Why I Should Pass the CFP Exam

In my last post I discussed some of the frantic warnings I'm beginning to hear about how difficult the CFP Exam is, how low the pass rates are (53-56%), and how much preparation is required (300 hours recommended).

To cheer myself up, I decided to come up with a list of reasons why I should pass the exam - keeping in mind that I have yet to begin to prepare for it in earnest.

1. I am taking the educational courses in one year leading up to my exam. Most CFP hopefuls take two or more years to complete the educational component, putting them at a disadvantage as concepts fade from memory. In addition, many facts and figures change from year to year (particularly with regard to tax and estate planning), so what was learned 2 years ago may no longer be relevant.

2. I will take an Exam Preparation course (probably from Kaplan). Those who take review courses have a much better pass rate on the exam (companies admit there is no unbiased way to calculate their pass rates, but averages exceeding 80% have been reported). These prep courses teach specific strategies for taking the exam, in addition to providing a study plan for pointedly reviewing the actual information to be tested.

3. I'm taking the required educational courses at a well renowned university. The University Program at which I am completing the educational component boasts that over 85% of their graduates have passed the exam on the first try (although they don't have very many years worth of data yet, and most of their graduates take a review course as well). Many exam takers do their review courses online or at institutions which don't offer great professors or a strong guided curriculum.

4. I am a good test taker. I have no excuses along the lines of "I have ADD" or "I have dyslexia" or "I'm just not good at taking tests." I have always been a good test taker, the kind who was irritated to have her concentration broken with the mandatory short break during the SAT exam. I can sit and focus and read quickly and analyze swiftly and generally score higher on standardized tests than my general academic performance would otherwise warrant.

5. I have plenty of time to prepare. I have always been prone to cramming for tests and procrastinating, but I have 4.5 months before the CFP exam. If I start now I have more than enough time to establish a thorough study plan and execute it.