July CFP Exam

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Jul 3, 2007 8:51 pm

How about a thread for those taking the exam in 2 weeks? A lot of us need mental support. Who is doing what to prepare? What kind of grades are you scoring on practice tests? Whats your experience with review classes.


I've already heard about how the CFP designation is worthless, and its a waste of time, and anyone who is going for it is a piker with nothing else to do, etc. So please spare me. That includes you Bobby. Thanks.

Jul 3, 2007 8:56 pm
Jul 3, 2007 9:10 pm

As I may have told you in our PM's, I plan to begin drinking the same evening, and stop some time around the 15th. And I dont even drink.


I did another case study today, got a 66. Shoot me. I have 4 more case studies to do, then the simulated 2 day exam, which I want to get done 2 days before the exam, then rest. I am talking 2 days off prior to the exam. Anyone doesnt like it they can....


If I can get the four remaining case studies done by the end of the day Saturday, I am taking Sunday off, and hitting the casinos, to blow off some steam.

Jul 3, 2007 11:14 pm
Jul 4, 2007 2:05 am
pratoman:

How about a thread for those taking the exam in 2 weeks? A lot of us need mental support. Who is doing what to prepare? What kind of grades are you scoring on practice tests? Whats your experience with review classes.


I've already heard about how the CFP designation is worthless, and its a waste of time, and anyone who is going for it is a piker with nothing else to do, etc. So please spare me. That includes you Bobby. Thanks.



I support you, mentally.

Jul 4, 2007 9:08 am
pratoman:

How about a thread for those taking the exam in 2
weeks? A lot of us need mental support. Who is doing what to prepare?
What kind of grades are you scoring on practice tests? Whats your
experience with review classes.


I've already heard about how the CFP designation is worthless, and
its a waste of time, and anyone who is going for it is a piker with
nothing else to do, etc. So please spare me. That includes you Bobby.
Thanks.





I did it a few years ago, and I completed the whole program in 8
months, classes, test review, and exam (Ken Zahn).  I took the
July exam and basically started the major studying in mid-May.  I
studued every week night from 6 to 9 reviewing the class material and
module practice exams.  I did not study on the weekends. 
Then after I took the final review course a month before the exam, I
studied the same weekly routine but included 6 hours on Sat and 6 hours
on Sun.  The week before the exam I took off, studied every day
from 8 to 6 ish doing nothing but exams and case studies.  Took it
on Fri afternoon and Sat and did just fine. 



I did something every fri and sat night leading up tot he exam to blow
off the steam, although I did drink alot so as to avoid the day after
fuzziness.

Jul 4, 2007 10:30 am
Bobby Hull:

I support you, mentally.



Thank you

Jul 4, 2007 10:34 am
rightway:


I did it a few years ago, and I completed the whole program in 8 months, classes, test review, and exam (Ken Zahn).  I took the July exam and basically started the major studying in mid-May.  I studued every week night from 6 to 9 reviewing the class material and module practice exams.  I did not study on the weekends.  Then after I took the final review course a month before the exam, I studied the same weekly routine but included 6 hours on Sat and 6 hours on Sun.  The week before the exam I took off, studied every day from 8 to 6 ish doing nothing but exams and case studies.  Took it on Fri afternoon and Sat and did just fine. 

I did something every fri and sat night leading up tot he exam to blow off the steam, although I did drink alot so as to avoid the day after fuzziness.


I've heard a lot about Zahn. I took the Keir Review, and it seems pretty good. Did you pass first time? What were you getting on the practice tests, and the practice case studies? I am getting in the 60's low 70's, not too comfortable  - in fact I am neurotic these days.


I have had a hard time studying during the week. I have been putting an hour or two a day in the last few days this week, but most of my studyin (which consists of doin practice exams at this point) is on the weekends, I am puttin in about 8-9 hours a day. Its really insane.


I think at this point, what is gonna happen, will happen.

Jul 4, 2007 11:01 am

I found the Keir review materials much tougher than the actual test.

Jul 4, 2007 11:41 am

Do whatever questions you can get your hands on.  

Jul 4, 2007 12:09 pm
Indyone:

I found the Keir review materials much tougher than the actual test.


I have to agree.  I've been using their online exams for my ChFC courses, and I either score lousy, or barely pass.  Then I take the actual exam, and it's a walk in the park.


I think that's GOOD.  It's just depressing to think that the Keir exams are like the actual exam, until you know better.

Jul 4, 2007 12:42 pm
Jul 4, 2007 1:32 pm
Indyone:

I found the Keir review materials much tougher than the actual test.


Best news I've heard!!!!!

Jul 4, 2007 5:08 pm

UHG - JUST DID two 15 question case studies from actual CFP exams from 1994 and 1996, got a 54 and a 62. Ready to shoot myself.

Jul 4, 2007 5:18 pm
pratoman:

UHG - JUST DID two 15 question case studies from actual
CFP exams from 1994 and 1996, got a 54 and a 62. Ready to shoot
myself.





Don't stress out.



Print out the case studies, and next to each question, write out a
sentance explaining why the correct answer is correct. With wrong
answers figure out where your reasoning went astray.



It's a huge amount of materials, but a much smaller set of concepts.




Jul 4, 2007 6:02 pm

[quote=AllREIT


Don't stress out.
Print out the case studies, and next to each question, write out a sentance explaining why the correct answer is correct. With wrong answers figure out where your reasoning went astray.
It's a huge amount of materials, but a much smaller set of concepts.
[/quote]


I think I know the concepts mostly. I am making errors that are lapses in thinking. For example, I missed a question on "what is the husbands gross estate" because I didnt count the cash value of the  wife's insurance policy that was owned by the husband, with the wife as the insured . Those are the kind of mistakes I am making. If I could elimnate those types of mistakes, i would probably add 10-15 points to my scores.

Jul 5, 2007 9:34 pm

Gonna take a few days off from practice tests. I'm burnt out. Gonna spend some time tomorrow in the office, going thru notes, writing down key points, concepts and threshold numbers (tax), in a notebook then look at them each day. Other than that I;m gonna take two days off from this crap, then get a fresh start for the last two weeks - home stretch.

Jul 5, 2007 9:49 pm
pratoman:

[quote=AllREIT

Don't stress out.
Print out the case studies, and next to each
question, write out a sentance explaining why the correct answer is
correct. With wrong answers figure out where your reasoning went astray.
It's a huge amount of materials, but a much smaller set of concepts.


I think I know the concepts mostly. I am making errors that are
lapses in thinking. For example, I missed a question on "what is the
husbands gross estate" because I didnt count the cash value of the
 wife's insurance policy that was owned by the husband, with the
wife as the insured . Those are the kind of mistakes I am making. If I
could elimnate those types of mistakes, i would probably add 10-15
points to my scores.

[/quote]



One trick for these kinds of questions is to make a SOUF (Sources and Uses of Funds) statement.



Take a sheet of paper, and divide it into three six segments (one verticle line and two horizontal lines



In the top Cells, Put recurring cash inflows (Salery/Investment Income
etc) on the left side and recurring cash outflows (living expenses) on
the right



In the middle cells, Put future cash flows from financial assets (e.g
Insurance policies, VA's) and short/intermediate term cash outflows



In the bottom cells, put long term illquid assets (House etc) and long
term future cash outflows (College, LTC, Burrial Expenses)



----

Generally if you fill one of these out using the information on the
question you should have a better grasp of the situations involved.



E.g husbands gross estate would be the left side of the SOUF.


Jul 5, 2007 10:17 pm

Good tip, Airreit, I'll use it.

Jul 7, 2007 9:24 pm

OK, think I'm making progress. Spent a few hours each of the last two days, going thru the review books, writing down all the concepts, numbers, thresholds, etc that I was having trouble with, read them reread them, and got a lot absorbed in my head.


This afternoon, I took a 40 question test, which consisted of a case study with a 7 page fact pattern, followed by 12 questions on all topics, then 28 more questions unrelated to the case study, all taken from the July 2004 exam. I got a 78. So I am starting to feel much better. Reward is tomorrow, mornign I play golf, then study in the afternoon.


Anyone else, making progress?


Joedabrkr, tried to PM you, coudlnt do it got a message, that you had reached your PM limit and could not receive Pms anymore!