CFP Board Candidate Open Forum

  • 1.  Challenge Candidate

    Posted 12-01-2017 15:32
    Hi,

    I'm interested in pursuing a CFP designation. I'm currently a CPA and eligible to be a challenge candidate. Due to a busy schedule, I'd have to take all courses "self-study" instead of "live" or "live online." I have a few questions:

    1) I was looking at the Kaplan package for challenge candidates. If I take only their course 107 and the Essential review for the exam, will that cover all the material I need to pass? On one hand, I don't want to cheat myself out of the education on the first 5 courses if they will be helpful. On the other, I don't want to waste time taking courses on material that I already know or will learn in a review course anyway. Will I regret skipping the first six courses?

    2) I have to take continuing professional education to maintain my CPA license in 2018 anyway. What would be the best way for me to fill my CPA requirements while taking courses that will help me study for the CFP exam? I believe there is some overlap.

    Thanks in advance.

    -Jason

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    Jason
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  • 2.  RE: Challenge Candidate

    Posted 12-02-2017 08:22
    Jason,
    Short answer: I'm glad I took all the courses but you'd be fine if you didn't.

    Long answer: While I could have gone the challenge route, I chose to take all the course plus a full 10 week review.  I started taking the courses in August 2016 and I was shooting for the November 2017 exam. 
    Very interesting subjects and plenty I did not already know. The courses are time consuming and the amount of material is overwhelming.
    Eventually by December I realized there is just too much information to absorb completely so I decided to get through the courses so I can get started on the review.  I finished the capstone in Feb, just in time for tax season.  That's when I decided to shoot for the July 2017 exam.  If I didn't pass at least I had November 2017 to retake.  (a March exam is out of the question with tax season).
    April 18th I started the review (give yourself at least 10-12 weeks). Very intense studying, lots of time away from life and life still gets in the way.  The review material is a condensed version of the courses, just what you need to know to pass the exam.  I remember being glad I took the course because it helped me on the review material.  However, if you don't have the time or money then the review courses teach you more than you can handle anyway.  I just don't think I would have done well on the capstone course without having the six previous courses first.

    I did pass in July, first try.  I hope my experience helps you decide.  I don't think you would regret skipping the course but I don't regret taking them either.

    As for CPE, I was able to overlap some of the AICPA PFS courses with my CPA CPE.   Then, for some reason, the AICPA changed their format and weren't very responsive in helping me figure out how to continue, so I stopped trying that course of action.  As a result, I had to retake some of the same material once I signed up for the full CFP course. 

    Best wishes on what ever you choose.

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    Catherine Morgan
    CPA

    Alpharetta GA

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  • 3.  RE: Challenge Candidate

    Posted 12-04-2017 10:05
    Thanks for your detailed reply Catherine. I'm not sure I want to wait 18 months before taking the exam. I'm leaning towards starting with the capstone. Hearing your experience was helpful.

    For the CPE's, I was looking at these: Financial Planning | Continuing professional education | CPE Credit or something similar.It looks like they qualify for my requirements and would help prep me for the exam. Does anybody have experience with Financial Planning courses on CPECredit.com? There are so many hours in the day and I'm trying to be efficient with mine. Do you think these will be helpful?

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    Jason
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  • 4.  RE: Challenge Candidate

    Posted 12-08-2017 06:44
    I've used the cpecredit.com unlimited library a few years back, way before considering the CFP.  It was good and cost effective (I was able to get my 80hrs CPE for only $200 (it's 299 now) because I began my access in mid year so my access spanned over two reporting years.  Extra bonus... I had all my CPE done by mid year, no scrambling to complete CPE during Christmas vacation).  Looks like the library has some CFP type selections, they will help but nothing is going to replace a good review course.

    Even with the full CFP education, capstone and review, I was able to do it in 11 months,  11 hard, dedicated months, includes tax season.  It can be done!  Good Luck.

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    Catherine Morgan
    CPA

    Alpharetta GA

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  • 5.  RE: Challenge Candidate

    Posted 12-13-2017 16:49
    ​Hi Jason,

    I used Dalton (which was excellent) and used the Challenge status to take, and pass, the CFP exam.  I have prior experience on the financial planning side so a lot of what I learned was a refresher but I definitely did learn some new things.  If you have no financial planning experience, I would recommend taking the classes because you will learn a lot. 

    However, all an employer really cares about is the designation. So if you are trying to get it done fast, I would challenge it and you can always go back to read more and learn more.  I am very glad I challenged it because of the time savings. 

    Regarding your second question, I am not sure...  In WI, we do not have CPE that is required to maintain our CPA.  Kinda crazy.

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    Jake Harmsen
    CPA, Financial Advisor
    Raymond James
    Oshkosh WI
    (920)233-4650
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