300+ Free CFP Practice Questions

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Question 1

Score: 0/0

A married couple filing jointly has adjusted gross income of $95,000 in 2025. They have no dependents and are both under 65. What is their standard deduction?

$15,000

$22,500

$30,000

$31,500

to track

2026 Statistics

Key Facts: CFP Exam

64%

First-Time Pass Rate

CFP Board, March 2024

97,000+

CFP Professionals in US

CFP Board 2024

170 Qs

Exam Questions

Two 3-hour sessions

250-400 hrs

Recommended Study Time

CFP review providers

$94,170

Median Salary

BLS 2024

8 Domains

Knowledge Areas

CFP Board

The CFP exam has a 64% first-time pass rate (CFP Board, March 2024). It requires passing a 170-question, 6-hour exam covering 8 principal knowledge domains. There are over 97,000 CFP professionals in the U.S. as of 2024. CFP professionals earn a median salary of $94,170 (BLS 2024), and the certification requires a bachelor's degree, 6,000 hours of experience, and completion of a CFP Board-registered education program.

Sample CFP Practice Questions

Try these sample questions to test your CFP exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 300+ question experience with AI tutoring.

1Under the CFP Board's Standards of Conduct, a CFP® professional must act as a fiduciary when providing which of the following?

A.Only investment advice

B.Only financial planning services

C.Financial advice that covers financial planning, including all material terms of an engagement

D.All financial advice, at all times when providing Financial Advice

Explanation: Under the revised CFP Board Standards of Conduct (effective October 2019), CFP® professionals must act as fiduciaries at all times when providing Financial Advice to a client. This duty of loyalty, care, and the obligation to follow client instructions applies broadly, not just during formal financial planning engagements. The fiduciary duty encompasses investment advice, insurance recommendations, and any other Financial Advice rendered by the CFP® professional.

2A CFP® professional discovers that a client has been engaging in money laundering. Under the CFP Board's Code of Ethics, what is the CFP® professional's primary obligation?

A.Continue providing services while documenting concerns privately

B.Report the activity to the CFP Board and consider reporting to appropriate authorities

C.Immediately terminate the relationship without any further communication

D.Confront the client and give them an opportunity to stop the behavior before taking action

Explanation: The CFP Board's Code of Ethics requires CFP® professionals to comply with applicable laws and regulations. When a CFP® professional discovers illegal activity such as money laundering, they have a duty to report it to the CFP Board as part of their obligation to uphold the integrity of the profession. They should also consider reporting to appropriate regulatory authorities (e.g., FinCEN). Simply ignoring the issue or confronting the client without reporting would violate the professional's ethical and legal obligations.

3Which of the following best describes the CFP Board's Duty of Loyalty?

A.The CFP® professional must always recommend the lowest-cost product available

B.The CFP® professional must place the interests of the client above the interests of the CFP® professional and the firm

C.The CFP® professional must never receive commissions from product sales

D.The CFP® professional must provide identical recommendations to all clients with similar net worth

Explanation: The Duty of Loyalty requires a CFP® professional to place the interests of the client above their own interests and those of the CFP® professional's firm. This does not mean always choosing the lowest-cost product; rather, it means the recommendation must be in the client's best interest considering their unique circumstances. Commission-based compensation is permitted as long as proper disclosure is made and the recommendation is still in the client's best interest. The duty is individualized to each client, not standardized by net worth.

4A CFP® professional receives a complaint from a client alleging negligence. Under the CFP Board's disciplinary process, what is the first step after the complaint is filed?

A.The CFP® professional's certification is immediately suspended pending investigation

B.The CFP Board's Disciplinary and Ethics Commission conducts a formal hearing

C.CFP Board staff conducts a preliminary investigation to determine if a potential violation occurred

D.The complaint is forwarded directly to FINRA for review

Explanation: The CFP Board's disciplinary process begins with a preliminary investigation conducted by CFP Board staff after a complaint is received. During this phase, staff reviews the complaint and gathers relevant information to determine whether there is sufficient evidence of a potential violation of the Standards of Conduct. If the investigation identifies a potential violation, the matter may proceed to the Disciplinary and Ethics Commission. Certification is not automatically suspended upon receipt of a complaint, and the CFP Board handles its own disciplinary matters independently from FINRA.

5Which of the following scenarios would most likely constitute a conflict of interest that a CFP® professional must disclose to a client?

A.The CFP® professional recommends a diversified portfolio of low-cost index funds

B.The CFP® professional's firm receives 12b-1 fees from a mutual fund family that the professional frequently recommends

C.The CFP® professional charges an hourly fee for financial planning services

D.The CFP® professional refers the client to an independent CPA for tax preparation

Explanation: Receiving 12b-1 fees from a mutual fund family that the CFP® professional frequently recommends creates a clear conflict of interest because the professional has a financial incentive to recommend those specific funds over others. Under the Standards of Conduct, this compensation arrangement must be disclosed in writing to the client. Recommending index funds, charging hourly fees, and referring to an independent CPA do not inherently create conflicts of interest, though all material compensation arrangements should still be disclosed.

6The CFP Board's Practice Standards require a CFP® professional to do which of the following before making recommendations?

A.Obtain the client's written agreement to implement all recommendations

B.Analyze the client's current financial situation and identify goals

C.Guarantee a specific rate of return on the recommended investments

D.Prepare a formal financial plan document of at least 50 pages

Explanation: The CFP Board's Practice Standards outline the financial planning process, which requires gathering client data, analyzing the client's current financial situation, and identifying goals before making any recommendations. This ensures recommendations are tailored to the client's specific needs and circumstances. A CFP® professional should never guarantee specific rates of return. While written agreements and formal plans may be appropriate, there is no requirement for client pre-approval of recommendations or a minimum page count for financial plan documents.

7A CFP® professional is compensated through a combination of fees and commissions. Under the Standards of Conduct, what must the professional disclose regarding this compensation structure?

A.Only the fee portion since commissions are standard industry practice

B.Only the commission portion since fees are agreed upon by the client

C.All material conflicts of interest, including how the compensation structure could affect objectivity

D.Nothing, as long as the total compensation is reasonable for the services provided

Explanation: The CFP Board's Standards of Conduct require full disclosure of all material conflicts of interest, including those arising from the CFP® professional's compensation structure. A fee-and-commission model inherently creates potential conflicts because the professional may be incentivized to recommend products that generate commissions. The professional must disclose both forms of compensation, explain how they could affect objectivity, and describe how those conflicts are managed. Partial disclosure or no disclosure would violate the Standards.

8The CFP Board can impose which of the following sanctions on a CFP® professional found to have violated the Standards of Conduct?

A.Criminal prosecution and imprisonment

B.Monetary fines payable to the harmed client

C.Private censure, public censure, suspension, or permanent revocation of certification

D.Suspension of the professional's securities license through FINRA

Explanation: The CFP Board has the authority to impose a range of disciplinary sanctions including private censure (a non-public reprimand), public censure (a public reprimand), suspension of the right to use CFP® marks for a specified period, and permanent revocation of certification. The CFP Board is a private certification organization and does not have the authority to impose criminal penalties, order monetary restitution to clients, or suspend securities licenses. Those actions fall under the jurisdiction of law enforcement, civil courts, and regulatory bodies like FINRA, respectively.

9A CFP® professional has a client who is elderly and shows signs of diminished cognitive capacity. The client insists on transferring a large portion of their assets to a new acquaintance. What should the CFP® professional do?

A.Execute the transfer as requested since the client has the right to make their own decisions

B.Refuse to process the request and report the client to Adult Protective Services without informing the client

C.Discuss concerns with the client, consider contacting a previously identified trusted contact person, and document the situation

D.Delay the transaction indefinitely until the client changes their mind

Explanation: When a CFP® professional suspects diminished capacity or potential financial exploitation of a vulnerable adult, the Standards of Conduct require the professional to act in the client's best interest. The appropriate response involves discussing concerns with the client, consulting a previously identified trusted contact person if available, and thoroughly documenting the situation. Simply executing a suspicious transfer could facilitate elder financial abuse. While reporting to authorities may become necessary, the first step is to address the situation through established protocols, not bypass the client entirely or indefinitely block their access to their own assets.

10Under the CFP Board's Duty of Care, a CFP® professional must do which of the following?

A.Act with the care, skill, prudence, and diligence that a prudent professional would exercise

B.Guarantee that all recommendations will result in positive outcomes for the client

C.Only recommend products from the firm's approved product list

D.Provide the same level of service to all clients regardless of the complexity of their situations

Explanation: The Duty of Care requires a CFP® professional to act with the care, skill, prudence, and diligence that a prudent professional would use under the same circumstances. This is a process-based standard, not an outcome-based guarantee. No financial professional can guarantee positive results. The Duty of Care does not limit recommendations to a firm's approved list; a fiduciary must consider a reasonably sufficient number of options. The level of analysis and service should be appropriate to the complexity of each client's situation.

About the CFP Exam

The CFP exam is a comprehensive 170-question financial planning certification covering investments, retirement planning, tax planning, estate planning, insurance, and professional conduct. It's widely considered the gold standard for financial planners.

Questions

170 scored questions

Time Limit

6 hours (two 3-hour sessions)

Passing Score

Pass/Fail (scaled)

Exam Fee

$925 (CFP Board)

CFP Exam Content Outline

15%

Professional Conduct & Regulation

CFP Board Standards, fiduciary duty, ethics, and compliance

17%

General Financial Planning Principles

Financial planning process, time value of money, financial statements

12%

Risk Management & Insurance Planning

Life, health, disability, property & casualty, and long-term care insurance

17%

Investment Planning

Securities, portfolio management, asset allocation, and investment theory

14%

Tax Planning

Income tax, deductions, credits, and tax planning strategies

13%

Retirement Savings & Income Planning

Qualified plans, Social Security, retirement income distribution strategies

10%

Estate Planning

Trusts, estate transfer, gift tax, estate tax, and estate documents

Psychology of Financial Planning

Behavioral finance, counseling techniques, client psychology

How to Pass the CFP Exam

What You Need to Know

Passing score: Pass/Fail (scaled)
Exam length: 170 questions
Time limit: 6 hours (two 3-hour sessions)
Exam fee: $925

Keys to Passing

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

CFP Study Tips from Top Performers

1Start with Professional Conduct — it's 15% of the exam and the rules are straightforward to memorize

2Master time value of money calculations — they appear across multiple domains

3Create comparison charts for retirement plan types: 401(k) vs 403(b) vs SEP vs SIMPLE

4Know the gift tax annual exclusion ($18,000 in 2024) and estate tax exemption ($13.61M) cold

5Practice case studies — the CFP exam tests application, not just memorization

6Focus on investment theory: Modern Portfolio Theory, CAPM, alpha, beta, standard deviation, Sharpe ratio

Frequently Asked Questions

What is the CFP exam pass rate?

The CFP exam pass rate is approximately 64% for first-time test-takers and about 67% overall (CFP Board, March 2024). The exam is offered three times per year in March, July, and November. With thorough preparation using 300+ practice questions covering all 8 domains, you can significantly improve your chances of passing.

How hard is the CFP exam?

The CFP exam is considered one of the most challenging financial certifications. At 170 questions over 6 hours, it covers 8 principal knowledge domains. The breadth of material — from investments to estate planning to behavioral finance — makes it difficult. Most successful candidates study 250-400 hours over 3-6 months using review courses and practice exams.

What are the CFP exam requirements?

To sit for the CFP exam, you need: (1) a bachelor's degree from an accredited institution, (2) completion of a CFP Board-registered education program, and (3) agreement to CFP Board's ethics standards. After passing, you need 6,000 hours of professional experience (or 4,000 hours in an apprenticeship) to use the CFP marks.

How many questions are on the CFP exam?

The CFP exam has 170 multiple-choice questions split into two 3-hour sessions (85 questions each) with a 40-minute break. Of the 170 questions, approximately 10 are pretest items that don't count toward your score. The exam uses a scaled scoring method, so there's no fixed number of correct answers required to pass.

What topics are most heavily tested on the CFP exam?

Investment Planning (17%) and General Financial Planning Principles (17%) are the two largest domains. Professional Conduct & Regulation (15%) and Tax Planning (14%) follow closely. Together, these four domains make up about 63% of the exam. Estate Planning, Retirement, and Risk Management round out the remaining 35%.