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AFP Associate Financial Planner (AFP 金融理财师, China)

Practice Questions100 questions

2026 Statistics

Key Facts: CFP Certification Examination (China) Exam

315 MCQs

Official Examination Questions across 5 Modules

FPSB China CFP Exam Bulletin

12 Hours

Total Examination Time over 2 Days

FPSB China Examination Regulations

5 Modules

Modular Structure (Investment, Retirement, Tax, Insurance, Cases)

FPSB China Official Curriculum

5 Years

Modular Passing Score Rolling Validity Window

FPSB China Certification Rules

¥1,780 RMB

Total Examination Fee for All 5 Modules

FPSB China Fee Schedule

100

Practice Questions in this OpenExamPrep Bank

OpenExamPrep

The FPSB China CFP Certification Examination (CFP 国际金融理财师) is China's premier wealth management credential, consisting of 315 MCQs across 5 modular exams (Investment, Retirement/Benefits, Tax/Estate, Insurance/Risk, and Comprehensive Cases) over 12 hours. This 100-question practice module provides an English-language study adaptation with detailed mathematical step-by-step solutions, PRC tax rules, trust frameworks, and wealth planning strategies.

Sample CFP Certification Examination (China) Practice Questions

Try these sample questions to test your CFP Certification Examination (China) exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 96+ question experience with AI tutoring.

1Under the Capital Asset Pricing Model (CAPM / 资本资产定价模型), an investment analyst is evaluating Stock A listed on the Shanghai Stock Exchange. The current 1-year PRC Treasury bond yield is 2.50% (risk-free rate $R_f$), the expected return on the CSI 300 market index ($E(R_m)$) is 8.50%, and Stock A has an estimated systematic risk beta (贝塔系数 $\beta$) of 1.35. What is the required expected rate of return for Stock A?

A.10.60%

B.8.10%

C.11.48%

D.13.98%

Explanation: According to the Capital Asset Pricing Model (CAPM), the required expected return $E(R_i)$ is calculated using the Security Market Line (SML) equation: $$E(R_i) = R_f + \beta_i \times [E(R_m) - R_f]$$ Substituting the given values: $$E(R_A) = 2.50\% + 1.35 \times (8.50\% - 2.50\%) = 2.50\% + 1.35 \times 6.00\% = 2.50\% + 8.10\% = 10.60\%$$ Therefore, the required expected rate of return for Stock A is 10.60%.

2A wealth manager is constructing a two-asset portfolio consisting of Asset A and Asset B. Asset A has an expected return of 12.0% and an annual standard deviation ($\\sigma_A$) of 18.0%. Asset B has an expected return of 6.0% and an annual standard deviation ($\\sigma_B$) of 10.0%. The correlation coefficient between Asset A and Asset B is $\\rho_{AB} = -0.20$. What is the weight of Asset A ($w_A^*$) in the global Minimum Variance Portfolio (MVP / 最小方差组合)?

A.27.42%

B.23.58%

C.35.71%

D.50.00%

Explanation: In Markowitz Modern Portfolio Theory, the optimal weight of Asset A in a two-asset Minimum Variance Portfolio (MVP) is given by: $$w_A^* = \frac{\sigma_B^2 - \text{Cov}(A,B)}{\sigma_A^2 + \sigma_B^2 - 2\text{Cov}(A,B)}$$ where $\text{Cov}(A,B) = \rho_{AB} \sigma_A \sigma_B$. 1. Calculate component variances and covariance: - $\sigma_A^2 = 0.18^2 = 0.0324$ - $\sigma_B^2 = 0.10^2 = 0.0100$ - $\text{Cov}(A,B) = -0.20 \times 0.18 \times 0.10 = -0.0036$ 2. Calculate numerator and denominator: - Numerator: $\sigma_B^2 - \text{Cov}(A,B) = 0.0100 - (-0.0036) = 0.0136$ - Denominator: $\sigma_A^2 + \sigma_B^2 - 2\text{Cov}(A,B) = 0.0324 + 0.0100 - 2(-0.0036) = 0.0424 + 0.0072 = 0.0496$ 3. Calculate weight: $$w_A^* = \frac{0.0136}{0.0496} = 0.27419... \approx 27.42\%$$ Asset B weight is $w_B^* = 1 - 0.2742 = 72.58\%$.

3A fixed-income investor purchases a 3-year PRC Ministry of Finance treasury bond with a face value of ¥100, an annual coupon rate of 4.00% paid annually, and a required annual yield-to-maturity (YTM) of 3.20%. What is the fair market clean price of this treasury bond?

A.¥102.25

B.¥100.00

C.¥104.50

D.¥98.15

Explanation: The fair price of a fixed-rate coupon bond is the sum of the present values of its coupon annuity payments and the par value discounted at the yield-to-maturity $y = 3.20\%$: $$P = \sum_{t=1}^{3} \frac{C}{(1+y)^t} + \frac{M}{(1+y)^3}$$ - Year 1 Coupon PV: $4.00 / 1.032^1 = ¥3.8760$ - Year 2 Coupon PV: $4.00 / 1.032^2 = ¥3.7558$ - Year 3 Cash Flow PV (Coupon + Par): $(4.00 + 100.00) / 1.032^3 = 104.00 / 1.099122 = ¥94.6210$ $$P = 3.8760 + 3.7558 + 94.6210 = ¥102.2528 \approx ¥102.25$$ Since the coupon rate (4.00%) exceeds the YTM (3.20%), the bond correctly trades at a premium.

4A corporate bond portfolio holds bonds with a current market clean price of ¥105.00, a Macaulay duration (麦考利久期) of 5.25 years, and an annual yield-to-maturity of 5.00%. If market interest rates increase in a parallel shift by 40 basis points (+0.40%), what is the estimated change in the bond's price based on modified duration?

A.-¥2.10

B.+¥2.10

C.-¥2.21

D.-¥0.53

Explanation: 1. First, calculate the Modified Duration ($D_{\text{mod}}$): $$D_{\text{mod}} = \frac{D_{\text{Mac}}}{1 + y} = \frac{5.25}{1 + 0.05} = 5.00\text{ years}$$ 2. Calculate the estimated percentage change in price: $$\frac{\Delta P}{P} \approx -D_{\text{mod}} \times \Delta y = -5.00 \times (+0.0040) = -0.0200 = -2.00\%$$ 3. Calculate the estimated dollar price change: $$\Delta P \approx -2.00\% \times ¥105.00 = -¥2.10$$ The estimated new price would be $¥105.00 - ¥2.10 = ¥102.90$.

5A 10-year enterprise bond has a Modified Duration ($D_{\text{mod}}$) of 7.50 years and a Convexity (凸性 $C$) of 80.0. If the market yield-to-maturity increases by 200 basis points (+2.00%), what is the estimated percentage change in the bond's price incorporating both duration and convexity adjustments?

A.-13.40%

B.-15.00%

C.-16.60%

D.-11.80%

Explanation: The Taylor series expansion for bond price change incorporating both duration and convexity is: $$\frac{\Delta P}{P} \approx -D_{\text{mod}} \Delta y + \frac{1}{2} C (\Delta y)^2$$ Given: - $D_{\text{mod}} = 7.50$ - $C = 80.0$ - $\Delta y = +0.0200$ 1. Duration component: $$-D_{\text{mod}} \Delta y = -7.50 \times 0.0200 = -0.1500 = -15.00\%$$ 2. Convexity adjustment component: $$\frac{1}{2} C (\Delta y)^2 = 0.5 \times 80.0 \times (0.0200)^2 = 40.0 \times 0.0004 = +0.0160 = +1.60\%$$ 3. Combined price change: $$\frac{\Delta P}{P} \approx -15.00\% + 1.60\% = -13.40\%$$ Convexity is always positive for option-free bonds and mitigates the price decline when interest rates rise.

6A pension fund manager needs to immunize a single known payout obligation of ¥50 million due in exactly 5 years. Under classical Redington single-period bond immunization (免疫策略), which set of conditions must the asset portfolio satisfy relative to the liability?

A.$PV_{\text{Assets}} = PV_{\text{Liabilities}}$, Macaulay Duration $D_{\text{Assets}} = D_{\text{Liabilities}} = 5\text{ years}$, and Convexity $C_{\text{Assets}} > C_{\text{Liabilities}}$

B.$PV_{\text{Assets}} > PV_{\text{Liabilities}}$, Macaulay Duration $D_{\text{Assets}} > D_{\text{Liabilities}}$, and Convexity $C_{\text{Assets}} = C_{\text{Liabilities}}$

C.$PV_{\text{Assets}} = PV_{\text{Liabilities}}$, Macaulay Duration $D_{\text{Assets}} < D_{\text{Liabilities}}$, and Convexity $C_{\text{Assets}} < C_{\text{Liabilities}}$

D.$PV_{\text{Assets}} = PV_{\text{Liabilities}}$, Modified Duration $D_{\text{Assets}} = 0$, and Convexity $C_{\text{Assets}} = 0$

Explanation: Under classical Redington immunization for a single-period liability: 1. The present value of assets must equal the present value of liabilities ($PV_A = PV_L$). 2. The Macaulay duration of the asset portfolio must equal the duration of the liability ($D_A = D_L = H = 5\text{ years}$). 3. The convexity of the asset portfolio must be greater than the convexity of the liability ($C_A > C_L$). Condition (3) ensures that when interest rates shift parallel in either direction, the asset value drops less (if yields rise) or rises more (if yields fall) than the liability, thereby guaranteeing that asset value remains greater than or equal to liability value.

7According to the Pure Expectations Hypothesis (纯预期理论) of the yield curve, the current 1-year spot interest rate is $s_1 = 2.50\%$ and the 2-year spot interest rate is $s_2 = 3.20\%$. What is the 1-year implied forward rate starting one year from today ($_{1}f_1$)?

A.3.90%

B.3.20%

C.4.25%

D.2.85%

Explanation: Under the Pure Expectations Hypothesis, investing for two consecutive 1-year periods yields the same return as investing in a 2-year spot bond: $$(1 + s_2)^2 = (1 + s_1)(1 + {_{1}f_1})$$ Substituting the given spot rates: $$(1.0320)^2 = (1.0250)(1 + {_{1}f_1})$$ $$1.065024 = 1.0250 \times (1 + {_{1}f_1})$$ $$1 + {_{1}f_1} = \frac{1.065024}{1.0250} \approx 1.039048$$ $${_{1}f_1} = 3.9048\% \approx 3.90\%$$ Thus, the implied 1-year forward rate in 1 year is 3.90%.

8A blue-chip stock listed on the Shanghai Stock Exchange recently paid an annual cash dividend of $D_0 = ¥2.40$ per share. The company's dividends are projected to grow at a sustainable constant rate of $g = 6.00\%$ indefinitely. If an investor's required rate of return for this risk class is $k = 10.00\%$, what is the intrinsic fair value ($P_0$) of the stock under the Gordon Growth Dividend Discount Model (DDM)?

A.¥63.60

B.¥60.00

C.¥40.00

D.¥67.42

Explanation: Under the Gordon Growth Dividend Discount Model (DDM): $$P_0 = \frac{D_1}{k - g} = \frac{D_0 \times (1 + g)}{k - g}$$ 1. Calculate the expected dividend next year ($D_1$): $$D_1 = ¥2.40 \times (1 + 0.06) = ¥2.544$$ 2. Calculate the intrinsic value ($P_0$): $$P_0 = \frac{2.544}{0.10 - 0.06} = \frac{2.544}{0.04} = ¥63.60$$ Therefore, the fair value of the stock is ¥63.60.

9A growth enterprise recently paid a cash dividend of $D_0 = ¥2.00$ per share. The company is expected to experience a high-growth phase with dividend growth of $g_1 = 15.00\%$ per year for the next 2 years (Years 1 and 2), after which growth will stabilize at a perpetual constant rate of $g_2 = 5.00\%$ per year from Year 3 onwards. If the investor's required discount rate is $k = 11.00\%$, what is the intrinsic value ($P_0$) of the stock under the Two-Stage DDM?

A.¥41.79

B.¥48.55

C.¥35.00

D.¥46.29

Explanation: In a Two-Stage Dividend Discount Model, intrinsic value is the sum of present values of discrete high-growth dividends plus the present value of the terminal share price: 1. Forecast dividends for high-growth stage: - $D_1 = D_0 \times (1 + 0.15) = 2.00 \times 1.15 = ¥2.30$ - $D_2 = D_1 \times (1 + 0.15) = 2.30 \times 1.15 = ¥2.645$ 2. Forecast first dividend of stable stage ($D_3$): - $D_3 = D_2 \times (1 + 0.05) = 2.645 \times 1.05 = ¥2.77725$ 3. Calculate terminal price at Year 2 ($P_2$): $$P_2 = \frac{D_3}{k - g_2} = \frac{2.77725}{0.11 - 0.05} = \frac{2.77725}{0.06} = ¥46.2875$$ 4. Discount all cash flows to $t = 0$ at $k = 11\%$: - $PV(D_1) = 2.30 / 1.11^1 = ¥2.0721$ - $PV(D_2) = 2.645 / 1.11^2 = 2.645 / 1.2321 = ¥2.1467$ - $PV(P_2) = 46.2875 / 1.11^2 = 46.2875 / 1.2321 = ¥37.5680$ $$P_0 = 2.0721 + 2.1467 + 37.5680 = ¥41.7868 \approx ¥41.79$$

10An equity analyst is calculating Free Cash Flow to Equity (FCFE / 股权自由现金流) for a listed manufacturing firm. For the year, the firm reported Net Income of ¥80 million, Depreciation & Amortization of ¥25 million, Capital Expenditures (CapEx) of ¥40 million, and an increase in Net Working Capital ($\Delta NWC$) of ¥10 million. The firm funds its net investments maintaining a target Debt Ratio (DR / 负债比率) of 40.0%. What is the firm's FCFE for the year?

A.¥65.00 million

B.¥55.00 million

C.¥75.00 million

D.¥80.00 million

Explanation: When a firm maintains a constant target debt ratio ($DR$), net capital expenditures and working capital additions are funded with $DR$ portion of debt and $(1 - DR)$ portion of equity. The FCFE formula is: $$\text{FCFE} = \text{Net Income} - (1 - DR) \times (\text{CapEx} - \text{Depreciation}) - (1 - DR) \times \Delta NWC$$ Given: - Net Income $= ¥80$ million - $\text{CapEx} - \text{Depreciation} = 40 - 25 = ¥15$ million - $\Delta NWC = ¥10$ million - $(1 - DR) = 1 - 0.40 = 0.60$ Calculate FCFE: $$\text{FCFE} = 80 - 0.60 \times 15 - 0.60 \times 10 = 80 - 9.0 - 6.0 = ¥65.00\text{ million}$$ Thus, the Free Cash Flow to Equity is ¥65.00 million.

About the CFP Certification Examination (China) Exam

The Certified Financial Planner (CFP) Certification Examination in China (CFP 国际金融理财师认证考试) is administered by FPSB China under the international accreditation framework of the Financial Planning Standards Board (FPSB). Recognized as the premier global benchmark for private bankers, family office advisors, and wealth management professionals, the CFP credential tests comprehensive advanced competence across five specialized disciplines: Investment Planning (投资规划), Employee Benefits & Retirement Planning (员工福利与退休规划), Personal Tax & Estate Planning (个人税务与遗产筹划), Personal Risk Management & Insurance Planning (个人风险管理与保险规划), and Comprehensive Financial Planning Case Analysis (综合案例分析). Candidates must demonstrate mastery of advanced portfolio mathematics, fixed income duration and convexity, complex derivatives hedging, enterprise annuity and executive equity compensation structures, PRC Individual Income Tax (IIT) optimization, family trust architectures, cross-border CRS/FATCA compliance, life and health actuarial mechanics, and multi-goal holistic family financial planning under China's evolving legal and economic landscape.

Assessment

Two-day modular computer-based examination totaling 12 hours: Day 1 covers Investment Planning (3h, 90 Qs) and Employee Benefits & Retirement Planning (1.5h, 45 Qs); Day 2 covers Personal Tax & Estate Planning (1.5h, 45 Qs), Personal Risk Management & Insurance Planning (2.5h, 75 Qs), and Comprehensive Financial Planning Case Analysis (3.5h, 60 Qs). Candidates may register and pass modules individually within a 5-year rolling period.

Time Limit

12 hours (720 minutes) total across 5 modular sessions

Passing Score

Pass/Fail by module; the public FPSB China exam guide does not publish a numeric passing score

Exam Fee

¥1,780 RMB total (¥450 for Investment, ¥225 for Retirement, ¥225 for Tax, ¥370 for Insurance, ¥510 for Comprehensive Cases) (FPSB China (现代国际金融理财标准（上海）有限公司))

CFP Certification Examination (China) Exam Content Outline

28%

investment-planning

Modern portfolio theory (Markowitz efficient frontier, minimum variance portfolio), Capital Asset Pricing Model (CAPM, SML vs CML, beta estimation), Arbitrage Pricing Theory (APT), Fama-French multi-factor models, bond valuation and yield curve term structure theories (pure expectations, liquidity preference, market segmentation), Macaulay duration, modified duration, dollar duration (DV01), convexity adjustment, single-period and multi-period bond immunization, equity valuation (Dividend Discount Model, DCF, Free Cash Flow to Equity / Firm, P/E, P/B, EV/EBITDA), behavioral finance anomalies (loss aversion, overconfidence, mental accounting, framing), derivatives (futures hedging, option Greeks, bull/bear spreads, straddles, protective puts, covered calls, collar strategies), interest rate and currency swaps, structured wealth products, and portfolio performance attribution metrics (Sharpe ratio, Treynor ratio, Jensen's alpha, Sortino ratio, Information ratio, M-squared).

15%

employee-benefits-and-retirement-planning

China's three-pillar pension system architecture: statutory Basic Old-Age Insurance (城镇职工基本养老保险 vs 城乡居民基本养老保险, pooling account and personal account benefit formulas), supplementary corporate welfare (supplementary medical insurance, group term life, enterprise annuity 企业年金 and occupational annuity 职业年金 governance and Caishui [2013] No. 103 deferred taxation), Third-Pillar commercial personal pension accounts (个人养老金 system under Caishui [2022] No. 34 with ¥12,000 annual pre-tax deduction and 3% withdrawal tax), corporate equity incentive schemes (Stock Option Incentive Plans, Restricted Stock Units RSU, Stock Appreciation Rights SAR), retirement capital needs modeling (replacement ratio method, expense budgeting method, capital preservation vs capital consumption models, inflation-adjusted PV/FV annuity streams), and post-retirement longevity risk management.

15%

personal-tax-and-estate-planning

PRC Individual Income Tax (IIT) Law framework: 7-tier progressive tax rate schedule on comprehensive income (综合所得), six special additional deductions (专项附加扣除: children's education, continuing education, serious illness medical, housing mortgage interest, housing rent, elderly support, and infant care under 3), annual one-off bonus separate tax calculation rules, equity incentive individual taxation (Caishui [2005] No. 35, Caishui [2018] No. 164, and non-listed tech firm deferral under Caishui [2016] No. 101), non-resident individual taxation (183-day residence rule, 6-year tax remittance rule, overseas income taxation), Double Taxation Treaties (DTTs), Common Reporting Standard (CRS) and FATCA cross-border compliance, PRC Civil Code Inheritance Part (statutory succession tiers, will forms and formal validity, legacy support agreements, reserved portion for vulnerable heirs), and family trust legal architecture (PRC Trust Law, settlor-trustee-beneficiary tripartite structure, bankruptcy remoteness, asset segregation, insurance trusts, spendthrift clauses, and wealth succession planning).

22%

personal-risk-management-and-insurance

Advanced risk management methodology and actuarial pricing foundations: mortality tables, survival probabilities, commutation functions, net single premium and level annual premium calculations, mathematical reserve accumulation, policy design and cash value accumulation mechanics of Universal Life (万能险 guaranteed minimum interest rate + settlement rate) and Variable Universal Life (投资连结保险 separate investment accounts), commercial health insurance (deductibles, co-insurance, high-end overseas medical coverage, critical illness multi-tier definitions and payout triggers), HNWI personal umbrella liability and property risk transfer, key person insurance (关键人保险), corporate cross-purchase and entity-redemption buy-sell agreement funding.

20%

comprehensive-case-analysis

Holistic financial planning process: client profiling, family balance sheet and cash flow statement diagnostics, financial health indicator ratios (emergency fund liquidity ratio, debt-to-asset ratio, debt service coverage ratio, savings and investment ratios), multi-goal financial engineering (children overseas university education funding, family retirement accumulation, residential real estate upgrading), dynamic asset allocation across family life cycles, family and business wealth segregation (隔离企业经营风险与家庭财产), cross-border asset structuring, insurance gap closure, family trust implementation, and intergenerational wealth succession strategies.

How to Pass the CFP Certification Examination (China) Exam

What You Need to Know

Passing score: Pass/Fail by module; the public FPSB China exam guide does not publish a numeric passing score
Assessment: Two-day modular computer-based examination totaling 12 hours: Day 1 covers Investment Planning (3h, 90 Qs) and Employee Benefits & Retirement Planning (1.5h, 45 Qs); Day 2 covers Personal Tax & Estate Planning (1.5h, 45 Qs), Personal Risk Management & Insurance Planning (2.5h, 75 Qs), and Comprehensive Financial Planning Case Analysis (3.5h, 60 Qs). Candidates may register and pass modules individually within a 5-year rolling period.
Time limit: 12 hours (720 minutes) total across 5 modular sessions
Exam fee: ¥1,780 RMB total (¥450 for Investment, ¥225 for Retirement, ¥225 for Tax, ¥370 for Insurance, ¥510 for Comprehensive Cases)

Keys to Passing

Work through all 96 available questions
Review every answer and explanation
Track weak areas and revisit them
Use our AI tutor for tough concepts

Frequently Asked Questions

What is the CFP certification in China and who administers it?

The Certified Financial Planner (CFP) certification in China is the highest level of financial planning credential awarded by FPSB China (现代国际金融理财标准（上海）有限公司) under license from the international Financial Planning Standards Board (FPSB). It is globally recognized across 27+ countries and territories as the gold standard for wealth management and financial advisory practitioners.

What are the prerequisite requirements to sit for the China CFP examination?

Candidates must first obtain the Associate Financial Planner (AFP) certification (金融理财师) in good standing (or obtain an approved education exemption based on a doctoral degree or designated senior credentials) and complete the 132-hour accredited CFP training program across the five required subject areas.

What is the examination structure, question format, and testing schedule?

The CFP examination consists of 5 modular tests comprising 315 multiple-choice questions in total: Investment Planning (90 Qs, 180 min), Employee Benefits & Retirement Planning (45 Qs, 90 min), Personal Tax & Estate Planning (45 Qs, 90 min), Personal Risk Management & Insurance Planning (75 Qs, 150 min), and Comprehensive Financial Planning Case Analysis (60 Qs, 210 min). Testing takes place via computer-based testing (机考) across two days and is offered 10–12 times per year in major cities.

How does the modular scoring and validity period work for CFP China?

Candidates may register for and take any number of the 5 modules in a single exam session. Each module is graded independently on a pass/fail basis using criterion-referenced psychometric scoring. Once a module is passed, the passing result remains valid for 5 years on a rolling basis. Candidates must pass all five modules within 5 years to be eligible for certification.

What are the work experience requirements for final CFP certification?

Work experience is part of the separate final CFP certification process, not a registration condition stated in the 2026 public exam guide. Candidates should use the current FPSB China certification rules for the applicable experience category and documentation rather than relying on the exam-registration page.

Why is this OpenExamPrep question bank presented in English?

While the official CFP exam in China is administered in Simplified Chinese, this practice bank provides a rigorous, 100-question English-language study adaptation designed for bilingual wealth managers, private banking professionals, cross-border wealth advisors, and international candidates. It preserves standard Chinese legal, tax, and financial planning terminology in parentheses alongside exhaustive step-by-step mathematical calculations.