Preparing for the CFP® Exam: 8 Tips to Help You Succeed

Congratulations on making it this far in your journey to become a Certified Financial Planner (CFP®)! We know how much hard work, dedication, and countless hours of study you’ve already invested. Preparing for the CFP® exam is no small feat, and we admire your commitment to your certification — and the financial planning profession!

Here at Amplified Planning, we understand the challenges you face in prepping for (and passing!) your CFP® exam. Our founder, Hannah, passed it herself over 15 years ago. But every day, we support new planners who are working toward their certification and we’ve collected some of the best tips we’ve heard from folks who’ve taken the test recently. 

In this blog post, we’ll share some valuable tips that can help you pass the CFP® exam and move closer to your career goals. Whether you’re just beginning your exam prep or fine-tuning your study strategy, we hope these tips will help you enter that exam room with confidence!

P.S. Looking for an upcoming CFP® exam date? Click here. 

CFP® Exam Study Tip #1: Create a Study Plan by Topic

A structured study plan sounds unnecessary, right? You’re just supposed to… study. But the stats show that having a study plan is crucial for CFP® exam success. 

Start by breaking down the exam topics into sections and deciding which area you’ll focus on first. While some of you may prefer to do a review of every topic at first, it helps to go deep in one area at a time as your exam window approaches. 

Take into account CFP Board’s exam topics and the percentages of the exam that will be dedicated to each topic. As of August 2024, the exam topic percentages (or “weights”) are:

• Professional Conduct and Regulation (8%)
• General Principles of Financial Planning (15%)
• Risk Management and Insurance Planning (11%)
• Investment Planning (17%)
• Tax Planning (14%)
• Retirement Savings and Income Planning (18%)
• Estate Planning (10%)
• Psychology of Financial Planning (7%)

While you should plan to study each element of the exam, areas like retirement savings, income planning, and investment planning take up a larger portion of your exam time than, say, psychology.

Want help crafting a study plan based on these categories and the steps you should take to review each one thoroughly? 

Kaplan has a free eBook: Creating a CFP® Study Plan That Works. Download it here!

CFP® Exam Study Tip #2: Devote Sufficient Study Time

Once you have a study plan for each exam section, break that down into actual study windows (hours). The most important step: put that time in your calendar. Whether you need to grab a couple of hours at the library, in a coffee shop, or just tucked away in your bedroom, make sure you have a plan to fulfill those study hours.

How many CFP® exam study hours do you need? 

According to CFP Board, 80% of exam passers say they spent 11 hours or more studying for the CFP® exam every week. That’s a pretty big chunk of time, which is why we want you to bake it into your schedule now! 

CFP® Exam Study Tip #3: Take a Review Course

Taking a review course is one of the most effective preparation strategies, according to CFP Board. A good review course will help you strengthen your understanding of the material, identify any weak areas, and teach you how to apply your knowledge to the CFP® exam structure. You can find CFP® exam review courses here! 

CFP® Exam Study Tip #4: Complete Sample Questions

Candidates who’ve passed the CFP® exam have been shown to regularly practice with sample questions and past exam papers. This helps you get familiar with the exam format and the application-based questions that will be asked. 

SmartAsset has some great sample questions by exam category, like this one for retirement planning:

You’ll see these kinds of questions most on the exam — which is why our next point is so important! 

CFP® Exam Study Tip #5: Focus on Application Rather Than Memorization

Passing the CFP® exam is not just about memorizing facts. The exam requires you to apply the principles you’ve learned to real-world scenarios. Focus on understanding the “why” behind your textbook knowledge and learn how to apply that foundation to various client situations. This application-based approach is critical for exam success, and it’s an integral part of the learning resources we provide here at Amplified Planning.

Want to test your application skills with REAL clients? Grab our free Financial Planning Discovery Courses here. You can earn CFP Board Standard Pathway experience hours and prep for your CFP® exam. Two birds, one stone!  

CFP® Exam Study Tip #6: Take CFP Board’s Practice Exam

Did you know that 69% of those who passed the CFP® exam took CFP Board’s Practice Exam first? Taking a practice exam is an effective way to check your knowledge and prepare you for the style of the actual exam. It helps you identify areas where you need more study and builds your confidence as you see your progress over time.

You can access CFP Board’s Practice Exam here and complete it online! 

CFP® Exam Study Tip #7: Leverage Other CFP Board Resources

CFP Board is the governing body for the CFP® certification — so it makes sense to lean on their plethora of resources to prepare for your exam! They offer a ton of valuable resources to help candidates successfully pass the exam. Access CFP Board’s exam prep checklist to get a comprehensive overview of your next steps along your exam journey.

On their resources page, you will find: 

• The Exam Candidate Handbook, an essential resource that provides detailed information about the CFP® exam, including registration procedures, exam policies, and test center requirements. It’s a great starting point to understand the logistics of the exam process.
• The Exam Content Outline, which details the topics covered on the exam. It breaks down the principal knowledge topics and the percentage of questions dedicated to each topic area. Use this outline to focus your study efforts on high-weight topics.
• And more! 

CFP® Exam Study Tip #8: Find Study Buddies

You know what they say: If you want to go fast, go alone. If you want to go far, go together. The truth is the CFP® exam takes a lot of preparation and — as you now know — a lot of hours. That’s why we really recommend that you find a friend, whether in person or online, who can study with you.  

Having study buddies can make your preparation more engaging and effective. If you don’t have anyone in your CFP® program to study with, you can join CFP Board’s Candidate Forum. There, you’ll find tips, support, guidance, and people who want to pair up to study! 

Amplified Planning CORE is another place to find study buddies. Our Amplified Planning CORE forum is where people go to ask questions, apply their textbook learning to real client scenarios, and connect over their shared commitment to their certification and work! 

Plus, inside CORE, you get access to a library of 35+ real client videos that help you synthesize what you’re learning/have learned in your CFP® program —  and execute on it. All of that can help you prepare for and pass your CFP® exam with flying colors!  

CFP® Exam Study BONUS Tip: Put Your Studying into Practice

You’ve already shown incredible commitment by dedicating yourself to this challenging exam. Now, take the next step in your preparation by leveraging the right tools and resources. Of course, we know that you’ve got to be smart about where you spend your time and money during CFP Board exam prep.

That’s why we’re offering you a FREE client meeting when you create a FREE Amplified Planning account. 

You’ll meet John & Diana, two of our CORE subscribers’ favorite clients. You’ll learn how to apply retirement planning principles to a very unique circumstance (John owns a business, Diana has worked in a church) and you’ll learn more about the psychology and client services side of our work.

What better way to take what you’re learning and put it into practice? Plus, if you complete the coursework, you can earn 50 CFP Board Standard Pathway experience hours.

Ready to take your CFP® exam preparation to the next level? Sign up for your free account today and get access to a FREE resource that will help you study!*

*Note: with a free account, you do not get access to Amplified Planning CORE forums. To access forums, monthly coaching calls (where you can ask study questions!), and a library of 35+ client videos, you’ll want to upgrade to a CORE subscription.