus more easily if you break it up into segments. After that, determine what your strengths and weaknesses are.
Creating a study plan that supports your learning style and empowers you to overcome challenging areas will help you succeed on the CFP® exams. Plan a course of action that works for you and stick to it!
Develop a study approach that plays to your strengths based on how you learn best. Make sure you choose a review course or study material that will support your learning style and fit your schedule before buying your study materials. When planning your study strategy, keep in mind the Major Principal Topic areas that the CFP®exams will cover.
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You can prepare for the CFP® exam much better by solving past years' papers and attending mock tests. There is more to learning than just reading a textbook.
Are you able to recall much? What are your plans for crafting your answers? You can prepare better by taking mock tests. You should record your answers just as you would on an exam. If you want, you can even time yourself.
You will be better prepared for the test if you do this. Check your answers after solving the papers. You can learn from your mistakes if you understand where you went wrong.
Topics covered in the CFP® course can sometimes be complex and technical. By learning by rote, you will retain the words but not the context or meaning. As part of the CFP®, you will be tested on your comprehension skills.
It is important that you get a firm grasp on the theoretical concepts through conversations with professors and peers. Showing off your memory won't help you pass the exams. The actual knowledge you have will help you pass the course.
CFP® certification exams require you to have specific information about a hypothetical client. In this file, you will find financial information such as expenses, assets, insurance policies, and bank statements.
In order to determine the client's financial situation, you must thoroughly evaluate it. Planning your retirement, managing taxes, and drafting a will are among the tasks you may have to perform. Having as many case studies as you can before the test is the best way to prepare. As you practice, you will gain the skills you need to crack the case.
Using strategic and insightful thinking skills will definitely help you.
During the exam, only the FC-200V calculator can be used. Get familiar with this device in advance so you are not surprised during your exam. It is important for you to know how to operate the calculator flawlessly. Make sure you use the functions and formulas regularly. Other than that, you cannot use anything else.
The CFP® exam syllabus is quite intensive. Several details may slip your mind, so give yourself plenty of time to review everything. You should schedule your study so that you will have a few days left to revisit the subjects, especially the challenging ones. You will also be able to reinforce the concepts in your mind with the revision.
There will be stress. There will be a lot of pressure on you. Take some time to breathe so that you don't crack under the pressure. Take whatever steps you need to keep yourself calm and focused, whether it's 30 minutes of yoga, or a walk in the park.
It might be a good idea to incorporate your favorite stress-reduction techniques into your study schedule. Without it, learning is unlikely to be adequate.
Studying too hard is possible. Lack of self-confidence often leads to students going overboard. As a result, you may capitulate under pressure or forget a large portion of your syllabus. The first thing that happens. Keep a study schedule that is reasonable.
Limit your working hours to three hours per day. By starting early, you will be able to handle the revisions effectively. Step back once you're done with that. Put your trust in your knowledge of the subject. Do as little work as possible the night before the test. In order to be ready for the paper, get some rest and be refreshed.
Taking the CFP® exam is tough. Having a good plan, a thoughtful strategy, and the mental strength to deal with the pain will make it easier.
You can achieve your goal by following these ten tips. Along with this, if you register at myCPE for the CFP® review Course, you will definitely get confidence because all our courses are well prepared by CFP® professionals. The best part that I personally liked about myCPE CFP® Review Courses is that:
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Good luck with your exams!
CFP® certification examinations are computer-based. In total, 170 multiple-choice questions are included in the exam, which can be broken up into two sessions with a break of 40 minutes in between. For each section, the candidate has three hours. It has a passing percentage of above 50% with no negative marks.
CFP® Board's policy for retaking the CFP® exam is a lifetime maximum of 5 times.
What subjects must I prepare to pass the CFP® Exam?
To clear the CFP® exam, you need to prepare following subjects:
There are 170 multiple-choice questions on the CFP® examination covering the Principal Knowledge Topics. The test will consist of three question types: stand-alone questions, short scenarios, and case study questions.
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Nicholas Branson, CPA
Imtiaz Munshi, CPA 
