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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Original Message:
Sent: 06-10-2019 10:27
From: Kevin Barkow
Subject: CFP (experts)/Kaplan/CFP Practice Exam
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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