CFP Board Candidate Open Forum

Expand all | Collapse all

From Capstone to Exam Timeframe

  • 1.  From Capstone to Exam Timeframe

    Posted 05-29-2023 21:53
    Edited by Andrew Griglock 05-29-2023 22:00

    I have completed my first six courses through the American College and am beginning my capstone course this coming Friday, which I will complete in early August. I am considering using the Danko Review and attending his live classes in Philadelphia in mid-October, then taking the exam in November of this year. 

    My question is, is this a realistic time-frame to prepare to pass the exam? My other option of course, would be to wait until March 2024, but I'm concerned that waiting almost seven months between finishing the capstone and taking the exam might be a greater challenge in terms of maintaining focus, etc. 

    I should add that I am a retired teacher/career changer who is currently not working, so I do have the time to dedicate to full-time study. 

    Any thoughts and/or advice will be greatly appreciated!



    ------------------------------
    Andrew Griglock
    Bel Air MD
    (443)243-3718
    ------------------------------



  • 2.  RE: From Capstone to Exam Timeframe

    Posted 05-30-2023 01:09
    I was a career changer as well, and retired.  This most definitely is NOT an exam to rush.  We all learn differently.  While some may be able to pass the exam with your proposed timeline, many may not.  As for "forgetting" the material while waiting to take the exam, that should not happen if you really know the material, which is required to pass this exam, IMO.  A lot will depend on your quiz bank scores.  If you can consistently score in the 80's then you should be prepared for the exam. Best wishes. 

    Regards,
    Rob Rea, CFP®, MBA





  • 3.  RE: From Capstone to Exam Timeframe

    Posted 05-30-2023 08:44

    Andrew, first off, congratulations on getting this far in the process. The finish line is in sight, and you'll be so happy you did it.  I personally believe this is ample time to prepare for the exam - especially with your specific circumstances.  I passed the CAPSTONE in February 2021 and passed the CFP exam 5 weeks later all the while working full-time at 50+ hours a week.  I knew that I didn't have time to read the books, so I just focused on drilling questions and taking the practice tests.  Once you are scoring well in certain areas, focus on the areas you are weakest in until you are scoring well in all categories.  Best of luck!  Get-r-done



    ------------------------------
    Brendan Van Egeren
    Associate Wealth Management Advisor
    Northwestern Mutual
    Lake Forest IL
    (847)573-6811
    ------------------------------



  • 4.  RE: From Capstone to Exam Timeframe

    Posted 05-30-2023 09:37

    Hi Andrew,  

    As Rob said below, a lot depends on your personal ability to study and retain information.  I'm evidence that your timeline is possible - I took the capstone in November last year and passed the March 23 CFP exam.  I was working full-time w/travel and was still able to carve out enough nights and weekends for study.  Either way you go, taking the exam in Nov or waiting a little longer, is totally acceptable and doable.  Again, as Rob said, this test isn't one to be rushed (but it's nice to have it done!).

    All the best as you make your decision and press on! 



    ------------------------------
    Omen Quelvog
    Candidate for CFP® Certification
    ------------------------------



  • 5.  RE: From Capstone to Exam Timeframe

    Posted 05-30-2023 10:45

    Hi Andrew - 

    I'm also a former teacher and career changer!  Yes, you COULD do it in this time frame if you are not working and have full time to study.  Brett will get you there if you can get through the book questions and focus.  Do the pre-study before class and you will be fine.  I took Brett's class and passed in March.  

    Best,
    Kathryn



    ------------------------------
    Kathryn Premraj
    Financial Planner
    Stravolo Wealth Management
    Inman SC
    (317)603-8310
    ------------------------------



  • 6.  RE: From Capstone to Exam Timeframe

    Posted 05-30-2023 10:55

    Andrew - yes if you complete your Capstone in August you will have plenty of time to prep for the exam in November, especially since you're not working.  You'll want to dedicate 8-10 weeks prior to exam for your final push, which gives you all of September and October, plus a week or two in August and November.  



    ------------------------------
    Sev Meneshian, CFP®
    ProExamTutors.com
    980 N Michigan Avenue
    Suite 1400
    Chicago, IL 60611
    224-567-1854
    ------------------------------



  • 7.  RE: From Capstone to Exam Timeframe

    Posted 05-30-2023 12:29

    Similar story, eight years ahead of you. Retired from 31 years of teaching in 2014 with little to do. Took a CFP self study course for fun, learning, and a possible totally new encore, though shorter, career. Spent 40 hours per week for 6 months to complete the coursework and 3-4 weeks on the Capstone. The Capstones may be different depending on the provider.  I only had to make (modify) a financial plan and then do an oral defense of it. I feel I could have spend a bit less time and still adequately passed the Capstone. I did a little self study and then took a  review course.  It was supposed to take about 12 weeks.  You don't want to take it too early.  The problem is that you tend to start to forget if you have too much time left over. I only allotted an extra week  and it worked out fine.  You can only stress so much. I think November can work out for you. The real key is the test banks.  You have to go over each question and answer very carefully. Understand the distractors and why the incorrect answers were put there. Think about what is the key point they are trying to test. Things like the math questions might have one answer if you were using the beginning of period and another the end.  There may be an inflation adjusted answer and one without inflation etc.  It is very easy to misread a question and rush through and pick an answer that only looks correct. Sometimes you jump at the first correct answer and then realize that there are 2 or three (all of the above) .   Watch out for "all are correct except" questions.  I do think teachers have a unique advantage in the testing process.  (although I guess it depends on what you taught) I passed on the first attempt, but it's a scary hard test.  A couple of months later, I studied and easily passed the series 7, 66 and insurance licenses.  Good luck on your new career. 



    ------------------------------
    Andrew Mika CFP(R)
    Meyers Meighan Wealth Management Group
    Rockville MD
    ------------------------------



  • 8.  RE: From Capstone to Exam Timeframe

    Posted 05-31-2023 12:02

    Andrew, I agree that your window is the perfect amount of time.  I finished Kaplan's capstone Jan 3 and passed the March exam first try.  I too was a career changer, although had been in corporate finance and student of personal finance for 30 years.  You don't need to study full-time, 15-25 hours/week is fine; I believe you'd have greatly diminishing marginal benefit from each additional hour. 

    Aside from lots of quiz bank questions, the best advice I saw on this forum was "an hour in the morning is worth two at night".  I found that to be true the very first day I tried it and never looked back.

    Good luck.



    ------------------------------
    Ken Brown
    Financial Planning Specialist
    Numerica Financial Services
    Spokane Valley WA
    (509)220-3598
    ------------------------------



  • 9.  RE: From Capstone to Exam Timeframe

    Posted 06-01-2023 13:46
    Edited by Sashana Decker 06-01-2023 13:46

    Sounds perfect to me. You can get a head start on your study while working on the Capstone. I did Capstone September-November 2022 but also began reviewing for the exam during that time frame, spending about 60-90 minutes per day. Once I finished Capstone I increased my study time up to an average of 100-120 minutes per day for three months until about ten days before the exam, at which point I studied four hours a day before passing March 10. Personally I think the gradual ramp-up is better than massive cramming in the last few weeks, so I wouldn't recommend waiting until the Capstone is fully done to start reviewing, but three months of intensive review sounds perfect.



    ------------------------------
    Sashana Decker, CFP®
    Financial Planner
    Ronald Blue Trust
    Bothell WA
    (425)485-0380
    ------------------------------



  • 10.  RE: From Capstone to Exam Timeframe

    Posted 06-03-2023 16:09

    Hi Andrew,

    Congrats on jumping into a rewarding career that is financial planning!

    With the caveat that everyone studies differently, I think it's totally possible. I took a different review course, with Dalton, and they recommended taking about 15 weeks to complete the review course, after the education course + capstone. I had quit my tech job by then and studied full time to complete it in 8 weeks (45+ hours a week, which included weekends), and pass the exam on my first attempt. My productivity did start to wane by the end of the day, but I learned that as a morning person, it worked best for me to wake up earlier to work on the "tougher" things like taking quizzes when my brain was still sharp.

    As you get closer to your exam date, I'm not sure if Danko has an "exam readiness quiz" that Dalton has, which will gauge the likelihood of you passing the exam. If they do, great. If not, you could probably take some practice exams (at least one free from the CFP Board) to gauge how well you feel about passing the exam. If you feel you're close, then go for November. If you're not feeling good, then consider postponing it to March 2024. I think giving yourself the option of postponing can be very freeing and reduce some of the pressure.

    Best of luck to you!



    ------------------------------
    Guo "Wilson" Liu

    Associate Advisor at Stone Steps Financial
    https://www.stonestepsfinancial.com

    Candidate for CFP® Certification
    Passed the November 2021 CFP® Exam

    Financial Planning Career Resources (for planners and aspiring planners)
    https://www.wilsonliufinancial.com/financial-planning-career-resources
    ------------------------------



  • 11.  RE: From Capstone to Exam Timeframe

    Posted 06-28-2023 12:39

    Thank you everyone who responded with advice! I have enrolled in both the capstone and the Danko review and after receiving the study books and other items and diving right in, I feel pretty confident that I will be ready to take the exam this November. Thank you again for your advice and encouragement! 



    ------------------------------
    Andrew Griglock
    None
    None
    Bel Air MD
    (443)243-3718
    ------------------------------



  • 12.  RE: From Capstone to Exam Timeframe

    Posted 07-02-2023 17:19

    Hi Andrew,

    Congrats on taking the next step. Good luck in your exam preparation!



    ------------------------------
    Guo "Wilson" Liu

    Associate Advisor at Stone Steps Financial
    https://www.stonestepsfinancial.com

    Candidate for CFP® Certification
    Passed the November 2021 CFP® Exam

    Financial Planning Career Resources (for planners and aspiring planners)
    https://www.wilsonliufinancial.com/financial-planning-career-resources
    ------------------------------