Free CFP Exam Flashcards
Memorize 50 essential terms and definitions for the Certified Financial Planner (CFP) Exam. See the term, recall the definition, then flip to check yourself.
Financial Planning Process (7 Steps)
1) Understanding the client's personal and financial circumstances, 2) Identifying and selecting goals, 3) Analyzing current course of action, 4) Developing recommendations, 5) Presenting recommendations, 6) Implementing recommendations, 7) Monitoring progress.
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About These CFP Flashcards
These 50 flashcards are designed to help you memorize key terms and definitions for the Certified Financial Planner (CFP) Exam. Each card shows a term on the front and its definition on the back—the classic flashcard format for vocabulary memorization. Use these alongside our practice questions to build both recall and comprehension.
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Frequently Asked Questions
What is the CFP exam pass rate in 2024?
The CFP exam pass rates in 2024 ranged from 62-68% depending on the testing window. March 2024 had the highest pass rate at 68%, July was 64%, and November was 62%. First-time test takers consistently outperform repeaters, with a 69% average pass rate compared to 54% for those retaking the exam. According to CFP Board, 2024 set a new annual record with 10,437 candidates testing and 6,763 passing.
How many questions are on the CFP exam and how long is it?
The CFP exam consists of 170 multiple-choice questions divided into two 3-hour sessions (85 questions each) with a 40-minute scheduled break between sessions. Questions include stand-alone items and case study questions. The exam is offered three times per year during 8-day testing windows in March, July, and November.
What score do you need to pass the CFP exam?
The CFP Board uses criterion-referenced scoring, meaning the passing score (Minimum Passing Score or MPS) is determined by psychometricians based on minimal competency rather than a fixed percentage. CFP Board does not publicly disclose the exact MPS or the percentage of questions needed to pass. Results are reported as Pass or Fail only.
How many times can you take the CFP exam if you fail?
You can take the CFP exam a maximum of 5 times in your lifetime. Within any 24-month period, you may attempt the exam up to 3 times. If you attempt the exam in 3 consecutive testing windows and don't pass, you must wait a full year (3 exam cycles) before registering again. After 5 total attempts, you cannot retake the exam.
How many hours should I study for the CFP exam?
CFP Board recommends at least 250 hours of study time. According to their research, 80% of exam passers studied 11+ hours per week. Most successful candidates prepare for 3-5 months, dedicating 10-25 hours weekly depending on their experience with CFP topics. First-time passers often report 200-300+ hours of total preparation.
What are the 8 topics on the CFP exam?
The CFP exam covers 8 principal knowledge topics: (1) Professional Conduct and Regulation, (2) General Financial Planning Principles, (3) Education Planning, (4) Risk Management and Insurance Planning, (5) Investment Planning, (6) Tax Planning, (7) Retirement Savings and Income Planning, and (8) Estate Planning. These topics align with CFP Board's education and continuing education requirements.