Next Generation Planner: October 2022
We asked our followers on LinkedIn and in our FPA Activate group on Facebook, what advice do you have for students preparing to take the CFP® exam? Here’s what they had to say:
I just completed the CFP® program from the American College from November through May and then passed the CFP® exam in July.
My recommendation is that students should review the information multiple times. Many students read through the review books once and take the questions, but every time I went through the review books, I picked up something a little new regarding the topic I thought I knew well.
Repetition cements facts in your memory.
Focus on those examples of something you didn’t know that then stick out to you and you’ll be able to replicate that example for a CFP® exam test question.
I try to tie back what I’m reading that I’m sure will be tested to a real-life scenario, whether it’s a scenario for someone I know personally or myself. That really helps me remember a lot of different concepts.
Daniel Huffman, Candidate for CFP® certification
Owner, Cornerstone Financial Planning
Do not study the test bank questions and answers. Review the answer explanations to understand why the correct answers are right and the incorrect answers are wrong. This strategy will help you understand the concepts more deeply.
Cody Garrett, CFP®
Owner, Measure Twice Financial
www.linkedin.com/in/codylgarrett
Utilize an out-of-the-box study system like Zhan or Brett Danko. Without a prep course that taught the content in a memorable way AND taught me how to study, I would never have passed on the first try.
Kevin Lum, CFP®
Owner, Foundry Financial
www.linkedin.com/in/kevinlum/
Take a prep course. Writing your own flashcards—as opposed to using pre-made ones—helps you learn the material (by writing out the question and answer).
Jon Luskin, CFP®
Financial Planner, Luskin Financial Planning
www.jonluskin.com
I passed using Dalton last November on my first attempt. One of the Dalton tips that really helped me was:
The day before the exam: Stop studying by noon, try to relax with some self-care, and get a good night’s sleep (even though it may be hard). Watch a comedy on Netflix, go take a walk at a nearby park, or whatever you like to do. No matter how much you may want to cram in some last-minute information, it’s unlikely to stick. The exam isn’t about regurgitating information. Instead, you must really understand the question and analyze the possible choices. And it’s difficult to do that if you burn yourself out the night before studying late and not getting enough sleep. You need to have a fresh mind to distinguish between the two answers that are both good choices, but one is slightly better than the other, and thus the correct answer on the exam.
Wilson Liu, Candidate for CFP® certification
Associate Adviser, Stone Steps Financial
www.linkedin.com/in/wilsonliufinancial/
Focus on the reasoning behind questions rather than just the answer.
You will learn the material better, and you’ll become a better planner for it.
Jared Barkmeier, CFP®
Wealth Adviser, Mariner Wealth Advisors
www.linkedin.com/in/jared-barkmeier-cfp®-25a4a240/
I passed the exam this month on my second try. I agree with all the other folks about taking a prep course. I also highly recommend taking both of the CFP Board’s practice exams. The first one is included at no extra cost with your exam registration, but it’s worth it to buy the second one also if you can. What I did was take the first one soon after I registered for the exam and then took the second one two days before taking the real exam. Both exams show you how you did in each subject area so you can see where you need to improve. Also, by spacing out the practice exams, you can see your progress (hopefully) over time.
On the actual exam, make sure to read the questions slowly and deliberately—DO NOT allow the fact that it is a timed test scare you into rushing (my downfall for my first attempt at the exam). You can be very careful and still not run out of time to get all the questions answered. If you truly feel stuck on any question, flag it, and go on to answer the ones you know. You can come back to the unanswered questions at the end before you submit your answers to each section.
Finally, if you don’t pass the exam the first time, do not give up! The exam is very tough but not impossible. I am generally not a good test taker, but I am also proof that failing to pass the exam the first time around is not necessarily the end of the story.
Dawn Torres-Gale, AFC
www.linkedin.com/in/dawntg/
Two words: Brett Danko.
Ben Burkhart, CFP®
Associate, Investment Management and Investment Committee Chair, Concentus Wealth Advisors
www.linkedin.com/in/burkhartbenjamin/
