Washington, DC – Certified Financial Planner Board of Standards has announced that it is transitioning to a computer-based testing platform for its CFP certification examination, offering individuals more accessibility to complete initial certification requirements.
The move to computer-based testing (CBT) will be effective with the November 2014 exam. The final paper-based exams will be administered this March (March 21-22, 2014) and July (July 18-19, 2014).
“This move to computer-based testing provides test-takers increased opportunities to take the exam while retaining the rigour of the CFP Certification Examination,” said CFP Board’s chief executive officer Kevin R Keller, CAE.
“Those taking the CFP Certification Examination will find a greatly improved experience that tests their knowledge of financial planning and helps prepare them to be ethical and competent Certified Financial Planner professionals,” he said.
The CFP Certification Examination is just one of several criteria that need to be met in order to become CFP professionals. In addition to passing the exam, candidates also must meet CFP Board’s experience requirements, pass a background check, have a Bachelor’s degree (or higher) and successfully complete a college-level program of study in personal financial planning.
One of the greatest benefits to computer-based testing is that exam-takers will immediately have access to preliminary – though unofficial – results of their exam. Official results will be available within one to two weeks versus the current five weeks.
Additional benefits of computer-based testing include:
– Convenient and comprehensive one-day exam
The current exam is administered over a day-and-a-half period with ten hours of testing time. With CBT, the exam will be administered in one day with six hours of testing time.
– Expanded number of testing dates
Currently there are three time windows (March, July, November) to take the exam. With CBT, there will still be three time windows, but there will be five testing days to choose from within those windows, for a total of 15 possible testing days.
– Increased number of testing sites
There are currently 50 paper-based sites. With CBT, there will be more than 250 testing sites in the United States where test-takers can go to sit for the exam. A site is located within 25 miles of nearly 90 per cent of CFP certification candidates.
– Best possible exam experience
These professionally-designed sites are quiet, comfortable, secure and accessible, offering exam-takers a consistent testing experience no matter which site they choose.
– Online scheduling
Exam-takers will schedule their exam online, providing them flexibility in selecting their test date and testing site within the five-day window the exam will be offered.
– Equally Rigorous
The exam maintains the same content detailed in CFP Board’s exam blueprint, representing the requisite knowledge and abilities to deliver financial planning services to clients.
In making the transition to CBT, CFP Board is joining many other certifying bodies that administer exams through computer based testing, including the National Board of Medical Examiners, National Association of Boards of Pharmacy, American Board of Surgery and the National Registry of Emergency Medical Technicians. The CPA exam as well as various FINRA exams are also administered through CBT.
Prometric, a leading provider in testing services, is serving as CFP Board’s partner in administering the CFP Certification Examination.
ABOUT CFP BOARD
The mission of Certified Financial Planner Board of Standards, Inc. is to benefit the public by granting the CFP® certification and upholding it as the recognised standard of excellence for competent and ethical personal financial planning. The Board of Directors, in furthering CFP Board’s mission, acts on behalf of the public, CFP professionals and other stakeholders. CFP Board owns the certification marks CFP, Certified Financial planner, CFP (with plaque design) and CFP (with flame design) in the US, which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. CFP Board currently authorises more than 69,000 individuals to use these marks in the US.
EDITOR’S NOTE
The Financial Planning Standards Board (FPSB) administers the CFP designation in jurisdictions outside the US, via relationships with third parties. In Australia the FPSB’s relationship is with the Financial Planning Association of Australia. As at December 31, 2013, there were more than 147,800 CFP, including 5437 in Australia.
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