July CFP Exam

Jul 4, 2007 12:51 am

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 4, 2007 12:56 am

Jul 4, 2007 1:10 am

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 4, 2007 3:14 am

Jul 4, 2007 6:05 am

[quote=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.

[/quote]

I support you, mentally.

Jul 4, 2007 1:08 pm

[quote=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.

[/quote]

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 2:30 pm

[quote=Bobby Hull]

I support you, mentally.

[/quote]

Thank you

Jul 4, 2007 2:34 pm

[quote=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.
[/quote]

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 3:01 pm

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

Jul 4, 2007 3:41 pm

Do whatever questions you can get your hands on.  

Jul 4, 2007 4:09 pm

[quote=Indyone]I found the Keir review materials much tougher than the actual test.[/quote]

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 4:42 pm

Jul 4, 2007 5:32 pm

[quote=Indyone]I found the Keir review materials much tougher than the actual test.[/quote]

Best news I've heard!!!!!

Jul 4, 2007 9:08 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 9:18 pm

[quote=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.[/quote]



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 10:02 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 6, 2007 1:34 am

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 6, 2007 1:49 am

[quote=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.
[/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.

[/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 6, 2007 2:17 am

Good tip, Airreit, I’ll use it.

Jul 8, 2007 1:24 am

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!

Jul 8, 2007 4:17 am

Jul 8, 2007 4:23 am

[quote=joedabrkr]Sorry prato.  Cleaning out my inbox right now.
[/quote]

I'm envisioning the pig pen known as your office...

Jul 8, 2007 4:30 am

Jul 8, 2007 4:35 am

Mine's probably worse than yours, then.  I was just associating your difficulty in deleting PMs with the desire to keep everything...

Jul 8, 2007 4:37 am

Jul 8, 2007 3:37 pm

I am taking the November CFP. I did Keir, but I have a long commute and am listening to the Kaplan Audio CD's. The Kaplan CD's have a lot more "memory" devices.

For example: What are the types of systemic risk?

Hint: Remember the word "PRIME".

Purchasing Power Risk, Reinvestment risk, Interest Rate Risk, Market Risk and Exchange Rate Risk.

This will help you on questions about Beta and Standard Deviation. Beta measures systemic risk, wheras Standard deviation measures both.

Jul 8, 2007 3:39 pm

July CFP takers-

Will you do us a favor and post after you take the test? Tell us about the exam content, what you would have studied more of/less, etc?

Jul 8, 2007 6:33 pm

[quote=lady_trader]

July CFP takers-

Will you do us a favor and post after you take the test? Tell us about the exam content, what you would have studied more of/less, etc?

[/quote]

will do. After I sober up

Jul 8, 2007 7:29 pm

Jul 8, 2007 7:30 pm

[quote=lady_trader]

July CFP takers-

Will you do us a favor and post after you take the test? Tell us about the exam content, what you would have studied more of/less, etc?

[/quote]

In reality when you take the test you sign a pledge not to discuss the specifics of the exam with outside parties.

There is ample information on cfp.net about the content of the exam, and it seems that the Kaplan and Keir folks also have a good handle on that.  All that is left is for you(and I as well) to learn the material and pass the test.  There is no shortcut.
Jul 8, 2007 8:24 pm


Jul 8, 2007 9:01 pm

[quote=joedabrkr] [quote=lady_trader]

July CFP takers-

Will you do us a favor and post after you take the test? Tell us about the exam content, what you would have studied more of/less, etc?

[/quote]

In reality when you take the test you sign a pledge not to discuss the specifics of the exam with outside parties.

There is ample information on cfp.net about the content of the exam, and it seems that the Kaplan and Keir folks also have a good handle on that.  All that is left is for you(and I as well) to learn the material and pass the test.  There is no shortcut.
[/quote]

I think you can talk about the exam in generalities, just not specifidc questions. Like, emphasis on..., not a lot (or yes a lot) of formulas - I think stuff like that is ok, someone crrect me if I am wrong.

Jul 8, 2007 9:02 pm

To hot here to sit outside. 18 holes, done at 1:30pm was enough for me, studying in an airconditioned room.

Gonna go take another practice test from the Keir books.

Jul 8, 2007 10:01 pm

Joedabkr-

I didn't know about the pledge to not discuss... The Audio CD's are really new. You will find them on the Kaplan website.

Jul 9, 2007 4:10 am

Brutal

Jul 9, 2007 10:57 pm

Jul 11, 2007 1:22 pm

I just discovered this board, I feel like a totally idiot. I have been doing the Kier Study Material as well. I have been frustrated because I have been scoring in the 60s and 70s it is nice to hear that others are having the same trouble with the Keir stuff being more difficult.

The thing that is going to bother me is the 6 week lag until results are know, if I dont pass this one I am going to have to sit again in Nov. (and pay another $600) if we find out Setp 15th that only leaves me 6 weeks to study again!!!!!!!!
AHHHHHHHHHHHHHHHHHHHHHHHHHHHH

Jul 11, 2007 3:39 pm

Hey guys…just take a few minutes to watch this and blow off a little steam.  And PUT THAT COFFEE DOWN!

http://www.youtube.com/watch?v=TROhlThs9qY


Jul 11, 2007 4:15 pm

Has anyone went through Depaul U. e-learning Financial Planning Cert program?  

Jul 11, 2007 10:31 pm

Jul 11, 2007 11:14 pm

No, this is the one to watch

http://www.youtube.com/watch?v=19Wai1QjP_o

Warning: There are several words in this clip that are NOT cuss words!

Jul 12, 2007 1:51 am

Jul 12, 2007 2:17 am

RENT???????????

WTF??????

You don't OWN this movie???

Come on Company boy! Commit! BUY the effin flicker!

Jul 12, 2007 11:40 am

i know must be the stress

Jul 12, 2007 1:44 pm

Jul 13, 2007 11:59 am

T MINUS 7 DAYS WHO IS READY?

Who all here is using the Keir Materials??

Jul 14, 2007 1:54 am

Using Keir materials. Find it useful. Got a 68 and a 70 on the first two sessions of the simulated exam. Please make this be over

Jul 14, 2007 2:59 am

Jul 14, 2007 10:35 pm

Just got home from a live review class run by Keir. Excellent. I had taken a 4 day live review a bout 5 weeks ago, and 15 of us got togheter put in a hundred bucks each and hired the instructor for a day, to come back for a last minutes review. As good as it was, i am fried. So is everyone else in my class. Everyone pretty much is getting in the 60's on the simulated exam, with a few 50's and 70's. I am feeling ok about it, but again, totally exhausted phylsically and mentally. One more week. Will do some more review, and practice tests the next few days, taking wed and thursday off, will study a bit, but spend some time in the gym, and just relaxing to get into the right frame of mind.

Please please let Friday come!

Jul 14, 2007 10:38 pm

Look around and see who has the designation.

Then tell yourself, "If that dumbass was able to do it I know I can!"

Jul 14, 2007 10:44 pm
Jul 14, 2007 10:45 pm

Thought about that. Hope it doesnt happen, I have a formula programmed in that makes it real easy to figure out duration, and I dont remember it. If i have to change the battery, I might lose it. But I will have a spare battery with me just in case.

Jul 14, 2007 10:46 pm

Jul 14, 2007 11:46 pm

Dont get burnt out man! Its a risk at this point.

I agree, we have to keep reviewing. But from here on in, I figure I have learned pretty much what I am gonna learn, and the challenge now is to keep it in my head, till Friday. I'm gonna ease up off the gas just a bit. Instead of 9 hours tomorrow, I'll put in 3, and during the week a bit les, with some R&R on Wed and Thursday, into Friday morning.

Jul 15, 2007 12:35 am

Jul 15, 2007 12:48 am

[quote=joedabrkr] [quote=pratoman]Thought about that. Hope it doesnt happen, I have a formula programmed in that makes it real easy to figure out duration, and I dont remember it. If i have to change the battery, I might lose it. But I will have a spare battery with me just in case.[/quote]

Calculating duration?

Oh man...gotta go back and review that one.

Still...it's one of those that might only appear on 1 or 2 questions on the whole test IMHO.
[/quote]

Yeah, I was told that the odds are not that high that we'll get a question on it, but at the same time, I want to be prepared

Jul 15, 2007 3:30 am

Jul 15, 2007 3:38 am

[quote=pratoman]Thought about that. Hope it doesnt happen, I have a formula programmed in that makes it real easy to figure out duration, and I dont remember it. If i have to change the battery, I might lose it. But I will have a spare battery with me just in case.[/quote]

They'll let you use a programmable calculator?!!!

Jul 15, 2007 4:43 am

Jul 15, 2007 4:50 am

Jul 18, 2007 2:44 am

t-3 and counting. Doing practice exams, reviewing Income tax, just trying to relax. Few days out of the office the next two days. Study, gym, driving range, study.

After the test I wont know what to do with myself on weekends.

Jul 18, 2007 3:10 am

Jul 18, 2007 10:50 pm

OK, home stretch. Took the day off, put in about 2 hours, reviewing some of the stuff I have had trouble keeping in my head. Went over and over it, think I got it, hopefully added a couple points to my score. Then went to the gym, and blew off some steam. Feeling good, that its, for all intents and purposes, over. And as much as I am uncomfortable feeling comfortable, I feel pretty good about my chances.

I'll do a 100 question test off the Keir disc tonight, and then tomorrow, I'll repeat todays routine, without the client meeting. And I'll get started a little early, then shut down around 2pm.

Bring it on, I'm ready. How bout you Joe? Heliox? Anyone else?

Jul 18, 2007 11:33 pm

Jul 19, 2007 1:13 am

You are all set, you will pass without a problem, if you are scoring in the 80's on the disk. I am getting pretty much a 68-74 range on all my 75 and 100 question tests off the disc. I'm told that that is good enough for a pass. I want to believe that, but i dunno, thus the uncomfortable, comfortable feeling.

Went to Radio Shack and got an extra battery, after my 8 am client meeting this morning.

Tomorrow, I think I am gonna go to my BNI meeting, then I;ll come home and try to put in some more time one last day.

Jul 20, 2007 1:24 am

So, Joe the time has come to meet our maker!

I studied heavy review today. About 7:30, I was reviewing Estate Planning, and a friend of mine who is taking it with me tomorrow, called. When I told him I was studying, he blasted me, and talked me into putting down the books. I'm done. Its in the hands of the higher ups.

Jul 20, 2007 3:05 am

Jul 20, 2007 12:56 pm

Good Luck!

Have fun!

Remember, it's like the SAT's - It's only a test! 

Jul 20, 2007 10:57 pm

So waddya think so far. Day one, done. I put a checkmark next to each question that I was pretty comfortable with my answer on, so that when I went b ack to review, I knew to ignore those questions, and not review them, lest I start second guessing myself. AFTER I finished the exam, I had about half an hour left, so I went thru and totaled the points for all the questions I was pretty confident about having gotten right answers. I figured out that if I truly did get them all correct, and got all the others wrong, then I got a 69%. So if I got 1/3 of the others right, then I was in the high 70's/ I would think that would be good enogh on this exam, but you never know.

OVERALL, i felt like it was tough, but not brutal. Tomorrow should be tough, 2 three hour sessions. On the other hand, we had a lot of Estate Planning today, which isnt my strong suit, so i think tomorrow we'll see more tax, and investments, whcih are.

Howd u do?

Jul 21, 2007 1:44 am

Jul 21, 2007 2:48 am

Feeling exactly the saame way. Tomorrow will be tough, no actually, grueling and looonnngg.

But then its over.

Jul 21, 2007 2:54 am

Jul 21, 2007 3:00 am

I think you and me, (i hope, but I really believe) are both fine. We put in the work. The ones that dont pass are the ones that dont do the work. We did the work. I also think there was very little investment stuff on todays exam, whcih means there will be more tomorrowow. That can only help us.

There was a lot of Estate Planning, which i think will help me, since there will be less of it tomorrow, and I find EP tough. Sleep good and lets kill it tomorrow.

Jul 21, 2007 3:06 am

Jul 21, 2007 10:57 am

Prat and Joeda-

Congrats By the time you are reading this you should be done. How long did you study?

Did both of you do the Keir material? Did you follow their 8 wk/12 wk study guide closely? Was their material helpful from what you could see?

Jul 21, 2007 9:56 pm

[quote=lady_trader]

Prat and Joeda-

Congrats By the time you are reading this you should be done. How long did you study?

Did both of you do the Keir material? Did you follow their 8 wk/12 wk study guide closely? Was their material helpful from what you could see?

[/quote]

I started the courses in Jan 06, and finished them in April 07. We did once a week, thru the summer, 3 hour sessions, had a local college come to our branch, as we had 18 people, so that made it a little easier. I started the Keir review around end March, and spent my weekends since then doing the reading of the review material. I figure every weekend since end March avg 5 hours a day, and the last month or so I did more like 7 hours a day on weekends, and an hour or two a few nights during the week. Frankly. I am so exhausted, (just got back from the test) that I cant even add up how many hours that is. Then in June we had a 4 day live review class, 9 hours per day. And one more day in July (two weeks ago). So the review alone had to be 200 hours.

Keir was great, they really helped pull it together. Of course, I dont know if it was enough, because wont get our results till mid September (those motherf****s). But I dont think I bombed it, if I failed its by a hair. I walked out feeling ok about things. With that said, today, especially the afternoon, was brutal.

How did you find it Joe? 

Jul 21, 2007 10:13 pm

Pratoman,

Congratulations for enduring the exam!  It sounds like you prepared for it as well as anyone could.

I'm crossing my fingers for you and Joe!  (Well, in spirit - 6 weeks is a loooong time to wait for exam results!)

I'm finishing up the ChFC cirriculum this year (3 more courses to go -Estate Planning & 2 electives) and I might decide brave the CFP exam by June of next year.  I'll probably use Ken Zahn for my live review for the LA area.

I'm hoping that Joe feels as confident as you do regarding the exam!

Jul 22, 2007 2:59 am

Good luck with the ChFC, the CFP experience was the most mentally grueling I’ve ever gone thru. Hope I dont have to go thru it again, in November!

Jul 22, 2007 5:30 am

Jul 22, 2007 6:04 pm

I got faith in you Joe, and when you get that sheep’s skin, this handle will be available for someone to buy for you!

Jul 23, 2007 1:33 pm

Jul 23, 2007 1:50 pm

That's not sockpuppetry, that's recognizing an opportunity and acting on it.

When you pass you can pay me and I'll tell you what the log in and password are and then you can start to use your new title.

I think $250 would be fair.

Jul 23, 2007 2:46 pm

Aug 27, 2007 12:57 pm

Anyone hear when the results will be posted…We are getting close

Aug 27, 2007 11:10 pm

[quote=Hixo]Anyone hear when the results will be posted....We are getting close[/quote]

I emailed the CFP Board last week, they came back and told me end August, early Sept (like, now?). However, one of my coworkers called and they said mid Sept.  So who knows, they'll torture us, before they kill us. 

Aug 27, 2007 11:15 pm

One more thing…I remember when the results of the November exam come out, the 3 people in my office who were waiting on the results, couldnt get on the website all day, to find their results. So we need to be prepared for that - they will send out a mass email, and everyone will be trying to log on at the same time. Crash!!!

Aug 27, 2007 11:26 pm

The more I have thought about it the more I realize that there is no way in hell that I passed.

Aug 28, 2007 4:45 am

Sep 11, 2007 12:07 pm

T MINUS 3 DAYS…until I know I have to start studying again.

Sep 11, 2007 3:07 pm

I think the pass average was about 65% if I remember correctly…so which one of you three has to do it again?

Sep 11, 2007 3:11 pm

Are we seriously going to have to wait until Friday to get the results?

Sep 12, 2007 1:59 pm

Sep 12, 2007 2:01 pm

Have they posted the results yet?

Sep 12, 2007 2:45 pm

Sep 12, 2007 2:53 pm

Sep 12, 2007 6:07 pm


Sep 12, 2007 6:11 pm

[quote=joedabrkr]    the scores are up and I passed!!!!!!!! [/quote]

Congrats, Joe, welcome aboard.

Sep 12, 2007 6:14 pm

BOOYAH PASSED

Sep 12, 2007 6:18 pm

Sep 12, 2007 9:04 pm

Good Job, guys…see…you were all stressed out for nothing…

Sep 13, 2007 3:53 am

Passed the exam - first try- Congrats to Joe, and Hixo. What a relief.

I thinK i am happy to be getting the designation, and happy that I'll get the $4000 i laid out, reimbursed by my firm, but what makes me most happy is that I dont have to do this all over again.