Free Practice Questions for Korea Associate Financial Planner

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Key Facts: Korea Associate Financial Planner Exam

150 items

Official exam questions (100 questions in Module 1, 100 questions in Module 2)

IFPK AFPK Examination Handbook

200 min

Total exam duration (100 minutes per module)

IFPK Testing Regulations

40% / 70%

Passing criteria: 40% individual subject floor (과락) and 70% overall average

IFPK Certification Standards

KRW 66,000

Exam fee for both modules (KRW 39,600 for a single module)

IFPK Exam Registration

2 years

Certification validity period (requires 20 CE credits for renewal)

IFPK Continuing Education Guidelines

3 exam sittings

Validity duration of a single-module partial pass (부분합격)

IFPK Partial Pass Policy

한국재무설계사 (AFPK) is South Korea's benchmark personal financial planning qualification administered by 사단법인 한국재무설계협회 (IFPK, formerly 한국FPSB). From the August 2026 sitting the official exam consists of 150 MCQs across 모듈1 (Financial Planning Ethics, Retirement, Real Estate, Estate) and Module 2 (Risk/Insurance, Investment, Tax), requiring a 40% subject floor (과락) and a 70% overall average. Official exam fee is KRW 66,000. OpenExamPrep provides a full 100-question English practice bank.

Sample Korea Associate Financial Planner Practice Questions

Try these sample questions to review concepts for the Korea Associate Financial Planner exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1According to the FPSB financial planning process, which action is PRIMARY during Step 1: Establishing and Defining the Relationship with the Client (고객과의 관계정립)?

A.Gathering quantitative tax returns and family expenditure records

B.Defining the scope of engagement and explaining financial planning services in a written agreement (업무수행계약서)

C.Analyzing the client's current emergency liquidity ratio and debt-to-asset ratio

D.Selecting specific collective investment vehicles and variable insurance products

Explanation: Step 1 (고객과의 관계정립) focuses on establishing mutual trust, explaining the financial planning process, discussing mutual responsibilities, and formalizing the scope of services in a written agreement (재무설계 업무수행계약서). Gathering financial data belongs to Step 2, financial ratio analysis occurs in Step 3, and product selection takes place during Step 4 and Step 5.

2In Step 2 of the financial planning process (고객 관련 정보 수집), which of the following is classified as qualitative information (정성적 정보) rather than quantitative information (정량적 정보)?

A.Annual gross earned income reported on the withholding receipt (원천징수영수증)

B.Market value of the client's primary residential apartment

C.The client's personal risk tolerance (위험수용성) and life priorities

D.Outstanding principal balance of a collateralized mortgage loan (주택담보대출)

Explanation: Qualitative information (정성적 정보) consists of subjective personal attributes, including financial values, goals, life priorities, health status, and risk tolerance (위험수용성). In contrast, earned income, property market values, and loan principal balances are objective, numerical quantitative data (정량적 정보) derived from balance sheets and income statements.

3A financial planner is evaluating a client's emergency fund liquidity ratio (비상예비자금지표) in Step 3. The client has KRW 18 million in liquid assets (유동성자산) and monthly living expenditures (월평균지출액) of KRW 3 million. If the client is a single-income salaried worker, how is this ratio evaluated against standard Korean financial planning guidelines?

A.The ratio is 6.0 months, which meets the standard recommendation of 3 to 6 months of living expenses for salaried households

B.The ratio is 2.0 months, indicating an immediate liquidity shortfall requiring emergency borrowing

C.The ratio is 18.0 months, showing excessive cash drag that should immediately be shifted into illiquid equities

D.The ratio cannot be determined without knowing the client's debt-to-income ratio (부채부담지표)

Explanation: The emergency liquidity ratio (비상예비자금지표) is calculated as Liquid Assets / Monthly Average Expenditures (유동성자산 / 월평균지출액). Here, KRW 18 million / KRW 3 million = 6.0 months. Under standard AFPK guidelines, salaried employees should maintain 3 to 6 months of expenses in liquid reserves (self-employed or volatile income earners typically require 6 to 12 months).

4When presenting financial planning recommendations during Step 4 (재무설계 제안서 작성 및 제시), what is the professional responsibility of an AFPK practitioner?

A.Presenting solely the single highest-return proprietary product offered by the planner's employer

B.Guaranteeing that all suggested investment returns will be achieved without market fluctuation

C.Delegating the selection of financial strategies entirely to third-party insurance solicitors

D.Presenting viable alternative strategies and explaining how recommendations align with the client's goals, constraints, and assumptions

Explanation: Step 4 requires the planner to develop and present recommendations tailored to the client's unique circumstances. The practitioner must present viable alternative strategies, explain the economic rationale and assumptions behind the plan, and disclose any trade-offs or risks so the client can make informed decisions.

5Which statement accurately describes Step 5 (재무설계 제안서의 실행) and Step 6 (고객상황의 모니터링) in the AFPK financial planning process?

A.Step 5 requires the financial planner to bear all legal and tax liability for third-party product execution

B.Step 5 establishes clear implementation responsibilities, while Step 6 involves periodic reviews to adapt the plan to life changes

C.Step 6 is completely optional and terminates automatically once initial product transactions are executed

D.Step 6 requires quarterly portfolio restructuring regardless of market stability or client goal changes

Explanation: In Step 5 (실행), the planner and client establish clear responsibilities for implementation, coordinating with other specialists if necessary. Step 6 (모니터링) provides ongoing reviews of the client's progress, re-evaluating goals, assumptions, and asset performance whenever personal life events (marriage, career shift, retirement) or economic conditions change.

6Under the FPSB Korea Code of Ethics (한국FPSB 윤리행동규범), how must an AFPK professional resolve an inevitable conflict of interest (이해상충) with a client?

A.Conceal the conflict if the financial product being recommended is objectively reputable

B.Prioritize the financial planner's firm profitability over the client's financial outcome

C.Fully disclose the conflict of interest in writing and obtain the client's informed consent before proceeding

D.Immediately terminate the client relationship without providing any referral or explanation

Explanation: The FPSB Code of Ethics requires professionals to place the client's interests first (고객우선의 원칙). When a conflict of interest arises, the planner must make full, timely, and written disclosure of the conflict, allowing the client to provide informed consent before any recommendations or transactions are executed.

7Regarding the Principle of Confidentiality (비밀유지의 원칙) under the FPSB Korea Code of Ethics, in which scenario is an AFPK certificant PERMITTED to disclose client confidential information without prior client consent?

A.When a family relative of the client requests account balances to settle an informal family dispute

B.When an affiliated insurance company marketing department requests customer lead data for cold calling

C.When a competing wealth management colleague asks for case study reference materials during lunch

D.When compelled by a formal court subpoena or statutory reporting obligations under applicable Korean laws

Explanation: The duty of confidentiality prohibits disclosing client records to third parties without prior authorization. Statutory exceptions exist only when disclosure is legally mandated by judicial orders, court subpoenas, or explicit statutory compliance duties (such as anti-money laundering investigations under Korean law).

8Which of the following complies with FPSB Korea regulations governing the maintenance and representation of the AFPK certification?

A.Completing 20 Continuing Education (CE) credits every 2 years, including at least 2 credits in professional ethics (윤리과목)

B.Using the AFPK title as an corporate entity name rather than an individual professional designation

C.Failing to report criminal fraud indictments to FPSB Korea until after supreme court conviction

D.Allowing an uncertified junior colleague to sign financial plans using the supervisor's AFPK credential

Explanation: To maintain active AFPK certification, certificants must renew biennially by completing at least 20 CE credits (including 2 ethics credits), paying renewal dues, and reaffirming adherence to the Code of Ethics. The mark belongs to individuals, and disciplinary/legal actions must be reported promptly (typically within 30 days).

9Under Korea's Financial Consumer Protection Act (금융소비자보호법), which of the following correctly identifies one of the Six Major Sales Principles (6대 판매원칙)?

A.Duty of Absolute Return Guarantee (원금보장 의무)

B.Principle of Suitability (적합성의 원칙)

C.Mandatory Cross-selling Authorization (끼워팔기 허용원칙)

D.Universal Discretionary Trading Mandate (포괄적 일임매매 원칙)

Explanation: The Six Major Sales Principles under the Financial Consumer Protection Act are: (1) Principle of Suitability (적합성 원칙), (2) Principle of Adequacy (적정성 원칙), (3) Duty of Explanation (설명의무), (4) Prohibition of Unfair Business Practices (불공정영업행위 금지), (5) Prohibition of Unjust Solicitations (부당권유행위 금지), and (6) Prohibition of False/Exaggerated Advertising (허위·과장광고 금지).

10Under the Financial Consumer Protection Act (금융소비자보호법), within what statutory timeframe may a consumer exercise the Right to Terminate for Unlawful Contract (위법계약해지권)?

A.Within 5 years from the contract signing date, and within 1 year from the date the violation was discovered

B.Within 14 days from the date of receiving the insurance policy document

C.Within 30 days from the contract execution date, regardless of discovery date

D.Within 10 years from the date of contract maturity

Explanation: Under Article 47 of the Financial Consumer Protection Act, if a financial product distributor violates core sales principles (suitability, adequacy, duty of explanation, etc.), the consumer can demand termination via the Right to Terminate for Unlawful Contract (위법계약해지권) within 5 years from the contract date and within 1 year from the date of knowing the violation.

About the Korea Associate Financial Planner Exam

The Korea Associate Financial Planner AFPK (한국재무설계사) is South Korea's premier professional credential in personal financial planning, awarded by 사단법인 한국재무설계협회 (IFPK, formerly 한국FPSB) as Korea's domestic AFPK credential. The AFPK curriculum provides comprehensive mastery across seven key practice domains: Financial Planning Principles & Ethics (재무설계 개론 및 윤리), Retirement Planning (은퇴설계), Real Estate Planning (부동산설계), Estate Planning (상속설계), Risk Management & Insurance (위험관리와 보험설계), Investment Planning (투자설계), and Tax Planning (세금설계). AFPK remains Korea's domestic financial-planning credential operated by 사단법인 한국재무설계협회 (IFPK). From 2026 it is no longer a mandatory CFP Korea exam prerequisite. This practice question bank delivers a complete 100-question English adaptation integrating real-world financial planning calculations and authentic Korean statutory and regulatory terminology.

Exam sponsor: 사단법인 한국재무설계협회 (IFPK / Institute of Financial Planners Korea) — renamed from 한국FPSB on 2026-02-04. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

모듈1 (80문항, 90 minutes): 재무설계 개론 12, 재무설계 직업윤리 3 (scored inside 재무설계 개론), 은퇴설계 25, 부동산설계 20, 상속설계 20. 모듈2 (70문항, 80 minutes): 위험관리와 보험설계 20, 투자설계 25, 세금설계 25. Both modules are sat on the same day with a 30-minute break between them. Eligibility requires completing an AFPK education programme at an IFPK-registered provider (full or partial exemptions apply to some credentials).

Time Limit

170 minutes of testing (모듈1 90 minutes, 모듈2 80 minutes) plus a 30-minute break

Passing Score

Minimum 40% in each subject (과락 floor) and an overall average score of at least 70% across all subjects

Exam / Certification Fees

KRW 66,000 for both modules (KRW 39,600 for a single module)

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

IFPK Official AFPK Certification Guide · Source checked 2026-09-20Official testing dates, accredited education providers, exam guidelines, and candidate handbook.
IFPK Code of Ethics and Professional Responsibilities · Source checked 2026-09-20Standards of conduct, fiduciary duties, and client confidentiality rules for AFPK and CFP certificants.
National Law Information Center (국가법령정보센터) · Source checked 2026-09-20Korean Income Tax Act, Inheritance and Gift Tax Act, and Financial Consumer Protection Act statutory provisions.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

10%

Financial Planning Principles & Ethics (재무설계 개론 및 윤리)

The 6-step financial planning process (재무설계 6단계 프로세스), code of ethics (한국재무설계협회 윤리행동규범), fiduciary responsibility, conflict of interest disclosure, and consumer rights under the Financial Consumer Protection Act (금융소비자보호법).

15%

Retirement Planning (은퇴설계)

The three-tier pension security framework (3층 보장체계: National Pension 국민연금, Retirement Pension DB/DC/IRP 퇴직연금, Personal Annuities 개인연금), calculating retirement income replacement ratios, and cash flow forecasting.

12%

Real Estate Planning (부동산설계)

Real estate market characteristics, real estate registration certificate analysis (등기부등본 표제부·갑구·을구), rights analysis (권리분석), three appraisal approaches (원가방식, 비교방식, 수익방식), and real estate transaction and holding taxes.

13%

Estate Planning (상속설계)

Civil Code inheritance order and statutory inheritance shares (법정상속분), legal reserve of inheritance (유류분), testamentary methods (유언 5가지 방식), inheritance and gift tax calculation structures, deductions, and progressive rate schedules.

17%

Risk Management & Insurance (위험관리와 보험설계)

Risk handling techniques (avoidance, reduction, retention, transfer), legal principles of insurance (insurable interest, utmost good faith), life insurance contracts (term, whole life, variable insurance), non-life covers (4th-generation indemnity health insurance 실손의료보험), and tax treatment of insurance payouts and premiums.

17%

Investment Planning (투자설계)

Macroeconomic analysis, equity fundamental (PER, PBR, DCF) and technical analysis, fixed income pricing and duration/convexity, collective investment vehicles (funds and ETFs), Modern Portfolio Theory, and Capital Asset Pricing Model (CAPM).

16%

Tax Planning (세금설계)

Framework of the Korean Income Tax Act (소득세법), comprehensive income calculation (종합소득: interest, dividend, business, earned, pension, other), financial income comprehensive taxation threshold (금융소득종합과세 기준금액), year-end earned income tax settlement (연말정산 소득공제·세액공제), and capital gains tax (양도소득세).

Preparing for the Korea Associate Financial Planner Exam

What You Need to Know

Passing score: Minimum 40% in each subject (과락 floor) and an overall average score of at least 70% across all subjects
Assessment: 모듈1 (80문항, 90 minutes): 재무설계 개론 12, 재무설계 직업윤리 3 (scored inside 재무설계 개론), 은퇴설계 25, 부동산설계 20, 상속설계 20. 모듈2 (70문항, 80 minutes): 위험관리와 보험설계 20, 투자설계 25, 세금설계 25. Both modules are sat on the same day with a 30-minute break between them. Eligibility requires completing an AFPK education programme at an IFPK-registered provider (full or partial exemptions apply to some credentials).
Time limit: 170 minutes of testing (모듈1 90 minutes, 모듈2 80 minutes) plus a 30-minute break
Exam / certification fees: KRW 66,000 for both modules (KRW 39,600 for a single module) Official sources

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Korea Associate Financial Planner: Suggested Study Strategy

1Master tax calculations and thresholds early: Tax Planning (세금설계) and Estate Planning (상속설계) feature intricate deduction tiers and progressive rate calculations (e.g., the KRW 20 million financial income comprehensive tax threshold, statutory inheritance shares, and gift tax relationship deductions). Memorizing exact statutory rules avoids easy errors.

2Understand the 40% subject floor (과락): A failure in even one subject (scoring under 40%) results in immediate failure for that module regardless of high scores in other subjects. Balance your study time across all seven subjects, especially technical areas like Investment Planning and Real Estate Rights Analysis.

3Compare the three-tier pension framework systematically: Distinguish clearly between National Pension (국민연금) benefit types (노령연금, 유족연금, 장애연금), Retirement Pension (퇴직연금) structures (DB vs. DC vs. IRP), and Personal Pension tax credit caps and annuity withdrawal taxation rules.

4Practice rights analysis on real estate register certificates: The real estate section heavily tests the interpretation of 등기부등본 (Title/표제부, Ownership/갑구, Encumbrances/을구) and priority ordering of mortgages (근저당권), provisional attachments (가압류), and leasehold rights (주택임대차보호법 대항력 및 우선변제권).

Frequently Asked Questions

What is the official format and passing standard of the AFPK examination?

From the 제94회 sitting (August 2026) the official AFPK exam is conducted by 사단법인 한국재무설계협회 (IFPK) and consists of 150 four-option multiple choice questions administered across two modules: 모듈1 (80 questions, 90 minutes) covering financial planning ethics, retirement, real estate, and estate planning; and Module 2 (100 questions, 100 minutes) covering insurance, investment, and tax planning. To pass, candidates must achieve an overall average score of at least 70% across all subjects, while maintaining at least 40% in each individual subject to avoid disqualification by the subject floor rule (과락).

What is the partial pass (부분합격) system for the AFPK exam?

If a candidate achieves at least 70% in one module with no subject scoring below 40% (과락), but fails the other module, the passed module is granted partial pass status (부분합격). The partial pass remains valid for the next 3 consecutive exam administrations, allowing the candidate to sit only for the remaining unpassed module.

What are the prerequisite education requirements to sit for the AFPK exam?

Candidates must successfully complete a registered education curriculum offered by an IFPK-accredited educational institution (지정교육기관) prior to taking the exam. Holders of designated professional credentials—such as Certified Public Accountants (KICPA/USCPA), Certified Tax Accountants (CTA), Attorneys at Law, Certified Financial Analysts (CFA), and PhDs in finance/business—are eligible for partial or full education exemptions depending on their specific qualification.

How does the AFPK credential relate to the CFP (Certified Financial Planner) in Korea?

In South Korea, holding a valid AFPK certification is the mandatory prerequisite to qualify for CFP education and the CFP certification examination. While AFPK certifies foundational competency in all personal financial planning areas and requires no post-graduate work experience, CFP is an advanced global standard requiring extensive integrated case analysis and 3 years of verified financial planning work experience.

What are the continuing education (CE) requirements to maintain AFPK certification?

AFPK certificants must renew their certification every 2 years. Renewal requires completing at least 20 Continuing Education (CE) credits (학점) during the 2-year cycle, with at least 2 credits dedicated to Professional Ethics (윤리과목), and paying the biennial renewal fee.