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Registered Financial Planner (RFP) Exam — Philippines

Practice Questions100 questions

2026 Statistics

Key Facts: AFP Exam

70%

Passing Score

RFPI Philippines

100

Exam Questions

Multiple Choice

2 hours

Time Limit

Standard Exam

₱5,000

Standard Program Fee

RFP Philippines

30-50 hrs

Average Study Time

Recommended

75%

Average Pass Rate

Course Graduates

The Associate Financial Planner (AFP) exam in the Philippines is the foundational certification for financial planners. It tests personal financial planning, investments, insurance, tax, and estate planning under the Philippine Civil Code and TRAIN Law. A passing score of 70% is required, with an average study time of 30-50 hours.

Sample AFP Practice Questions

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

1Under the Registered Financial Planners (RFP) Philippines standards, what is the correct sequence of the six steps in the financial planning process?

A.Establish client relationship, Gather client data, Analyze financial status, Develop recommendations, Implement recommendations, Monitor the plan

B.Gather client data, Analyze financial status, Establish client relationship, Develop recommendations, Implement recommendations, Monitor the plan

C.Establish client relationship, Gather client data, Develop recommendations, Analyze financial status, Implement recommendations, Monitor the plan

D.Establish client relationship, Develop recommendations, Gather client data, Analyze financial status, Implement recommendations, Monitor the plan

Explanation: The six-step financial planning process according to RFPI standards begins with establishing and defining the client-planner relationship. This is followed by gathering client data and determining goals, analyzing and evaluating the client's financial status, developing and presenting financial planning recommendations, implementing the recommendations, and finally, monitoring the financial planning recommendations.

2Which of the following client goals is formulated correctly according to the SMART criteria?

A.Save enough money to buy a house in the near future.

B.Accumulate a down payment of Php 500,000 for a condominium in Quezon City by saving Php 10,000 monthly for the next 50 months.

C.Invest in high-yield mutual funds to retire comfortably with a high standard of living.

D.Clear all credit card debts as quickly as possible by reducing daily lifestyle expenses.

Explanation: A SMART goal must be Specific, Measurable, Actionable/Attainable, Realistic, and Time-bound. Accumulating Php 500,000 (Specific/Measurable) for a condo in Quezon City by saving Php 10,000 monthly (Actionable/Realistic) over 50 months (Time-bound) meets all these criteria.

3A financial planner is gathering qualitative and quantitative data from a new client. Which of the following is considered qualitative data?

A.The client's outstanding credit card balance of Php 45,000 with BPI.

B.The client's monthly premium of Php 5,000 on a variable unit-linked (VUL) insurance policy.

C.The client's attitude toward risk, financial values, and expectations regarding their children's education.

D.The client's monthly basic salary of Php 75,000 from an IT firm.

Explanation: Qualitative data refers to non-numerical information regarding the client's attitudes, beliefs, values, risk tolerance, and expectations. Quantitative data involves objective, numerical facts such as income, asset values, debts, and cash flows.

4According to the Code of Ethics of RFP Philippines, which principal duty requires a planner to act in the best interests of the client, placing the client's interests above their own?

A.Fiduciary Duty / Objectivity

B.Competence

C.Confidentiality

D.Diligence

Explanation: The principle of Fiduciary Duty or Objectivity requires the financial planner to place the client's interest above their own. A fiduciary is legally and ethically bound to act with utmost good faith, integrity, and loyalty in serving the client's financial planning needs.

5If a client wants to accumulate Php 1,000,000 in 6 years, and can earn an annual interest rate of 6% compounded annually, what is the approximate present value they must invest today? (Round to the nearest peso)

A.Php 704,961

B.Php 747,258

C.Php 673,000

D.Php 841,973

Explanation: Using the Present Value formula: PV = FV / (1 + r)^n. Here, FV = 1,000,000, r = 0.06, n = 6. PV = 1,000,000 / (1.06)^6 = 1,000,000 / 1.418519 = Php 704,961.

6What is the future value of an ordinary annuity of Php 50,000 paid at the end of each year for 5 years, assuming an interest rate of 5% compounded annually?

A.Php 276,282

B.Php 250,000

C.Php 290,096

D.Php 262,500

Explanation: The formula for the future value of an ordinary annuity is: FVA = PMT * [((1 + r)^n - 1) / r]. FVA = 50,000 * [((1.05)^5 - 1) / 0.05] = 50,000 * [0.27628156 / 0.05] = 50,000 * 5.525631 = Php 276,282.

7A client is planning for their child's university education, which will begin in 10 years. They need to pay Php 150,000 at the beginning of each year for 4 years. If their investment fund earns 7% compounded annually, what single lump-sum amount must they invest today to fully fund these future tuition costs?

A.Php 276,361

B.Php 292,519

C.Php 255,497

D.Php 285,150

Explanation: The four tuition payments occur at the beginning of each year for years 10 through 13 (an annuity due). Discount each payment to the present at 7%: 150,000/(1.07)^10 + 150,000/(1.07)^11 + 150,000/(1.07)^12 + 150,000/(1.07)^13 = 76,252 + 71,264 + 66,602 + 62,243 = Php 276,361. Equivalently, value the 4-year annuity due at t=10 [150,000 * (1 - 1.07^-4)/0.07 * 1.07 = Php 543,650] and discount 10 periods to today (543,650 / 1.07^10 = Php 276,361).

8Using the Rule of 72, approximately how many years will it take for an investment of Php 100,000 to double to Php 200,000 if it earns an annual compound return of 8%?

A.9.0 years

B.7.2 years

C.8.0 years

D.12.5 years

Explanation: According to the Rule of 72, the number of years to double an investment is calculated by dividing 72 by the annual interest rate (expressed as a whole number). Years = 72 / 8 = 9.0 years.

9Which of the following statements best describes the difference between the Nominal Interest Rate and the Effective Annual Rate (EAR)?

A.The nominal rate is always higher than the EAR when compounding occurs more than once a year.

B.The nominal rate represents the actual annual interest earned, whereas the EAR ignores compounding.

C.The nominal rate is the stated annual interest rate, while the EAR reflects the actual interest earned per year after accounting for compounding frequency.

D.There is no difference between nominal rate and EAR when interest compounds monthly.

Explanation: The nominal interest rate is the stated rate that does not account for compounding within the year. The Effective Annual Rate (EAR) adjusts the nominal rate to reflect the actual interest earned or paid due to the compounding frequency (daily, monthly, quarterly) within a 12-month period.

10A client has a monthly net take-home pay of Php 60,000. Their monthly non-discretionary (fixed) expenses are Php 35,000, and discretionary (variable) expenses are Php 15,000. What is the client's savings ratio?

A.16.67%

B.25.00%

C.41.67%

D.10.00%

Explanation: Savings = Net Income - Total Expenses = Php 60,000 - (Php 35,000 + Php 15,000) = Php 10,000. The savings ratio is Savings divided by Net Income: Php 10,000 / Php 60,000 = 16.67%.

About the AFP Exam

The Associate Financial Planner (AFP) certification in the Philippines is an entry-level professional designation awarded by RFP Philippines for financial planners and wealth advisers.

Questions

100 scored questions

Time Limit

2 hours

Passing Score

70%

Exam Fee

₱5,000 (RFPI Philippines)

AFP Exam Content Outline

30%

Personal Financial Planning & TVM

Financial planning process, cash flow and budgeting, de minimis benefits, behavioral finance, and time value of money calculations.

20%

Investment Planning

Asset allocation, PSE stocks, corporate bonds, Retail Treasury Bonds (RTBs), mutual funds, UITFs, and risk-return measures.

20%

Insurance Planning & Risk Management

Risk transfer principles, term and whole life insurance, VUL policies, insurable interest, non-forfeiture options, and riders.

15%

Tax Planning

Philippine tax system, TRAIN Law individual tax brackets, 8% flat income tax rate, capital gains taxes, and de minimis benefits.

15%

Estate Planning

Wills and succession rules under the Civil Code, compulsory heirs and legitimes, estate tax standard deductions, family home deductions, and donor's tax.

How to Pass the AFP Exam

What You Need to Know

Passing score: 70%
Exam length: 100 questions
Time limit: 2 hours
Exam fee: ₱5,000

Keys to Passing

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

AFP Study Tips from Top Performers

1Master the Time Value of Money (TVM) formulas, especially calculations for ordinary annuities and annuities due.

2Understand the key provisions of the Philippine TRAIN Law, particularly the Php 250,000 income tax threshold and the flat 8% income tax rate.

3Memorize the legitime shares and compulsory heir rules under the Civil Code of the Philippines.

4Differentiate between traditional life insurance (term, whole life) and Variable Unit-Linked (VUL) policies.

5Review the RFPI Code of Ethics, focusing on Fiduciary Duty, Objectivity, and Client Confidentiality.

Frequently Asked Questions

What is the Associate Financial Planner (AFP) exam in the Philippines?

The AFP designation is an entry-level professional certification awarded by Registered Financial Planners (RFP) Philippines. It validates a professional's foundational knowledge in personal financial planning, investments, insurance, taxation, and estate planning under the Philippine regulatory and legal framework.

How many questions are on the Philippine AFP exam?

The AFP certification exam typically consists of 100 multiple-choice questions. Candidates must answer questions covering the primary disciplines of financial planning, including personal finance, investments, insurance, tax, and estate planning.

What is the passing score for the AFP exam?

To pass the Associate Financial Planner (AFP) exam, you need to score at least 70%. The exam is designed to test practical advisory competencies rather than just rote memorization.

How much does the AFP exam and certification cost?

The standard fee for the AFP certification program and exam is Php 5,000. Sponsoring organizations or partner networks (like IMG) often offer significant discounts for their members, reducing the local fee to Php 1,500.

What is the study timeline recommended for the AFP exam?

Most candidates require 30 to 50 hours of dedicated study over a period of 4 to 6 weeks. A strong focus should be placed on time value of money calculations and the specific rules of the Philippine TRAIN Law and Civil Code.