Like anything valuable it comes at a cost, in terms of time, commitment and money. In September, the IFP's Leeds branch invited CFPCM certification trainer Neil Price CFPCM to help us understand more about it and give us his top tips for approaching the exam.
Neil began with the encouragement that he does not consider himself to be academic yet he passed the qualification. He suggested that if he can do it anyone can with the right preparation and approach. This was good to hear since for some the thought of an exam with the same degree of difficulty as an honours degree can be somewhat daunting.
Neil explained that from this year, to bring the qualification
Neil Price : CFP certification trainer
into line with the international standards, it now has two components: a new 2-hour Principles of Financial Planning exam, plus the case study itself.
Neil underlined that exam technique plays a big part in the new exam. In particular, time management and learning to set out your answers in the prescribed format are essential.
These were key points:
- Plan your time carefully – Plan to do little and often and approach things in a systematic order;
- Read the case study itself 3 times to pick out all the salient points;
- Back up your assumptions with research (ONS for inflation etc);
- Set out recommendations logically: define the client's objective, work out their existing benefits, analyse gaps and propose a solution;
- Write the plan as if writing to a client not the examiner and get someone outside of the profession to read it.