Applied Financial Planning Certification Exam (AFP)

Hours of Study: 40 – 50 Hours

Enrolment Period: 1 Year

What Continuing Education (CE) credits will you earn?

AccreditationCredits
CFP Financial Planning30
FSRA Life Insurance15
ADVOCIS Structured Learning CE30
ICM Life Insurance15
AMP Mortgage10
ICS Life Insurance10
ICBC Life Insurance15
MTI MTI30
CIM CIM Professional development40
AIC Life Insurance30
IIROC Professional Development20
QAFP Financial Planning30
CFA Institute CFA - PD20
MFDA Professional Development20

View CE credits for all CSI courses and all associations.

While CSI makes every effort to ensure that the information is up-to-date, we are unfortunately unable to fully guarantee its accuracy. The information listed in the chart may be subject to change. More detailed information on CE Credits is available.

What is the exam weighting?

The AFP Certification Examination assesses the theoretical and applied knowledge possessed by fully competent financial planners as identified by industry experts and set out within the PFP® Professional Competency Profile. The AFP Certification Examination requires that you successfully complete two examinations.

Although not required, CSI strongly encourages candidates to successfully complete the AFP Exam 1 prior to attempting AFP Exam 2. The assessment in AFP Exam 2 builds on the content and depth examined in AFP Exam 1 with a greater expectation for candidates to analyze, evaluate and formulate strategies to present solutions for client situations.

AFP Exam 1: Stand-alone Multiple-Choice Format

The exam is three hours in duration and includes 105 independent multiple-choice questions, including possible pilot questions. The approximate exam weighting of AFP Exam 1 by core competency is as follows:

Competency for Exam One Weightings
ENABLING COMPETENCIES
1. Professional Conduct and Regulatory Compliance 10%
2. Client Relationship and Practice Management 6%
TECHNICAL COMPETENCIES
3. Asset and Liability Management 11%
4. Risk Management and Insurance 12%
5. Investment Planning 17%
6. Tax Planning 14%
7. Retirement Planning 17%
8. Estate Planning 13%

AFP Exam 2: Case Based, Constructed-Response Format

This examination is a constructed-response examination featuring four case studies. These case studies reflect typical financial planning situations that a financial planner may encounter. Each case study has three – five related questions, which may include sub-questions. For each question, candidates are required to construct a response to the posed question and provide a written response on the exam platform. The examination may also include a number of charts or data sheets requiring completion (e.g., cash flow, statement of net worth, etc.). Candidates have up to three hours to complete the examination.

A case study scenario is used to test candidates’ ability to demonstrate the competencies and ability to apply the professional knowledge and skills as set out in the PFP® Professional Competency Profile. The case studies and questions presented on AFP Exam 2 will focus on the candidate’s ability to apply their financial planning knowledge to demonstrate professional competence in the practice of financial planning.

On AFP Exam 2 the assessment of the PFP® Professional Competency Profile is weighted by competency groupings, with an approximate range of +/- 2% variation for each grouping, as follows:

Competency for Exam Two Weightings
ENABLING COMPETENCIES
1. Professional Conduct and Regulatory Compliance 10%
2. Client Relationship and Practice Management 7%
TECHNICAL COMPETENCIES
3. Asset and Liability Management 13%
4. Risk Management and Insurance 12%
5. Investment Planning 15%
6. Tax Planning 14%
7. Retirement Planning 19%
8. Estate Planning 10%

What is the exam structure?

Structure Information
Exams 2
Exam Format Proctored (remote or in-person at a test centre)
Exam Duration Exam 1: 3 hours
Exam 2: 3 hours
Question Format Exam 1: Stand-alone multiple-choice
Exam 2: Multiple cases with multiple-choice questions – Constructed-Response Format
Questions Per Exam Exam 1: 105
Exam 2: cases with multiple questions (written response)
Attempts Allowed Per Exam 2
For successful completion of the AFP certification examination, both AFP 1 and AFP 2 must be completed. The initial enrolment period set for completion of both examinations is 1 year. After 2 unsuccessful attempts of either Exam 1 or 2, you are required to wait six months before re-enrolling in the AFP. If you have attempted Exam 1 and/or Exam 2 at least once and were unsuccessful on one or both and wish to withdraw from this course you can do so, please note no refund will be granted. You are required to wait six months before re-enrolling in the AFP from your last exam attempt. Candidates who complete only one of the two required examinations from a previous enrolment can transfer the mark from the successful exam attempt to the new enrolment. The remaining examination must be completed within 2 years of the date of the successful completion of the other exam. This mark transfer will be allowed once only.
Passing Grade 60%
Candidates must earn a score of 60 or greater to pass each of AFP Exam 1 and AFP Exam 2. The marking methodology is further explained in the Candidate Guidelines.
Assignments None

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