CFP®Exam information
Exam information
What it is, what's tested, and how it's scored.
CFP® exam details
The CFP® certification is the premier credential for financial planners. The CFP® exam tests a candidate's ability to apply financial planning knowledge across investments, retirement planning, tax planning, insurance, and estate planning. Earning this highly respected certification demonstrates advanced expertise while enhancing both career opportunities and professional credibility in the financial advisory field. The exam is administered by the CFP Board, an organization dedicated to certifying qualified individuals and maintaining high standards across the industry.
The CFP® exam is hosted by CFP Board and costs $925 to register. Participants have 6 hours (two 3-hour sections) to answer 170 multiple-choice questions. The exam results are reported as Pass/fail.
Time
6 hours (two 3-hour sections)
Format
170 multiple-choice questions
Exam fee
$925
Scoring
Pass/fail
Exam dates
Available during 8-day testing windows in March, July, and November
Details
CFP® exam requirements
To earn the CFP® certification, you need to follow these steps:
Before the exam:
Financial planning coursework: Candidates must complete financial planning coursework through a CFP Board-Registered Program. The exam cannot be taken without first completing the course.
After the exam:
Education:A bachelor's degree or higher (in any subject) from an accredited college or university is required to become a CFP® certificant. Candidates who have not completed their degree but have taken their exam will have five years from the date of passing to complete this requirement.
Work experience: Candidates must complete either 6,000 hours of professional experience in financial planning or 4,000 hours of apprenticeship experience that also meets the other requirements. This requirement can be fulfilled before or after taking the exam.
Ethics requirement:Candidates must sign the CFP® Ethics Declaration and complete a thorough background check to meet all certification requirements. This step certifies individuals as fiduciaries who act in their clients' best interests.
CFP Board's CFP® exam summary
Professional Conduct and Regulation
8%
14 questions
Covers regulatory and ethical standards, procedural rules, the function, purpose, and general structure of financial institutions, and consumer protection laws.
General Principles of Financial Planning
15%
25 questions
Focuses on financial planning elements, including financial statements, cash flow management, debt management, financial strategies, economic concepts, the time value of money, and more.
Risk Management and Insurance Planning
11%
19 questions
Assesses knowledge of insurance policies and needs, risk analysis and exposure, and related cost management principles.
Investment Planning
17%
29 questions
Tests understanding of uses and taxation of different investment vehicles, investment risk, market cycles, quantitative evaluation, and other investment-related concepts.
Tax Planning
14%
24 questions
Covers the fundamentals of tax law, income tax calculations, tax reduction techniques, implications and consequences of certain transactions, and charitable giving.
Retirement Savings and Income Planning
18%
30 questions
Focuses on retirement needs analyses, kinds of retirement plans, Social Security, Medicare, special needs planning for older adults, business succession planning, and retirement income and distribution strategies.
Estate Planning
10%
17 questions
Covers property titling and beneficiary designations, property transfer strategies, gift, estate, and GST tax compliance and calculation, and other estate planning topics.
Psychology of Financial Planning
7%
12 questions
Introduces concepts related to client and planner attitudes, values, and biases, behavioral finance, sources of money conflict, and topics related to counseling, crisis, and effective communication.
Achievable CFP content outline
1
Professional conduct and regulation
Introduces CFP Board ethical standards, fiduciary responsibilities, and professional conduct requirements. Covers financial services regulation, disciplinary procedures, and consumer protection laws.
2
Financial planning framework
Explains the financial planning process and the development of client relationships. Covers personal financial statements, cash flow analysis, budgeting, and debt management strategies.
3
Time value of money and quantitative analysis
Introduces time value of money concepts and financial calculations used in planning. Covers present and future value, annuities, education funding, and financial aid strategies.
4
Economic concepts and the external environment
Covers economic principles that influence financial planning decisions. Includes business cycles, fiscal and monetary policy, the Federal Reserve, and market impacts.
5
Psychology of financial planning
Explores behavioral finance, client attitudes, and decision-making biases. Emphasizes communication skills, counseling principles, and the management of financial conflicts and crisis situations.
6
Risk management and insurance planning
Introduces risk management principles and insurance planning strategies. Covers life, health, disability, long-term care, property, casualty, and business insurance applications.
7
Investment planning
Covers investment vehicles, portfolio construction, and risk management concepts. Includes asset allocation, diversification, valuation methods, investment strategies, and alternative investments.
8
Tax planning
Explains federal taxation principles for individuals, businesses, trusts, and estates. Covers deductions, credits, capital gains, charitable giving, and tax management strategies.
9
Retirement savings and income planning
Introduces retirement planning strategies and retirement income sources. Covers Social Security, Medicare, retirement plans, distribution rules, and business succession planning.
10
Estate planning
Covers estate planning strategies, property transfers, and wealth preservation techniques. Includes trusts, estate and gift taxation, business transfers, and planning for special family situations.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.