How to Study for the CFP Exam (in Canada)🇨🇦
The CFP Exam is challenging because the extensive knowledge tested is the accumulation of the content of as many as seven post-secondary courses, the length of the Exam is a grueling 6 hours, and your career may depend upon your passing of the Exam
Studying for the Certified Financial Planner (CFP) Exam in Canada is a challenging yet rewarding journey that requires dedication, organization, and a well-thought-out study plan. A successful candidate reported back that, “I needed excellent technical knowledge to pass the Exam, but I also needed excellent exam writing skills.”
To ensure Your Success , here are some steps to help you prepare effectively for the CFP Exam:
1. Understand the Exam Structure: 🤔 Familiarize yourself with the Exam format, including the number of questions, time limits, and the topics covered in each section. You can find some of this information on page 28 of The Guide to the CFP® Examination. This will help you allocate your study time effectively and approach the Exam confidently.
2. Review the Examination Blueprint: 📝 Concerning the Exam format, The Blueprint outlines the Question Format, Financial Planning Functions, Financial Planning Areas, and Level of Complexity. It provides valuable insights into what to expect and which areas require focus.
3. Review the Financial Planning Body of Knowledge (BoK): 💡The BoK describes the knowledge expected of CFP® professionals as they enter practice. This document identifies the hundreds of items of knowledge required and qualifies them as to the depth required from “define” to “evaluate”. However, The BoK does not include the Body of Knowledge, only a list of what might be in the Body of Knowledge. The only publication covering the content of the Body of Knowledge is "The Personal Financial Planner’s Manual" by Gobeil and Associates.
4. Review Standards of Professional Responsibility: 👔 The CFP Exam includes questions on ethics and professional conduct. Familiarize yourself with FP Canada's Code of Ethics, Rules of Conduct, and Practice Standards.
5. Gather Comprehensive Study Materials: 📚 Acquire reputable study materials, textbooks, online courses, practice exams, and study guides. Ensure that your resources are up-to-date and aligned with the Body of Knowledge to cover all necessary topics. "The Works" study package by Gobeil and Associates includes the comprehensive study materials and resources you need for CFP Exam preparation.
6. Create a Realistic Study Schedule: 🗓️ Develop a study schedule that considers your work and family commitments and allows for consistent studying.
7. Learn the Technical Stuff: 💻 Break down the topics into manageable sections and allocate time for each. Stay disciplined in following your study plan. The Blueprint identifies 7 planning areas. Starting with the areas about which you know the least, work your way through the planning areas.
8. Develop Excellent Exam Writing Skills: ✍️ The greatest challenge in writing the CFP Exam is time management. And time is managed by scheduling, non-linear thinking, judging which questions to answer, eliminating possibilities, and discipline. The course, "Your Success on the CFP Examination" offers an in-depth look into exam preparation strategies and techniques.
9. Take Practice Exams: 📝 Practice exams are invaluable in gauging your progress and identifying areas that need further improvement and your level of exam writing skills. With "The Collection of 1,000 Questions" by Gobeil and Associates, you can attempt all the Practice Exams your timetable permits.
10. Identify Weaknesses: 🔍 After each practice exam, review the answers and identify your weaknesses. Focus more on these areas in your subsequent study sessions to strengthen your understanding.
11. Join a Study Group: 👥 Collaborate with other CFP candidates by joining or forming a study group. Discussing concepts and problem-solving together can deepen your understanding of the material and provide valuable insights. Gobeil and Associates offers a monitored Study Group for CFP Exam Preparation.
12. Take Care of Yourself: 🧘♀️ Prioritize self-care during your study period. Ensure you get enough rest, engage in regular exercise, and maintain a healthy diet. A clear mind and well-rested body will help you retain information better.
13. Review Regularly: 📝 Consistent and regular review of the material is crucial for long-term retention. Set aside time each week to review previously covered topics.
14. Stay Positive and Confident: 😊 Believe in yourself and your ability to succeed. Maintaining a positive mindset can significantly impact your exam performance.
By following these steps and utilizing the study resources provided by Gobeil and Associates, you can enhance your preparation and increase your chances of passing the CFP Exam with confidence. Remember, success on the CFP Exam requires dedication, hard work, and determination. Stay focused on your goal, and best of luck with your CFP Exam preparation! View more details about "The Works"🛠️ and "The Collection"🔍 at www.gobeilstudy.ca/cfp-study and get 5 Tips for Studying for the Exam for Free.
The Financial Planning Standards Board ("FPSB Ltd.") owns the CFP®️ and Certified Financial Planner®️ certification marks. FP Canada is the Canadian Affiliate of FPSB Ltd. and is solely authorized to administer the CFP Marks in Canada.