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CFP: who is going to take/has taken CFP exams. I need your advice

  • Last Updated:
  • Jan 16th, 2020 1:58 pm
[OP]
Newbie
Mar 23, 2019
4 posts

CFP: who is going to take/has taken CFP exams. I need your advice

Hi,
For those who are going to take or has taken CFP Level 1 Exam, I need some advice. I completed my Financial Planning program in 2016 and took the CFP Level 1 Exam once but failed. After that I kinda derail from finanical industry and never had a chance to write the exam again. After 3 years of dropping it, I decided to pick it up again. I want to write the exam again but basically I forgot most of the knowledge. I still remeber something that is very general but still need to study it again. I can study the courses such as CSC, Insurance, Finnancial Planning etc by myself, but thinking of I have to work 5 days a week, the time seems impossible. Can anyone give me suggestions how to pick it up again? Should I retake the program or rely on study materials from outside? How do you guys prepare for the exam? Any suggestions would be appreciated. Thanks!
7 replies
Member
Feb 13, 2017
369 posts
350 upvotes
toronto, ontario
I believe you have two options:

a) You have the academic qualifications to re-write CFP Level 1 Exam but you would greatly benefit from re-enrolling and studying ALL the materials from scratch.

b) You could take a CFP Bridge Program, such as the one offered by CIFP, which assumes you know the fundamentals of financial planning and just need some solid refresher courses. Link: https://virtualuniversity.cifp.ca/Logon ... rogram.asp

Source: I am a CFP and we have several CFP candidates at our company as well.
[OP]
Newbie
Mar 23, 2019
4 posts
Thank you for your advice! Do you know how much the Bridge Program costs and how long for? I don't think I can catch the Level 1 Exam in June but definitely in December. If I passed in December would I still be eligible to write CPF exam in June 2020? I graduaded in April 2016. I inquired FPSC but their answer seemed vague. Thank you again.
Deal Addict
Apr 22, 2014
3097 posts
472 upvotes
Oshawa, ON
I have CFA, DFC, OLC (derivative fundies and options licensing) and have been registered as Advisor (CTA to be technical) with a firm for well over 5 years. Not in a client facing role. Never did CSC or antyhting else. Thinking long term at going out on my own to do more personal level advising (start my own PM/dealer) as IA. Putting money issues aside, any other creds I need? Regulatory stuff makes me yawn so I thought I'd try here if anyone knows anything about that. I see some mentioning on the registration about experience and all that and also wonder if the experience I have is sufficient?
signature removed for inappropriate content
Member
Feb 13, 2017
369 posts
350 upvotes
toronto, ontario
eldeejay wrote: I have CFA, DFC, OLC (derivative fundies and options licensing) and have been registered as Advisor (CTA to be technical) with a firm for well over 5 years. Not in a client facing role. Never did CSC or antyhting else. Thinking long term at going out on my own to do more personal level advising (start my own PM/dealer) as IA. Putting money issues aside, any other creds I need?
You may want to complete the CSI's Partners, Directors and Senior Officers Course (PDO) since it is a regulatory requirement for your long-term goal of starting your own PM/dealer.

Link: https://www.csi.ca/student/en_ca/course ... info.xhtml

eldeejay wrote: Regulatory stuff makes me yawn so I thought I'd try here if anyone knows anything about that. I see some mentioning on the registration about experience and all that and also wonder if the experience I have is sufficient?
What would be your specific role at your own PM/dealer? If you have little or no client facing experience, how will you attract clients and AUM?
Deal Addict
Apr 22, 2014
3097 posts
472 upvotes
Oshawa, ON
I'm not too concerned about AUM at the moment. My own pluls + mmediate family money would be enough to get the ball rolling. Also I'm not looking for a large client base. I follow a method that would be unpalatable to most HNW. I was asking the question about qualification from a regulatory point of view. The IIROC website isn't too clear but I think I have that covered. Now the registration fees; Ouch! That will need AUM just to generate fees to pay for that. Not a small scale friendly business this one.
PhotoSmurf wrote: You may want to complete the CSI's Partners, Directors and Senior Officers Course (PDO) since it is a regulatory requirement for your long-term goal of starting your own PM/dealer.

Link: https://www.csi.ca/student/en_ca/course ... info.xhtml




What would be your specific role at your own PM/dealer? If you have little or no client facing experience, how will you attract clients and AUM?
signature removed for inappropriate content
Newbie
Aug 5, 2019
1 posts
Hey guys,

Has anyone here paid for re-scoring the CFP exam to go from "fail" to "pass". I just got my score back and I failed 479 and you need 500 or higher to pass, apparently. It costs $250 for a re-score. I'm just wondering if anyone're done this before.

Much appreciated.

Louise
Newbie
Jan 15, 2020
1 posts
Hello Louise,

I am just wondering if you went through the process of rescoring and what was the result? Lemme know.

Thanks!

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