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100+ Free CFP Professional Competency Examination Practice Questions

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Which document governs how a long-term insurer must treat policyholders fairly and disclose product information in South Africa?

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2026 Statistics

Key Facts: CFP Professional Competency Examination Exam

50 marks

PCE Online MCQ

FPI CFP Exam Page

60%

Minimum Pass Mark

FPI CFP Exam Page

7

Competency Areas Covered

FPI Competency Profile

2025

Capstone Plan Added

FPI Announcement

42.42%

2025 Capstone Pass Rate

FPI Capstone Results

4 hours

Assessment Duration

FPI CFP Exam Page

The FPI CFP Professional Competency Examination (PCE) is a four-hour, 50-mark online multiple-choice assessment of theoretical financial-planning knowledge, requiring a minimum of 60% to be deemed competent. It covers the FPI competency profile: financial management, investment planning, risk management and insurance, taxation (SARS), retirement planning, estate planning, and the regulatory environment (FAIS/FSCA). From January 2025 the certification pathway also requires an eight-week Capstone course and an assessed financial plan; FPI reported a 42.42% pass rate for the inaugural Capstone cohort. This free bank provides 100 MCQs to build the knowledge tested by the objective component.

Sample CFP Professional Competency Examination Practice Questions

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

1Which professional body administers the CFP® Professional Competency Examination (PCE) in South Africa?
A.Financial Planning Institute of Southern Africa (FPI)
B.Financial Sector Conduct Authority (FSCA)
C.South African Institute of Chartered Accountants (SAICA)
D.CFP Board of the United States
Explanation: The FPI is the only South African professional body authorised by Financial Planning Standards Board (FPSB) to certify CFP® professionals and administers the PCE. It is recognised by SAQA as a professional association for financial planners.
2In its established form, the FPI Professional Competency Examination consisted of how many marks and what minimum pass mark?
A.100 marks, 75% pass
B.50 marks, 60% pass
C.200 marks, 50% pass
D.80 marks, 65% pass
Explanation: The PCE is a four-hour online multiple-choice assessment worth 50 marks, and a candidate must obtain a minimum of 60% to be deemed competent. This objective component tests theoretical financial-planning knowledge.
3From January 2025, the FPI CFP® certification pathway added which practical component alongside the theoretical assessment?
A.A separate FSCA regulatory examination
B.A three-hour oral board interview
C.An eight-week Capstone course and a financial plan assessment
D.A two-year supervised logbook
Explanation: In line with international trends, the FPI introduced an eight-week online Capstone course culminating in the submission of a comprehensive financial plan that is assessed for competency. The objective MCQ component remains the knowledge anchor of the pathway.
4Under the FAIS Act, which body is responsible for regulating the conduct of financial services providers in South Africa?
A.National Treasury
B.Prudential Authority
C.South African Reserve Bank (SARB)
D.Financial Sector Conduct Authority (FSCA)
Explanation: The FSCA is the dedicated market-conduct regulator for financial institutions under the Twin Peaks model, supervising compliance with the Financial Advisory and Intermediary Services (FAIS) Act. It licenses and monitors financial services providers (FSPs).
5A financial planner recommends a product that pays a higher commission but is not the most suitable for the client's needs. Which FAIS General Code of Conduct principle does this most directly breach?
A.The duty to act with due care, skill and in the client's interest
B.The requirement to display the FSP licence
C.The obligation to submit annual financial statements
D.The duty to keep records for five years
Explanation: The FAIS General Code of Conduct requires an FSP to render financial services honestly, fairly, with due skill, care and diligence, and in the interests of clients and the integrity of the industry. Prioritising commission over suitability breaches this fiduciary-style standard.
6The six-step financial planning process begins with which activity?
A.Implementing the financial plan
B.Establishing and defining the client relationship and gathering data
C.Monitoring the plan
D.Developing recommendations
Explanation: The globally recognised FPSB financial planning process starts with establishing the professional relationship, defining its scope, and collecting the client's quantitative and qualitative information. Subsequent steps are analysis, recommendation, implementation and review.
7A client has a liquid emergency fund covering three months of expenses. Best practice in personal financial management generally recommends an emergency fund of approximately:
A.An amount equal to total debt
B.One week of expenses
C.Three to six months of essential expenses
D.Two years of gross income
Explanation: Sound cash-flow planning recommends an accessible emergency reserve of roughly three to six months of essential living expenses to absorb income shocks such as job loss or illness without resorting to high-cost debt.
8A client's debt-to-income ratio has risen sharply because of unsecured credit. Which South African statute primarily governs responsible lending and over-indebtedness?
A.The Companies Act
B.The Long-Term Insurance Act
C.The Pension Funds Act
D.The National Credit Act (NCA)
Explanation: The National Credit Act regulates consumer credit, requires affordability assessments to prevent reckless lending, and provides debt-review mechanisms for over-indebted consumers. It is central to debt-management advice in South Africa.
9Calculate the future value of R100,000 invested for 5 years at 8% per annum, compounded annually (use 1.08^5 ≈ 1.4693).
A.R146,933
B.R108,000
C.R180,000
D.R140,000
Explanation: FV = PV × (1 + i)^n = R100,000 × 1.08^5 = R100,000 × 1.4693 ≈ R146,933. Compounding reinvests interest each year, so growth exceeds simple interest.
10Which document forms the cornerstone reference text for CFP® PCE candidates in South Africa?
A.The CFA Curriculum
B.The Financial Planning Handbook (LexisNexis)
C.The King IV Report
D.The Companies Act Handbook
Explanation: The Financial Planning Handbook, published through LexisNexis and updated regularly, is the primary study resource covering the FPI competency profile across all financial-planning components for the PCE.

About the CFP Professional Competency Examination Practice Questions

Verified exam format metadata for CFP Professional Competency Examination (FPI) is pending. The practice questions above remain available while official exam length, timing, passing score, fee, and administrator details are reviewed.