According to the United States Census Bureau, by 2033, the United States could have over 78 million people over 65. Many of these residents will seek the advice of certified financial planners to maximize their retirement savings. Younger employees may also seek individualized advice to help them achieve their objectives, such as debt repayment, funding their children’s education, or saving for retirement.
According to the US Bureau of Labor Statistics (BLS), the personal financial advisor workforce is expected to grow 20% points through 2030, with over 40,400 new jobs available. Providing financial planning assistance to clients necessitates specialized training. Luminablog provides information on their websites on how to hire a quality financial advisor.
Jobs for certified financial planners are forecast to expand 30% over the next ten years, according to a 2017 CNN Cash report, making it a great career option for young finance experts.
What Is the Best Way to Study for the CFP Exam?
The quiz is computer-based and contains 170 numerous questions that assess your knowledge about financial planning in client circumstances. There are two subareas in each meeting, and you may take an unplanned break between the exam subcategories. The CFP exam preparation takes a significant amount of time. The CFP Board recommends that you study for the exam for at least 250 hours.
Consider studying for the CFP exam in the same way that you would prepare for a marathon. You won’t be able to sprint in this situation (or cram). There is simply too much to learn, and you must be able to apply what you’ve learned to case studies.
As a result, you ensure that you have enough time in your schedule to devote to studying. Create a strategic study plan after that. Mirroring the exam weighting, which the CFP Board notifications based on previous job task assessment, is a great way to structure your plan. Simultaneously, you should not begin by trying to study the most weighted topics in detail. Instead, start with the fundamentals of each category.
Below are a few tips on passing the exams
- Get exam questions for practice
The more you rehearse, the more you’ll know how to apply what you’ve learned. To ascertain if you have genuinely mastered a domain and where you might be making mistakes, practice with questions with the same major difficulties level as the actual exam.
Practice questions can be found at the end of prep supplier chapters, financial institution quiz questions from prep suppliers, and CFP Board and training supplier practice exams.
- You must satisfy the applicant Fitness Standards of the CFP Board
You must also disclose any felonious or employment-related record, as well as pass a background check. Explore the CFP Board link for more details on the ethics requirement.
With financial advising expected to be among the top ten fastest-growing sectors, earning your CFP certification can help you stand out in the field.