It’s been a week since my (hopefully) last exam, and I have to tell you, it’s amazing not to think about, or plan for, studying for any upcoming courses.

It’s very freeing, in fact. I’ve felt completely shackled to my books for a couple of years now, and especially in the past several months. So much so, that I’ve been completely absent from almost all social functions, and even doing the basics for myself like shopping for new clothes, or getting the basics for my wardrobe.

In fact, it’s pretty crazy how little I’ve spent for the past year or so – if you ever feel the need to become frugal, pouring yourself into two designations will certainly tie you up for a while.

After a week of catch-up, and birthday celebrations (so much fun!) I’m finally able to pick up a book that isn’t related to work, and read for hours about something frivilous! What a concept! It’s great!

Next? I need to get back to taking care of myself… Working out regularly, and getting my thyroid issues back under control are my top priority, and I already have plans lined up for both. It feels good to make time for me now.

So, there’s two words you’ll never hear me utter… I’m. Bored. – It’ll never happen. I LOVE having free time for myself!!!! It’s awesome!

YOUR TURN: Speaking of free time – do you have any summer plans coming up that you are looking forward to? Me? We’re heading to wine country soon for some tours and relaxation! I can’t wait!

Just a quick entry while I have a couple of beer to celebrate. (I’m writing this at the pub!)

So, how was my exam writing experience?

I’m… HOPEFUL. That’s all I can say. I have no idea how I did other than I’m fairly certain I didn’t completely bomb it.

We shall see in about SEVEN long weeks – we get our marks the last week of July.

Still no mark for the last PFP exam. It could be as much as another month out. I sure hope I’m not waiting that long!

Let my summer commence! Starting with my birthday celebrations tomorrow and next Saturday!

YAHOO!!!

The countdown is down to hours now… I’m taking tomorrow as a vacation day to get the last minute review in of anything I’m unsure about (which I definitely have a few areas I am not rock-solid confident on, like alter-ego and spousal trusts for example).

I wanted to wish everyone a successful write of the FPE1 and FPE2 exams – I’m sure you’re all scrambling like me right now, but enjoy the process… You’ll all be CFPs in no time!

Is the Bar exam this difficult? I have often wondered if lawyers need to know as much detail about as many topics as we do… I’m sure they do. Now I know exactly how they feel. The pressure is pretty intense.

But, for a brief moment today, I also remembered that the worst case scenario is that I have to write it again in six months. That would totally suck, but it wouldn’t be life altering.

I can do this.

I’ll be hoping for the best Saturday morning – and by 4:30 the same afternoon, these last three years of intense work will be complete after the last sprint for 7.5 hours to the finish line, or at least, as complete as I can make them until I get my mark 7 weeks afterwards.

WISH ME LUCK! Hopefully I won’t need it.

This could be the last few days I ever have to cram this much knowledge in my head. I can’t tell you how excited that makes me.

This past weekend, I missed two events – a summer kick-off BBQ at Erin and James’ place, and a Scotch Tasting. Clearly, going to either would have been a terrible idea, as much as I would have had fun at both. Can you imagine me failing my exam because of points I could have been studying in my final weekend, and didn’t get to? As it was, I studied for 9 to 10 hours each day over the weekend, and still felt guilty for quitting at 8 or 9pm each day.

So, here I am in my final stretch. The last of the review is before me. I should be learning absolutely nothing new at this point, and that seems to be the case, although the review is tweaking my memory on things I’d let lapse in my head over the past several months.

For those of you studying for the PFP or CFP, I can’t stress this enough: The CSI materials don’t cut it. They don’t deal with any implementation or really help with recommendations or factors you should be considering. One big tip I’ve come up with last week? When the tests ask for factors or items to consider, DON’T give recommendations. This is true for both the AFP2 and the FPE2. Apparently, that’s where most go wrong.

The other important item I’ve learned in preparing? If the examiner is looking for three points, give ONLY three points. Not four, not six. Three. They will only look at the first three, so you are wasting precious time writing more anyhow. Make sure the points are unique, and not a slight duplication from the previous point you made.

Finally? Don’t be wordy! Even if the FPE2 exam asks you to write an email or letter to your case study client, use point form. Start the “email” off with a basic intro… “here are three points you need to consider when…” and then list point form points. Don’t forget to include to suggest gaining outside expertise from a specialist where necessary.

Good luck to all those also writing the FPE2 Saturday morning! Drop by and say hi in the comments afterwards!

YOUR TURN: Are you studying for the CFP or PFP right now? Drop me a comment! I’d love to hear from you!

Inquiring minds want to know… Is anyone else experiencing this?

First, it was Barry’s new iPhone 5 he had just picked up… It said it was connected to our many wifi hotspots in the house, but the signal wasn’t actually connected. So, he took it back to the Apple Store, and the friendly guys in blue immediately replaced it.

Now, mine is doing it. It’s been fine since I got it in late October, but now, when I absolutely don’t have time to be messing around, it decides it doesn’t want to play nice.

How extremely annoying.

Thankfully, I have six gigs of data on my plan, so I can afford to wait until after my last exam on June 8th to go in and get it replaced, but Barry is on a different version of our BMO Telus corporate plan, so he required access at home before he blew by his data hurdle and on to the more expensive plan. (He’s on the tiered plan).

But, it got me thinking – I wonder if this problem is more common than the odd iPhone 5 going awry? I mean, two in one household? That seems a bit over the top. I bet some people don’t really know this is a hardware problem, and think it’s their router causing the problem. The only reason why I know it’s not, is because my iPad (and previously my iPhone) was connecting fine when Barry first started experiencing it.

YOUR TURN: Do tell… Have you seen this issue?

Whew. One down, one to go.

I woke up this morning feeling pretty underwhelmed about how this evening would go… And, as the day wore on, and I reviewed as much as I could, I was making myself get seriously worked up about this PFP exam. (The AFP 2)

By the time I walked into the examination room at SAIT at 6pm, I was nauseated. I tried to plaster a smile on my face, using my famed “smile therapy” to change my attitude, but I’m sure I must have looked like a deranged lunatic to those around me.

And, then, I opened up the exam and started to write. And write. And, write. An hour in, and the nausea was gone, and I was feeling much better.

I felt prepared. I knew what to expect.

This was, after all, my second attempt at this horribly difficult test. The first time, I failed. And, that’s saying something; I never fail tests. In fact, if I get under an 80% on a test, I feel defeated. So, the first try was a kick in the pants for me. I clearly wasn’t as prepared as I thought I was last November.

What did I do differently this time? …A few things. I prepared differently. I used primarily case studies, and literally studied the AFP 2 practice exam that CSI offers up for a fee, until I was blue in the face. And, I think it made a difference. Well, I know my mark will be better than the last time… I literally missed a pass by a few marks. I’m fairly certain that this time, it won’t be the same.

I also used my time differently, writing this exam attempt. I scanned the case study, and then immediately started writing in the easy answers (the quantitative answers on the cash flow statement, and statement of net worth) and then highlighted the particular areas of the case I knew I’d need for the other longer questions.

So, this time around, I actually finished with about 5 minutes to spare! Surely not my usual speedy exam writing, (I usually complete the multiple choice exams in about 2/3 of the needed time) but being long hand, and breaking a number of pencils in the process, I’m pleased I had time to review a few of my responses before the invigilator called time… He did so, just as I was heading out the door, actually.

For those of you who are preparing to write the AFP2 for the first, or the second time, I urge you to review CASE STUDIES!! Especially those that are prepared by the CSI people. They are identical in nature (not length…) to what you’ll be asked on the exam.

Also, know your implementation well. Things like, how does income splitting work? What tax credits are appropriate to use? When should you deplete the RSP vs. the TFSA, vs. the non-reg holdings in retirement? Also have a very good understanding of risk management and estate planning techniques. I’d bone up on CI insurance if you don’t have a good understanding of it, too. Finally, a large number of marks are geared towards calculating income streams with before and after-tax dollars. This takes up a lot of time, so if you are slow, go to that section first… I think it was worth 16 marks.

Anyhow – time will tell how I did. If it’s anything like last time, I could be waiting six weeks for a mark. Let’s hope that’s not the case, though. That wait killed me!

NEXT UP… The CFP (FPE2) final exam on the 8th of June. I can’t wait to put this all behind me. I’m tired.

YOUR TURN: Are you writing, or have written these exams? Is this feedback helpful?

Going through the final review of all this material… Including, but not limited to:

• Budget, savings and cash flow analysis
• Personal risk management and insurance requirements
• Residential mortgages
• Family law
• Tax planning
• Asset allocation
• Annuities
• Estate planning
• Investment management
• Equity securities, and hedge funds
• Debt securities
• Managed products (mutual funds and seg funds)
• Portfolio management
• Relationship management

I’ve figured out what’s missing from this whole equation! CASE STUDIES! Sure, I am really good with most of the above topics now, and if you asked me a question about any of these items, I know the rules and the details, but analysis and integration of these guidelines and laws above takes more than understanding the black and white. There should have been a textbook filled with case studies and implementation recommendations.

Perhaps if I’d used a university/college curriculum as my study program, those strategies would have been a part of my learning and review for these past 11 exams. Sadly, I learned by textbooks only.

I’m thankful that I have a husband who’s incredibly smart, and has years in the role that I’m finishing my designations for, or I think I’d be screwed. I have no idea how people would do all this without that kind of resource at their disposal.

Hell, that’s probably 75% of our conversation these days… Strategy in financial planning. I’m so thankful for that.

Okay… Back to the books I go.

Friday Silliness… Have a great weekend!

YOUR TURN: What are you looking forward to, this fine, fine weekend? Me? Oh, I can’t say I’m looking forward to it, but I’ll be buried in my piles of books! Shocking, I know.