The Program to Obtain your CFP® Designation

To obtain your CFP® Designation, you must:

1. pass Financial Planning Examination Level 1 (FPE1);
2. successfully complete a Capstone Course;
3. have at least one year of work experience; and
4. pass Financial Planning Examination Level 2 (FPE2).

Financial Planning Examination Level 1

The Financial Planning Examination Level 1 (FPE1) consists of a single four-hour, competency-based exam paper with 100 multiple-choice questions, which include 64 stand-alone, technical questions and 36 case-study, multiple-choice questions based upon two or three case studies. You can expect three case studies, each with 12 multiple-choice questions.

The Guide to Examinations for CFP® Certification describes the structure of the Examination.

The Blueprint sets out the weightings for the financial planning functions of collection, analysis and synthesis; and the components of financial management, asset management, tax planning, etc.

Our study aids to prepare you for the FPE1 include Gobeil's Collection of 1,000 Questions™.

Capstone Course and Work Experience

Before writing FPE2, you will have to successfully complete a Capstone Course, which involves the preparation of a plan using the six-step financial planning process.

There are a number of Capstone Courses offered in a classroom setting or by distance learning. If you are looking for a distance learning course, you should consider the CSI Capstone Course for CFP® Certification, which will enable you to enhance your financial planning skills and benefit from expert feedback on your financial plan.

Before you can write the Financial Planning Examination Level 2, you must also have at least one year of work experience as a financial planner. You must complete a Capstone Course and your work experience within the four years prior to applying to write the FPE2.

Financial Planning Examination Level 2

The Financial Planning Examination Level 2 (FPE2) consists of two, three-hour, competency-based exam papers that include about 50 multiple-choice questions and several case situations requiring written answers.

To take the exam, you will have use a laptop computer, which suggests that your typing speed and accuracy will be a factor in your success.

The Guide to Examinations for CFP® Certification describes the structure of the FPE2 and the computer requirement.

The Guide says that the examination will consist of approximately one and a half hours of multiple-choice questions. You can expect about 50 multiple-choice questions.

The Blueprint says that 31% to 35% of the questions will be the dreaded synthesis questions: the development, evaluation and recommendation of strategies resulting from the assessment of information. The synthesis questions caused great anxiety because it is very difficult to select the best answer; having narrowed the answer to two choices and not being able to get any further.

Constructed-response questions are questions that require you to produce answers in your own words, using your laptop computer. These questions will range from short-answer questions to longer, extended-response questions. The constructed-response questions will involve client situations that require you to complete an analysis, prepare a written report, draft a plan or write a letter to a client.

The Guide says that the examination will consist of approximately four and a half hours of constructed-response questions.

FPE2 will require you to have the same knowledge about financial planning as FPE1, but it will require additional knowledge about strategies.

While you will have successfully completed a Capstone Course before writing the FPE2, the Capstone Courses require you to apply the six-step financial planning process, but do not have to include any preparation for constructed-response questions.

Our study aids to prepare you for the FPE2 include Gobeil's Strategic Financial Planning Study Aid™.