CFP re-testers fail to grasp exam’s importance

CFP re-testers fail to grasp exam’s importance

CFP re-testers fail to grasp exam’s importance Congratulations to the 639 candidates who wrote and passed either the first or second exams June 5 as part of the required certification process to become a CFP.
 
A total of 921 people took the exams in this year’s June sitting and the overall pass rate was 69 percent. Breaking down the results for the two exams, 561 candidates took the FPSC Level 1 examination and 71 per cent passed the test while 360 candidates sat for the CFP exam, the second of two exams required for CFP certification, and 67 per cent passed.
 
The pass rate for the second exam being four per cent lower makes perfect sense given it’s one of the final stumbling blocks in the CFP process. Less clear is why the pass rate among those re-taking the exam is lower than the overall pass rate: those retaking the FPSC Level 1 had a pass rate of just 50 per cent and those retaking the CFP exam had an even lower pass rate – just 48 per cent.
 
Last year’s results from the June sitting show the pass rate for the FPSC Level 1 was 72.5% and for the CFP exam 71.4%, suggesting it was more difficult this year.
 
“Since I got my CFP it seems like they’ve made things a little more difficult, which I think is a good thing,” said Toronto-area financial planner Jason Heath.
3 Comments
  • Louis Szokol 2015-08-18 9:26:06 AM
    So is this a memory test or a competency test? It makes me wonder how many will pass the test one month after studying the material. Is memory a good indicator of the care and dedication to client service?
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  • Vickie Snow, CFP, CLU 2015-08-19 11:14:35 AM
    Louis,
    The exams are competency based. Candidates must be able to apply their knowledge not regurgitate information. No amount of cramming will help which is good news for clients.
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  • Roby 2015-08-22 9:50:54 PM
    Competency is based on several factors one of which are exams. A man with a good argument based on book knowlege is always trumped by one with experience.
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