Chartered financial planner (cfp)?
It is rumored that the average passing score is between 70% and 80% although that is purely rumor—CFP Board assigns a passing score for each exam based on a number of factors relating primarily to competency in the content tested.
It is rumored that the average passing score is between 70% and 80% although that is purely rumor—CFP Board assigns a passing score for each exam based on a number of factors relating primarily to competency in the content tested.
Everyone's schedule varies, but as a rule of thumb, you should devote about 15+/- hours per week studying and preparing for the exam. It's easy to get discouraged when looking at the CFP® exam pass rates, which typically hover around the 60%-65% percentile for first-time takers.
The easy answer is that the CFA exam is much more difficult than the CFP. Not only is the CFA a more intensive exam, the time and study preparations are much more extensive and cover a much wider depth and breadth of material. The CFA exam contains 3 levels that are each taken on separate days.
Almost seven in ten of the 2,926 candidates who took the CFP Certification Exam in July passed. The CFP Board stats show that the 67% pass rate was the highest since July 2015 (70%), although the exam blueprint has been updated twice since, in March 2016 and March 2022.
CFP Board today announced the results of the July 2023 CFP® Certification Exam. The exam was administered during a July 11-18 testing window to 2,926 candidates, with 6% of candidates testing remotely. The pass rate for the July exam was 67%.
CFP Board today announced the results of the November 2023 CFP® Certification Exam. The exam was administered during an October 31 to November 7 testing window to 3,386 candidates, with 4% of candidates testing remotely. The pass rate for the November exam was 64%.
In 2023, the cumulative pass rate till Q3 for all four sections of the CPA Exam ranged between 45-60%. The pass rate for the CPA Exam was 54% overall. Comparatively, CFP is easier than CPA.
CFP Board recommends you spend at least 250 hours studying for the exam. While that sounds overwhelming, the time goes pretty quickly between pre-study, the Candidate Handbook, required education courses, question bank time, review, practice exams, and your own preparations.
Because CFP® certification indicates to the public your ability to provide financial planning without supervision, CFP Board requires you to have experience in the personal financial planning process.
Should I get CFA or CFP first?
It really depends on your preferred career route: if you're into financial planning, CFP is the clear choice. If you're less sure but keen on a career in finance, perhaps CFA is a better choice for a broader finance base before you decide, although it is notably a more difficult qualification to get.
The CFP (certified financial planner) is a particularly prestigious designation. One of the oldest in the profession, it requires years of experience, successful completion of standardized exams in several areas, a demonstration of ethics, and a college degree—as well as ongoing education in the field.
A Chartered Financial Analyst (CFA) is a globally recognized financial advisor certification issued by the CFA Institute. Many consider CFA certification to be one of the most prestigious titles in the financial industry due to the intense requirements.
Some students take up to five years to complete the curriculum of coursework that is required to take the CFP Board Exam. Others take five months.
Most examinees that have taken the certified financial planner (CFP) board exam agree that the case studies are the most difficult and important portion of the test.
The overall pass rate for the CFP® exam in 2022 was 65%. That pass rate has remained relatively consistent since CFP Board introduced a new exam blueprint prior to the March 2016 CFP® exam. The new blueprint was based on the 8 Principal Knowledge Topics that were defined in CFP Board's 2021 Job Task Analysis Study.
| Age | Number | Percentage |
|---|---|---|
| 40-49 | 25,439 | 25.7 % |
| 50-59 | 21,803 | 22.1 % |
| 60-69 | 16,812 | 17.0 % |
| 70-79 | 5,372 | 5.4 % |
Individuals may attempt the exam a maximum of three times within a 24-month period. If an individual fails the exam 3 times in a 24-month period, they must sit-out three exam administrations before registering for another attempt.
- Choose a good time to take the CFP exam.
- Create a study schedule that plans for life events.
- Study like you're preparing for a marathon with adequate breaks.
- Verbalize concepts as you study.
- Get help.
- Take as many practice questions as you can.
- Build your own practice exam as you study.
Official exam results are released approximately 4 weeks after the close of the exam window.
What is a passing score on the CFP?
The exact score you need in order to pass the CFP exam is unknown, though many speculate that you must answer at least 70% of the questions correctly to pass.
The CFP® exam is a 170-question, multiple-choice test that consists of two 3-hour sections during one day. Each section is divided into two distinct subsections. The exam includes stand-alone questions, as well as questions associated with case studies.
The CFP and the Series 7 are two qualifications that may be of interest to financial professionals. In fact, a CFP could also look to complete the Series 7 exam. However, they serve different purposes. The CFP is for experienced financial planners looking to set themselves apart from the competition.
The CFP® exam is a computer-based exam consisting of 170 multiple-choice questions over the course of two 3-hour sessions. Each section of the exam is divided into two distinct subsections.
CFPs typically work with individuals or families to support their financial goals. Whether it's investing or retirement planning, they can look at a broad range of opportunities and strategies to help you build your wealth. On the other hand, a CPA will often work for corporations or business owners.
