Being a certified financial planner as a designation can be the best ways for financial advisers to make themselves different from other competitions. Having a CFP after your name can give you a push when it comes to credibility and might let you land on a better and higher paying job. However, you can’t just become one even if you want to as you have to take a CFP exam and even before that, you’ll have to undergo a certification course in finance. Basically, it’s a tough journey to follow but given the right training and knowledge, one can reach this goal without so much trouble.
There are a lot of processes that are needed to become a certified financial planner. But the biggest obstacle that one might face is the hard 10 hour examination. It’s being given and regulated by the Financial Planner Board of Standards. It’s given around 2-3 times per year all across the country. As we have mentioned, it’s a 10 hour examination that’s divided in 3 sessions. Usually it’s given on weekends and starts on Friday afternoon to run for around four hours. Candidates now have to answer 115 questions that contain case studies. Second and third sessions are being done on Saturday at 3 hours each. They all have 85 questions and this time with a longer case study.
All questions are multiple choice and most of them are referring to the case study. The entire CFP exam cover 7 topics which includes basic financial planning, risk management and insurance planning, employee benefits planning, investment planning, income tax planning, retirement planning and real estate planning. All these principles have their own characteristics. That’s the reason why students should really prepare for it.
You will have to start a comprehensive set of CFP study materials. A good technique in passing the exam is studying first where you think you are most weak. After learning all the principles and mastering them, it’s now time to take on sample questions. This is where you should place most of your time. Practice makes perfect. Practicing on questions will make you test wise. You will be able to analyze questions well, determine the variables, solve the problems and eventually remove answers that aren’t right.
Practice answering questions, argue with yourself and rationalize your answers. Since it plays with numbers, there’s no need to rationalize that much because you must have an exact answer. You can get these sample questions in your school. And since we have the wonders of the internet these days, you can access some of these questions both free and paid online. With the help of technology, you will easily get the resources that you need and get the answers to your queries.
To land on a better job opportunity, you need to pass the CFP exam. But you can’t do it without preparation. So get in touch with schools that offer certification course in finance now.
There’s no way you can’t pass the CFP exam as you have all the resources that are needed. You just have to study them.
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