100+ Free AWMA Practice Questions

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An advisor is profiling a new prospect with $2.5 million in investable assets. For AWMA-style HNW segmentation, this client is best classified as:

mass affluent

high-net-worth

ultra-high-net-worth

retail brokerage

to track

Same family resources

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2026 Statistics

Key Facts: AWMA Exam

100

Practice Questions

OpenExamPrep AWMA bank

70%

Passing Score

Kaplan AWMA program

~70%

Historical Pass Rate

Kaplan AWMA program

120 days

Online Access Window

Kaplan AWMA program

~$1,495

Program Tuition

Kaplan AWMA program

CFP CE

CE Eligible

Kaplan AWMA program

Kaplan's AWMA program is a self-study designation aimed at advisors who serve high-net-worth clients, and the program page describes a roughly 70% historical pass rate, a 120-day enrollment window, and current tuition near $1,495. The curriculum is organized around HNW client identification, investment strategies for HNW (alternatives, concentrated stock, hedging), HNW income-tax planning, executive benefits and equity compensation, estate planning, charitable giving, and practice management. Kaplan also offers a Sports & Entertainment supplemental option (SE-AWMA) for advisors serving athletes and entertainers, and AWMA holders may apply Kaplan modules toward CFP CE.

Sample AWMA Practice Questions

Try these sample questions to test your AWMA exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1An advisor is profiling a new prospect with $2.5 million in investable assets. For AWMA-style HNW segmentation, this client is best classified as:

A.mass affluent

B.high-net-worth

C.ultra-high-net-worth

D.retail brokerage

Explanation: AWMA materials and most HNW practice frameworks define high-net-worth as roughly $1 million or more in investable assets. Ultra-high-net-worth typically begins at $30 million in investable assets, and mass affluent sits below the $1 million HNW threshold.

2Which discovery topic is MOST distinctive of HNW client engagements compared with mass-affluent clients?

A.emergency-fund sizing

B.401(k) contribution rate

C.multigenerational governance and family balance sheet

D.credit-card debt payoff

Explanation: HNW discovery focuses on the family balance sheet, multigenerational wealth transfer, governance, and shared values. Cash-flow basics still matter, but they rarely drive the HNW relationship the way governance, succession, and complex assets do.

3An HNW couple's primary stated goal is to keep their family business in the family for at least three generations. Which planning lens should anchor the AWMA-style discovery?

A.tactical asset allocation

B.succession and governance planning

C.tax-loss harvesting cadence

D.Medicare enrollment timing

Explanation: A multigenerational business-continuation goal points to succession planning, governance documents, family meetings, and integrated estate design. Investment, tax, and Medicare topics support that goal but do not anchor the HNW conversation.

4Which HNW client need is BEST served by a written family governance charter rather than an investment policy statement?

A.documenting target asset-class ranges

B.defining family decision rights and education for the next generation

C.specifying rebalancing thresholds

D.listing approved fund managers

Explanation: A family governance charter sets decision rights, communication norms, and next-generation education. Investment policy statements address allocation, rebalancing, and manager selection — operational portfolio rules, not family decision-making.

5A new HNW client owns several closely held entities, multiple residences, and a private foundation. The MOST useful AWMA-style discovery output is:

A.a budget worksheet

B.a consolidated household balance sheet across legal entities

C.a Roth conversion projection

D.a 529 contribution plan

Explanation: HNW households hold assets in trusts, partnerships, and other entities. A consolidated balance sheet across all legal entities lets the advisor see total wealth, concentration, liquidity, and gifting capacity. The other items are narrower planning tasks.

6Which fact about HNW clients is BEST documented during AWMA-style discovery before recommending illiquid alternatives?

A.favorite charity

B.liquidity needs and capital-call capacity

C.preferred index benchmark

D.Social Security claim age

Explanation: Alternatives such as private equity, real estate, and hedge funds often have lockups and capital calls. Documenting liquidity needs and capacity to fund capital calls is essential before recommending illiquid HNW strategies.

7An HNW client says, 'I want my advisor to coordinate with my CPA and estate attorney.' This is BEST described as a need for:

A.single-product execution

B.family-office or integrated-team service

C.robo-advice

D.discount brokerage

Explanation: HNW clients commonly want a quarterback who coordinates investments, taxes, and legal work. AWMA-style HNW practice management calls this an integrated team or virtual family office model.

8Which scenario MOST suggests a need for an UHNW-style service model?

A.a $750,000 IRA and a Social Security claim decision

B.a single 401(k) rollover

C.a $50 million household with operating businesses, private investments, and a family foundation

D.a paycheck-to-paycheck household

Explanation: UHNW (~$30M+) households with operating businesses, private investments, and foundations need a multi-advisor team, governance support, and complex coordination. The other examples fit mass-affluent or HNW service tiers.

9An HNW prospect is reluctant to discuss inheritance plans with adult children. The MOST useful next step is to:

A.skip the topic to preserve trust

B.facilitate a structured family meeting once goals are clarified

C.ask the children directly without parents present

D.draft trust documents immediately

Explanation: Family meetings, sometimes guided by a facilitator, are an AWMA-aligned tool for HNW families. They surface values and prepare heirs without skipping the conversation or moving directly to drafting documents.

10Which AWMA HNW need is MOST tied to risk management rather than investment selection?

A.private equity allocation policy

B.umbrella liability and asset-protection coordination

C.manager due diligence cadence

D.alternative-asset benchmarking

Explanation: HNW households face larger lawsuit exposure and personal-property risk. Umbrella liability, captive insurance, and asset-protection vehicle coordination are the risk-management answers most distinct from investment selection.

About the AWMA Exam

The AWMA designation is built for mid-to-advanced advisors working with high-net-worth (HNW) clients. The curriculum trains the advisor to identify HNW needs, evaluate alternative investments and concentrated-stock strategies, navigate HNW income-tax planning, advise on executive equity compensation, build HNW estate plans, design charitable giving structures, and run a practice that serves wealthy households.

Assessment

Online final exam inside the AWMA designation program; ~70% historical pass rate; 120-day enrollment access

Time Limit

Final Exam (online)

Passing Score

70%

Exam Fee

~$1,495 (CFFP/Kaplan) (College for Financial Planning (Kaplan))

AWMA Exam Content Outline

10%

Identifying High-Net-Worth Client Needs

Defining HNW (typically $1M+ investable, UHNW $30M+), profiling family balance sheets, multigenerational goals, risk profile, governance, and the discovery process for wealthy households.

20%

Investment Strategies for High-Net-Worth Clients

Alternative investments, hedge funds, private equity, real assets, concentrated-stock management (10b5-1 plans, exchange funds, prepaid variable forwards, charitable remainder trusts), and hedging via collars and protective puts.

20%

Income Tax Strategies for High-Net-Worth Clients

Marginal-bracket and capital-gains planning, Net Investment Income Tax (3.8% NIIT), AMT, Section 1202 QSBS exclusion, Section 1045 rollovers, like-kind exchanges, opportunity-zone funds, and asset-location strategy.

15%

Executive Benefits and Equity Compensation

ISO and NQSO mechanics, RSU/PSU vesting, ESPP §423 plans, §83(b) elections within 30 days, IRC §162(m) $1M deduction limit, and §409A nonqualified deferred compensation rules.

20%

Estate Planning for High-Net-Worth Clients

TCJA estate exemption sunset planning, ILITs (3-year lookback under §2035), GRATs, IDGTs, SLATs, family limited partnerships and valuation discounts (DLOM and DLOC), GST exemption, and beneficiary design.

10%

Charitable Giving Strategies for High-Net-Worth Clients

CRTs (NICRUT/NIMCRUT, 5-50% payout, 10% remainder), CLTs grantor and non-grantor, donor-advised funds, private foundations (5% minimum payout), QCDs, and IRC §170 AGI deduction limits.

Practice Management for the High-Net-Worth Client Advisor

Service models, fee structures, family-office coordination, multidisciplinary teams, client segmentation, and client experience expectations of HNW households.

How to Pass the AWMA Exam

What You Need to Know

Passing score: 70%
Assessment: Online final exam inside the AWMA designation program; ~70% historical pass rate; 120-day enrollment access
Time limit: Final Exam (online)
Exam fee: ~$1,495 (CFFP/Kaplan)

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

AWMA Study Tips from Top Performers

1Anchor every HNW question to a planning structure first. Most AWMA scenarios test which trust, vehicle, or election best matches a stated client goal, not a single calculation.

2Memorize the equity-comp tax map. Know exactly when ordinary income, FICA, AMT, capital-gain, and §83(b) elections trigger across ISOs, NQSOs, RSUs, PSUs, and ESPP §423 plans.

3Treat estate planning as a sequence of techniques. ILIT, GRAT, IDGT, SLAT, and FLP each solve a specific transfer-tax problem; questions often reward picking the technique with the right time horizon and risk.

4For concentrated stock, learn the four moves cold: 10b5-1 trading plans, exchange funds, prepaid variable forwards (collars), and charitable remainder trusts. Know which one defers tax versus which one diversifies risk.

5Practice 2026 number recall on the high-impact items: NIIT 3.8%, QSBS §1202 ($10M / 10x basis, 5-year hold), 162(m) $1M cap, 409A 6-month delay for specified employees, ILIT 3-year lookback, and DAF/private-foundation AGI limits.

Frequently Asked Questions

How many questions are on the AWMA final exam?

Kaplan's AWMA program is built around an online designation final exam. This practice bank uses a 100-question structure to mirror a typical final-length sitting for the AWMA designation.

What is the AWMA passing score and pass rate?

Candidates must score 70% or higher to pass the AWMA final exam. Kaplan publicly references a roughly 70% historical pass rate for the AWMA designation program.

How much does the AWMA program cost and how long do I have?

Kaplan's AWMA program tuition is approximately $1,495 for the standard package, with about 120 days of online access from enrollment. Optional textbooks and live class formats are available at additional cost.

Is AWMA accepted for CFP continuing education?

Yes. AWMA modules are eligible for CFP Board continuing-education credit, and the College for Financial Planning lists CFP CE acceptance as a benefit of the program. Confirm specific CE hours each renewal cycle.

What is the SE-AWMA Sports & Entertainment option?

Kaplan offers a Sports & Entertainment supplemental track that bolts onto AWMA and earns the SE-AWMA mark. It adds advisor content for athletes, entertainers, and other clients with concentrated, short-duration income streams.

How is AWMA different from AAMS, CPWA, or CFP?

AAMS is foundational portfolio and client-process content. AWMA is HNW-specialized: alternatives, concentrated stock, equity comp, estate, and charitable structures. CPWA goes deeper into private wealth at the IMCA/Investments & Wealth Institute level. CFP is the broad financial-planning credential.