guide to examinations for cfp certification

8/10/2019 Guide to Examinations for Cfp Certification

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Guide to

Examinations for

CFPCertification FPSC Level 1 Examination in Financial Planning

CFP Examination

Effective July 1, 2014

2014 FINANCIAL PLANNING STANDARDS COUNCIL


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Dear Candidate,

Congratulations on your progress along the path to CFPcertification. As a candidate for the FPSC Level 1Examination in Financial Planning or the CFP examination, you are taking your career to the next level.

This Guide to Examinations for CFP Certificationis designed to serve as a reference as you prepare to write the

FPSC Level 1 examination or the CFP examination. The policies included in this guide have been developed toprovide fair and consistent treatment of all candidates. They are required reading for all candidates.

The information included in this guide is applicable for the November 28, 2014 sitting of the examinations.

If you have any questions regarding the FPSC Level 1 examination or the CFP examination, or yourresponsibilities or rights as a candidate, please contact us [email protected](for the FPSC Level 1 examination),[email protected](for the CFP examination), 416.593.8587 or 1.800.305.9886 We will be pleased to assist you.

We wish you success in your upcoming examination and as you continue the path to CFP certification.

Sincerely,

Financial Planning Standards Council

The policies and procedures listed herein apply to the FPSC Level 1 examination and the CFP examination takingplace on November 28, 2014. FPSC reserves the right to amend the policies outlined in this guide at any time.Please check the FPSC website for any addenda to this guide. By writing the FPSC Level 1 examination or theCFP examination, candidates will be deemed to have accepted these policies and procedures.

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mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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Important Dates

FPSC Level 1 Examination and CFP Examination

Exam Date: November 28, 2014

Date Event

September 22 Exam Preparation Webinars

September 29 Last day for discounted registration fee

Last day to request an alternate examination location or special needsaccommodation

October 28 Registration closes

Last day to provide eligibility document confirming completion of educationalrequirement

Last day to request a refund, postponement or change examination location

Friday, November 28FPSC Level 1 examination and CFP examination take place at locations acrossCanada

December 12 Last day to report any change of address prior to release of results

Week of January 5, 2015 Release of results for the FPSC Level 1 examination

Week of January 15, 2015 Release of results for the CFP examination

2014 FINANCIAL PLANNING STANDARDS COUNCIL Page | ii


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Table of Contents

Important Dates ii

Examination Requirements and Background Information 1

Education, Examination, Experience and Ethics Requirements 1

Examination Development 2

Before an Examination 2

Information on Examinations 6

Examination Structure 6

Preparing for the Examinations 6

Examination Day 7

Examination Misconduct 10

After the Examination 11

Appendix A List of Examination Sites 15

Appendix B Calculator Policy for Examinations 16

Appendix C Formula Available on the Exam 18

2014 FINANCIAL PLANNING STANDARDS COUNCIL Page | iii


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Examination Requirements and Background Information

Education, Examination, Experience and Ethics Requirements

Education

To qualify for the FPSC Level 1 examination, you must demonstrate successful completion of an FPSC-approved Core Curriculum education program or provide information documenting your eligibility for anexemption under theRoutes to CFP Certification.

To qualify for the CFP examination, you must have passed the FPSC Level 1 examination and must demonstratesuccessful completion of an FPSC-approved Capstone Course or provide information documenting youreligibility for an exemption under theRoutes to CFP Certification.

These requirements are detailed in thePolicies and Guidelines for Obtaining and Maintaining CFP Certificationand FPSC Level 1 Certification in Financial Planning.

Examination

In order to earn CFP certification, you must successfully complete the FPSC Level 1 examination and the CFP

examination.You are eligible to apply for FPSC Level 1 certification after successfully completing an FPSC-approved CoreCurriculum education program and the FPSC Level 1 examination.

If you do not pass the FPSC Level 1 examination within four years of successfully completing an FPSC-approved Core Curriculum education program, you must successfully repeat an FPSC-approved CoreCurriculum program.

If you do not pass the CFP examination within four years of completing an FPSC-approved Capstone Course,you must successfully repeat an FPSC-approved Capstone Course.

For a detailed description of the requirements of the FPSC Level 1 examination or the CFP examination, pleasesee thePolicies and Guidelines for Obtaining and Maintaining CFP Certification and FPSC Level 1 Certification in

Financial Planning.

Experience

Before applying for CFP certification, you must have completed three years of qualifying financial planning workexperience. This work experience must be completed within the eight years prior to obtaining CFP certificationand a maximum of four years following the successful completion of the CFP examination

For more information, please reference FPSCsWork Experience web pageas well as thePolicies andGuidelines for Obtaining and Maintaining CFP Certification and FPSC Level 1 Certification in Financial Planning.

EthicsBefore becoming certified as a CFP professional or FPSC Level 1 certificant in financial planning, you mustdisclose any past or pending charges or litigation against you. You must also agree in writing to adhere to theStandards of Professional Responsibility for CFP Professionals and FPSC Level 1 Certificants in FinancialPlanningand to recognize the right of FPSC to enforce those standards. Additionally, as a CFP professional orFPSC Level 1 certificant you must, on an annual basis, attest to your compliance with the Standards ofProfessional Responsibility and meet allContinuing Educationrequirements. Further, by writing the FPSC Level1 examination or CFP examination, you will be bound by theDisciplinary Procedures for ExaminationMisconduct.

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Important note:Throughout the FPSC certification process, all candidates are expected to conduct themselvesin an ethical manner. Candidates must refrain from any activities that may compromise the ability of a fellowcandidate to complete any part of the FPSC certification process independently. Further, candidates must notparticipate in the copy, sale or purchase of any materials prepared by themselves or another candidate for use inan examination conducted as part of a FPSC-approved Core Curriculum education program or an FPSC-approved Capstone Course, including a comprehensive financial plan and/or case materials based on any of the

financial planning case studies developed by FPSC as part of an FPSC-approved Capstone Course.

Examination DevelopmentThe two examinations leading to CFP certification the FPSC Level 1 examination and the CFP examination are competency-based assessments, developed in accordance with industry best practices for testing thatensure relevance to the practice of financial planning. Both examinations are based on theCFP ProfessionalCompetency Profile,which should be an important tool as you prepare to write either examination.

Each question on the FPSC Level 1 examination or the CFP examination assesses competence by requiringdemonstration of the job-related skills, knowledge, attitudes and judgment required for competent performance.

As such, the Competency Profile provides a complete overview of examination content. In demonstratingcompetence in the field of financial planning through this assessment, candidates must apply relevant technicalknowledge and professional skills. The Competency Profile is also used by educators in designing curricula andby FPSC in evaluating education programs for approval.

TheFPSC Level 1 Examination Blueprintand theCFP Examination Blueprintset out the weightings assigned tothe examination criteria. Note that although all competencies are subject to testing on both of the FPSC Level 1examination and the CFP examination, the Competency Profile is weighted differently on each exam.

Examination content is developed by CFP professionals who are actively engaged in the practice of personalfinancial planning and who receive comprehensive training in content development. The questions for bothexaminations are also subject to rigorous review by internal and external content experts and FPSCs Panel ofExaminers.

Successful completion of each examination indicates that a candidate has demonstrated the appropriate level ofcompetency to move forward in the pursuit of CFP certification.

Before an Examination

Qualifying for the ExaminationTo qualify to write the FPSC Level 1 examination, you must have successfully completed an FPSC-approvedCore Curriculum program within the past four years.

In order to write the CFP examination, you must have successfully completed an FPSC-approved Capstonecourse within the past four years.

More information is in thePolicies and Guidelines for Obtaining and Maintaining CFP Certification and FPSCLevel 1 Certification in Financial Planning.

If you hold relevant financial planning qualifications or other relevant professional qualifications, you may qualifyfor exemption from certain educational or examination requirements. Please refer toRoutes to CFP Certificationfor more information.

Registering for the ExaminationRegister for either examination by logging in to yourFPSC Dashboard.A discounted registration rate is availableup until two months prior to the examination date. Registration is available until one month prior to theexamination date.

http://www.fpsc.ca/cfp-professional-competency-profilehttp://www.fpsc.ca/cfp-professional-competency-profilehttp://www.fpsc.ca/cfp-professional-competency-profilehttp://www.fpsc.ca/cfp-professional-competency-profilehttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/fpsc-level-1-examination-in-financial-planning-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/fpsc-level-1-examination-in-financial-planning-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/fpsc-level-1-examination-in-financial-planning-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp-examination-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp-examination-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp-examination-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/FPSC/policies-and-guidelines-for-obtaining-and-maintaining-cfp-certification-and-fpsc-level-1-certification-in-financial-planning.pdfhttp://www.fpsc.ca/docs/default-source/FPSC/policies-and-guidelines-for-obtaining-and-maintaining-cfp-certification-and-fpsc-level-1-certification-in-financial-planning.pdfhttp://www.fpsc.ca/docs/default-source/FPSC/policies-and-guidelines-for-obtaining-and-maintaining-cfp-certification-and-fpsc-level-1-certification-in-financial-planning.pdfhttp://www.fpsc.ca/docs/default-source/FPSC/policies-and-guidelines-for-obtaining-and-maintaining-cfp-certification-and-fpsc-level-1-certification-in-financial-planning.pdfhttp://www.fpsc.ca/beaplanner/routes-certificationhttp://www.fpsc.ca/beaplanner/routes-certificationhttp://www.fpsc.ca/beaplanner/routes-certificationhttps://my.fpsc.ca/user/loginhttps://my.fpsc.ca/user/loginhttps://my.fpsc.ca/user/loginhttps://my.fpsc.ca/user/loginhttp://www.fpsc.ca/beaplanner/routes-certificationhttp://www.fpsc.ca/docs/default-source/FPSC/policies-and-guidelines-for-obtaining-and-maintaining-cfp-certification-and-fpsc-level-1-certification-in-financial-planning.pdfhttp://www.fpsc.ca/docs/default-source/FPSC/policies-and-guidelines-for-obtaining-and-maintaining-cfp-certification-and-fpsc-level-1-certification-in-financial-planning.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp-examination-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/fpsc-level-1-examination-in-financial-planning-blueprint.pdfhttp://www.fpsc.ca/cfp-professional-competency-profilehttp://www.fpsc.ca/cfp-professional-competency-profile


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After registration, you will receive an email confirmation including your preferred language and examinationcentre city. Please contact FPSC with any requested changes to this information, no later than one month beforethe examination (see Important Dates).

You may register for the FPSC Level 1 examination before completing the Core-Curriculum program, as long asyou have provided FPSC with an official transcript demonstrating successful completion of the program by the

close of examination registration.

Submitting Educational Transcripts

For both the FPSC Level 1 examination and the CFP examination, you will need an official transcript indicatingyour successful completion of educational requirements. This may be uploaded to your FPSC Dashboard afteryou have registered for the exam, up to one month prior to the examination date.

Registering for an Examination Before Completing Education RequirementsYou may register for an examination prior to completing all of the educational requirements, but you must uploada transcript of completion to your FPSC Dashboard by the close of exam registration (approximately one monthprior to the exam see Important Dates).

If you have not submitted proof of eligibility by the deadline, you will be automatically de-registered and given apartial refund of $200. You may then re-register when you are able to provide an eligibility document.

Alternatively, you may postpone your registration to the next scheduled sitting of the examination by completingthe Postponement/Withdrawal form. Requests for postponement must be accompanied by a fee of $100 andmust be received by the last day of examination registration (see Important Dates). You are responsible forproviding your own documentation.

If you cannot confirm with your Education Provider that their official transcript will be available by the deadlinedate, please contact FPSC prior to the registration deadline to determine whether alternate arrangements can bemade.

If you live outside Canada, you may pursue CFP certification offered by FPSC. You must reside in a country thatis not an affiliate of Financial Planning Standards Board (FPSB), the international licensor of the CFP certificationmarks. Alternatively, you must be a current CFP professional in good standing from an affiliate country. VisitFinancial Planning Standards Board (FPSB) for a list of member affiliates and information about theCertification

Across Bordersrequirements for the CFP marks.

Examination LocationYou will be asked to select your preferred examination centre city on the examination application. FPSC willstrive to accommodate your first selection of examination centre location, but in the event that seats are nolonger available due to capacity limitations, your backup location will be assigned. In the rare event that your firstand second choice locations are full, an alternate exam location will be proposed to you. For a list of cities wherethe examination will take place, please refer to Appendix A.

The deadline to request a change to your examination location is by the registration deadline

approximately one month before the exam (see Important Dates).

Alternative Examination LocationsIf the cities listed in Appendix A are not convenient for you, you may request an alternate examination location.Please indicate this request on the exam application form or contact FPSC Certification Support no later thantwomonths prior to the examination date to request an alternate location. Please note that you will be subject toadditional fees beyond the exam fee to cover extraneous costs associated with the alternate location.

While we will attempt to accommodate alternate location requests, we cannot guarantee that such arrangementscan be made in all circumstances. If FPSC cannot accommodate your request, your fees will be refunded.

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Language PreferenceThe FPSC Level 1 examination is available in both English and French. Please ensure that you have indicatedyour language preference on your application.

The CFP examination is available in English and can be made available in French upon request. Please [email protected] your request to write the CFP examination in French, no later than two months prior to the

examination day.

Withdrawal/Postponement

If you decide not to write an examination after registering and wish to withdraw your application, you mayreceive a $200 refund, in accordance with the Withdrawal Policy. Candidates must complete theWithdrawal/Postponement of FPSC Level 1 Examination in Financial Planning or Withdrawal/Postponement ofCFP Examination form available on our website, and submit it to FPSC by the registration deadline. You maypostpone an examination only once per registration and only to the next scheduled sitting of the examination.The postponement fee is $100.

Candidates With Special Needs

If you have a disability or other special needs that may affect your ability to write an examination under standardconditions, FPSC will make every effort to accommodate you while at the same time maintaining the integrity ofthe examination. Please contact FPSC Certification Support no later than twomonths prior to the examinationdate (see Important Dates) to request special accommodation.

Food, drinks (other than water), medications or special seating arrangements required during the

examination are considered special needs. Permission to have these items in the candidate writing area

must first be granted by FPSC under this policy.

To be considered for special accommodation, please send your request in writing and include all of the followinginformation:

Nature of your disability or special need;

Recent (within five years) supporting medical documentation regarding the disability or special need;

If requested by FPSC, your authorization for FPSC to deal directly with the appropriate physician or health

care provider regarding your disability or special need; Specific accommodation requested; and

Details of any accommodations previously received.

If you require adapted access to a testing location, please contact FPSC so we can ensure the facility has all theproper measures in place to facilitate access.

We cannot guarantee that accommodations will be granted for requests received less than two months prior tothe examination date.

Admission Tickets and Valid IdentificationAn Admission Ticket will be available through your FPSC Dashboard approximately one week before theexamination date. You will receive an email directing you to download the Admission Ticket when it is available.

The address of your examination location will be printed on the Admission Ticket.

Do not write on your Admission Ticket.

mailto:[email protected]:[email protected]:[email protected]


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You must print and bring the Admission Ticket to the exam centre, together with proper photo identification adocument issued by a third party and containing both the candidates photograph and signature. The followingare acceptable pieces of photo identification:

Valid passport;

Canadian citizenship card;

Valid drivers license; Provincial health card; or

Age of majority card.

Your name as it appears on the examination application, eligibility documentation and subsequent examinationadmission letter must match the name on the photo identification provided at the examination centre or you maybe denied access to write the examination.

Name and Address Changes

In the event of a name change, you must supply supporting documentation to FPSC confirming the legal namechange prior to the examination day (see Important Dates). It is your responsibility to notify FPSC of anychanges to your contact information, including address, telephone numbers and email addresses. Failure to

notify FPSC may delay or prevent the release of information regarding the examination or results.Failure to AppearIf you fail to appear for the FPSC Level 1 examination or the CFP examination, you will forfeit the entireexamination fee. Waivers of forfeiture will be considered in the case of medical emergencies or for bereavement.Requests must be made in writing using the Failure to Attend FPSC Level 1 Examination in Financial Planning orFailure to Attend CFP Examination forms and must be supported by applicable documentation explainedtherein. In the case of medical issues, candidates may be subjected to a postponement fee. Requests must bereceived within one week following the examination and will be considered on a case-by-case basis. There areabsolutely no refunds once a candidate has attempted the examination.



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Information on Examinations

Examination StructureThe FPSC Level 1 examination and the CFP examination are offered twice a year in English and French (on

request). The exams are administered electronically at computer-based testing centres across Canada. Notethat although the examinations will be administered on a computer, you will be provided with a paper version ofthe case study scenarios.

FPSC Level 1 ExaminationThe FPSC Level 1 examination is a competency-based examination of up to four hours in duration. Theexamination consists of approximately 95 multiple-choice questions. The questions are a combination of stand-alone multiple-choice questions and two case studies with related multiple-choice questions. Each questionfocuses on specific elements of theCFP Professional Competency Profileand may also require integrationacross several financial planning areas. TheFPSC Level 1 Examination Blueprintoutlines how the variouscomponents of the Competency Profile will be weighted on the examination.

CFP ExaminationThe CFP examination is a competency-based examination of up to six hours in duration. Approximately three

quarters of the examination will consist of constructed-response questions and one quarter of multiple-choicequestions. Constructed response questions will range from short-answer type questions to longer, extended-response type questions. TheCFP Examination Blueprintoutlines the allocation of exam questions by questionformat.

When completing constructed response questions that require a specified number of responses (e.g., list three,provide four), you are required to provide up to the indicated amount. If more than the required number ofresponses is given, only the first answers corresponding with the required amount will be scored, with theremainder not considered. For example, if the question requires you to list three issues with a given situation andyou list five, only the first three will be considered for scoring of the exam.

For the multiple-choice items, you must select the most appropriate or best answer from the options providedfor the scenario presented in the question. There is only one correct answer for each multiple-choice question.

Marks are not deducted for incorrect responses.

Preparing for the ExaminationsThere are a variety of FPSC tools available to help ensure your readiness to write the examinations. Cross-reference theCFP Professional Competency Profile,which is the foundation for the examination, with youreducation or study materials to identify gaps and/or weaknesses in your knowledge and in your ability todemonstrate competence by effectively applying that knowledge. Then, research and study to fill in those gaps.

Practice ExamsPractice Exams are available for both examinations and are valuable study tools. Based on the ExaminationBlueprint, the Practice Exams closely resemble the actual exam in terms of number of questions, examstructure, questions types and degree of difficulty. Following your completion of the Practice Exam, a diagnosticreport will be generated to help you identify areas that require additional preparation. The diagnostic report,which details the question content and rationale for correct and incorrect answers, is available for unlimitedviewing until exam day. The FPSC Level 1 Practice Exam is available for $100 if purchased when you register for the FPSC Level 1

examination, or $125 if purchased following registration.Learn more. The CFP Examination Practice Exam is available for $150 if purchased when you register for the CFP

examination, or $175 if purchased following registration.Learn more.

Refunds will not be provided once the Practice Exam has been purchased.

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Sample Examination QuestionsYou have access to sample examination questions on yourFPSC Dashboard.Resources include sample casestudies, examples of retired examination questions and keys to competency.

CFP Professional Competency Profile Graphic OverviewAn overview of the financial planning functions, elements of competency and professional skills that make up the

CFP Professional Competency Profile.Study it here.

Examination BlueprintsThe Examination Blueprints outline how the various components of the CFP Professional Competency Profile willbe weighted on the exam. Use theFPSC Level 1 Examination BlueprintorCFP Examination Blueprintas a guideto focus your studies when preparing for the examination.

Examination Preparation Webinars

These exclusive webinars forFPSC Level 1 examinationandCFP examinationcandidates, facilitated by FPSCsExaminations Department, help you learn how to use the CFP Professional Competency Profile in your studyingand gain insight into the exam process.

Familiarizing Yourself with the Examination SoftwareA tutorial is available to help you become more familiar with the examination software that will be used onexamination day.Access the software tutorial.

Examination Day

FPSC Level 1 ExaminationThe writing of the FPSC Level 1 examination will begin at 9:00 a.m. You must report to the examination centre by8:15 a.m. and be registered and seated to hear instructions by 8:45 a.m. Seating is pre-assigned. If you are notseated by 8:45 a.m., you will not be admitted to the examination room until after instructions have been read andwill therefore lose part of the allotted time for the examination.

You must record answers to all questions directly into the computer software by clicking on the selectedresponse. You must select the onemost appropriate or best answer for each question, from the optionsprovided. There is only one correct answer for each question.

Marks are not deducted for incorrect responses. Each question is worth one point toward the total examinationmark. Although the examination will be administered on a computer, you will be provided with a paper version ofthe case study scenarios.

CFP ExaminationThe writing of the morning session of CFP examination will begin at 9:00 a.m. and the afternoon session willbegin at 1:30 p.m. You must report to the examination centre at 8:15 a.m. for the morning session and beregistered and seated for instructions by 8:45 a.m. You must be re-seated at 1:25 p.m. for the afternoon session.Seating is pre-assigned. If you are not seated by 8:45 a.m. for the morning session or 1:25 p.m. for the afternoonsession, you will not be admitted to the examination room until after instructions have been read and willtherefore lose part of the allotted time for the examination. The lunch period is between 12:00 noon and 1:00p.m. Candidates will be responsible for locating and purchasing food.

Multiple-Choice Questions

You must record answers to all questions directly into the computer software, selecting the correct answer byclicking on the selected response for multiple-choice questions or typing your answers in the response templatefor constructed-response questions.

There is only one correct or best answer for each question and the computer will only allow you to select oneoption. No marks will be deducted from your pass-fail determining score for incorrect responses.

https://my.fpsc.ca/user/loginhttps://my.fpsc.ca/user/loginhttps://my.fpsc.ca/user/loginhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp_professional_competency_profile_graphic_overview-2012.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp_professional_competency_profile_graphic_overview-2012.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp_professional_competency_profile_graphic_overview-2012.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/fpsc-level-1-examination-in-financial-planning-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/fpsc-level-1-examination-in-financial-planning-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/fpsc-level-1-examination-in-financial-planning-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp-examination-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp-examination-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp-examination-blueprint.pdfhttp://www.fpsc.ca/fpsc-level-1-examination-webinarhttp://www.fpsc.ca/fpsc-level-1-examination-webinarhttp://www.fpsc.ca/fpsc-level-1-examination-webinarhttp://www.fpsc.ca/cfp-examination-webinarhttp://www.fpsc.ca/cfp-examination-webinarhttp://www.fpsc.ca/cfp-examination-webinarhttps://fpsctutorial.ysasecure.com/https://fpsctutorial.ysasecure.com/https://fpsctutorial.ysasecure.com/https://fpsctutorial.ysasecure.com/http://www.fpsc.ca/cfp-examination-webinarhttp://www.fpsc.ca/fpsc-level-1-examination-webinarhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp-examination-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/fpsc-level-1-examination-in-financial-planning-blueprint.pdfhttp://www.fpsc.ca/docs/default-source/BeaFinancialPlanner/cfp_professional_competency_profile_graphic_overview-2012.pdfhttps://my.fpsc.ca/user/login


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Constructed-Response Questions

The constructed-response questions include, for all items:

the item stem (description of a situation)

candidate directives (the actual questions posed to you)

response templates (placeholders for your responses)

Most constructed-response questions will be in the form of case sets, consisting of a description of a situation (astem, ranging from approximately one-third of a page to one full page or more) followed by one to threequestions about that situation. You will be provided with a paper version of the case study scenarios. Allquestions in a case set will require you to use information in the situation or stem to answer the question. Someconstructed-response items might require that you provide your answers in the form of a letter to a client.

You will type your answers to the constructed-response questions directly into the empty placeholder (responsetemplate) provided. No marks will be deducted from your pass-fail determining score for incorrect responses;however, you can lose marks on ethics scores as described below in the CFP Examination section Professional Skill 1 Ethical Judgment.

During the constructed-response portion of the exam, you will be required to show your calculations as you

work towards solutions to problems. Calculations associated with the time value of money must be performedusing an approvedfinancial calculator (see Appendix B). You will be required to show all keystrokes used for thetime value of money calculation, including inputs and solution. For example, text required for a present valuecalculation might be: Mode = begin, I = 5, N = 20, PMT = 10,000, FV = 0, solve for PV = 130,853. You are notrequired to, and should not, show the calculations underlying the time value of money calculations. For non-timevalue of money calculations, you must show all steps leading to your final answers.

Professional Skill 1 Professional Responsibility

As per theCFP Examination Blueprint,Professional Skill 1 Professional Responsibility will be integrated into atleast six percent of the CFP examination questions. Specifically, at least six percent of the CFP examinationscore points will include situations with embedded ethical dilemmas. During scoring of the examination, scorerswill note any potential breaches of ethics suggested in candidate responses, and candidates will receive abreach score for ethics which will not be part of the score used to determine pass/fail status.

However, candidates who exhibit more breaches than the threshold set will have their papers assessed by asub-committee of the Scoring Committee. This Committee will determine whether or not the denial of a pass onthe exam is warranted by the potential breaches in ethics exhibited by the candidate in their responses, or ifanother remediation is necessary.

Examination Day RegulationsAll candidates must bring the following to be allowed to take the examination:

Admission Ticket(without writing on it)

Photo identification(See Admission Tickets and Valid Identification). Candidates will not be permitted to

write the examination without presenting appropriate photo identification.

Noiseless, non-programmable financial calculator. Candidates will be permitted to use only one of the

FPSC-approved calculators for the examination. A listing of the approved calculator models can be found in

Appendix B. Calculators will not be supplied at the examination centre.

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Please note that onlythe following items may be kept on the candidates desk during the examination:

Admission Ticket

Valid photo identification

Approved calculator

Pencils and eraser

Clear bottle of water

Scrap paper

Ear plugs

Any other materials must be placed in a separate area of the writing room designated by the examinationinvigilator.

Food, medications, or beverages other than water required during the examination are considered specialneeds. Permission for these items must be granted by FPSC under the Candidates with Special Needs policyprior to the examination.

The following items are notpermitted at the candidate writing area on examination day:

Baggage of any kind: backpacks, handbags, briefcases, luggage or shopping bags;

Study materials such as textbooks or notes;

Cellular telephones, pagers, headsets, computers, electronic organizers or personal data assistants, or any

other remote communication or photographic device;

Outdoor coats, jackets or non-religious headwear; and

Food or drinks (other than a water bottle) unless authorized prior to the examination date.

The materials listed above must be placed in an area of the examination room designated by the examinationinvigilator and will not be permitted in the candidates' writing area. Please ensure all electronic devices areturned off during the examination session.Neither FPSC nor the invigilator is responsible for any personalitems lost, stolen or damaged; therefore, we advise candidates not to bring unnecessary items (i.e. bags or

mobile devices) to the examination centre.

Candidates are notallowed to bring scrap paper, including post-it type paper. Scrap paper will be provided atthe testing facility.

You will be provided with a list of commonly used formulae for use during the examination. These formulae canbe accessed through the resources icon within the examination software. See Appendix C for a copy of theformulae provided on examination day.

Examination sites may experience delays due to technical issues, weather, internet issues or any other issuesthat are beyond our control. Rest assured that FPSC will take all possible steps to minimize the impact andinconvenience to candidates.

Note that certain examination centres will host the FPSC Level 1 examination and the CFP examination in the

same room.



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Examination MisconductBefore, during and after each examination session, all examinees are expected to conduct themselves in anethical manner and refrain from any activities that may hamper the ability of their fellow examinees toindependently complete the FPSC Level 1 examination and the CFP examination.

By registering for the FPSC Level 1 examination or the CFP examination and signing and submitting the

registration application, you are deemed to have accepted the policies and procedures outlined below andelsewhere in this guide.

On Examination Day

Extra time will not be allotted to candidates who arrive after the reading of the examination instructions has

begun.

Candidates shall remove all non-essential materials from their desktop at the start of the examination.

Candidates must use an FPSC-approved NON-PROGRAMMABLE calculator only.

Communication between examinees is not permitted. You may ask a question of the invigilator by raising

your hand.

Absolutely no examination materials may be removed from the examination room, including exam booklet,

notes or calculations. All materials must be returned to the invigilator.

Candidates shall not attempt to obtain or create a copy of any part of the examination or their responses.

No one may leave the examination room during the examination without the invigilators consent. If you feel

ill or have to use the restroom, notify the invigilator, who will accompany you to the appropriate facility. You

will not be granted additional time for time out of the room.

If you leave the room for any other reason, cover your computer screen so that it is not visible to others.

Candidates shall not copy or aid or abet in copying or any other form of cheating.

Candidates must not make their scrap paper or answers available to other candidates.

Candidates who complete their examination early may leave quietly after ensuring that they have signed the

attendance list and returned all examination material to the invigilator. Candidates will not be permitted to

leave during the final 15 minutes.

After the Examination A candidate shall not reveal, discuss or otherwise disclose any examination materials or related information

in any form, including the examination questions or recorded answers.

A candidate shall immediately advise FPSC of any breach of security measures of which the candidate

becomes aware.

Candidates are expected to participate in any investigations into examination misconduct at the request of

FPSC.

Failure to abide by the policies in this guide, or those read aloud by the examination invigilator, may constituteexamination misconduct. Other instances of misconduct may include, but are not limited to:

Creating a disturbance;

Giving or receiving assistance on content; Continuing to make or change responses after being instructed to stop;

Removing examination materials from the examination room; and

Writing on the Admission Ticket at any time.

FPSC fully investigates all incidents of examination misconduct. If a candidate is found to have participated inexamination misconduct, the results of that candidates examination will not be released. The candidate will be



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barred from taking the FPSC Level 1 examination or the CFP examination, or be subject to other enforcementaction, for a period to be decided by the FPSC Enforcement Department. A second infraction by the samecandidate will automatically result in a lifetime ban from writing the examination.

FPSC relies on many sources to identify suspected examination misconduct. During the marking of the FPSCLevel 1 examination and CFP examination, FPSC utilizes statistical analysis of the examination results to

determine the likelihood of any candidate writing the FPSC Level 1 examination or CFP examination havingcopied another candidates answers.

Identified cases are vigorously investigated and prosecuted through the FPSC Enforcement Department undertheDisciplinary Procedures for Examination Misconduct,with the most common results being a suspension fromre-attempting the examination for a fixed number of examination sessions or permanent barring. FPSC reservesthe right to publish the outcome of examination misconduct or irregularity decisions.

After the Examination

Comments on Examination QuestionsThe FPSC Level 1 examination and the CFP examination are non-disclosed examinations. Examination materialis not available for review. Although FPSC will not discuss specific questions on any of the examinations,

candidates may address comments about the exam to FPSCs Panel of Examiners [email protected](for theFPSC Level 1 examination) [email protected](for the CFP examination).

You will also have the opportunity to provide content feedback about the examination through an email surveydistributed on examination day. The Panels of Examiners will review all comments received within one week ofthe date of the examination. Although all comments will be acknowledged and are appreciated, you will notreceive an individual response to your specific examination questions. Feedback has no bearing on the scoringof the exams and the names of candidates who submit comments will not be disclosed to the Panels ofExaminers during their review.

Since comments must be received in a timely manner to be considered in the marking process, FPSC cannotconsider comments received more than one week after the examination date or after the examination results arereleased.

Scoring the Examination

Multiple-choice questions on the FPSC Level 1 examination and the CFP examination are scored by computer.

For constructed-response questions on the CFP examination, a Scoring Committee consisting of CFPprofessionals will read all candidate responses and assign scores based on a predefined scoring key. Eachconstructed-response question will be scored by two scorers. Where significant differences exist between the

judgments of the scorers for a particular question, a third deliberating scorer will make the final decision. Inaddition, all candidates whose scores fall close to the pass mark are independently re-scored to confirm finalscore and pass/fail status.

Pass MarkThe FPSC Level 1 examination and the CFP examination are Pass or Fail examinations and are designed to beaccurate in making that determination only. The purpose of these examinations is to identify those who meet the

standard necessary for moving forward on the path to CFP certification (passing) and those who do not (failing).

The method used to set the passing standard for the FPSC Level 1 examination and the CFP examination is inaccordance with well-established pass-score procedures. Like other professional certification examinations, theestablishment of a pass mark is based on a criterion-referenced rather than a norm-referenced methodology.

Norm-referenced methodology, with which many people are familiar, uses a bell curve to establish the finalscore needed to pass the examination. The determination of whether or not an individual will pass or fail a norm-

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referenced examination depends on his or her relative standing in comparison to other examinees. FPSCexaminations are notmarked using this methodology.

Criterion-referenced methodology, on the other hand, does not rely on a bell curve. Performance is scoredagainst an established passing standard rather than ranked in comparison to others taking an examination. Thepassing standard for the FPSC examinations is determined by a committee comprised of CFP professionals

from across Canada, using generally accepted psychometric principles and methods for standard setting.

Although all questions on the FPSC Level 1 examination and the CFP examination are developed from theCFPProfessional Competency Profileand every effort is made to ensure a consistent difficulty level of theexamination from administration to administration, the overall difficulty may vary slightly from examination toexamination. To address any differences and to ensure that all candidates are treated fairly on each examination,the pass mark for each specific examination is statistically adjusted to compensate for any fluctuations in thelevel of difficulty. This adjustment ensures that candidate scores are comparable regardless of when they takethe examination and that candidates will not be advantaged or disadvantaged if the examination they take isslightly easier or more difficult than prior examinations.

Examination ResultsA candidates result on the FPSC Level 1 examination or CFP examination is based on the number of questionsanswered correctly. There is no penalty (i.e. negative scoring) for incorrect answers, with the exception of theEthical Judgment score for the CFP examination described in the Examination Day section.

Note that FPSC follows a rigorous process to produce the exam results. Results are verified and analyzed toensure accuracy and reliability. Candidate comments and feedback are also considered throughout this process.FPSCs Panel of Examiners conducts a thorough review of the exam results and questions to help determine afair pass mark.

FPSC treats candidates results as strictly confidential. You will receive an email once your examination resultsare available through your FPSC Dashboard and results will be mailed directly to you the same day (seeImportant Dates). Examination results are released only to the candidate. To ensure the protection of privacyand to maintain confidentiality of examination results, FPSC does not release results over the telephone, by faxor email.

To ensure prompt receipt of mailed results, please advise FPSC of any address changes within two weeksfollowing the exam (see Important Dates). You may request a duplicate of your examination results bycontacting FPSC two weeks after results have been mailed.

If you are successful in the FPSC Level 1 examination, you will be able to access an application to apply forFPSC Level 1 certification. Once approved as an FPSC Level 1 certificant, you will also receive a diagnosticreport of your FPSC Level 1 examination performance to use as a tool to guide further study on the path to CFPcertification.

If you are successful in the CFP examination, you will be able to access an application to apply for CFPcertification and to access other relevant certification information online.

If you are unsuccessful in either examination, you will receive a diagnostic report showing your performancerelative to the passing standard. This diagnostic report will also include your relative performance within each ofthe categorizations of the CFP Professional Competency Profile, to help identify areas of weakness on theCompetency Profile and align studies for future attempts of the examination.

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Publication of Examination ResultsFPSC issues a general media release about examination results, including the total number of candidates whowrote the examination and the national pass rate. This release is issued after results have been mailed tocandidates. The pass rate for each FPSC-approved Core Curriculum education program provider is released byFPSC to that provider only.

A list of successful candidates by province is published following the release of the examination results.Successful candidates receive notification with the examination results indicating when and in what publicationthe list will appear.

FPSC will only release information surrounding a candidates examination pass/fail results with authorizationdirectly from the candidate.

Examination RetakesYou may attempt each examination a maximum of four times. Each exam must be successfully completed withinfour years of successfully completing the educational requirement for the exam (i.e. the Core Curriculumprogram for FPSC Level 1 examination and Capstone Course for CFP examination). If you are unsuccessful afterfour attempts and/or four years, you must requalify by successfully repeating the educational requirement.Requalification will qualify you for up to four more attempts at the examination, subject to the four year time limit.

Candidates who wish to re-attempt an examination must also complete a new examination application, agree toabide by the Guide to Examinations for CFP Certification, and pay all applicable fees by the required dates.Please refer to thePolicies and Guidelines for Obtaining and Maintaining CFP Certification and FPSC Level 1Certification in Financial Planningfor more information.

Appeals Process

It is highly unlikely that an exam score will change from fail to pass as a result of any manual rechecking afterthe results are released.

Multiple-choice questions on the FPSC Level 1 examination and the CFP examination are scored throughcomputer-based testing software with a high degree of accuracy. Constructed-response questions on the CFPexamination are marked by two (and sometimes three) scorers, ensuring a high degree of rigour in the scoringprocess. In addition, before examination results are released, FPSC verifies the scoring for candidates who

score within 15 points of the passing standard of 500. Therefore, FPSC does not encourage requests forverification of scores.

However, if you would like to have your score manually re-scored, you may submit such a request in writingwithin 30 days of the postmark date of the examination results. The charge for manual checks is $100 for theFPSC Level 1 examination and $250 for the CFP examination. Written requests for a manual check should beemailed [email protected](for the FPSC Level 1 examination) [email protected](for the CFP examination).Requests must include your name, the examination date, the fee payment information, and the specific reasonyou are requesting the manual check. Requests without the fee will be returned to you, and requestspostmarked more than 30 days after the postmark date of the examination results will not be processed.

For the CFP examination, the re-scoring will be completed approximately 40 days after release of examinationresults, following the same process used to originally score your examination except with a new independentscorer(s).

In the event that your exam result changes from a fail to a pass, you will be reimbursed your re-scoring fee.

ALL EXAMINATION MATERIALS ARE THE PROPERTY OF FPSC AND WILL NOT BE RETURNED TO

CANDIDATES.

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Specific requests for interpretation and appeals of FPSC Examination policies must be made in writing andaddressed to FPSC, attention: Examinations Department. FPSC will respond to such appeals and requests in atimely manner.

For More InformationFor more information about preparing for and taking FPSC exams, please contact FPSC Certification Support at

[email protected](for the FPSC Level 1 examination),[email protected](for the CFP examination), 416.593.8587 or1.800.305.9886.

mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]


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Appendix A List of Examination Sites

AB-Calgary ON-Hamilton

AB-Edmonton ON-Kingston

AB-Lethbridge ON-Kitchener/Waterloo

BC-Burnaby ON-London

BC-Kamloops ON-North Bay

BC-Kelowna ON-Ottawa

BC-Prince George ON-Peterborough

BC-Richmond ON-Sudbury

BC-Surrey ON-Thunder Bay

BC-Vancouver ON-Toronto

BC-Victoria ON-Toronto Durham Region

MB-Winnipeg ON-Toronto Peel Region

NB-Fredericton ON-Toronto York Region

NB-Moncton ON-Windsor

NL-Corner Brook PE-Charlottetown

NL- St. Johns QC-Montral

NS-Halifax SK-Regina

NT-Yellowknife SK-Saskatoon

ON-Barrie YT-Whitehorse



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Appendix B Calculator Policy for ExaminationsYou may use onlyan FPSC-approved calculator for the examination. Calculators will not be supplied at theexamination centre. The approved calculator models, with pictures supplied where available, are:

Hewlett Packard

Acceptable models are HP10B, HP10BII, HP10bII+, and HP10BLL (or 11)+ financial calculator.

HP 10B HP 10BII HP10bII+

SharpAcceptable models are EL-733 A, EL-738 (packaging notes the model name as EL-738-C).

EL-733A EL 738-C

Texas InstrumentsAcceptable models are TI BAII, TI BAII+, TI BA II Plus Professional, and TI30 XA



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TI BAII+ TI BA II Plus Professional

Non-Acceptable CalculatorsAny calculator with programmable features, capacity to store text, graphing capability, and printing capability arenot acceptable.

Some commonly-used, butnon-acceptablefinancial calculators include:

Casio: CFX9850GC, CLASSPad300, FX-7400G, FX-9750G

Hewlett-Packard: HP 9G, HP 12C, HP 17BII, HP 17BII+, HP 17BLL+, HP 19B, HP 19BII, HP 33S, HP 38G,

HP 40G, HP 48G, HP 49G,

Texas Instruments: TI 73, TI 83, TI 84, TI 89, Voyage 200

Sharp: EL-9600C, EL-9900C, CS Series, QS Series, VX Series, EL 531W

Media H.S.: SC1000

These models will notbe permitted for use in the examination. Please note that this list of non-approvedcalculators is not all-inclusive and there are other models that are not permitted for use. Exam candidates shouldreference the list of approved calculators and choose one of those models accordingly.

Calculators will be inspected by proctors prior to the start of the examination. The calculator must then remain infull view on the candidates desk for proctors to continue to inspect periodically throughout the duration of theexamination.

From time to time, additions or modifications are made to this list of approved calculators; however, at presentonly these models are permitted at the examination. Possession or use of an unauthorized calculator or violationof FPSCs calculator policy will result in the voiding of examination results.

Candidates are not permitted to bring manuals or any external devices (peripherals) to support calculators.Examples of disallowed items include printed cards, printers, memory expansion chips or cards. Loose batteries(without packaging) are permitted in the examination room, however FPSC advises candidates to replace andtest fresh batteries in the calculator prior to the examination.



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Appendix C Formula Available on the ExamThe following formulae may be helpful in answering questions that require calculations.

Legend

FV = future value e = effective, annual rate of return

PV = present value k = periodic rate of return (i/m)i = nominal, annual rate of return r = real, annual rate of return

n = number of years y = yield to maturity, or IRR

m = number of compounding periods per year infl = annual rate of inflation

It = amount returned or paid in year t

The effect of non-annual compounding: mnn )mi1(PVFV +=

Simple interest (return) calculation: iPVIt =

Effective, annual rate: 1)k1(e m +=

Future value of a single payment: nn )i1(PVFV +=

Present value of a single payment:n

n

)i1(

FVPV

+

=

Future value of a stream of payments:( )( )

k

kFV

n11 +

=

Present value of a stream of payments:( )k

kPV

n

+

= 1

11

Real rate of return: infl1

inflir

+

=



23/23

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