Free Practice Questions for CFP Korea (국제공인재무설계사)

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Key Facts: CFP Korea (국제공인재무설계사) Exam

100 Questions

2026 Overhauled CBT Format (60 Knowledge + 40 Case Studies)

FPSB International Korea Examination Guide

70% Overall

Passing Mark (with min. 40% cutoff in every module)

FPSB International Korea Examination Regulations

240 Minutes

Total Examination Duration (Two 120-minute sessions)

FPSB International Korea

AFPK Credential

Mandatory Prerequisite Certification for CFP Eligibility

FPSB International Korea Candidate Regulations

KRW 242,000

Standard Examination Registration Fee

FPSB International Korea

2-Year Renewal

Continuing Education (30 CE credits including 2 Ethics credits)

FPSB Global Certification Renewal Standards

The Korea Certified Financial Planner (CFP Korea / 국제공인재무설계사) examination is the premier credential for financial planners in South Korea. Administered by FPSB International Korea, the 2026 format features a 100-question computer-based exam consisting of Section 1 Knowledge (60 items) and Section 2 Case Studies (40 items). Candidates must score at least 70% overall with no module under 40%. This practice bank provides 100 verified English-language questions integrating authentic Korean financial, legal, and tax terminology.

Sample CFP Korea (국제공인재무설계사) Practice Questions

Try these sample questions to review concepts for the CFP Korea (국제공인재무설계사) 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 Standards, which of the following activities takes place during Step 1: Establishing and Defining the Client-Planner Relationship (고객과의 관계정립)?

A.Defining the scope of the engagement, mutual responsibilities, and disclosing any conflicts of interest and compensation structures.

B.Gathering quantitative documents such as tax returns, bank statements, and corporate balance sheets.

C.Analyzing the client's financial status to assess whether debt ratios and liquidity reserves meet benchmark levels.

D.Presenting a customized portfolio rebalancing recommendation and selecting specific collective investment schemes.

Explanation: Step 1 of the FPSB 6-step financial planning process (고객과의 관계정립) focuses on clarifying the engagement scope, delineating the responsibilities of both planner and client, establishing duration, and disclosing compensation and conflicts of interest. Gathering financial documents occurs in Step 2, analyzing status belongs to Step 3, and presenting recommendations occurs in Step 4.

2Under South Korea's Financial Consumer Protection Act (금융소비자보호법), which of the following is an explicit statutory violation of the Six Core Sales Principles (6대 판매원칙)?

A.Recommending an investment trust after conducting an investor suitability assessment and confirming aggressive risk tolerance.

B.Selling a highly volatile derivative-linked securities (DLS) product to a conservative elderly client by claiming it is as safe as a bank deposit.

C.Providing a formal product disclosure statement and comparative explanation of fee structures prior to contract execution.

D.Refusing to execute a leveraged futures contract for a general consumer who fails the appropriateness test (적정성 원칙).

Explanation: Under the Financial Consumer Protection Act (금융소비자보호법), financial product sellers must strictly observe the 6 Core Sales Principles: Suitability (적합성), Appropriateness (적정성), Duty of Explanation (설명의무), Prohibition of Unfair Sales Practices (불공정영업행위 금지), Prohibition of Unjust Solicitation (부당권유행위 금지), and False/Misleading Advertising Prohibition. Misrepresenting a high-risk derivative security as safe as a deposit violates both the duty of explanation and the prohibition of unjust solicitation (부당권유행위 금지).

3In behavioral finance (행동재무학), an individual investor attributes high portfolio returns entirely to their own superior stock-picking skill, while blaming sudden market losses exclusively on unforeseen macroeconomic shocks and broker incompetence. Which cognitive bias is being demonstrated?

A.Status quo bias (현상유지 편향)

B.Endowment effect (보유효과)

C.Self-attribution bias (자기귀인 편향)

D.Gambler's fallacy (도박사의 오류)

Explanation: Self-attribution bias (자기귀인 편향) is a cognitive bias where individuals credit positive outcomes to internal factors (such as personal acumen and foresight) while attributing negative outcomes to external factors (such as bad luck, macroeconomic turbulence, or third-party failings). This bias often exacerbates overconfidence (과신 편향) and leads to excessive trading.

4Under Kahneman and Tversky's Prospect Theory (전망이론), how does the value function (가치함수) characterize human decision-making under risk?

A.It is linear across both gains and losses, indicating risk-neutral economic utility.

B.It is strictly convex in the domain of gains, indicating increasing marginal utility.

C.It is symmetric around the reference point, meaning gains and losses of equal absolute magnitude elicit identical emotional intensity.

D.It is concave in the domain of gains (risk aversion) and convex in the domain of losses (risk seeking), with a steeper slope for losses than for gains.

Explanation: Under Prospect Theory (전망이론), the S-shaped value function is concave for gains (reflecting risk-averse behavior) and convex for losses (reflecting risk-seeking behavior). Crucially, the slope is significantly steeper in the loss domain than in the gain domain, mathematically embodying loss aversion (손실회피: losses hurt roughly 2 to 2.5 times more than equivalent gains bring pleasure).

5A client refuses to spend KRW 5 million from their designated 'Children's Education Savings' account to pay off a credit card debt carrying a 19% annual interest rate, while keeping the education fund in a deposit earning 3%. This scenario illustrates which behavioral finance phenomenon?

A.Mental accounting (심적 회계)

B.Herd behavior (군집행동)

C.Availability heuristic (가용성 휴리스틱)

D.Regret aversion (후회회피)

Explanation: Mental accounting (심적 회계), formulated by Richard Thaler, describes the human tendency to categorize funds into separate non-fungible mental accounts based on source or intended purpose. In this case, treating money earmarked for education differently from general liabilities violates money's fundamental fungibility and incurs an unnecessary net interest penalty.

6According to the FPSB Korea Code of Ethics and Professional Responsibility (재무설계사 직업윤리규정), when is a CFP professional legally and ethically permitted to disclose client confidential information without express client consent?

A.When the client's spouse requests the financial statements to prepare joint family living budgets.

B.When compelled by a valid statutory court order or lawful subpoena under South Korean criminal or civil procedure laws.

C.When an affiliated insurance marketing agency requests client contact details to cross-sell supplemental policies.

D.When presenting anonymous client financial profiles at a public marketing seminar without altering identifiable metrics.

Explanation: Under the FPSB Code of Ethics (비밀유지 원칙), client information is strictly confidential. Exceptions apply only when disclosure is authorized by the client, necessary to defend the planner against civil/criminal allegations arising from the engagement, or required to comply with statutory legal processes such as a court order, prosecutor warrant, or mandatory statutory regulatory inquiry.

7An investor bought an apartment in Seoul for KRW 1.4 billion at the peak of the market. Even though recent comparable transactions in the same complex have settled at KRW 1.0 billion, the investor refuses to list the property below KRW 1.4 billion. Which behavioral bias is primarily responsible for this decision?

A.Representativeness bias (대표성 편향)

B.Hindsight bias (사후확신 편향)

C.Anchoring and adjustment heuristic (닻내림 효과 및 조정 편향)

D.Ambiguity aversion (모호성 회피)

Explanation: Anchoring and adjustment heuristic (닻내림 효과) occurs when an individual anchors heavily on an initial reference number (here, the historical purchase price of KRW 1.4 billion) and fails to adjust adequately to new market realities and objective comparable transactions.

8Under FPSB Practice Standards, which compensation disclosure standard is required when a financial planner operates under a 'Fee-Based' arrangement?

A.The planner is prohibited from receiving any commissions or referral fees under any circumstances.

B.The planner must only state that fees are based on hourly consultation rates, without disclosing product distributor fees.

C.The planner does not need to disclose compensation if the advisory fee is less than 1% of total assets under management.

D.The planner must explicitly disclose that compensation includes both advisory fees paid directly by the client and third-party commissions earned from recommended financial products.

Explanation: Under FPSB standards, 'Fee-Based' compensation means the financial planner or affiliated firm receives compensation from both client-paid fees (advisory, planning, or hourly) AND commissions/incentives from third parties. Planners must clearly disclose both revenue streams and potential conflicts of interest to the client in advance.

9A household with monthly living expenses of KRW 5 million and monthly debt principal and interest payments of KRW 1.5 million maintains liquid cash assets (유동성 자산) of KRW 13 million. What is this household's Emergency Fund Ratio (비상자금지표), and how does it compare to standard financial planning guidelines?

A.2.0 months; below the recommended guideline of 3 to 6 months of monthly living and fixed debt expenditures.

B.2.6 months; within the optimal recommended buffer of 2 to 3 months for dual-income salaried households.

C.3.5 months; perfectly aligned with conservative emergency liquidity benchmarks.

D.8.6 months; excessively high liquidity that causes severe cash drag on long-term wealth accumulation.

Explanation: Total monthly essential outflow is KRW 5.0m + KRW 1.5m = KRW 6.5 million. The Emergency Fund Ratio is calculated as Liquid Assets / Monthly Essential Expenditures = KRW 13.0m / KRW 6.5m = 2.0 months. Standard personal financial planning guidelines in Korea recommend maintaining between 3 and 6 months of necessary living expenses in highly liquid accounts.

10In financial statement ratio diagnostics, the Total Debt Service Ratio (DSR / 총부채원리금상환비율) differs fundamentally from the Debt-to-Income (DTI / 총부채상환비율) ratio because DSR includes which of the following?

A.Only the interest payments of non-mortgage debts while excluding all principal payments.

B.Both the principal and interest amortization payments of ALL financial liabilities, including credit loans, automobile leases, and card loans.

C.Only property-secured mortgage principal payments while ignoring installment loans.

D.The prospective future inheritance tax liabilities of the household head.

Explanation: While DTI (총부채상환비율) includes the principal and interest of residential mortgages plus only the interest payments of other debts, DSR (총부채원리금상환비율) calculates the sum of annual principal AND interest amortization for all financial debts (mortgages, credit loans, vehicle financing, card loans) divided by annual gross income.

About the CFP Korea (국제공인재무설계사) Exam

The Certified Financial Planner (CFP / 국제공인재무설계사) credential in South Korea, administered in Korea by FPSB International Korea, represents the gold standard of professional financial planning competence. The curriculum encompasses advanced financial planning standards, client behavioral finance, investment asset allocation, risk management, retirement income engineering, Korean income and transfer taxes, business succession planning, and multi-scenario case analysis. Candidates must master both theoretical financial engineering and the practical application of South Korean financial, tax, and property regulations.

Exam sponsor: FPSB International Korea. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Single four-hour online sitting in Korean with two sections — 지식형 (knowledge-based) and 사례형 (case-based) — both entirely multiple choice, covering 재무설계 원론·프로세스 및 역량, 재무관리, 세무설계, 투자설계 및 평가관리, 위험관리 및 보험설계, 은퇴설계, 상속설계 및 자산 이전, and 통합재무설계. FPSB International Korea has not published per-section item counts for 2026.

Time Limit

240 minutes in a single session

Passing Score

70% overall (minimum 40% per subject module)

Exam / Certification Fees

KRW 242,000 for the full exam (KRW 121,000 for a single section)

Exam sponsor website

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

Official sources

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% of official examination

Financial Planning Principles & Regulatory Compliance (재무설계 원론 및 직업윤리)

Advanced financial planning standards, FPSB 6-step financial planning process, fiduciary duties (신의성실의 원칙), code of professional ethics, client behavioral finance (behavioral heuristics, loss aversion, mental accounting, overconfidence), and compliance under the Financial Consumer Protection Act (금융소비자보호법).

12% of official examination

Investment Portfolio Management (투자설계)

Modern portfolio theory, Capital Asset Pricing Model (CAPM), strategic vs. tactical asset allocation (전략적/전술적 자산배분), performance attribution models (Brinson-Fachler, Treynor-Black), risk-adjusted performance measures (Sharpe, Treynor, Jensen's Alpha, Information Ratio), and derivatives hedging strategies using KOSPI 200 futures and options.

10% of official examination

Insurance & Risk Architecture (위험관리 및 보험설계)

Comprehensive risk profiling, personal and property insurance structures, corporate key-person insurance (CEO 플랜 / 핵심인물보장보험), group employee benefit insurance, reinsurance mechanisms (비례재보험 vs 비비례재보험), and insurance contract law under the Korean Commercial Act (상법 보험편).

10% of official examination

Retirement Income Engineering (은퇴설계)

Advanced retirement decumulation models, safe withdrawal rates, post-retirement longevity risk (장수위험), 3-pillar pension system: National Pension (국민연금), Corporate Retirement Pension (확정급여형 DB, 확정기여형 DC, 개인형 IRP), and Reverse Mortgage Housing Pension (주택연금).

18% of official examination

Tax & Estate Optimization (세금 및 상속설계)

Cross-border and domestic tax considerations, Global Financial Income Taxation (금융소득종합과세 기준 2천만원), Capital Gains Tax on real estate (양도소득세), Family Business Succession Tax Relief (가업상속공제 및 가업승계 주식 증여세 과세특례), Korean Inheritance and Gift Tax Act (상속세 및 증여세법), statutory legal reserve of inheritance (유류분), and family trusts (가족신탁).

40% of official examination

Integrated Financial Planning Case Analysis (종합사례분석)

Multi-module comprehensive client scenarios integrating financial statement analysis (cash flow statement, net worth statement), financial ratio analysis, life-cycle goal prioritization, portfolio rebalancing, insurance coverage gap analysis, retirement capital sufficiency calculations, business succession structuring, and estate tax minimization.

Preparing for the CFP Korea (국제공인재무설계사) Exam

What You Need to Know

Passing score: 70% overall (minimum 40% per subject module)
Assessment: Single four-hour online sitting in Korean with two sections — 지식형 (knowledge-based) and 사례형 (case-based) — both entirely multiple choice, covering 재무설계 원론·프로세스 및 역량, 재무관리, 세무설계, 투자설계 및 평가관리, 위험관리 및 보험설계, 은퇴설계, 상속설계 및 자산 이전, and 통합재무설계. FPSB International Korea has not published per-section item counts for 2026.
Time limit: 240 minutes in a single session
Exam / certification fees: KRW 242,000 for the full exam (KRW 121,000 for a single section) Official sources

Using Our Practice Resources

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CFP Korea (국제공인재무설계사): Suggested Study Strategy

1Master the 6-step financial planning process: Memorize every phase from establishing client relationship (1단계) through analyzing information (3단계) to monitoring recommendations (6단계), and note where the CFP professional has fiduciary obligations.

2Understand Korean Tax Deduction Thresholds: Memorize the KRW 20 million financial income threshold for Global Income bundling (금융소득종합과세), the spouse inheritance deduction (KRW 500 million to 3 billion), lump-sum inheritance deduction (KRW 500 million), and gift tax exemptions by relation (Spouse: KRW 600m, Adult child: KRW 50m, Minor child: KRW 20m, Other relatives: KRW 10m).

3Analyze Corporate Business Succession Relief: Review the requirements for Family Business Succession Tax Relief (가업상속공제) under the Restriction of Special Taxation Act (조세특례제한법) and Inheritance Tax Act, including owner tenure (10, 20, 30 years) and maximum deduction limits (KRW 30 billion to 60 billion).

4Calculate Retirement Capital Gaps: Practice future value (FV) and present value (PV) formulas using financial calculator modes (BGN vs END) for retirement accumulation and inflation-adjusted serial annuity decumulation.

5Review Housing Pension (주택연금) Conditions: Know eligibility (homeowner or spouse aged 55+, residential property appraised under statutory limits), annuity payment types (정액형, 전후후박형), and non-recourse debt settlement upon demise.

6Synthesize Integrated Case Scenarios: In Section 2 case studies, systematically map the client's current balance sheet and cash flows before calculating recommended insurance additions, portfolio shifts, retirement drawdowns, and estate tax liabilities.

Frequently Asked Questions

Who currently administers the CFP examination in South Korea?

From 1 December 2025, FPSB International Korea operates CFP certification, examination, and renewal in Korea after the prior FPSB Korea licence ended. The former FPSB Korea body continues AFPK under 사단법인 한국재무설계협회 (IFPK). This OpenExamPrep bank is independent practice for CFP Korea topics, not an official FPSB product.

What is the 2026 CFP Korea examination format?

FPSB International Korea announced the 2026 sitting as a Korean-language online examination in one 4-hour session with a knowledge-based section and a case-based section. All official items are four-option multiple choice. This practice bank is a 100-item English MCQ study adaptation, not an official translation or timed simulation.

Is AFPK still required to sit CFP Korea in 2026?

No. FPSB International Korea stated that holding AFPK is no longer a mandatory CFP exam prerequisite from 2026, although some candidates may still complete AFPK education first. Approved CFP education or a published education-exemption route remains required.

What language is the official CFP Korea exam delivered in?

The official examination is administered in Korean. OpenExamPrep provides independent English-language multiple-choice study practice that keeps official Korean terms such as 국제공인재무설계사, 주택연금, and 금융소득종합과세.

How is the CFP Korea exam scored?

Historic FPSB Korea rules used a 70% overall pass with a 40% floor on knowledge subjects and on the case section. Confirm the current 2026 scoring notice on the FPSB International Korea candidate portal before sitting, because the 2026 online overhaul may publish a single combined result.