Guide to
Examinations for
CFP® Certification


FPSC Level 1® Examination in Financial Planning
CFP Examination
Effective December 7, 2015
©2014 FINANCIAL PLANNING STANDARDS COUNCIL
Dear Candidate,
Congratulations on your progress along the path to CFP® certification. As a candidate for the FPSC Level 1®
Examination in Financial Planning or the CFP examination, you are taking your career to the next level.
This Guide to Examinations for CFP Certification is designed to serve as a reference as you prepare to write the
FPSC Level 1 examination or the CFP examination. The policies included in this guide have been developed to
provide fair and consistent treatment of all candidates. They are required reading for all candidates.
The information included in this guide is applicable for the June 3, 2016 sitting of the examinations.
If you have any questions regarding the FPSC Level 1 examination or the CFP examination, or your
responsibilities or rights as a candidate, please contact us at exam1@fpsc.ca (for the FPSC Level 1 examination),
exam2@fpsc.ca (for the CFP examination), 416.593.8587 or 1.800.305.9886. We will be pleased to assist you.
We wish you success in your upcoming examination and as you continue the path to CFP certification.
Sincerely,
Financial Planning Standards Council
The policies and procedures listed herein apply to the FPSC Level 1 examination and the CFP examination taking
place on June 3, 2016. FPSC reserves the right to amend the policies outlined in this guide at any time. Please
check the FPSC website for any addenda to this guide. By writing the FPSC Level 1 examination or the CFP
examination, candidates will be deemed to have accepted these policies and procedures.
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | i
Important Dates
FPSC Level 1 Examination and CFP Examination
Exam Date: June 3, 2016
Date
Event
March 30
Exam Preparation Webinars
April 4
Early bird registration closes
April 4
Last day to request an alternate examination location or special needs
accommodation
May 3
Registration closes
May 3
Last day to provide eligibility document confirming completion of educational
requirement
May 3
Last day to request a refund, postponement or change examination location
Friday, June 3
FPSC Level 1 examination and CFP examination take place at locations across
Canada
June 17
Last day to report any change of address prior to release of results
July 14
Release of results for the FPSC Level 1 examination
July 21
Release of results for the CFP examination
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | ii
Table of Contents
Important Dates
ii
Examination Requirements and Background Information
Education, Examination, Experience and Ethics Requirements
Examination Development
Before an Examination
1
1
2
2
Information on Examinations
Examination Structure
Preparing for the Examinations
Examination Day
Examination Misconduct
After the Examination
6
6
6
7
9
11
Appendix A – List of Examination Sites
14
Appendix B – Calculator Policy for Examinations
15
Appendix C – Equations for Rate of Return Calculations and Time Value of Money Calculations 17
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | iii
Examination Requirements and Background Information
Education, Examination, Experience and Ethics Requirements
Education
To qualify for the FPSC Level 1 examination, you must demonstrate successful completion of an FPSCapproved Core Curriculum education program or provide information documenting your eligibility for an
exemption under the Routes to CFP Certification.
To qualify for the CFP examination, you must have passed the FPSC Level 1 examination and must demonstrate
successful completion of an FPSC-approved Capstone Course or provide information documenting your
eligibility for an exemption under the Routes to CFP Certification.
These requirements are detailed in the Policies and Guidelines for Obtaining and Maintaining CFP Certification
and FPSC Level 1 Certification in Financial Planning.
Examination
In order to earn CFP certification, you must successfully complete the FPSC Level 1 examination and the CFP
examination.
You are eligible to apply for FPSC Level 1 certification after successfully completing an FPSC-approved Core
Curriculum education program and the FPSC Level 1 examination.
If you do not pass the FPSC Level 1 examination within four years of successfully completing an FPSCapproved Core Curriculum education program, you must successfully repeat an FPSC-approved Core
Curriculum program.
If you do not pass the CFP examination within four years of completing an FPSC-approved Capstone Course,
you must successfully repeat an FPSC-approved Capstone Course.
For a detailed description of the requirements of the FPSC Level 1 examination or the CFP examination, please
see the Policies and Guidelines for Obtaining and Maintaining CFP Certification and FPSC Level 1 Certification in
Financial Planning.
Experience
Before applying for CFP certification, you must have completed three years of qualifying financial planning work
experience. This work experience must be completed within the eight years prior to obtaining CFP certification
and a maximum of four years following the successful completion of the CFP examination
For more information, please reference FPSC’s Work Experience web page as well as the Policies and
Guidelines for Obtaining and Maintaining CFP Certification and FPSC Level 1 Certification in Financial Planning.
Ethics
Before becoming certified as a CFP professional or FPSC Level 1 certificant in financial planning, you must
disclose any past or pending charges or litigation against you. You must also agree in writing to adhere to the
Standards of Professional Responsibility for CFP Professionals and FPSC Level 1 Certificants in Financial
Planning and to recognize the right of FPSC to enforce those standards. Additionally, as a CFP professional or
FPSC Level 1 certificant you must, on an annual basis, attest to your compliance with the Standards of
Professional Responsibility and meet all Continuing Education requirements. Further, by writing the FPSC Level
1 examination or CFP examination, you will be bound by the Disciplinary Procedures for Examination Candidate
Misconduct.
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 1
Important note: Throughout the FPSC certification process, all candidates are expected to conduct themselves
in an ethical manner. Candidates must refrain from any activities that may compromise the ability of a fellow
candidate to complete any part of the FPSC certification process independently. Further, candidates must not
participate in the copy, sale or purchase of any materials prepared by themselves or another candidate for use in
an examination conducted as part of a FPSC-approved Core Curriculum education program or an FPSCapproved Capstone Course, including a comprehensive financial plan and/or case materials based on any of the
financial planning case studies developed by FPSC as part of an FPSC-approved Capstone Course.
Examination Development
The two examinations leading to CFP certification – the FPSC Level 1 examination and the CFP examination –
are competency-based assessments, developed in accordance with industry best practices for testing that
ensure relevance to the practice of financial planning. Both examinations are based on the CFP Professional
Competency Profile, which should be an important tool as you prepare to write either examination.
Each question on the FPSC Level 1 examination or the CFP examination assesses competence by requiring
demonstration of the job-related skills, knowledge, attitudes and judgment required for competent performance.
As such, the Competency Profile provides a complete overview of examination content. In demonstrating
competence in the field of financial planning through this assessment, candidates must apply relevant technical
knowledge and professional skills. The Competency Profile is also used by educators in designing curricula and
by FPSC in evaluating education programs for approval.
The FPSC Level 1 Examination Blueprint and the CFP Examination Blueprint set out the weightings assigned to
the examination criteria. Note that although all competencies are subject to testing on both of the FPSC Level 1
examination and the CFP examination, the Competency Profile is weighted differently on each exam.
Examination content is developed by CFP professionals who are actively engaged in the practice of personal
financial planning and who receive comprehensive training in content development. The questions for both
examinations are also subject to rigorous review by internal and external content experts and FPSC’s Panel of
Examiners.
Successful completion of each examination indicates that a candidate has demonstrated the appropriate level of
competency to move forward in the pursuit of CFP certification.
Before an Examination
Qualifying for the Examination
To qualify to write the FPSC Level 1 examination, you must have successfully completed an FPSC-approved
Core Curriculum program within the past four years.
In order to write the CFP examination, you must have successfully completed an FPSC-approved Capstone
course within the past four years.
More information is in the Policies and Guidelines for Obtaining and Maintaining CFP Certification and FPSC
Level 1 Certification in Financial Planning.
If you hold relevant financial planning qualifications or other relevant professional qualifications, you may qualify
for exemption from certain educational or examination requirements. Please refer to Routes to CFP Certification
for more information.
Registering for the Examination
Register for either examination by logging in to your FPSC Portal. An early bird registration rate is available up
until two months prior to the examination date. Registration is available until one month prior to the examination
date.
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 2
After registration, you will receive an email confirmation including your preferred language and examination
centre city. Please contact FPSC with any requested changes to this information, no later than one month before
the examination (see ‘Important Dates’).
You may register for the FPSC Level 1 examination before completing the Core-Curriculum program, as long as
you have provided FPSC with an official transcript demonstrating successful completion of the program by the
close of examination registration.
Submitting Educational Transcripts
For both the FPSC Level 1 examination and the CFP examination, you will need an official transcript indicating
your successful completion of educational requirements. This may be uploaded to your FPSC Portal after you
have registered for the exam, up to one month prior to the examination date.
Registering for an Examination Before Completing Education Requirements
You may register for an examination prior to completing all of the educational requirements, but you must upload
a transcript of completion to your FPSC Portal by the close of exam registration (approximately one month prior
to the exam – see ‘Important Dates’).
If you have not submitted proof of eligibility by the deadline, you will be automatically de-registered and given a
partial refund of $200. You may then re-register when you are able to provide an eligibility document.
Alternatively, you may postpone your registration to the next scheduled sitting of the examination by completing
the Postponement/Withdrawal form. Requests for postponement must be accompanied by a fee of $100 and
must be received by the last day of examination registration (see ‘Important Dates’). You are responsible for
providing your own documentation.
If you cannot confirm with your Education Provider that their official transcript will be available by the deadline
date, please contact FPSC prior to the registration deadline to determine whether alternate arrangements can be
made.
If you live outside Canada, you may pursue CFP certification offered by FPSC. You must reside in a country that
is not an affiliate of Financial Planning Standards Board (FPSB), the international licensor of the CFP certification
marks. Alternatively, you must be a current CFP professional in good standing from an affiliate country. Visit
Financial Planning Standards Board (FPSB) for a list of member affiliates and information about the Certification
Across Borders requirements for the CFP marks.
Examination Location
You will be asked to select your first and second choice examination centres on the examination application.
FPSC will strive to accommodate your first selection of examination centre, but in the event that seats are no
longer available due to capacity limitations, your second choice will be assigned. In the rare event that your first
and second choice locations are full, an alternate exam location will be proposed to you. For a list of cities where
the examination will take place, please refer to Appendix A.
The deadline to request a change to your examination location is by the registration deadline –
approximately one month before the exam (see ‘Important Dates’).
Alternative Examination Locations
If the cities listed in Appendix A are not convenient for you, you may request an alternate examination location.
Please indicate this request on the exam application form or contact FPSC Stakeholder Support no later than
two months prior to the examination date to request an alternate location. Please note that you will be subject
to additional fees beyond the exam fee to cover extraneous costs associated with the alternate location.
While we will attempt to accommodate alternate location requests, we cannot guarantee that such arrangements
can be made in all circumstances. If FPSC cannot accommodate your request, your fees will be refunded.
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 3
Language Preference
The FPSC Level 1 examination and the CFP examination are available in English and can be made available in
French upon request. Please ensure that you have indicated your language preference on your application and
email exam1@fpsc.ca (for the FPSC Level 1 examination) or exam2@fpsc.ca (for the CFP examination) with your
request to write the examination in French, no later than two months prior to the examination day.
Withdrawal/Postponement
If you decide not to write an examination after registering and wish to withdraw your application, you may
receive a $200 refund, in accordance with the Withdrawal Policy. Candidates must complete the
Withdrawal/Postponement of FPSC Level 1 Examination in Financial Planning or Withdrawal/Postponement of
CFP Examination form available on our website, and submit it to FPSC by the registration deadline. You may
postpone an examination only once per registration and only to the next scheduled sitting of the examination.
The postponement fee is $100.
Special Needs
If you have a disability or other unique needs that may affect your ability to write an examination under standard
conditions, FPSC will make every effort to accommodate you while at the same time maintaining the integrity of
the examination. Please contact FPSC Stakeholder Support no later than two months prior to the examination
date (see Important Dates) to request special accommodation.
Food, drinks (other than water), medications or special seating arrangements required during the
examination are considered special needs. Permission to have these items in the candidate writing area
must first be granted by FPSC under this policy.
To be considered for special accommodation, please send your request in writing and include all of the following
information:
 Nature of your disability or unique need;
 Recent (within five years) supporting medical documentation regarding the disability or special need;
 If requested by FPSC, your authorization for FPSC to deal directly with the appropriate physician or health
care provider regarding your disability or special need;
 Specific accommodation requested; and
 Details of any accommodations previously received.
If you require adapted access to a testing location, please contact FPSC so we can ensure the facility has all the
proper measures in place to facilitate access.
We cannot guarantee that accommodations will be granted for requests received less than two months prior to
the examination date.
Admission Tickets and Valid Identification
An Admission Ticket will be available through your FPSC Portal approximately one week before the examination
date. You will receive an email directing you to download the Admission Ticket when it is available. The address
of your examination location will be printed on the Admission Ticket.
Do not write on your Admission Ticket.
You must print and bring the Admission Ticket to the exam centre, together with proper photo identification – a
document issued by a third party and containing both the candidate’s photograph and signature. The following
are acceptable pieces of photo identification:



Valid passport;
Canadian citizenship card;
Valid driver’s license;
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 4


Provincial health card; or
Age of majority card.
Your name as it appears on the examination application, eligibility documentation and subsequent examination
admission letter must match the name on the photo identification provided at the examination centre or you may
be denied access to write the examination.
Name and Address Changes
In the event of a name change, you must supply supporting documentation to FPSC confirming the legal name
change prior to the examination day (see ‘Important Dates’). It is your responsibility to notify FPSC of any
changes to your contact information, including address, telephone numbers and email addresses. Failure to
notify FPSC may delay or prevent the release of information regarding the examination or results.
Failure to Appear
If you fail to appear for the FPSC Level 1 examination or the CFP examination, you will forfeit the entire
examination fee. Waivers of forfeiture will be considered in the case of medical emergencies or for bereavement.
Requests must be made in writing using the Failure to Attend FPSC Level 1 Examination in Financial Planning or
Failure to Attend CFP Examination forms and must be supported by applicable documentation explained
therein. In the case of medical issues, candidates may be subjected to a postponement fee. Requests must be
received within one week following the examination and will be considered on a case-by-case basis. There are
absolutely no refunds once a candidate has attempted the examination.
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 5
Information on Examinations
Examination Structure
The FPSC Level 1 examination and the CFP examination are offered twice a year in English and French (on
request). The exams are administered electronically at computer-based testing centres across Canada. Note
that although the examinations will be administered on a computer, you will be provided with a paper version of
the case study scenarios.
FPSC Level 1 Examination
The FPSC Level 1 examination is a competency-based examination of up to four hours in duration. The
examination consists of approximately 95 multiple-choice questions. The questions are a combination of standalone multiple-choice questions and two case studies with related multiple-choice questions. Each question
focuses on specific elements of the CFP Professional Competency Profile and may also require integration
across several financial planning areas. The FPSC Level 1 Examination Blueprint outlines how the various
components of the Competency Profile will be weighted on the examination.
CFP Examination
The CFP examination is a competency-based examination of up to six hours in duration. Approximately three
quarters of the examination will consist of constructed-response questions and one quarter of multiple-choice
questions. Constructed response questions will range from short-answer type questions to longer, extendedresponse type questions. The CFP Examination Blueprint outlines the allocation of exam questions by question
format.
When completing constructed response questions that require a specified number of responses (e.g., list three,
provide four), you are required to provide up to the indicated amount. If more than the required number of
responses is given, only the first answers corresponding with the required amount will be scored, with the
remainder not considered. For example, if the question requires you to list three issues with a given situation and
you list five, only the first three will be considered for scoring of the exam.
For the multiple-choice items, you must select the most appropriate or best answer from the options provided
for the scenario presented in the question. There is only one correct answer for each multiple-choice question.
Marks are not deducted for incorrect responses.
Preparing for the Examinations
There are a variety of FPSC tools available to help ensure your readiness to write the examinations. Crossreference the CFP Professional Competency Profile, which is the foundation for the examination, with your
education or study materials to identify gaps and/or weaknesses in your knowledge and in your ability to
demonstrate competence by effectively applying that knowledge. Then research and study to fill in those gaps.
Practice Exams
Practice Exams are available for both examinations and are valuable study tools. Based on the Examination
Blueprint, the Practice Exams closely resemble the actual exam in terms of number of questions, exam
structure, questions types and degree of difficulty. Following your completion of the Practice Exam, a diagnostic
report will be generated to help you identify areas that require additional preparation. The diagnostic report,
which details the question content and rationale for correct and incorrect answers, is available for unlimited
viewing until exam day.
 The FPSC Level 1 Practice Exam is available for $100 if purchased when you register for the FPSC Level 1
examination, or $125 if purchased following registration. Learn more.
 The CFP Examination Practice Exam is available for $150 if purchased when you register for the CFP
examination, or $175 if purchased following registration. Learn more.
Refunds will not be provided once the Practice Exam has been purchased.
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 6
Sample Examination Questions
You have access to sample examination questions on your FPSC Portal. Resources include sample case studies
and examples of retired examination questions.
CFP Professional Competency Profile Graphic Overview
An overview of the financial planning functions, elements of competency and professional skills that make up the
CFP Professional Competency Profile. Study it here.
Examination Blueprints
The Examination Blueprints outline how the various components of the CFP Professional Competency Profile will
be weighted on the exam. Use the FPSC Level 1 Examination Blueprint or CFP Examination Blueprint as a guide
to focus your studies when preparing for the examination.
Examination Preparation Webinars
These exclusive webinars for FPSC Level 1 examination and CFP examination candidates, facilitated by FPSC’s
Examinations Department, help you learn how to use the CFP Professional Competency Profile in your studying
and gain insight into the exam process.
Familiarizing Yourself with the Examination Software
A tutorial is available to help you become more familiar with the examination software that will be used on
examination day. Access the software tutorial.
Examination Day
FPSC Level 1 Examination
The writing of the FPSC Level 1 examination will begin at 9:00 a.m. You must report to the examination centre by
8:15 a.m. and be registered and seated to hear instructions by 8:45 a.m. Seating is pre-assigned. If you are not
seated by 8:45 a.m., you will not be admitted to the examination room until after instructions have been read and
will therefore lose part of the allotted time for the examination.
You must record answers to all questions directly into the computer software by clicking on the selected
response. You must select the one most appropriate or best answer for each question, from the options
provided. There is only one correct answer for each question.
Marks are not deducted for incorrect responses. Each question is worth one point toward the total examination
mark. Although the examination will be administered on a computer, you will be provided with a paper version of
the case study scenarios.
CFP Examination
The writing of the morning session of CFP examination will begin at 9:00 a.m. and the afternoon session will
begin at 1:30 p.m. You must report to the examination centre at 8:15 a.m. for the morning session and be
registered and seated for instructions by 8:45 a.m. You must be re-seated at 1:25 p.m. for the afternoon session.
Seating is pre-assigned. If you are not seated by 8:45 a.m. for the morning session or 1:25 p.m. for the afternoon
session, you will not be admitted to the examination room until after instructions have been read and will
therefore lose part of the allotted time for the examination. The lunch period is between 12:00 noon and 1:00
p.m. Candidates will be responsible for locating and purchasing food.
Multiple-Choice Questions
You must record answers to all questions directly into the computer software, selecting the correct answer by
clicking on the selected response for multiple-choice questions.
There is only one correct or best answer for each question and the computer will only allow you to select one
option. No marks will be deducted from your pass-fail determining score for incorrect responses.
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 7
Constructed-Response Questions
The constructed-response questions include, for all items:
 the item stem (description of a situation)
 candidate directives (the actual questions posed to you)
 response templates (placeholders for your responses)
Most constructed-response questions will be in the form of case sets, consisting of a description of a situation (a
‘stem’, ranging from approximately one-third of a page to one full page or more) followed by one to three
questions about that situation. You will be provided with a paper version of the case study scenarios. All
questions in a case set will require you to use information in the situation or stem to answer the question. Some
constructed-response items might require that you provide your answers in the form of a letter to a client.
You will type your answers to the constructed-response questions directly into the empty placeholder (response
template) provided. No marks will be deducted from your pass-fail determining score for incorrect responses;
however, you can lose marks on ethics scores as described below in the CFP Examination section –
‘Professional Skill 1 – Ethical Judgment’.
During the constructed-response portion of the exam, you will be required to show your calculations as you
work towards solutions to problems. Calculations associated with the time value of money must be performed
using an approved financial calculator (see Appendix B). You will be required to show all keystrokes used for the
time value of money calculation, including inputs and solution. For example, text required for a present value
calculation might be: “Mode = begin, I = 5, N = 20, PMT = 10,000, FV = 0, solve for PV = 130,853”. You are not
required to, and should not show the calculations underlying the time value of money calculations. For non-time
value of money calculations, you must show all steps leading to your final answers.
Professional Skill 1 – Professional Responsibility
As per the CFP Examination Blueprint, Professional Skill 1 – Professional Responsibility will be integrated into at
least six percent of the CFP examination questions. Specifically, at least six percent of the CFP examination
score points will include situations with embedded ethical dilemmas. During scoring of the examination, scorers
will note any potential breaches of ethics suggested in candidate responses, and candidates will receive a
breach score for ethics which will not be part of the score used to determine pass/fail status.
However, candidates who exhibit more breaches than the threshold set will have their papers assessed by a
sub-committee of the Scoring Committee. This Committee will determine whether or not the denial of a pass on
the exam is warranted by the potential breaches in ethics exhibited by the candidate in their responses, or if
another remediation is necessary.
Examination Day Regulations
All candidates must bring the following to be allowed to take the examination:
 Admission Ticket (without writing on it).
 Photo identification (See ‘Admission Tickets and Valid Identification’). Candidates will not be permitted to
write the examination without presenting appropriate photo identification.
 Noiseless, non-programmable financial calculator. Candidates will be permitted to use only one of the
FPSC-approved calculators for the examination. A listing of the approved calculator models can be found in
Appendix B. Calculators will not be supplied at the examination centre.
Please note that only the following items may be kept on the candidate’s desk during the examination:
 Admission Ticket
 Valid photo identification
 Approved calculator
 Pencils and eraser
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 8



Clear bottle of water
Scrap paper
Ear plugs
Any other materials must be placed in a separate area of the writing room designated by the examination
invigilator.
Food, medications, or beverages other than water required during the examination are considered special
needs. Permission for these items must be granted by FPSC under the ‘Candidates with Special Needs’ policy
prior to the examination.
The following items are not permitted at the candidate writing area on examination day:
 Baggage of any kind: backpacks, handbags, briefcases, luggage or shopping bags;
 Study materials such as textbooks or notes;
 Cellular telephones, pagers, headsets, computers, electronic organizers or personal data assistants, or any
other remote communication or photographic device;
 Outdoor coats, jackets or non-religious headwear; and
 Food or drinks (other than a water bottle) unless authorized prior to the examination date.
The materials listed above must be placed in an area of the examination room designated by the examination
invigilator and will not be permitted in the candidates' writing area. Please ensure all electronic devices are
turned off during the examination session. Neither FPSC nor the invigilator is responsible for any personal
items lost, stolen or damaged; therefore, we advise candidates not to bring unnecessary items (i.e. bags or
mobile devices) to the examination centre.
Candidates are not allowed to bring scrap paper, including ‘post-it’ type paper. Scrap paper will be provided at
the testing facility.
You will be provided with a list of commonly used formulae for use during the examination. These formulae can
be accessed through the resources icon within the examination software. See Appendix C for a copy of the
formulae provided on examination day.
Examination sites may experience delays due to technical issues, weather, internet issues or any other issues
that are beyond our control. Rest assured that FPSC will take all possible steps to minimize the impact and
inconvenience to candidates.
Note that certain examination centres will host the FPSC Level 1 examination and the CFP examination in the
same room.
Examination Misconduct
Before, during and after each examination session, all examinees are expected to conduct themselves in an
ethical manner and refrain from any activities that may hamper the ability of their fellow examinees to
independently complete the FPSC Level 1 examination and the CFP examination.
By registering for the FPSC Level 1 examination or the CFP examination and signing and submitting the
registration application, you are deemed to have accepted the policies and procedures outlined below and
elsewhere in this guide.
On Examination Day
 Extra time will not be allotted to candidates who arrive after the reading of the examination instructions has
begun.
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 9










Candidates shall remove all non-essential materials from their desktop at the start of the examination.
Candidates must use an FPSC-approved non-programmable calculator only (see Appendix B).
Communication between examinees is not permitted. You may ask a question of the invigilator by raising
your hand.
Absolutely no examination materials may be removed from the examination room, including exam booklet,
notes or calculations. All materials must be returned to the invigilator.
Candidates shall not attempt to obtain or create a copy of any part of the examination or their responses.
No one may leave the examination room during the examination without the invigilator’s consent. If you feel
ill or have to use the restroom, notify the invigilator, who will accompany you to the appropriate facility. You
will not be granted additional time for time out of the room.
If you leave the room for any other reason, cover your computer screen so that it is not visible to others.
Candidates shall not copy or aid or abet in copying or any other form of cheating.
Candidates must not make their scrap paper or answers available to other candidates.
Candidates who complete their examination early may leave quietly after ensuring that they have signed the
attendance list and returned all examination material to the invigilator. Candidates will not be permitted to
leave during the final 15 minutes.
After the Examination
 Candidates shall not reveal, discuss or otherwise disclose any examination materials or related information
in any form, including the examination questions or recorded answers.
 Candidates shall immediately advise FPSC of any breach of security measures of which the candidate
becomes aware.
 Candidates are expected to participate in any investigations into examination misconduct at the request of
FPSC.
Failure to abide by the policies in this guide, or those read aloud by the examination invigilator, may constitute
examination misconduct. Other instances of misconduct may include, but are not limited to:
 Creating a disturbance;
 Giving or receiving assistance on content;
 Continuing to make or change responses after being instructed to stop;
 Removing examination materials from the examination room; and
 Writing on the Admission Ticket at any time.
FPSC fully investigates all incidents of examination misconduct. If a candidate is found to have participated in
examination misconduct, the results of that candidate’s examination will not be released. The candidate will be
barred from taking the FPSC Level 1 examination or the CFP examination, or be subject to other enforcement
action, for a period to be decided by the FPSC Standards and Enforcement Department. A second infraction by
the same candidate will automatically result in a lifetime ban from writing the examination.
FPSC relies on many sources to identify suspected examination misconduct. During the marking of the FPSC
Level 1 examination and CFP examination, FPSC utilizes statistical analysis of the examination results to
determine the likelihood of any candidate writing the FPSC Level 1 examination or CFP examination having
copied another candidate’s answers.
Identified cases are vigorously investigated and prosecuted through the FPSC Standards and Enforcement
Department under the Disciplinary Procedures for Examination Candidate Misconduct, with the most common
results being a suspension from re-attempting the examination for a fixed number of examination sessions or
permanent barring. FPSC reserves the right to publish the outcome of examination misconduct or irregularity
decisions.
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 10
After the Examination
Comments on Examination Questions
The FPSC Level 1 examination and the CFP examination are non-disclosed examinations. Examination material
is not available for review. Although FPSC will not discuss specific questions on any of the examinations,
candidates may address comments about the exam to FPSC’s Panel of Examiners at exam1@fpsc.ca for the
FPSC Level 1 examination or exam2@fpsc.ca for the CFP examination.
You will also have the opportunity to provide content feedback about the examination through an email survey
distributed on examination day. The Panels of Examiners will review all comments received within one week of
the date of the examination. Although all comments will be acknowledged and are appreciated, you will not
receive an individual response to your specific examination questions. Feedback has no bearing on the scoring
of the exams and the names of candidates who submit comments will not be disclosed to the Panels of
Examiners during their review.
Since comments must be received in a timely manner to be considered in the marking process, FPSC cannot
consider comments received more than one week after the examination date or after the examination results are
released.
Scoring the Examination
Multiple-choice questions on the FPSC Level 1 examination and the CFP examination are scored by computer.
For constructed-response questions on the CFP examination, a Scoring Committee consisting of CFP
professionals will read all candidate responses and assign scores based on a predefined scoring key. Each
constructed-response question will be scored by two scorers. Where significant differences exist between the
judgments of the scorers for a particular question, a third deliberating scorer will make the final decision. In
addition, all candidates whose scores fall close to the pass mark are independently re-scored to confirm final
score and pass/fail status.
Pass Mark
The FPSC Level 1 examination and the CFP examination are Pass or Fail examinations and are designed to be
accurate in making that determination only. The purpose of these examinations is to identify those who meet the
standard necessary for moving forward on the path to CFP certification (passing) and those who do not (failing).
The method used to set the passing standard for the FPSC Level 1 examination and the CFP examination is in
accordance with well-established pass-score procedures. Like other professional certification examinations, the
establishment of a pass mark is based on a “criterion-referenced” rather than a “norm-referenced” methodology.
Norm-referenced methodology, with which many people are familiar, uses a bell curve to establish the final
score needed to pass the examination. The determination of whether or not an individual will pass or fail a normreferenced examination depends on his or her relative standing in comparison to other examinees. FPSC
examinations are not marked using this methodology.
Criterion-referenced methodology, on the other hand, does not rely on a bell curve. Performance is scored
against an established passing standard rather than ranked in comparison to others taking an examination. The
passing standard for the FPSC examinations is determined by a committee comprised of CFP professionals
from across Canada, using generally accepted psychometric principles and methods for standard setting.
Although all questions on the FPSC Level 1 examination and the CFP examination are developed from the CFP
Professional Competency Profile and every effort is made to ensure a consistent difficulty level of the
examination from administration to administration, the overall difficulty may vary slightly from examination to
examination. To address any differences and to ensure that all candidates are treated fairly on each examination,
the pass mark for each specific examination is statistically adjusted to compensate for any fluctuations in the
level of difficulty. This adjustment ensures that candidate scores are comparable regardless of when they take
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 11
the examination and that candidates will not be advantaged or disadvantaged if the examination they take is
slightly easier or more difficult than prior examinations.
Examination Results
A candidate’s result on the FPSC Level 1 examination or CFP examination is based on the number of questions
answered correctly. There is no penalty (i.e. negative scoring) for incorrect answers, with the exception of the
Ethical Judgment score for the CFP examination described in the ‘Examination Day’ section.
Note that FPSC follows a rigorous process to produce the exam results. Results are verified and analyzed to
ensure accuracy and reliability. Candidate comments and feedback are also considered throughout this process.
FPSC’s Panel of Examiners conducts a thorough review of the exam results and questions to help determine a
fair pass mark.
FPSC treats candidates’ results as strictly confidential. You will receive an email once your examination results
are available through your FPSC Portal where the result letter will be available for viewing (see ‘Important
Dates’). Examination results are released only to the candidate. To ensure the protection of privacy and to
maintain confidentiality of examination results, FPSC does not release results over the telephone, by fax or
email.
To ensure prompt receipt of mailed results, please advise FPSC of any address changes within two weeks
following the exam (see ‘Important Dates’). You may request a duplicate of your examination results by
contacting FPSC two weeks after results have been mailed.
As part of the registration process, you will have already applied for FPSC Level 1 certification during registration
for the FPSC Level 1 examination. If you are successful in the FPSC Level 1 examination, you will receive a letter
confirming your successful result and the granting of the FPSC Level 1 certification. You will also receive a
diagnostic report of your FPSC Level 1 examination performance to use as a tool to guide further study should
you wish to continue on the path to CFP certification.
If you are successful in the CFP examination, you will be able to access an application to apply for CFP
certification and to access other relevant certification information online.
If you are unsuccessful in either examination, you will receive a diagnostic report showing your performance
relative to the passing standard. This diagnostic report will also include your relative performance within each of
the categorizations of the CFP Professional Competency Profile, to help identify areas of weakness on the
Competency Profile and align studies for future attempts of the examination.
Publication of Examination Results
FPSC issues a general media release about examination results, including the total number of candidates who
wrote the examination and the national pass rate. This release is issued after results have been mailed to
candidates. The pass rate for each FPSC-approved Core Curriculum education program provider is released by
FPSC to that provider only.
A list of successful candidates by province is published following the release of the examination results.
Successful candidates receive notification with the examination results indicating when and in what publication
the list will appear.
FPSC will only release information surrounding a candidate’s examination pass/fail results with authorization
directly from the candidate.
Examination Retakes
You may attempt each examination a maximum of four times. Each exam must be successfully completed within
four years of successfully completing the educational requirement for the exam (i.e. the Core Curriculum
program for FPSC Level 1 examination and Capstone Course for CFP examination). If you are unsuccessful after
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 12
four attempts and/or four years, you must requalify by successfully repeating the educational requirement.
Requalification will qualify you for up to four more attempts at the examination, subject to the four year time limit.
Candidates who wish to re-attempt an examination must also complete a new examination application, agree to
abide by the Guide to Examinations for CFP Certification, and pay all applicable fees by the required dates.
Please refer to the Policies and Guidelines for Obtaining and Maintaining CFP Certification and FPSC Level 1
Certification in Financial Planning for more information.
Appeals Process
It is highly unlikely that an exam score will change from “fail” to “pass” as a result of any manual rechecking after
the results are released.
Multiple-choice questions on the FPSC Level 1 examination and the CFP examination are scored through
computer-based testing software with a high degree of accuracy. Constructed-response questions on the CFP
examination are marked by two (and sometimes three) scorers, ensuring a high degree of rigour in the scoring
process. In addition, before examination results are released, FPSC verifies the scoring for candidates who
score within 15 points of the passing standard of 500. Therefore, FPSC does not encourage requests for
verification of scores.
However, if you would like to have your score manually re-scored, you may submit such a request in writing
within 30 days of the postmark date of the examination results. The charge for manual checks is $100 for the
FPSC Level 1 examination and $250 for the CFP examination. Written requests for a manual check should be
emailed to exam1@fpsc.ca (for the FPSC Level 1 examination) or exam2@fpsc.ca (for the CFP examination).
Requests must include your name, the examination date, the fee payment information, and the specific reason
you are requesting the manual check. Requests without the fee will be returned to you, and requests
postmarked more than 30 days after the postmark date of the examination results will not be processed.
For the CFP examination, the re-scoring will be completed approximately 30 days after release of examination
results, following the same process used to originally score your examination except with a new independent
scorer(s).
In the event that your exam result changes from a fail to a pass, you will be reimbursed your re-scoring fee.
ALL EXAMINATION MATERIALS ARE THE PROPERTY OF FPSC AND WILL NOT BE RETURNED TO
CANDIDATES.
Specific requests for interpretation and appeals of FPSC Examination policies must be made in writing and
addressed to FPSC, attention: Examinations Department. FPSC will respond to such appeals and requests in a
timely manner.
For More Information
For more information about preparing for and taking FPSC exams, please contact FPSC Stakeholder Support at
exam1@fpsc.ca (for the FPSC Level 1 examination), exam2@fpsc.ca (for the CFP examination), 416.593.8587 or
1.800.305.9886.
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 13
Appendix A – List of Examination Sites
AB-Calgary
ON-Hamilton
AB-Edmonton
ON-Kingston
AB-Lethbridge
ON-Kitchener/Waterloo
AB-Lloydminster
ON-London
BC-Burnaby
ON-North Bay
BC-Kamloops
ON-Ottawa
BC-Kelowna
ON-Peterborough
BC-Prince George
ON-Sudbury
BC-Richmond
ON-Thunder Bay
BC-Surrey
ON-Toronto
BC-Vancouver
ON-Toronto Durham Region
BC-Victoria
ON-Toronto Peel Region
MB-Winnipeg
ON-Toronto York Region
NB-Moncton
ON-Windsor
NL-Corner Brook
PE-Charlottetown
NL- St. John’s
QC-Montréal
NS-Halifax
SK-Regina
NT-Yellowknife
SK-Saskatoon
ON-Barrie
YT-Whitehorse
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 14
Appendix B – Calculator Policy for Examinations
You may use only an FPSC-approved calculator for the examination. Calculators will not be supplied at the
examination centre. The approved calculator models, with pictures supplied where available, are:
Cassio
Acceptable model is FC-200V.
FC-200V
Hewlett Packard
Acceptable models are HP10B, HP10BII, HP10bII+, and HP10BLL (or 11)+ financial calculator.
HP 10B
HP 10BII
HP10bII+
Sharp
Acceptable models are EL-733A, EL-738 (packaging notes the model name as EL-738C), EL-738FC, EL-738S,
EL-738F.
EL-733A
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
EL 738-C
Page | 15
Texas Instruments
Acceptable models are TI BAII, TI BAII+, TI BA II Plus Professional, TI BA-35 and TI30 XA.
TI BAII+
TI BA II Plus Professional
Unacceptable Calculators
Any calculator with programmable features, capacity to store text, graphing capability, and printing capability are
not acceptable.
Some commonly-used, but unacceptable financial calculators include:
 Casio: CFX9850GC, CLASSPad300, FX-7400G, FX-9750G, FC-100
 Hewlett-Packard: HP 9G, HP 12C, HP 17BII, HP 17BII+, HP 17BLL+, HP 19B, HP 19BII, HP 33S, HP 38G,
HP 40G, HP 48G, HP 49G, HP-20b Business Consultant
 Texas Instruments: TI 73, TI 83, TI 84, TI 89, Voyage 200
 Sharp: EL-9600C, EL-9900C, CS Series, QS Series, VX Series, EL 531W, EL-531X, EL-735
 Media H.S.: SC1000
These models will not be permitted for use in the examination. Please note that this list of unacceptable
calculators is not all-inclusive and there are other models that are not permitted for use. Exam candidates should
reference the list of approved calculators and choose one of those models accordingly.
Calculators will be inspected by proctors prior to the start of the examination. The calculator must then remain in
full view on the candidate’s desk for proctors to continue to inspect periodically throughout the duration of the
examination.
From time to time, additions or modifications are made to this list of approved calculators; however, at present
only these models are permitted at the examination. Possession or use of an unauthorized calculator or violation
of FPSC’s calculator policy will result in the voiding of examination results.
Candidates are not permitted to bring manuals or any external devices (peripherals) to support calculators.
Examples of disallowed items include printed cards, printers, memory expansion chips or cards. Loose batteries
(without packaging) are permitted in the examination room, however FPSC advises candidates to replace and
test fresh batteries in the calculator prior to the examination.
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
Page | 16
Appendix C – Equations for Rate of Return Calculations and
Time Value of Money Calculations
The following equations may be helpful in answering questions that require calculations.
Typically, these types of calculations are done using a financial calculator.
Legend
FV
= future value
PV
= present value
i
= nominal, annual rate of return
n
= number of years
m
= number of compounding periods per year
It
= amount returned or paid in year t
e
k
r
infl
PMT
= effective, annual rate of return
= periodic rate of return (i/m)
= real, annual rate of return
= annual rate of inflation
= payment
The effect of non-annual compounding:
FVn = PV ( 1 + i m )n×m
Simple interest (return) calculation:
I t = PV × i
Future value of a single payment, compounded each period:
e = (1 + 𝑘𝑘𝑚𝑚 )m - 1
Present value of a single payment, compounded each period:
PV =
Future value of a stream of payments:
FV =
Effective, annual rate:
Present value of a stream of payments:
Real rate of return:
©2015 FINANCIAL PLANNING STANDARDS COUNCIL
FVn = PV ( 1 + i )n
FVn
(1 + i ) n
((1 + k )
n
k
) times PMT
−1
 1 

1 − 
(1 + k )n 

PV =
times PMT
k
r=
i − infl
1 + infl
Page | 17
About FPSC
Financial Planning Standards Council (FPSC®) is a not-for-profit organization
which develops, promotes and enforces professional standards in financial planning
through CERTIFIED FINANCIAL PLANNER® certification. FPSC’s purpose is to instill
confidence in the financial planning profession. FPSC ensures that CFP®
professionals and FPSC Level 1® Certificants in Financial Planning meet appropriate
standards of competence and professionalism through rigorous requirements in
education, examination, experience and ethics.
902-375 University Avenue, Toronto, Ontario M5G 2J5
Tel: 416.593.8587 | Toll Free: 1.800.305.9886
CFP®, CERTIFIED FINANCIAL PLANNER® and
are certification trademarks owned outside the U.S. by Financial Planning
Standards Board Ltd. (FPSB). Financial Planning Standards Council is the marks licensing authority for the CFP marks in
Canada, through agreement with FPSB. All other ® are registered trademarks of FPSC, unless indicated.