If you are considering taking the CFP exam, you’ve probably wondered how many hours are required to study, in order to be ready to pass the CFP exam. Well, to be truly “exam ready”, you should expect to study about 200 hours to prepare for the exam.
At THE DALTON REVIEW®for the CFP exam, our review consists of pre-study materials, a review class and post review materials. The study plan should break down as follows:
Pre-Study Materials– students should expect to spend 100-125 hours working through pre-study materials. This includes, reading notes, making flashcards and working practice questions. Completing all pre-study materials is critical to being well prepared so that you’re ready to attend the CFP review class.
CFP Review Class– CFP candidates should plan on spending 35-40 hours in a review class, listening to an instructor teaching the material.
Post-Review Materials– At this point, CFP candidates should expect to spend another 40-60 hours working CFP sample exam questions, CFP practice exam questions and CFP exam cases.
So, to answer the question, “How soon should I begin studying for the CFP exam”, it really depends on how many hours you can study each week leading up to the CFP review class. If you are 10 weeks away from the CFP review class starting and you need about 100-125 hours to finish the pre-study materials, then you need to average 10-12 hours per week leading up to the review. That means you’ll need to study for about 2.5 – 3 months (100hrs/10hrs per week) before attending the review class. So, the best rule of thumb is to determine how many hours you can study each week and how many hours it takes to complete the pre-study materials. Once you know both of those, you can calculate how many weeks ahead of the review you should start studying. Since most reviews take place about 4-6 weeks prior to the exam, that will put you in a good position to complete the post review materials.
For more information on how THE DALTON REVIEW®can help you prepare for the CFP exam, please visit our website athttp://www.thedaltonreview.com.
Good luck with your studies.
Regards,
Joseph M. Gillice, CPA, CFP®
FAQs
If you are considering taking the CFP exam, you've probably wondered how many hours are required to study, in order to be ready to pass the CFP exam. Well, to be truly “exam ready”, you should expect to study about 200 hours to prepare for the exam.
How many pass the CFP on first try? ›
The exam was administered during an October 31 to November 7 testing window to 3,386 candidates, with 4% of candidates testing remotely. The pass rate for the November exam was 64%. A total of 9,839 candidates took the exam in 2023, setting a new high for the number of CFP® exam-takers.
How long does it take to get CFP practice exam results? ›
After Exam Completion
Final test results, once verified by CFP Board, are provided to candidates approximately four weeks after the close of the testing window.
Can you pass the CFP exam without experience? ›
Yes. Candidates can sit for the CFP® exam before meeting the experience requirement. Candidates have up to five years after successful completion of the exam to complete the Experience requirement.
How hard is it to pass the CFP exam? ›
Everyone's schedule varies, but as a rule of thumb, you should devote about 15+/- hours per week studying and preparing for the exam. It's easy to get discouraged when looking at the CFP® exam pass rates, which typically hover around the 60%-65% percentile for first-time takers.
How long should I study for the CFP exam? ›
Candidates will find that creating a structured study schedule is critical for successfully preparing to take the exam. The general recommendation is to devote at least 10 hours per week, with a total of 150-250 hours (which means approximately 4-6 months of preparation), to study for the CFP exam.
What is the failure rate for CFP? ›
The CFP® exam is challenging...the overall pass rate for the March 2023 exam was just 65 percent. If you failed the exam, there are several things you can do to increase your chances of passing the next time.
What is average passing score for CFP? ›
However, historically, the passing rate for the CFP exam has been around 62-67%, which means that the average score for those who pass the exam is likely to be in the range of 65-70%. It's worth noting that the CFP exam is known for being challenging, so achieving a passing score is a significant accomplishment.
How many times can you fail CFP? ›
What is CFP Board's policy for retaking the CFP® exam? You may attempt the CFP® exam a lifetime maximum of 5 times.
Can you put a CFP candidate on a resume? ›
However, if you have fully completed your education requirement within the previous five years, you may refer to yourself as a “Candidate for CFP® certification” on your resume.
Comparatively, CFP is easier than CPA. The historical pass rate has been above 60%, which indicates that the tests are of a difficulty level that is considered to be moderate. Within the testing period from October 31 to November 7, a grand total of 3,386 individuals sat for the CFP® Certification Exam.
What is the 5 year rule for CFP? ›
The Education Requirement
You must complete the coursework before you can take the CFP® exam. You have 5 years from the date you pass the CFP® exam to complete the bachelor's degree requirement.
Can you self study for the CFP exam? ›
There are numerous formats for taking an exam review course, including classroom, online or self-study.
What is the hardest part of the CFP? ›
Certified financial planner (CFP) is a certification granted to professionals who have met specific requirements, such as passing the CFP exam. Most examinees who have taken the certified financial planner (CFP) board exam agree that the case studies are the most difficult and important portion of the test.
Do I need series 7 if I have CFP? ›
The CFP and Series 7 are two designations you might see in the finance industry that are held by financial advisors. However, the CFP and Series 7 are used for different purposes. A series 7 allows you to sell investment products and securities, while a CFP establishes expertise in financial planning.
Is CFP harder than CFA? ›
The easy answer is that the CFA exam is much more difficult than the CFP. Not only is the CFA a more intensive exam, the time and study preparations are much more extensive and cover a much wider depth and breadth of material.
What is a good score on the CFP mock exam? ›
Most sources I checked with said that a 70–80%+ score on the CFP Board Practice Exam indicates that you are ready for the real thing.
Which CFP program has the highest pass rate? ›
According to the Certified Financial Planning Board, the overall pass rate for the CFP exam in 2022 was 65%. The pass rate may vary depending on the education program you choose. Programs like those offered through Kaplan's College for Financial Planning have higher pass rates than the national average.
