Hello all, I was about to start a program to prepare me for the CFP. How difficult of a test is it? Maybey in comparison to the series 7.
There is no comparison. The final Board exam is 10 hours over two days. The first day is 4 hours the next is 6. There are approximately 5 case studies with anywhere from 10 to 30 question on each, and they encompass all areas of financial planning, ie, Insurance, Tax, Investments, Retirement Planning and Employee Benefits and Estate Planning. Aside from the case studies there are about another 150 to 200 questions which can focus on just about any area of financial planning - in depth, not just the surface like the Series 7. The final test is a compilation of 5 separate modules one must take covering the 5 elements of financial planning listed above. The series 7 is probably equal to one of those modules in difficulty. The only way to not have to take the modules it to have a CPA, be a lawyer or have a Phd in finance as the CFP board waives the education requirement. Pretty much everyone else has to go through an approved course cover the five areas. Each test on the five areas is approx 4 hours long (this his how much time you are given, a lot of people use most of the time. So by the time you have gotten to the Board certification exam you have tested approximately 20 hours already and then the 10 hour certification test over all of the previous 20 hours of testing combined.
I would move your mentality away from how you studied, or most people study for the series 7 and approach this with a different outlook. One is a test of complete regurgitation of surface information (series 7), and another is a test of complete regurgitation of in depth information and your ability to apply that information to and almost unlimited amount of financial situations. Two complete different animals.
I agree with feebasedcfp. The series 7 is similiar to studying one year of high school while the CFP is like four years of college.
When one finishes the CFP test, your brain is fried. I couldn't remember the basic answers to easy questions and had no idea if I had passed or failed. Thank goodness I passed. It is not a test you want to take twice.
I would take the classes and final as close together as possible.
Some programs allow you to take the classes and the final all within 9
months or so- this keeps it all fresh, although you won’t have much of
a life. The 7 is not even close. I thought the material was
not real difficult, just so much of it.
It’s much harder than the series 7, but much easier than the CPA exam…that’s my take, but I took the CPA 15 years before I took the CFP, so I’m just working off distant memory here…
The CFP test digs for small details where I thought the 7 was a joke, the only thing that was a bit tricky was the option questions I finished the 7 in 1.5 hours and scored an 88. The CFP I used all but 5 minutes of allotted time.
I agree the 7 is a JOKE! I have the CFP and it was tough! But nothing compared to the CFA. I am still burned out on studying years after sitting for the CFP. Someday I will go for the CFA!
[quote=bankrep1]The CFP test digs for small details where I thought the 7 was a joke, the only thing that was a bit tricky was the option questions I finished the 7 in 1.5 hours and scored an 88. The CFP I used all but 5 minutes of allotted time.[/quote]
Finishing the series 7 in 1.5 hours is 21.6 seconds per question. Good ol' Put Trader (rest his soul) would call you a liar. Personally, I think it can be done. I just haven't heard of anybody doing it in less than 2 hours.
I did, the guy asked me if I was taking a break. I said no I am done. I am naturally fast at taking tests, always the first one done
[quote=bankrep1]I did, the guy asked me if I was taking a break. I said no I am done. I am naturally fast at taking tests, always the first one done[/quote]
I also finished in well under 2 hours.
20 seconds doesn't sound like much, but it really is a long time.
Passed the CFP in 11/04, just passed the 7 last Friday. You already know the answer to which one is way harder. My advice with the CFP, crank out the educational requirements over 1 to 2 yrs (those 5 to 6 courses). Then, enroll in a live study program like Bisys and plan to make the CFP your life 24/7 for 4 to 5 months. It’s no joke.
Just found out that I passed the CFP when I sat in July. It was worth every hour that I spent studying. 28 years old with a CFP is HUGE.
congrats to be honest I haven't noticed any change in my business not to burtst your bubble I was 29 when I passed, it does open the door for better employment opportunitties I think if you want a trust job, salary or fee only firm they probably wouldn't hire someone with NASD licenses only
Hey man any accomplishment that makes you proud of your self is good.
What I am saying is you worked hard and accomplished something that most people dont have. So congrats. If you have confidence and feel good about your self you will succeed. Stay focused and set the next goal!
You didn't burst my bubble at all. I think that anyone expecting people to begin lining up at their office door because of 3 letters after their name is foolish at best. I set a goal for myself that most people cannot do and I passed. That was the reason for my post. However, on the strange side, I had a 2.2m account move over to me yesterday. It was a floor call.