I took the CFP® exam so many years ago I scarcely remember it, but the hours of study, and the discipline needed to master chapter after chapter, all came back to me when I read a column by a current CFP® candidate who wrote about failing the exam her first time around.
“Studying for the CFP® exam takes at least 200 to 400 hours. It’s grueling, rigorous and requires many sacrifices to complete,” she wrote.
The overall pass rate in 2017 was only 64%, meaning almost four out of ten test-takers don’t make the cut.
To pass the exam, it does take discipline, hard work, and a love for personal finance, but it’s all worth it.
The CFP® designation is generally considered the “gold standard” of financial planning designations, according to Forbes magazine.
Similarly, a Wall Street Journal money management guide advises readers to “look for a financial adviser who is a certified financial planner (CFP). They’re licensed and regulated, plus take mandatory classes on different aspects of financial planning.”
Fortunately, our young columnist is excited about taking a second shot at the exam later this year. She has analyzed what she needs to do differently to ace the test, and sounds like she’s got the persistence to succeed this time.
We wish her all the best! We need to encourage the next generation of CFP® practitioners, and we certainly need more women in the profession. Women still make up only about one-fifth of the CFP® workforce, and that’s a statistic we’re working hard to change.