Prep for CFP / PFP final exams (AFP2 / FPE2)

Wow, it sounds like crickets around these here parts. Once again, I’m deep into review for my upcoming exams. The countdown is on, now!

I finished the Capstone with tonnes of time to spare, and a great mark to boot. I can actually see the value in that exercise now, although I didn’t originally. For those of you playing along at home, the course basically allows you to pick one of three case studies, and produce between 20 and 30 pages of a hand-written financial plan from the details you are provided. Of course, it’s not how we do our jobs in reality (we have planning software for the majority of the heavy lifting) but, I still got a lot from submitting the draft and final for marks and feedback.

My main issue with all of the courses I’ve taken, and the Certificate in Financial Advice I’ve earned, is that there isn’t much in the way of practical implementation of the details provided in the materials. Yes, I do this every day at work, but in order to pass my FPE2 and AFP2 written exams based on actual free-form advice being given (with benefits and options), it’s important to know what the markers are looking for. Let’s face it, beyond the black and white law, pension, taxation and estate rules, there’s plenty of room for grey.

Thankfully, I’ve purchased a number of prep materials that get into those finer points based on analysis, and advice, and help me practice writing what they would actually be looking for on these upcoming tests.

May 27 and June 8th are the two dates I’m working towards… the PFP final exam comes first, followed by the CFP final exam the day before my birthday. Here’s hoping this chapter can be closed for good after that!

YOUR TURN:
Have questions about my experience with the first writing of the AFP2, or how I’ve changed my study routine to better prepare for the next (and final!!) writing of this exam or my CFP/FPE2 prep? Drop a comment here so others can participate, too! I’ve gotten a ton of emails from people preparing for both, and it would be great to have the dialogue in a more open format for all! Oh, and if you have already passed either of these… Please share anything you can on your experience!

Comments

  1. 1

    says

    One thing I forgot to mention… Gobeil’s AFP prep / 1000 Questions, and the Foran FPE2 practice tests are well worth the money I spent on them. Also? As always, SeeWhyLearning.com is a great way to prepare, too. The “coles notes” versions of the course details for FP2 and WME were the most useful.

    Finally, don’t forget to try the practice exam found here: https://elearning.csi.ca/shared/products/AFP_ExamPrepTool/2012-12/EN/linked_docs/AFP_ExamExemplarCaseFinalWithAnswers_EN_V01.pdf for the AFP2. I forgot to attempt that the first time around.

  2. 3

    Joe says

    I emailed you a while back. Thanks for the details on what you are using to study. I have taken your advice and purchased the seewhylearning guides and flashcards.

  3. 5

    Michele says

    I am taking FP2 via CSI June 28, I want to do my CFP FPE1 via Foran as I think that CSI stuff sucks. How did you find the exam? Read your blog but didn’t know if you had passed or not….

  4. 6

    says

    Hey Michele! Thanks for popping by! I passed the FPE1 with above average marks (they mark on a sliding scale of sorts, with 500 being the average passing score). Different questions are marked with higher and lower scores. It’s all rather vague, but, I got 580 on my score, so the materials I used seemed to do the trick.

    You are right… the CSI stuff is pretty much crap, and redundant from FP1 to FP2. I did the WME and PFSA as well (needed the WME for 30 month IIROC in case I want to go back in that direction, and I wanted to keep my CSC from falling off the CE radar).

    I used primarily Gobeil 1000 questions (far more detailed than you need for FPE1, but still a great resource to see what you really know) and Foran study prep (I have four binders full of stuff as well as two more binders of practice exams). If I’m successful in a few weeks, I’d be happy to sell them all cheap to you (I see we work for the same FI) – I’ll email you directly.

    The exam definitely does require time management… the FP1 and FP2 I completed in 2/3 of the time needed each time, whereas the FPE1 (and PFP exams) I ran out of time. Don’t spend time for one mark… come back to it if you need to.

    I also have access to a really great PDF full of links for info you should have a decent understanding of: http://library.constantcontact.com/download/get/file/1102805358959-149/FPE+12+Study+Schedule.pdf

    http://www.seewhylearning.com is GREAT for study prep… I’d definitely get my hands on the WME and FP2 guides/exams/flash cards there for your FPE 1 & 2 prep!

    Hope this helps! Good luck!

  5. 7

    says

    Thanks, Tanya for all the info. I’m taking another stab at AFP2 on Jun 24. let’s say this will not be my first attempt.

    I can see that you are writing your AFP2 today– Break a leg :)

    Now that you wrote it, If you have to choose one out of the many providers of AFP2 exam prep tools, who would you recommend that fits closely with CSI exam module? keeping in mind that the sample exams offered by CSI do not remotly relate -in length- to the real exam.

    I would much appreciate your feedback.

    Bassem

  6. 8

    says

    Hi Bassem! Thanks for popping by – I’ll pop in tomorrow with feedback for this hopefully successful attempt. Hopes are high this time. I’ve been focussing on case studies this go around instead of just black and white rules and implementation. I found a PDF online full of case studies from Advocis – I think that will help. I also purchased the AFP prep from Gobeil (some of the 1000 questions are in it but more importantly, case study questions.

    I shall pop back tomorrow! :)

  7. 10

    says

    Hello,

    I really like your blog. I am writing the capstone course and having a hard time wrapping my head around what is required. I was wondering if I could see a sample of what you put together or some tips. I appreciate any help you could offer.

  8. 11

    Albert says

    hi, Tanya

    Did you pass the exam? I will go for the PFP exam, do you have some good prep material to sell?

    Albert

  9. 13

    Harpreet says

    I was using Prof. Gordon’s material and found it to be on mark. He is very knowledgeable and willing to help you by answering your questions by email.

    If you want more details look at:

    http://www.examsuccess.ca

    Harpreet

  10. 14

    Shawn says

    Hi Tanya,

    Great blog! You are a fantastic person! You motivated me to take my AFP Exam 2 for a second chance when I was failed in June.:)I have booked the exam for Dec. Would you be willing to send me any usful non-CSI material just for AFP2?

    Much appreciated!

    Shawn

  11. 16

    says

    Hi Shawn – sorry for the delayed reply, it’s been a crazy few weeks. I don’t have any non-CSI materials for the AFP stuff, but the flash cards and study guide for FP2 at SeeWhyLearning are awesome! You just really need to know the CSI materials and answer what they are asking (don’t put more replies than they request and don’t give solutions when they are looking for considerations). Time management on that exam is everything!!

    I hope that helps! Do let me know how it goes!!

  12. 17

    neil says

    Hello Tanya,

    I am so appreciated that you have created how to prepare AFP 2 exam in your Blog. I believe you have past your exam.

    Do you mind to tell me more details about how you prepare the AFP 2 exam please? I heard that the AFP 2 exam is very hard and case scenario from CSI provided such a junk, is it right? I read on your Blog about “seewhylearning.com” and “Gobeil’s AFP prep”, which one do you suggests to purchase for AFP 2 exam from CSI as your experience?

    Is there lots taxation questions in the exam?

    Thank you very much again for the information you had posted on your Blog.

  13. 18

    says

    Hi Neil, thanks for stopping by! Yes, I passed the AFP2 and have completed my PFP designation in the summer. I’m so pleased that’s all over! The best way to prepare for the AFP2 exam is to use the SeeWhyLearning cue cards for WME and FP2. Their study guides are awesome also. I don’t like Gobeil’s stuff for the PFP exams as it’s too in depth with nitty gritty stuff instead of learning the core info, which is what you need a good grasp on. The CFP prep through business career college also helped well prepare me for the AFP2 exam, as well as the CFP final exam.

    Hope that helps! :)

  14. 19

    neil says

    Hi Tanya,
    I found two case scenarios, one is from your blog, and other is from CSI AFP. Thank you for your advice, and I will purchase “FP2® Practice Exams & Flash Cards. I Just want make sure the two case scenarios and flash cards would be enough study material for me to do well the exam and if there are any other case scenarios that would strongly benefit to me pass the exam?

    Thank you very much!

  15. 20

    says

    Hi Neil, the bottom line is that you really need to have a good understanding of all the FPE2 materials and have good time management skills. Remember to not over-answer the questions – if there’s a spot for four answers, they won’t look at 5 or 6. Also, remember to answer what they are asking, and not just solutions to the problem.

  16. 21

    Greg says

    Hi Tanya. I’m registered to write the FPE2 in June. I’ve purchased the Foran FPE2 practice exam and also downloaded the case studies from the FPSC website. I’m wondering if I should also purchase Gobeils FPE2 study aid and/or their 1000 questions? I personally don’t think I have enough study material to fully prepare myself for the FPE2 exam. Have you used Gobeil’s FPE2 Study aid and/or 1000 questions to prepare for the FPE2 exam? Appreciate your response. Thanks.

  17. 22

    says

    Hi Greg – sorry but it’s a timed protection application for Gobeil – they can’t be resold and mine is long since expired. Best to purchase from the Gobeil site. (Although I didn’t find the 1000 Questions terribly helpful – it’s too detailed and picky) Best of luck.

  18. 23

    Walter says

    Hi Tanya. Writing APF 2 on April 14th. First attempt. Printing a sample exam from this site, plus I have the CSI prep exam which i have gone through. Any tips, helpful tools to get me through this. I found FP 2 exam was a lot easier than AFP 1. What are the best study materials and what is worth paying extra for help specific to AFP 2. Cheers………………..Walter

  19. 24

    says

    Hi Tanya,
    I am wondering as I stumbled on your blog today, as to why I did not come across your blogs before. It is very nice of you to take time to blog about these exams which do not have enough info out there unless you pay. I have used different support materials in my FP1 and FP2 and yes the seewhylearning material did help understand concepts in FP2. I am appearing for FPE1 and then will be writing my AFP1 this summer. Should Gobeil’s 1000 questions be sufficient since I have FP1 and FP2 pretty fresh and I scored around to 90% in them (hopefully indicates good understanding). I would really like some advice on what can I do to prepare for AFP1 as there is almost no information on that topic. Would Gobeil’s FPE1 prep help me in AFP1. What are your thoughts….Also I would keep providing feedback to you on whatever I learn from my courses – to strengthen your blog. You are doing some great work here.

  20. 26

    Walter says

    Hi everyone. Wrote AFP 2 on April 29th and have to wait 30 days for result. Very tough exam indeed and time management is definately an issue. The case study takes a good 15 to 20 minutes to review every detail and then you need to continue to go back and check for specific details. Not sure how I did, already preparing to rewrite in case I did not pass. I purchased the Gobiels 1000 questions learning aid for AFP 1 and 2, and yes Tanya was right, its very detailed and probably not the best for this exam. Should have purchased the flash cards from SeeWhylearning which I likely will still do if I need to rewrite. My tip for this exam is to not start at Question 1 and keep going thru by number order. Review each question, what the marks are for each, and then start with the ones that are worth the most and get those done! Good luck…………..Walter

  21. 27

    Alfred says

    Hi Tanya

    Thank you very much for all of these free advises, and sorry to wake this post up.

    I should be writing the second exam of CFP by June 6 and I was interested in the PDF that you found online which is full of case studies from Advocis. Can you tell me where did you find that? did you buy it or was it for free??
    Thanks

    Alfred

  22. 28

    Jen says

    Is the 1,000 question test bank for Gobeil indicative of what we will see on the first cfp exam? Or are the Gobeil questions more difficult?

    Thanks

    Jen

  23. 29

    Melissa mills says

    Hello,

    Question regarding the capstone course, were you able to use software (if you have access to it)?? Or it had to be hadwritten? Also, how long would you say it took?

    Thanks,
    melissa

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