CFP Board Candidate Open Forum

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CFP (experts)/Kaplan/CFP Practice Exam

  • 1.  CFP (experts)/Kaplan/CFP Practice Exam

    Posted 06-10-2019 10:27
    Was hoping for some expert input from CFP passers in how the Kaplan Q Bank/Case Studies relate to the exam?  Also, was the CFP practice exam helpful?
    Any opinions would be greatly appreciated! 

    - How was the exam compared to QBank and Case Studies? 
    - Did the exam surprise you - seemed to cover super detail versus concepts?
    - Did Kaplan give a good base to tackle the exam?
    - Was knowing all the detailed calculations necessary?
    -  Did the CFP practice exam help prepare those who passed?

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    Kevin B.
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  • 2.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 06-10-2019 20:52
    I can't speak to the Kaplan Q-Bank personally but from what I gathered on this board they seem to be on the level if not slightly harder than what you'll encounter on the exam. I did Danko and found his material to be slightly more difficult than the exam which was great to prepare you for the real thing. I can't stress enough how much you need to know the concepts cold.

    I believe I studied too much in the minute details and then when I got to the real exam the most detailed information needed for the questions were given to you on the tax tables or formula sheet. I thought it would've smart to do all the practice exams without the materials they GIVE you when you walk in and I'd make the practice exams harder than the real thing. That was a mistake as I didn't have a great handle on where I needed to find the information when it was asked on the actual exam. 

    If I were to go back, I wish I Practiced with the formula sheet and tax tablets prior to the exam. Thankfully I'll never have to ;). 

    The Practice exam IMO is fine to see how they may word certain questions but please do not get a false sense of confidence after completing it. I did, and then sat for the March 2019 exam which was a real bear fight compared to that practice exam. It was a VERY long month before finding out I passed. 

    I'd say It seems like the board uses various difficulty levels for their questions. For arguments sake let say 1 (easy) 2(easy/moderate) 3(moderately difficult) & 4 (difficult). The practice exam has all 1 & 2s. The real exam will incorporate an equal weighting to all 4. 

    Hope this helps.

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    William Werner
    Wealth Management Advisor
    TIAA
    Radnor PA
    (914)582-5232
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  • 3.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 06-10-2019 21:15
    Thanks William - extremely helpful.  Funny you mentioned as I just printed the formulas and tables today to use on questions going forward the next month! 

    I just got through all the material/Qbanks and starting to pound the notes, flash cards and reviewing non stop. Appreciate the feedback!

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    Kevin Barkow
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  • 4.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 06-11-2019 09:55
    Kevin, I passed the exam in March 2019.  I used Kaplan and their Q-Bank/Case Studies, as well as their practice exam.  I also bought the practice exam from the CFP Board​, as well as used the CFP Pocket Prep app.  I'll try to answer your questions best I can, and obviously this is only my opinion from my experience.

    Kaplan Q-Bank questions and the actual exam questions are different, I felt the Q-Bank questions from Kaplan were usually more detailed than the questions on the exam.  That's not to say they were easier/harder, but I felt questions on the CFP exam were more conceptual in nature and focused on your fundamental understanding of the topics and how you would proceed.  Knowing which step you were in in the financial planning process (based on the information given) was often very important in determining the answer or appropriate action to be taken.

    The exam surprised me a little bit due to the fact there was a few questions on it that were topics/situations not covered in my preparation.  Other than that it was pretty straight forward.  Relating to the second part of your question, I would stress concepts are definitely more important than nit-picky details.  There's often more than one appropriate answer for questions, and having a good base understanding of concepts is necessary in determining the best answer they are looking for.  It took me longer than I expected to get through all of the questions, so I would suggest having a good time management plan before the exam.

    I might be in the minority here based on posts I've seen in the past, but I thought Kaplan gave a very good base in tackling the exam.  Much of the same information from their books and Q-Bank material appeared on the exam.  The most important thing is HOW you study, though.  When using practice questions, make you sure you are understanding why your answer is wrong, and just as importantly make sure the questions you answer correctly you answered correctly for the right reasons.  Always know WHY the answer was the best answer.

    Knowing all the detailed calculations wasn't as important as I thought it would be.  Like I mentioned,  the exam is more conceptual in nature than detailed.  You have a formula sheet that is provided and everything on there is fair game, though.  I would make sure you know that formula sheet very well so you are comfortable when using it on the exam, and also so you aren't wasting time looking over it from a time management perspective.  The tax tables you are provided are also referenced throughout the exam as well so I feel it is important to know how to navigate those as well.

    When it came to the practice exams,  I thought Kaplan's practice exam was slightly harder than the actual CFP exam.  Their questions were longer, more detailed, and often seemed trickier than the actual CFP exam.  The CFP Board's practice exam was easier than the actual exam.  I feel like this exam is beneficial, though, because it is retired questions the CFP Board has used on past exams, so they are worded more similarly to what you would find on the actual exam.  The CFP pocket prep app was good to use intermittently between studying (At the gym, before bed, etc.) to keep very basic concepts fresh in your head.  

    Hope you found parts of this helpful, and best of luck.  


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    Alexander Gabriel
    Paraplanner
    Ameriprise Financial Services, Inc.
    Coon Rapids MN
    (763)421-3848
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  • 5.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 06-11-2019 16:05
    Alexander - thanks for the detailed response as this is all extremely helpful! I have used Kaplan in the past for the FRM and it's not the same as the exams.  However, I found by studying the questions answered wrong and concepts added value.  

    Concepts, Questions, Constant Repeat....

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    Kevin Barkow
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  • 6.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 06-12-2019 12:03
    Hi Alexander,
    I am using Kaplan for the review course, online, and also bought the CFP practice test. I haven't done a practice test yet, I am taking the exam in July.
    When did you take the practice exams? I mean how close or far from the exam day?
    Thank you,

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    Johanna Mussro
    Associate Wealth Advisor
    BlueSky Wealth Advisors
    New Bern NC
    (408)657-6880 (205)Client Service Specialist / RP
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  • 7.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 06-13-2019 09:59
    ​Johanna,

    I ended up taking the Kaplan practice exam 5 days before the exam, and the CFP Board practice exam 2 days before the exam.  If I had to do it again, I would've taken the Kaplan exam a week before and spent a little more time reviewing the answers.  Taking the CFP Board practice exam 2 days before was beneficial for me because it was more similar to the actual exam and easier (in my opinion) which was a confident boost after taking the Kaplan exam.  I took the next day to review answers and brush up on final topics.  Some people might recommend taking the exams further from the actual exam date, but I found this worked for me.

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    Alexander Gabriel
    Paraplanner
    Ameriprise Financial Services, Inc.
    Coon Rapids MN
    (763)421-3848
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  • 8.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 06-16-2019 16:27
    HI Alexander - how did you find the Kaplan case studies compared to the exam.  I feel the Kaplan cases are quite vague on various questions and the information or assumptions are not very clear.  Not to mention some errors in answers and information in the case studies.  Understand they try to make difficult but was wondering for the exam how the comparison was. Best, Kevin

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    Kevin Barkow
    Goldman Sachs Vice President
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  • 9.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 06-13-2019 07:26
    Will echo what's been stated here. QBank questions were more detailed than actual exam questions. I used QBank as a way to reinforce concepts doing lookup on any concept I wasn't 100% clear on section by section. Then I did the Kaplan practice exams (mixed content) using the same method and saved the CFP Board practice exams for last as simulated test day. An important element is to understand the phase of the planning process and the actions of that process for several questions. From a time management perspective, don't let yourself get bogged down on a 4 difficulty question that you're less confident on the subject. Mark it for review and go back at the end.

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    Darrick McGill
    Regional Vice President
    Primerica, Inc. / PFS Investments
    Georgetown TX
    (512)331-7552
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  • 10.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 06-13-2019 07:46
    Awesome Darrick - thanks for the feedback!  Going through the case studies and found them quite detailed even against the QBank. All the best, Kevin.

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    Kevin Barkow
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  • 11.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 06-13-2019 20:39
    As an FYI to those taking the test - found an error in Case Study 2 Q 9 on the updated Kaplan release.  The interest is shown monthly and should be annualized in the answer which it is not - Kaplan will be updating.

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    Kevin Barkow
    Goldman Sachs Vice President
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  • 12.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 07-10-2019 08:45
    Unfortunately I did not pass yesterday.  I studied my tail off and was scoring 85-90% on the Kaplan QBank.  I thought the exam yesterday was quite vague and I ran out of time.  A lot of the long ?s and calculations were front loaded.  During the last section completely different as I had 30 mins to spare but the damage was done in Section I.  

    Extremely disappointed, but not sure next steps.  Knew the information and I have to use another source to prepare again.   Best of luck to those taking this week!

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    Kevin Barkow
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  • 13.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 07-10-2019 10:53
    Kevin,

    Sorry to hear about your results.  I was under the impression that it takes weeks for results to be provided.

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    Frank Neiderhiser
    Branch Office Manager
    TD Ameritrade
    Pittsburgh PA
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  • 14.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 07-15-2019 13:42
    Kevin, sorry to learn you did not pass. You and me both. I did not pass and relied heavily on Kaplan's 10 Week Planner, including live review. I'm taking a week or two of decompression before I tackle next steps. Hang tough!

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    Matthew Jenkins
    Financial Representative
    Fidelity Investments
    Riverton UT
    801-254-4411
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  • 15.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 07-15-2019 14:39
    Yeah, I didn't pass either using Kaplan. I was getting 80's and 90's in the Q banks quizzes. I felt that the CFP questions were missing info to get me to the right answers... I did the online review course I wish they put for emphasis on how to analyze the questions from the CFP.

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    Johanna Mussro
    Associate Wealth Advisor
    BlueSky Wealth Advisors
    San Jose CA
    (408)657-6880 (205)Client Service Specialist / RP
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  • 16.  RE: CFP (experts)/Kaplan/CFP Practice Exam

    Posted 07-15-2019 15:34
    Thanks Johanna.  I had the exact same experience where I felt questions were missing a key piece of information (not alone). Not to mention scoring high on the q bank leading up to the exam.  Going into the exam felt good on the information.  The way the questions were presented and facts provided was something I was severely lacking vs. Kaplan.  To pass need I feel like one needs to master the CFP questions and the information will fall in place.  

     


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    Kevin Barkow
    Goldman Sachs
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