Guide To Cert

C ERTIFIED F INANCIAL PLANNER B OARD OF S TANDARDS, I NC.

G U I D E T O C F P® C E R T I F I C A T I O N

M I S S I O N S TAT E M E N T The mission of Certified Financial Planner Board of Standards Inc. (CFP Board) is to help people benefit from competent, professional and ethical financial planning.

C F P B O A R D C O R E B E L I E F S A N D VA L U E S 1. Accountability to the public We believe that the primary reason for our existence is to promote the public welfare through standards in personal financial planning. We value client-centered relationships and the differentiation of personal financial planning professionals from other financial service providers and advisers.

2. Trust derived from standards We believe that CFP Board’s individual certification standards advance the systematic body of knowledge for financial planning and serve as the basis for the public’s trust in the expertise and advice of personal financial planning professionals. We value the demonstration of the initial and ongoing competency required for a professional to obtain and retain the CFP marks.

3. Commitment to excellence We believe that the CFP marks represent excellence in personal financial planning and a professional obligation to a higher standard of conduct on behalf of the public. We value the seven principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence that exemplify professional behavior.

4. Respect for professionals We believe that the public benefits from the existence of a growing pool of competent financial planning professionals who place the interests of the client first. We value the input and involvement from individuals, organizations and firms who are committed to serving the public by strengthening the culture of professional financial planning.

Copyright © 1988-2005, Certified Financial Planner Board of Standards Inc. All rights reserved.

G U I D E T O C F P ® C E R T I F I C AT I O N

Welcome to CFP ® Certification: Financial Planning’s Highest Standard Whether you are new to financial planning or have been in financial services for some time, CFP Board welcomes your interest in CFP ® certification. More people than ever are entering the financial planning profession, and we recognize the commitment you are about to make, both in terms of becoming certified and in maintaining your certification certification marks during your financial planning career. The CFP ®, CERTIFIED FINANCIAL PLANNER™ and will provide you with the means to set yourself apart from others calling themselves financial planners. ®

Since their creation 30 years ago, the CFP marks have come to represent your agreement to adhere to standards of excellence and a way to demonstrate to the public, and your peers, your commitment to a career in financial planning. Amid the clutter of financial credentials, the rigorous competency, ethics and practice standards met by those certified by CFP Board have allowed the CFP certification marks to stand out from the crowd as financial planning’s highest standard. The CFP certification differs from an educational designation or state license in that it is based upon requirements that have been determined by extensive job analyses of actual practitioners in the field, and, therefore, continues to evolve with the profession. Your decision to obtain CFP certification means you will join tens of thousands of CFP practitioners worldwide who are committed to the financial planning process and who have agreed to put clients’ interests first. Not coincidentally, CFP Board research has shown that the clients of CFP practitioners tend to be more satisfied with their financial planning engagements and are more likely to recommend their planner to family or friends. We understand that CFP certification is a voluntary process, one that requires a serious level of commitment on your part. Your decision to pursue completion of the CFP certification requirements as outlined in this booklet is a first, but significant, step. We welcome any additional questions you may have at 800-487-1497 or [email protected] and look forward to seeing your application for the CFP ® Certification Examination.

As you read through this booklet, look for this symbol for tips and resources available on www.CFP.net/become.

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G U I D E T O C F P ® C E R T I F I C AT I O N

CFP Board’s CFP ® certification program is accredited by the National Commission for Certifying Agencies (NCCA), the accrediting body of the Washington, D.C.-based National Organization for Competency Assurance. NCCA was created in 1989 to establish nationally accepted criteria, guidelines and standards for certifying agencies. To receive such accreditation, CFP Board’s CFP ® certification program meets the highest national voluntary standards for private certification set forth by the NCCA. CFP Board does not discriminate in certification opportunities or practices on the basis of race, color, religion, sex, national origin, age, disability or any other characteristic protected by law. Contributions accepted by CFP Board are tax deductible. In certain instances, CFP Board may release lists of individuals who have requested a copy of this booklet, and/or lists of applicants for the CFP ® Certification Examination to selected other parties, including CFP Board-Registered Programs and Review Course providers, who agree to CFP Board’s usage requirements. Upon request, CFP Board will not release an individual’s name to outside parties.

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TA B L E O F C O N T E N T S

Table of Contents CFP ® Certification Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 Initial Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 Certification Renewal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 Online Tools and Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 The Education Requirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Bachelor’s Degree Requirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Completing the Education Requirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 CFP Board-Registered Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Challenge Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 Transcript Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11 List of CFP Board-Registered Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13 CFP Certification Examination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 ®

Eligibility

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Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25 Logistics

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Scoring

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Re-Examination Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 Review and Appeals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 Exam Review Course Providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 List of Review Course Providers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 Topic List for CFP ® Certification Examination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 Provided Formulas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40 Work Experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41 Definition of Work Experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41 Work Experience Standards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42 Pre-Certification Continuing Education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .42 Internships/Residency Programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43 Verification of Experience . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43 Work Experience Frequently Asked Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44 Ethics

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45

Verification of Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45 Authorization to Use the CFP Marks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46 Declaration Packet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46 Initial Fee and Continuing Education (CE) Reporting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46 International Reciprocity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46 Grievance Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .47 Forms

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Applying for Transcript Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48 Application for Transcript Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .49 CFP ® Certification Examination Application Instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51 CFP ® Certification Examination Application . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53

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OVERVIEW

CFP ® Certification Overview The CFP® certification process, administered by CFP Board, identifies to the public that those individuals who have been authorized to use the CFP certification marks have met rigorous professional standards and have agreed to adhere to the principles of integrity, objectivity, competence, fairness, confidentiality, professionalism and diligence when dealing with clients. Recently, CFP Board conducted a nationwide consumer survey among upper-income households. That survey reflects the public’s growing demand for financial planners who adhere to rigorous standards. Of those surveyed: • 85% considered successful completion of a certification examination “very important” or “extremely important.” • 95% felt financial planners should adhere to professional practice standards. • 97% said the most important standard for financial planners was adherence to a professional code of ethics. CFP certificants must pass the comprehensive CFP ® Certification Examination, agree to abide by CFP Board’s Code of Ethics and Professional Responsibility which puts clients’ interests first and abide by the Financial Planning Practice Standards which spell out what clients should be able to reasonably expect from the financial planning engagement. These are just some of the reasons why the CFP certification is becoming increasingly recognized. In addition, the CFP certification prepares you for a career-long commitment to meeting the everchanging needs of your clients. As a CFP professional, you become a coach and problem-solver, able to provide truly personalized services to clients and to maintain high levels of financial planning and professionalism. Finally, your expertise and credibility as a financial planner is instantly communicated with the CFP marks — the financial planning certification most sought after by consumers and financial planners alike.

INITIAL CERTIFICATION To become certified, you are required to meet the following four initial certification requirements (known as the four “Es”): • • • •

Education Examination Experience Ethics

These four components are briefly described on the next page; subsequent sections of this booklet provide detailed information about each component. While the CFP certification requirements may be changed from time to time, you will be expected to meet the requirements that are in place at the time you apply for the CFP ® Certification Examination.

More information can be found on www.CFP.net/aboutus regarding CFP Board’s activities and volunteer boards. Visit www.CFP.net for information on other financial planning organizations.

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OVERVIEW

Education To take the CFP ® Certification Examination, you will need to be knowledgeable in the financial planning topics listed on page 33. For an outline of the three ways to complete the education requirement, see page 9. Beginning in January 1, 2007, candidates for certification must have a bachelor’s degree, in any discipline, in order to obtain CFP certification. The college degree requirement is a condition of initial certification; it is not a requirement to be eligible to take the CFP ® Certification Examination and does not have to occur before sitting for the exam or fulfilling the work experience. The bachelor’s degree requirement will be waived for those individuals who have met all certification requirements prior to 2007. Examination After you have successfully met the education requirement, you will be eligible to apply for the CFP ® Certification Examination. The CFP® Certification Examination assesses your ability to apply your financial planning knowledge (based on the topic list on page 33), in an integrated format, to financial planning situations. Combined with the education and experience requirements, it assures the public that you have met a level of competency appropriate for professional practice. Details about the CFP ® Certification Examination are on page 25. Experience Because CFP certification indicates to the public your ability to provide financial planning without supervision, CFP Board requires you to have experience in the financial planning process. Three years of relevant experience with a bachelor’s degree or higher is required. Until 2007, individuals who do not have a bachelor’s degree may substitute the degree requirement with five years of relevant experience. The work experience requirement can be completed either before or after successfully completing the CFP ® Certification Examination. Detailed information about this requirement is on page 41. Ethics When you have completed the education, examination and experience components of the CFP certification process, you will receive a declaration packet from CFP Board. This packet includes a CFP® Certification Application that must be signed by you, asking you to disclose whether you have ever been a party (or involved) in any criminal, civil, governmental, or self-regulatory agency proceeding or inquiry. CFP certification also requires you to agree to adhere to CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards, and acknowledge CFP Board’s right to enforce them through its Disciplinary Rules and Procedures. Details about the ethics requirement are on page 45.

CERTIFICATION RENEWAL Once you have been authorized to use the CFP marks, you must meet CFP Board’s renewal standards to continue to use them. Your CFP® certification must be renewed every two years at the end of your renewal month in an odd or even year (based on your birth date.) In order to position you in the correct period, your initial continuing education (CE) requirement and renewal fee are prorated. The renewal requirements are 1) renewal application, 2) $360 renewal fee (non-refundable), and 3) 30 hours of CE. The CE requirement includes 28 hours in the accepted financial planning topics (starting on

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OVERVIEW

page 33) and two hours from a pre-approved program on CFP Board’s Code of Ethics and Professional Responsibility or Financial Planning Practice Standards. A renewal packet, including a renewal application with notice of fees due will be sent to you approximately two months before your certification expires. The renewal fee helps cover the costs associated with ethics enforcement, protection of the marks against infringement, maintenance of professional standards of practice and public awareness activities related to the CFP marks. The renewal requirements are explained in more detail on CFP Board’s Web site at www.CFP.net/certificants.

ONLINE TOOLS AND RESOURCES CFP Board is dedicated to providing excellent service to its stakeholders. Our Web site, www.CFP.net/become, offers the most up-to-date information, and can be a valuable resource for you as you work to achieve the CFP certification. Another section of the site, www.CFP.net/learn, demonstrates our commitment to educating the public about the benefits of financial planning and the importance of choosing a CERTIFIED FINANCIAL PLANNERTM professional. www.CFP.net/become Set up a free account today. On www.CFP.net/become you have access to the most comprehensive, up-to-date information regarding the CFP® certification. Go to the Web site to look for a registered education provider, find sample exam questions, find an exam review course provider or learn more about post-certification volunteer activities. www.CFP.net/learn Here, consumers can learn about reducing debt, saving for retirement and managing other common financial issues; participate in polls and surveys; subscribe to CFP Board’s eNewsletter to get more information about financial planning; learn how to choose a financial planner and download a personal data organizer to help prepare them for meeting with a planner; learn about the high standards met by CFP professionals and verify that a planner in their area has the CFP certification. To help educate the public about the CFP marks, CFP Board also advertises in national magazines, participates in trade shows and distributes radio and TV public service announcements.

Log in to receive immediate updates and news from CFP Board at www.CFP.net/login.

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E D U C AT I O N

The Education Requirement As a first step to CFP ® certification, you must master more than 100 integrated financial planning topics (see page 33). The topics cover major planning areas such as: • • • • • • •

General principles of financial planning Insurance planning Employee benefits planning Investment planning Income tax planning Retirement planning Estate planning

Although education is a fundamental part of achieving CFP certification, fulfillment of the education requirement does not automatically equate to preparedness for the CFP ® Certification Examination. Before determining an examination preparation strategy and applying for the exam, all individuals considering taking the CFP ® Certification Examination should review the currency and completeness of their education against the current list of topics (see page 33). Retaking courses or taking additional courses to improve currency and mastery of specific topic areas are important complements to the educational foundation. Previous experience and exam preparatory factors, such as taking an appropriate review course, are also beneficial. Taking actions to ensure your education is comprehensive and up-todate may improve your ability to synthesize and evaluate complex concepts at an advanced cognitive level. Remember, the CFP ® Certification Examination does not test textbook theories, but rather it assesses your ability to apply your financial planning knowledge in an integrated approach to deal with “reallife” financial planning situations.

BACHELOR’S DEGREE REQUIREMENT Beginning January 1, 2007, in addition to fulfilling the education requirement, a bachelor’s degree, in any discipline, will be required in order to attain CFP certification. The college degree requirement is a condition of initial certification; it is not a requirement to be eligible to take the CFP ® Certification Examination and does not have to occur before sitting for the exam or fulfilling the work experience. A bachelor’s degree in any major from a regionally accredited U.S. college or university will be accepted, and evidence (photocopy of degree) will be required at the final stage of initial certification. Very important note for individuals not planning to obtain a college degree: Individuals without a college degree can take the CFP ® Certification Examination and may even be certified, but all certification requirements – education, passing the exam, five years of experience and the ethics component – must be met and the CFP® Certification Application must be completed, signed and received by CFP Board by December 31, 2006. What the degree requirement means for specific situations: • Individuals without a college degree will need to have passed the CFP ® Certification Examination by November 2006, and met the five-year experience requirement and the ethics requirement by December 31, 2006. • Individuals without a college degree and no qualifying experience would have needed to have started gaining financial planning experience before 2002 in order to meet the five-year experience requirement. All individuals without a college degree who have

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not completed the five-year experience requirement by December 31, 2006, will be required to have a college degree. • Individuals without a college degree and with five years of experience are encouraged to take the exam by July 2006, to avoid the pressure of having only one last chance to pass the exam. • Individuals without a college degree, even after 2007, may take the exam, but they must then obtain a degree within five years after passing the exam in order to be certified. • Individuals without a college degree, who have fulfilled the exam requirement, but who are not certified by December 21, 2006, will have five years from the exam date to complete the other initial certification requirements — five years of experience, ethics component and a bachelor’s degree – before their candidacy is terminated and the exam will need to be retaken. • Individuals without a degree who pass the November 2006 exam will have 30 calendar days from the date CFP Board delivers (electronic or hardcopy) the declaration packet to return a completed declaration packet to CFP Board. • Individuals without a degree who receive a declaration packet after July 1, 2006, will have until December 31, 2006, to return a completed declaration packet to CFP Board. • Individuals without a degree who receive a declaration packet after December 1, 2006, will have 30 calendar days to return a completed declaration packet to CFP Board. • Individuals without a degree, in CFP Board’s professional review process, who have completed all requirements before December 31, 2006, except for the ethics requirement, will be certified after December 31, 2006, as long as professional review clears the individual and the individual submits any additional required paperwork within 30 calendar days of the request. CFP Board can not predetermine whether individuals will meet certain requirements, but will offer counsel to individuals seeking guidance about the education, bachelor’s degree or experience requirements.

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E D U C AT I O N

COMPLETING THE EDUCATION REQUIREMENT You can complete the educational requirement for CFP® certification through one of the following three methods:

1. CFP Board-Registered Program NO previous financial planning course work

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➢ CFP Board-Registered Program

CFP® Certification Examination

2. Challenge Status

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CPA, ChFC, CLU, CFA®, D.B.A., Ph.D. (Business or Economics), Licensed attorney

CFP® Certification Examination

3. Transcript Review

➢Transcript

➢ CFP

®

Review OK? No

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Previous financial planning course work OR professional designation

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Yes

Or

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Certification Examination CFP Board-Registered Program

➢ College University Courses/ Professional Designation

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CFP BOARD-REGISTERED PROGRAMS You can complete a course of study in financial planning offered by an educational institution with a curriculum registered with CFP Board, as listed on page 13. For the most up-to-date list, with expanded contact information, visit CFP Board’s Web site at www.CFP.net/become. Course Titles and Length of Study CFP Board has reviewed the upper division undergraduate level or higher educational programs at registered institutions to ensure that they cover the core knowledge needed to practice personal financial planning. Regardless of program type, the curriculum taught must be the equivalent of at least 15 semester credit hours. Each educational institution may present the topics under various course names and titles, such as risk management, financial analysis or estate planning. However, each Registered Program will cover all of the topics needed to meet the education requirement for CFP ® certification. Some programs include various specialized courses or a review course to better prepare you for the CFP ® Certification Examination. Program Directors at any CFP BoardRegistered Program have the authority to waive students out of courses in accordance with their college or university policy. Contact one of the programs listed on pages 13-24 of this booklet (or from the list on www.CFP.net/become) for more information about courses offered, class schedules, tuition and transfer of credit for courses previously taken. In general, the course work in a certificate level program can be completed in 18 to 24 months. CFP Board does not endorse one program over another. All programs cover the same core curriculum, yet vary in style, length and delivery method. They may be certificate programs, undergraduate programs or graduate programs. Programs can also differ in their delivery methods with some having traditional classroom-based instruction and others offering self-study or online courses. All institutions are accredited by their region's accrediting body. Note: individuals who do not fulfill all of the initial certification requirements by December 31, 2006, must have a bachelor’s degree from a U.S. regionally accredited college or university, in any field, in order to obtain CFP certification. Important Questions to Ask Because the educational offerings are so varied, consider asking the Program Director the following questions when evaluating a program: • What educational level is your curriculum (junior/senior baccalaureate, master’s or doctorate level)? • How long does it take to complete your curriculum? • How much does your program cost? Does that amount include books, test and other fees? • Are you anticipating making changes to your program? • How do you schedule your courses? How often are courses offered? • Is your distance education program offered online or is it paper-based? • What are the credentials of your faculty? • Does your program have internships or job placement services? • Does your program have a review course? Does it partner with a review course provider? • Overall, how will your program prepare me to be a financial planner? Rev. 3/05

E D U C AT I O N

CHALLENGE STATUS CFP Board has approved specific academic degrees and professional credentials as fulfilling the education requirement for CFP ® certification. If you have one of the following degrees or credentials, you will automatically be eligible to sit for the CFP ® Certification Examination: • • • • • • •

Chartered Financial Consultant (ChFC) Chartered Life Underwriter (CLU) Chartered Financial Analyst® (CFA®) Ph.D. in business or economics** Doctor of Business Administration** Licensed attorney – inactive license acceptable* Licensed Certified Public Accountant (CPA) – must be currently licensed to practice (inactive license with letter of good standing acceptable)*

Only the degrees and credentials listed above are approved for challenging the CFP ® Certification Examination. In addition, the Certified Employee Benefits Specialists (CEBS) credential plus the addition of two courses will qualify an individual to sit for the CFP ® Certification Examination (see details on page 12). If your degree or credential is not on this list, you may wish to consult the transcript review process as an alternate route to the CFP ® Certification Examination. To apply for the CFP ® Certification Examination, use the application form at the back of this booklet or download the form from CFP Board’s Web site at www.CFP.net/become.

TRANSCRIPT REVIEW CFP Board recognizes that you may have covered some of the components in CFP Board’s financial planning topic list through previous educational coursework. CFP Board will consider granting credit towards the educational component required for CFP ® certification if: 1. You can demonstrate that you have successfully completed equivalent upper-division level college or university coursework at a regionally accredited college or university; and/or 2. You have one of the credentials listed on page 12 that CFP Board has pre-approved for credit towards the educational component. Review the detailed topic list on page 33 and use the checklist on the transcript review application found on page 51 of this booklet against your college transcript(s) to assess if you have covered any CFP Board topics. Look for upper-division level courses (junior, senior or graduate level coursework with course numbers of typically 300 or greater) with titles such as Personal Income Tax, Insurance, Investments, Estate Planning, Retirement Planning and Personal Financial Planning. To satisfy the entire educational component via a transcript review your financial planning-related coursework must total at least 15 upper-division semester hours or 20 quarter hours. The courses must have been taken at a U.S. regionally accredited four-year educational institution. If, after reviewing your transcript, you feel that you have completed all or part of the necessary financial planning topics at an appropriate institution, you may apply to CFP Board for a transcript review (see application on page 51).

*If you are fulfilling the education requirement on the basis of an inactive CPA license or law license, you will need to provide a letter from the applicable licensing board stating that you are in good standing with that authority. **Degree must be from an accredited U.S. college or university. Rev. 3/05

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The following credentials have been deemed to fulfill certain portions of the CFP ® certification’s education requirement. The first column lists the credential; the second lists the corresponding topics in CFP Board’s topic list. Credential

Topics satisfied on CFP Board’s topic list

Associate of the Society of Actuaries (ASA)

13, 14, 19, 40-53

Certified Employee Benefits Specialist (CEBS)*

13-15, 18, 21, 25, 35, 40-43, 73-81

Enrolled Agent (EA)

57-71

Fellow of the Society of Actuaries (FSA)

13, 14, 19, 40-53

Continuing education courses, firm training and/or National Association of Securities Dealers (NASD®) or state licenses do not fulfill any of CFP Board’s initial educational requirement.

*Individuals who hold the CEBS credential may complete two additional courses (Personal Financial Planning I and Personal Financial Planning II) from the Wharton School and the International Foundation for Employee Benefit Plans (IFEBP) to satisfy CFP Board’s education requirement. These individuals will not need to complete a transcript review application or submit a transcript review fee. Instead, they should use the CFP ® Certification Examination Application ( on page 55) and attach a copy of the CEBS designation and either a transcript or score report showing completion of the Personal Financial Planning I and II courses.

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LIST OF CFP BOARD-REGISTERED PROGRAMS Distance Education Programs The Distance Education Programs listed below are presented using self-study and/or online delivery methods. The schools indicated by a (*) may also offer in-classroom instruction at various locations throughout the country – contact the school for a list of additional locations. The American College (*) CFP ® Certification Curriculum Mr. King McGlaughon 610-526-1311 Bryn Mawr, PA [email protected] Masters of Sciences in Financial Services Dr. Walt Woerheide 610-526-1398 Bryn Mawr, PA [email protected] Boston University (*) Boston University Online Program for Financial Planners Ms. Janice Smith Boston, MA 617-358-2272 [email protected] California Lutheran University (*) M.B.A., Financial Planning Dr. Somnath Basu Thousand Oaks, CA 805-493-3980 [email protected] City University (*) M.B.A. in Personal Financial Planning Graduate Certificate in Personal Financial Planning Mr. Marvin Will Bellevue, WA 425-709-5456 [email protected] College for Financial Planning (*) Master of Science, Financial Planning Concentration Dr. Kurt Miller Greenwood Village, CO 800-237-9990 [email protected] CERTIFIED FINANCIAL PLANNER™ Certification Professional Education Program Mr. Michael B. Cates, CFP ® Greenwood Village, CO 800-237-9990 [email protected]

Florida Community College at Jacksonville – Institute for Financial Studies (*) CERTIFIED FINANCIAL PLANNER™ Certification Education Program Ms. Melissa Chandler Jacksonville, FL 904-633-8114 [email protected] Florida State University Certificate in Financial Planning Dr. Susann Rudasill Tallahassee, FL 850-644-1571 [email protected] Golden Gate University (*) M.S. in Financial Planning Graduate Financial Planning Certificate M.S. in Finance, Financial Planning Emphasis Undergraduate Financial Planning Certificate Dr. Steve Hawkey San Francisco, CA 415-442-6584 [email protected] Iowa State University (*) (Great Plains Interactive Education) M.F.C.S. (Master of Family and Consumer Sciences) with a Specialization in Family Financial Planning Certificate in Family Financial Planning Dr. Mary Winter Ames, IA 515-294-5982 [email protected] Kansas State University (*) (Great Plains Interactive Education) M.S. in Family Studies and Human Services with a Specialization in Family Financial Planning Certificate in Family Financial Planning Ms. Estoria M. Maddux, CFP® Manhattan, KS 785-532-1480 [email protected]

Kaplan University (*) Certificate in Financial Planning Mr. Keith R. Fevurly, CFP ® Davenport, IA 866-523-3473 [email protected] Metropolitan Community College (*) Certificate of Achievement, Personal Financial Planning Ms. Lori Lothringer Omaha, NE 402-537-3830 [email protected] Mississippi State University (*) Certificate in Financial Planning Dr. Edwin Duett Mississippi State, MS 662-325-2341 [email protected] Montana State University (*) (Great Plains Interactive Education) M.S. in Family Financial Planning Certificate in Family Financial Planning Dr. Deborah Haynes Bozeman, MT 406-994-5013 [email protected] North Dakota State University (*) (Great Plains Interactive Education) M.S. in Family Financial Planning Certificate in Family Financial Planning Dr. Greg Sanders Fargo, ND 701-231-8272 [email protected] Oglethorpe University (*) Financial Planner Program Dr. Christopher Ames Atlanta, GA 404-364-8318 [email protected]

For the most up-to-date list, with expanded contact information, of Distance Programs, visit CFP Board’s Web site at www.CFP.net/become. You can find additional locations of the schools online with Web site links to the schools.

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Oklahoma State University (*) (Great Plains Interactive Education) M.S., in Family Financial Planning Dr. Lona Robertson Stillwater, OK 405-744-5053 [email protected] South Dakota State University (*) (Great Plains Interactive Education) M.S. in Family and Consumer Sciences Certificate in Family Financial Planning Dr. Bernadine Enevoldsen Brookings, SD 605-688-4328 [email protected]

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Texas A&M University – Commerce (*) Certificate in Financial Planning Mr. Kenneth M. Washer, CFP® Commerce, TX 903-886-5674 [email protected] University of California – Irvine (*) Personal Financial Planning Certificate Ms. Lori Munoz-Reiland Irvine, CA 949-824-2282 [email protected] University of California – Los Angeles (*) Certificate Program in Personal Financial Planning Ms. Monica French Los Angeles, CA 310-206-1689 [email protected]

University of Nebraska (*) (Great Plains Interactive Education) M.S. in Family and Consumer Sciences with a Specialization in Family Financial Planning Certificate in Family Financial Planning Dr. Sheran Cramer Omaha, NE 402-554-2450 [email protected] Utah State University (*) Personal Financial Planning Certificate Program Online Dr. E. Vance Grange, CFP ® Logan, UT 435-753-9699 [email protected]

E D U C AT I O N

Registered Programs Listed by State The schools indicated by a (*) may offer in-classroom instruction at various locations throughout the country – contact the school for a list of additional locations. For the most up-to-date list, go to www.CFP.net/become. ALABAMA Auburn University, Montgomery Financial Planner Program Ms. Janie Nobles Montgomery, AL 334-244-3930 [email protected] University of Alabama B.S., Human Environmental Sciences Certificate Program in Family Financial Planning (Graduate) Certificate in Family Financial Planning (Undergraduate) Mrs. Jannis L. Brakefield, CFP® Tuscaloosa, AL 205-348-8132 [email protected] B.S., Banking and Financial Services Dr. Robert W. McLeod, CFP ® Tuscaloosa, AL 205-345-0934 [email protected] University of Alabama – Birmingham Financial Planner Program Mr. Lowell Broom Birmingham, AL 205-934-8824 [email protected] ARIZONA University of Phoenix (*) Financial Planning Professional Education Program Ms. Lisa Mulligan Phoenix, AZ 480-446-4640 [email protected] ARKANSAS Southern Arkansas University B.B.A., with an Emphasis in Finance Certificate in Financial Planning Dr. James David Ashby, CFP ® Magnolia, AR 870-235-4304 [email protected]

University of Arkansas B.S.B.A., Finance Major, Personal Financial Planning Emphasis Mr. Douglas Hearth Fayetteville, AR 479-575-4505 [email protected] University of Arkansas – Little Rock B.B.A., Finance – Financial Planning (Track II, Insurance and Financial Planning Option) Dr. Andy Terry Little Rock, AR 501-569-8872 [email protected] CALIFORNIA California Lutheran University M.B.A., Financial Planning Certificate in Financial Planning Dr. Somnath Basu Thousand Oaks, CA 805-493-3980 [email protected] California State University – Bakersfield B.S. Business Administration with a Concentration in Finance and Emphasis in Financial Planning Dr. Ken Shakoori Bakersfield, CA 661-664-2311 [email protected] California State University – Fresno B.S., Business Administration Certificate Program in Financial Planning Dr. K. C. Chen Fresno, CA 559-278-5646 [email protected] California State University – Fullerton B.A., Business Administration, Finance Emphasis, Financial Planning Dr. Donald B. Crane, CFP ® Fullerton, CA 714-525-4445 [email protected]

Golden Gate University M.S. in Financial Planning Graduate Financial Planning Certificate M.S. in Finance, Financial Planning Emphasis Undergraduate Financial Planning Certificate Dr. Steve Hawkey San Francisco, CA 415-442-6584 [email protected] San Diego State University Master of Science in Business Administration with a Concentration in Financial and Tax Planning B.S.B.A., Financial Services Major, Personal Financial Planning Certificate Executive Financial Planner Program Dr. Thomas Warschauer, CFP ® San Diego, CA 619-594-4354 [email protected] University of California – Berkeley Certificate Program in Personal Financial Planning Mr. Marc Hyman Berkeley, CA 510-643-2181 [email protected] University of California – Davis Certificate Program in Personal Financial Planning Ms. Kristina Norberg Davis, CA 530-757-8627 [email protected] University of California – Irvine Certificate in Personal Financial Planning Personal Financial Planning Certificate – Fast Track Ms. Lori Munoz-Reiland Irvine, CA 949-824-2282 [email protected]

For the most up-to-date list, with expanded contact information, of CFP Board-Registered Programs, visit CFP Board’s Web site at www.CFP.net/become. You can find additional locations of the schools online with Web site links to the schools.

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University of California – Los Angeles Certificate Program in Personal Financial Planning Certificate in Personal Financial Planning: Accelerated Program Ms. Monica French Los Angeles, CA 310-206-1689 [email protected]

Colorado Technical University – Colorado Springs Certificate in Personal Financial Planning Bachelor of Scence, Finance Mr. Eric Goodman Colorado Springs, CO 719-590-6772 [email protected]

University of California – Riverside Certificate Program in Personal Financial Planning Mr. Eric Blum Riverside, CA 951-827-1600 [email protected]

Metropolitan State College of Denver (*) B.S., Finance, Concentration in Financial Services Ms. Maria Ruybal Carrillo Denver, CO 303-556-6998 [email protected]

Professional Achievement in Financial Planning Fast Track Ms. Kathy Craig Riverside, CA 909-787-4111 x21600 [email protected]

Personal Financial Planning Certificate Personal Financial Planning Certificate (Fast Track Format) Ms. Maria Ruybal Carrillo Denver, CO 303-556-6998 [email protected]

University of California – Santa Barbara Professional Financial Planning Certificate Program Ms. Karen Gravenor Goleta, CA 805-893-3591 [email protected] University of California, Santa Cruz Certificate in Personal Financial Planning Ms. Linda Andrews Cupertino, CA 408-861-3801 [email protected] COLORADO College for Financial Planning (*) Master of Science, Financial Planning Concentration Dr. Kurt Miller Greenwood Village, CO 800-237-9990 [email protected] CERTIFIED FINANCIAL PLANNER™ Certification Professional Education Program Mr. Michael B. Cates, CFP ® Greenwood Village, CO 800-237-9990 [email protected]

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University of Northern Colorado B.S.B.A. in Finance Mr. Kenneth Moon Greeley, CO 970-351-1226 [email protected] CONNECTICUT Fairfield University Financial Planning Certificate Program Ms. Beatrix Brownfield Fairfield, CT 203-254-4000 x2920 [email protected] Manchester Community College Personal Financial Planning Certificate Program Mr. Stanley R. Roesler, CFP ® Manchester, CT 860-875-6632 [email protected] Quinnipiac University Quinnipiac-UNT/PDI Certificate Program in Personal Financial Planning Ms. Tammy Russell Guilford, CT [email protected]

FLORIDA Barry University (Ace) CERTIFIED FINANCIAL PLANNER™ Certification Education Program Dr. Robert D. Lovett, CFP ® Miami Shores, FL 954-796-3067 [email protected] Florida Atlantic University M.B.A./Financial Planning Track Dr. Scott Barnhart Jupiter, FL 561-799-8512 [email protected] Florida Community College at Jacksonville – Institute for Financial Studies CERTIFIED FINANCIAL PLANNER™ Certification Education Program Ms. Melissa Chandler Jacksonville, FL 904-633-8114 [email protected] Florida Gulf Coast University (*) CERTIFIED FINANCIAL PLANNER™ Certification Education Program Dr. Robert D. Lovett, CFP ® Ft. Myers, FL 239-598-5229 [email protected] Florida International University CFP ® Certification Professional Education Program Mr. Vincent S. Daniels Miami, FL 305-348-4217 [email protected] International College B.S. in Management, Minor in Financial Planning B.S. in Accounting, Minor in Financial Planning B.S. Business Administration, Minor in Financial Planning Certificate in Financial Planning Ms. Melinda F. Chancy, CFP ® Naples, FL 239-755-8224 [email protected] Keiser College CERTIFIED FINANCIAL PLANNER™ Certification Education Program Mr. Richard Clare Sarasota, FL 941-907-3900 [email protected]

E D U C AT I O N

Nova Southeastern University Financial Planning Certificate Program Ms. Kelly Murphy Fort Lauderdale, FL 954-262-8446 [email protected] Tallahassee Community College (*) Professional Financial Planning Program Ms. Vera Wirick Tallahassee, FL 850-201-6103 [email protected] University of Central Florida (*) Financial Planning Certificate Program Executive Financial Planning Certificate Program Ms. Cheryl Blackwell Orlando, FL 407-402-7644 [email protected] University of Miami M.S.T., Concentration in Personal Financial Planning M.P.A., Concentration in Personal Financial Planning Ms. Willie Risby-Hanna Coral Gables, FL 305-284-5428 [email protected] Certificate in Personal Financial Planning Mr. Levar Walker Coral Gables, FL 305-284-5800 University of North Florida B.B.A., Major Financial Services Dr. Seth Copeland Anderson Jacksonville, FL 904-620-1672 [email protected] University of South Florida Financial Planner Certificate Program Ms. Martha Lakis Tampa, FL 813-974-8021 [email protected] GEORGIA Augusta State University B.B.A., Finance, with a Concentration in Financial Planning CFP ® Certification Education Program Dr. Pete Basciano Augusta, GA 706-667-4535 [email protected]

Georgia State University M.B.A., Major in Personal Financial Planning M.S., Personal Financial Planning Graduate Certificate in Personal Financial Planning Dr. Conrad Ciccotello Atlanta, GA 404-651-1711 [email protected] Kennesaw State University Financial Planner Program Ms. Laurie Morse Kennesaw, GA 770-423-6963 [email protected] Oglethorpe University Financial Planner Program Dr. Christopher Ames Atlanta, GA 404-364-8318 [email protected] Savannah State University Professional Financial Planning Program Dr. M.H. Sarhan Savannah, GA 912-356-2335 [email protected] University of Georgia B.S.F.C.S., Consumer Economics, Area of Emphasis: Family Financial Management Dr. Lance Palmer Athens, GA 706-542-4916 [email protected] HAWAII University of Hawaii, Manoa Bachelor's Degree in Finance, Financial Services and Planning Track CFP ® Certification Professional Program Dr. Rosita Chang Honolulu, HI 808-956-7592 [email protected] IDAHO University of Idaho B.S., Finance with a Financial Planning Option Dr. Terrance Grieb Moscow, ID 208-885-7140 [email protected]

ILLINOIS DePaul University Financial Planning Certificate Program Ms. Carol Lee Roberts, CFP ® Chicago, IL 312-362-6327 [email protected] Eastern Illinois University B.S., Major Finance, Financial Planning Concentration Mr. David McGrady, CFP® Charleston, IL 217-581-3026 [email protected] Kaplan University Accelerated Certificate in Financial Planning Ms. Susan Cuscarano Chicago, IL 800-621-9621 x4469 [email protected] Marquette University (*) Certificate in Financial Planning Mr. Mark Larson Naperville, IL 630-369-8003 [email protected] Northwestern University CERTIFIED FINANCIAL PLANNER™ Certification Education Program Ms. Dawn Lullo Chicago, IL 312-503-0714 [email protected] Saint Xavier University M.B.A., Financial Planning B.B.A., Financial Planning Professional Financial Planning Mr. James J. McCabe, CFP ® Chicago, IL 773-298-3600 [email protected] INDIANA Purdue University B.S., Financial Counseling and Planning Dr. Sharon DeVaney West Lafayette, IN 765-494-8300 [email protected]

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IOWA Iowa State University (Great Plains Interactive Education) M.F.C.S. (Master of Family and Consumer Sciences) with a Specialization in Family Financial Planning Certificate in Family Financial Planning Dr. Mary Winter Ames, IA 515-294-5982 [email protected] Kaplan University Certificate in Financial Planning Mr. Keith R. Fevurly, CFP ® Davenport, IA 866-523-3473 [email protected] KANSAS Fort Hays State University B.B.A., Major in Finance, Emphasis in Financial Planning Dr. Tom Johansen Hays, KS 785-628-5805 [email protected] Kansas State University M.S. in Family Studies and Human Services with a Specialization in Family Financial Planning (Great Plains Interactive Education) Certificate in Family Financial Planning (Great Plains Interactive Education) Certificate in Personal Financial Planning Ms. Estoria M. Maddux, CFP® Manhattan, KS 785-532-1480 [email protected] B.S., Personal Financial Planning Dr. John Grable, CFP® Manhattan, KS 785-532-1486 [email protected] Wichita State University Professional Financial Planning Certificate Program Dr. Richard LeCompte Wichita, KS 316-978-6448 [email protected] KENTUCKY Bellarmine University Executive Certificate in Financial Planning Ms. Linda Bailey Louisville, KY 502-452-8161 [email protected]

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Morehead State University B.B.A., Finance (Financial Planning Track) Professional Financial Planning Track (Certificate) Dr. Ishappa Hullur Morehead, KY 606-783-2796 [email protected] Murray State University B.S. in Business, Finance, Financial Planning Option Dr. David W. Durr, CFP® Murray, KY 270-762-6275 [email protected]

UMBC Training Centers CERTIFIED FINANCIAL PLANNERTM Certification Professional Education Program Ms. Linda Kent Baltimore, MD 443-543-5412 [email protected] MASSACHUSETTS Bay Path College Professional Financial Planning Certificate Program Dr. Kenneth Callow Longmeadow, MA 413-565-1332 [email protected]

Northern Kentucky University B.S. in Finance, Financial Services Track Certificate in Financial Planning Mr. Steven E. Devoto, CFP ® Highland Heights, KY 859-572-5651 [email protected]

Bentley College Master of Science in Taxation Master of Science in Financial Planning Mr. John E. Lynch, Jr. Waltham, MA 781-891-2624 [email protected]

Western Kentucky University B.S., Finance, Financial Planning Option Certificate in Financial Planning Dr. Edward Wolfe Bowling Green, KY 270-745-6193 [email protected]

Boston University Boston University Online Program for Financial Planners Boston University Financial Planning Certificate Program Ms. Janice Smith Boston, MA 617-358-2272 [email protected]

MARYLAND Frostburg State University Financial Planning Certificate Program Dr. Sudhir Singh Frostburg, MD 301-687-4394 [email protected]

Merrimack College Certificate in Financial Planning Program Ms. Barbara Maclachlan North Andover, MA 978-837-5426 [email protected]

Salisbury University B.S., Finance, Financial Planning Track Dr. E. Taylor Claggett Salisbury, MD 410-543-6336 [email protected]

Northeastern University Master of Science in Taxation Ms. Annarita DiCenso Boston, MA 617-373-4621 [email protected]

Towson University B.S., Accounting, Financial Planning Track Dr. Lamont Steedle Towson, MD 410-704-3226 [email protected]

Master of Science in Finance Ms. Florence LaForest Boston, MA 617-373-5964 [email protected] Salem State College Graduate Certificate in Financial Planning Ms. Raminder Luther Salem, MA 978-542-7006 [email protected]

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Suffolk University B.S.B.A., Financial Planning Concentration Certificate in Financial Planning Mr. Ki C. Han, CFP® Boston, MA 617-573-8561 [email protected] MICHIGAN Central Michigan University B.S.B.A., Personal Financial Planning Dr. R. Gene Stout, CFP ® Mount Pleasant, MI 989-774-3362 [email protected] Grand Valley State University Certificate in Financial Planning Program Dr. Gregg Dimkoff Grand Rapids, MI 616-331-7428 [email protected] Northern Michigan University B.S., Accounting/Financial Planning B.S., Personal Financial Planning Certificate in Personal Financial Planning Dr. Charles Rayhorn, CFP ® Marquette, MI 906-227-1839 [email protected] Oakland University Personal Financial Planning Certificate Program Ms. Sarah Serra Prucha Rochester, MI 248-370-4513 [email protected] Walsh College M.S.F., Personal Financial Planning B.B.A., Personal Financial Planning Personal Financial Planning Certificate Program Mr. Joseph Weglarz Troy, MI 248-349-5454 [email protected] Western Michigan University B.B.A., Major in Financial Planning Financial Planning Certificate Program Mr. Ajay Samant Kalamazoo, MI 269-387-5722 [email protected]

MINNESOTA Metropolitan State University Executive Certificate in Financial Planning Ms. Paula Ball St. Paul, MN 612-659-7254 [email protected] Minnesota State University – Mankato (*) B.S., Financial Planning Track Dr. Chan Lee Mankato, MN 507-389-2076 [email protected] Financial Planning Certificate Program Ms. Jean Clarke Mankato, MN 507-389-3283 [email protected] University of Minnesota Executive Certificate in Financial Planning Mr. Joseph T. Bork Minneapolis, MN 612-624-7535 [email protected] MISSISSIPPI Delta State University B.B.A., Business Administration with Finance Emphasis Dr. Billy Carl Moore, CFP ® Cleveland, MS 662-846-4201 [email protected] Mississippi State University B.B.A., Major in Risk Management, Insurance and Financial Planning Certificate in Financial Planning Dr. Edwin Duett Mississippi State, MS 662-325-2341 [email protected] University of Southern Mississippi B.S. Finance, Personal Financial Planning Emphasis Dr. John M. Clark, CFP® Hattiesburg, MS 601-266-5766 [email protected] University of Southern Mississippi – Gulf Coast Financial Planning Program Ms. Dayonne McGuire Long Beach, MS 228-867-8778 [email protected]

MISSOURI Central Missouri State University Minor for a Bachelor's Degree, Personal Financial Planning Certificate in Personal Financial Planning Dr. Jo Lynne Koehn, CFP® Warrensburg, MO 660-543-4631 [email protected] Missouri Southern State University B.S.B.A., Finance and Economics Certificate in Financial Planning Professional Certificate in Financial Planning Dr. Richard Rawlins Joplin, MO 417-625-9716 [email protected] University of Missouri – Columbia J.D./M.S., Dual Degree Program with School of Law and Personal Financial Planning Department M.S, in Personal Financial Planning B.S., Major in Personal Financial Planning B.S., Agriculture Economics Major/ Personal Financial Planning Minor Certificate in Personal Financial Planning Dr. Deanna L. Sharpe, CFP ® Columbia, MO 573-882-9652 [email protected] University of Missouri – Kansas City Certificate in Financial Planning Mr. James Randall Gardner, CFP ® Kansas City, MO 816-916-8844 [email protected] University of Missouri – St. Louis B.S. in Business Administration, Emphasis in Finance, Track Specialization in Personal Financial Planning Dr. Thomas H. Eyssell St Louis, MO 314-516-6273 [email protected] MONTANA Montana State University (Great Plains Interactive Education) M.S. in Family Financial Planning Certificate in Family Financial Planning Dr. Deborah Haynes Bozeman, MT 406-994-5013 [email protected]

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NEBRASKA Metropolitan Community College Certificate of Achievement, Personal Financial Planning Ms. Lori Lothringer Omaha, NE 402-537-3830 [email protected] University of Nebraska (Great Plains Interactive Education) M.S. in Family and Consumer Sciences with a Specialization in Family Financial Planning Certificate in Family Financial Planning Dr. Sheran Cramer Omaha, NE 402-554-2450 [email protected] NEVADA University of Nevada, Las Vegas Executive Certificate in Financial Planning Ms. Ann Tate Las Vegas, NV 702-895-3867 [email protected] NEW JERSEY Fairleigh Dickinson University Financial Planning Certificate Program Ms. Valerie Barnes Madison, NJ 973-443-8990 [email protected] New Jersey City University M.S. in Finance, Professional Financial Planning Concentration Certificate in Professional Financial Planning Ms. Rosilyn H. Overton, CFP ® Jersey City, NJ 718-631-4000 [email protected] Rutgers University B.S., Accounting B.S., Finance Professional Financial Planning Program Mr. Michael S. Long, CFP ® Newark, NJ 973-353-5471 [email protected]

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NEW YORK Alfred State College B.B.A., Technology Management – Financial Services Planning Mr. Winfred G. Jacob, CFP® Wellsville, NY 800-281-9762 [email protected] College of Saint Rose B.S. in Business Administration, Financial Planning Concentration Financial Planning Certificate Dr. Severin Carlson Albany, NY 212-636-6761 [email protected] Fordham University Personal Financial Planning Specialization (M.B.A., with a Dual Concentration in Finance and Accounting/Taxation) Mr. Paul Bochner New York, NY 212-636-6761 [email protected] Lehman College – The City University of New York Certificate Program in Personal Financial Planning Mr. Albert Weiner Bronx, NY 718-960-8666 [email protected] Long Island University – CW Post Campus Certificate in Financial Planning Mr. Kendall Johnson Greenvale, NY 516-299-3873 [email protected] Marist College Financial Planning Certificate Program Ms. Dianne Landau-Flayter Fishkill, NY 845-897-9648 [email protected] Medaille College M.B.A.,Concentration in Financial Planning B.S., Financial Services Certificate in Financial Planning Mr. Evan S. Wardner, CFP ® Buffalo, NY 716-884-3281 [email protected]

Molloy College Financial Planning Certificate Mr. Louis Cino Rockville Center, NY 516-678-5000 [email protected] Mount Saint Mary College M.B.A.,Concentration in Professional Financial Planning Financial Planning Certificate Program Mr. David Rant Newburgh, NY 845-569-3124 [email protected] New York University Certificate in Financial Planning Intensive Certificate in Financial Planning Ms. Nadene Maresca New York, NY 212-992-3323 [email protected] Pace University CERTIFIED FINANCIAL PLANNER™ Certification Professional Education Program Ms. Susan Teracino White Plains, NY 914-422-4336 [email protected] St. John's University Traditional Program in Financial Planning Executive Certificate in Financial Planning Ms. Wendy Cohen New York, NY 212-277-5161 [email protected] SUNY – Cobleskill B.B.A., Technology Management – Financial Services Financial Planning Certificate Program Mr. Charles Moran, CFP ® Cobleskill, NY 518-255-5457 [email protected] NORTH CAROLINA Appalachian State University B.S.B.A., Finance and Banking Certificate in Financial Planning Executive Certificate in Financial Planning Dr. Ivan C. Roten, CFP ® Boone, NC 828-262-6943 [email protected]

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Campbell University Master’s of Trust and Investment Management Minor in Financial Planning B.B.A., Trust and Investment Management 3/2 MBA B.B.A., Trust and Investment Management Pre-Law B.B.A., Trust & Investment Management; Minor in Financial Planning B.B.A., Trust and Investment Management Pre-Law 3/2 MBA Dr. Jimmy Witherspoon Buies Creek, NC 910-893-1387 [email protected] Duke University Executive Certificate in Financial Planning Ms. Dee Holland Durham, NC 919-668-1836 [email protected] Guilford College CFP ® Certification Education Program Ms. Beth Parks Greensboro, NC 336-316-2266 [email protected] Queens University of Charlotte Financial Planner Program Ms. Nancy Goode Charlotte, NC 704-337-2538 [email protected] University of North Carolina – Charlotte Financial Planner Program Ms. Ann A. Brown Charlotte, NC 704-330-5214 [email protected] Western Carolina University Financial Planning Certificate Program B.S.B.A., Finance with a Concentration in Financial Planning Dr. Grace Allen Cullowhee, NC 828-227-3189 [email protected]

NORTH DAKOTA North Dakota State University (Great Plains Interactive Education) M.S. in Family Financial Planning Certificate in Family Financial Planning Dr. Greg Sanders Fargo, ND 701-231-8272 [email protected] OHIO Bowling Green State University B.S.B.A., Specializing in Finance with a Concentration in Financial Planning Certificate Program in Financial Planning Dr. Francis E. Laatsch, CFP ® Bowling Green, OH 419-372-2668 [email protected] Cuyahoga Community College Certificate Program in Financial Planning Mr. Scott Burke Cleveland, OH 216-987-5846 D.N. Myers University Master’s of Financial Planning B.S., Business Administration Certificate in Financial Planning Mr. Mike Joseph Cleveland, OH 216-765-8362 [email protected] Franklin University B.S., Finance, Financial Planning Concentration Mr. Tony Emanuel Columbus, OH 614-341-6331 [email protected] John Carroll University Executive Certificate in Financial Planning Ms. Katharine H. Campbell University Heights, OH 216-397-4190 [email protected] Ohio State University B.S., Family Resource Management Financial Planning Track Dr. Jonathan Fox Columbus, OH 614-292-4561 [email protected]

CFP ® Certification Education Program Dr. Bill Rives Columbus, OH 614-292-6436 [email protected] University of Akron B.S.B.A., Finance Dr. Karen Eilers Lahey Akron, OH 330-972-5436 [email protected] University of Toledo Certificate Program in Financial Planning Dr. Linda Bowyer Toledo, OH 419-530-5221 [email protected] Wright State University B.S., Financial Services Mr. William Ross Wood, CFP ® Dayton, OH 937-775-2902 [email protected] Xavier University Executive Certificate in Financial Planning Ms. Sue Bensman Cincinatti, OH 513-745-3396 [email protected] Finance Certificate in Financial Planning Dr. James Pawlukiewicz Cincinatti, OH 513-745-3066 [email protected] OKLAHOMA Northeastern State University B.B.A., Accounting, Concentration in Financial Planning B.B.A., Finance, Concentration in Financial Planning CFP ® Certification Education Program Ms. Denise L. Deason-Toyne Tahlequah, OK 918-456-5511 x2912 [email protected] Oklahoma City University Financial Planning Program Ms. Jennifer Bradford Oklahoma City, OK 405-208-5110 [email protected]

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Oklahoma State University (Great Plains Interactive Education) M.S. in Family Financial Planning Dr. Lona Robertson Stillwater, OK 405-744-9531 [email protected] OREGON University of Portland Executive Certificate in Financial Planning Ms. Elise Petersen Portland, OR 503-943-8420 [email protected] PENNSYLVANIA The American College (*) Master of Sciences in Financial Services Dr. Walt Woerheide Bryn Mawr, PA 610-526-1398 [email protected] CFP ® Certification Curriculum Mr. King McGlaughon Bryn Mawr, PA 610-526-1311 [email protected] Duquesne University Executive Certificate in Financial Planning Ms. Marianne Leister Pittsburgh, PA 412-396-4933 [email protected] Edinboro University – Pennsylvania B.S., Business Administration/Financial Services Dr. Michael Hannan Edinboro, PA 814-732-2407 [email protected] Mercyhurst College B.A., Finance Certificate in Financial Planning Mr. Robert D. Cullen, CFP® Erie, PA 814-824-2332 [email protected] Moravian College Certificate Program in Personal Financial Planning Mr. John D. Rossi, III, CFP ® Bethlehem, PA 610-861-1380 [email protected]

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Penn State Erie – The Behrend College B.S. in Business (several majors) with Credit Certificate in Financial Planning Mrs. Kay N. Johnson, CFP ® Erie, PA [email protected]

SOUTH CAROLINA Clemson University B.S., Financial Management with a Study Area in Financial Planning Dr. John Alexander, Jr. Clemson, SC 864-656-0547 [email protected]

Pennsylvania College of Technology Competency Credential in Financial Planning Baccalaureate Degree, Minor in Financial Planning Dr. Roy Fletcher Williamsport, PA 570-326-3761 [email protected]

College of Charleston Financial Planning Education Certificate Program Ms. Jessica Hartzog North Charleston, SC 843-953-6684 [email protected]

Saint Joseph's University M.S., Financial Services Administration Dr. Christopher Coyne, CFP® Philadelphia, PA 610-660-1668 [email protected]

Lander University Professional Financial Planning Program Mr. James Benton Greenwood, SC 864-388-8302 [email protected]

Slippery Rock University B.S.B.A., B.S., B.A., Various Majors and Minors Certificate in Personal Financial Planning Dr. John M. Misner, CFP ® Slippery Rock, PA 724-738-2575 [email protected] Widener University Master’s in Business Administration – Financial Planning Track M.S., Taxation B.S., Economics/Financial Services Track Certificate in Financial Planning Ms. Lisa Bussom Chester, PA 610-499-4305 [email protected] RHODE ISLAND Bryant University Certificate Program in Financial Planning Ms. Jennifer Chasse Smithfield, RI 401-232-6501 [email protected] Rhode Island College Masters of Professional Accountancy Dr. Charles Snow Providence, RI 401-456-9528 [email protected]

Midlands Technical College CFP ® Certification Education Program Ms. Patsy Towery Columbia, SC 803-732-5256 [email protected] University of South Carolina CFP ® Certification Education Program Mr. Charlie Farrell Columbia, SC [email protected] SOUTH DAKOTA Colorado Technical University – Sioux Falls Campus Bachelor of Science in Finance Certificate in Personal Financial Planning Mr. Robert Erkonen Sioux Falls, SD 605-361-0200 [email protected] South Dakota State University (Great Plains Interactive Education) M.S. in Family and Consumer Sciences Certificate in Family Financial Planning Dr. Bernadine Enevoldsen Brookings, SD 605-688-4328 [email protected]

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TENNESSEE Belmont University Certificate in Financial Planning Ms. Angela Carlson Nashville, TN 615-460-6458 [email protected] Christian Brothers University Certificate in Financial Planning Ms. Jacque Mahr Memphis, TN 901-321-3315 [email protected] East Tennessee State University Financial Planning Certificate Program Dr. Michael McKinney Johnson City, TN 423-439-5391 [email protected] University of Tennessee – Knoxville Personal Financial Planning Program Ms. Mary Jerger Knoxville, TN 865-974-0150 [email protected] TEXAS Angelo State University B.B.A., Finance Major with Financial Planning Option Dr. Thomas A. Bankston San Angelo, TX 915-942-2046 x245 [email protected] Baylor University B.B.A., Financial Services and Planning Dr. Tom L. Potts, CFP ® Waco, TX 254-710-6139 [email protected] Murray State University Bachelor of Arts in Business, Finance, Financial Planning Option Dr. David W. Durr, CFP ® Houston, TX 270-762-6275 [email protected] Rice University – School of Continuing Studies CERTIFIED FINANCIAL PLANNER™ Certification Education Program Ms. Edie Carlson Houston, TX 713-348-4803 x606 [email protected]

Southern Methodist University Financial Planning Certificate Program Ms. Amy Claire Heitzman Dallas, TX 214-768-1022 [email protected] St. Edward's University Graduate Certificate in Financial Planning M.B.A., Concentration in Financial Planning Dr. Amy Burnett Austin, TX 512-448-8658 [email protected] St. Mary's University Master of Accounting, Financial Planning Track Mr. Mark B. Persellin, CFP ® San Antonio, TX 210-431-2038 [email protected]

Texas Tech University Ph.D., Agricultural Economics/Minor in Personal Financial Planning Ph.D., Finance/Minor in Personal Financial Planning Dr. A. William Gustafson Lubbock, TX 806-742-5050 x236 [email protected] M.S., Personal Financial Planning/M.B.A. M.S., Personal Financial Planning/J.D. M.S., Personal Financial Planning M.S., Personal Finance/M.S. Finance B.S., Personal Financial Planning Graduate Certificate in Personal Financial Planning Undergraduate Minor in Personal Financial Planning Dr. Vickie L. Hampton, CFP ® Lubbock, TX 806-742-5050 x227 [email protected]

M.B.A., Financial Planning Concentration Ms. Monica Parzinger San Antonio, TX 210-436-3709 [email protected]

Ph.D., Consumer Economics and Environmental Design with Specialization in Personal Financial Planning Mr. Gordon Hampton Lubbock, TX 806-742-5050 x240 [email protected]

Texas A&M University – Commerce B.B.A., Minor in Personal Financial Planning Certificate in Financial Planning Dr. Kenneth M. Washer, CFP ® Commerce, TX 903-886-5674 [email protected]

B.S., Agricultural Economics/Minor in Personal Financial Planning Dr. Emmett Elam Lubbock, TX 806-742-0277 [email protected]

Texas Christian University CERTIFIED FINANCIAL PLANNERTM Certification Education Program Dr. Joseph B. Lipscomb Fort Worth, TX 817-257-7546 [email protected] Texas State University – San Marcos B.B.A., Major in Finance Certificate in Financial Planning Program Dr. Holland Toles San Marcos, TX 512-245-3242 [email protected]

University of Dallas M.B.A., Financial Planning Services Financial Planning Certificate Program Mr. Alan Goldfarb, CFP ® Irving, TX 972-960-1100 [email protected] University of Houston – Main Campus Personal Financial Planning Program Ms. Michelle Poullard Houston, TX 713-743-4800 [email protected] University of North Texas B.B.A., Finance, Financial Planning Track Certificate Program in Personal Financial Planning, Dallas Dr. Randy Guttery Denton, TX 940-369-7277 [email protected]

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Certificate Program in Personal Financial Planning Mr. Ramon Fernandez, CFP ® Houston, TX 713-525-2103 [email protected] University of Texas – Austin Financial Planning Certificate Program Ms. Lori Franz Austin, TX 512-471-2924 [email protected] University of Texas – San Antonio Personal Financial Planning Certificate Program Mr. Jim Jackson San Antonio, TX 210-458-4092 [email protected] UTAH Utah State University Master of Accounting M.B.A. Undergraduate Emphasis in Personal Financial Planning (for accounting majors) Minor in Personal Financial Planning, Emphasis in Personal Financial Planning Personal Financial Planning Certificate Program Online Dr. E. Vance Grange, CFP ® Logan, UT 435-753-9666 [email protected] Westminster College M.B.A. Bachelor’s Degree in Financial Services Certificate in Financial Services (Graduate) Ms. Lauren Lore Salt Lake City, UT 801-832-2648 [email protected]

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VIRGINIA Georgetown University Executive Certificate in Financial Planning Ms. Crista Cueto Arlington, VA 202-687-7302 [email protected]

WASHINGTON City University M.B.A. in Personal Financial Planning Graduate Certificate in Personal Financial Planning Mr. Marvin Will Bellevue, WA 425-709-5456 [email protected]

Old Dominion University Professional Financial Planning Program Ms. Pamela M. Cornell Norfolk, VA 757-683-4603 [email protected]

Seattle Pacific University Certificate Program Mr. Nathan Pritchard Seattle, WA 206-281-2775 [email protected]

Virginia Commonwealth University B.S., in Business; Major in Finance; Financial Planning Track Mr. David E. Upton Richmond, VA 804-828-1620 [email protected]

Seattle University Executive Certificate in Financial Planning Mr. T. Noble Foster Seattle, WA 206-296-5721 [email protected]

Financial Planning Certificate Program (*) Ms. Jan Allen Richmond, VA 804-828-3165 [email protected] Virginia Tech (Virginia Polytechnic Institute & State University) B.S. in Apparel, Housing and Resource Management, Family Financial Management Option Dr. Ruth Lytton Blacksburg, VA 540-231-6678 [email protected]

WISCONSIN University of Wisconsin – Madison B.S., Consumer Science, Personal Finance Concentration Dr. Michael Gutter Madison, WI 608-262-5498 [email protected] University of Wisconsin – River Falls Financial Planning Certificate Ms. Katrina Larsen River Falls, WI 715-425-3256 [email protected] Waukesha County Technical College Certificate in Financial Planning Mr. Roger Kerkenbush Pewaukee, WI 262-691-5228 [email protected]

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CFP ® Certification Examination The CFP® Certification Examination is designed to assess your ability to apply financial planning knowledge to real-life financial planning situations. By passing this exam, you demonstrate to the public that you are at the appropriate level of competency required to practice financial planning.

ELIGIBILITY You can apply for the CFP ® Certification Examination when you have successfully fulfilled the education requirement (see page 7).

DEVELOPMENT To develop exams that reflect the current practice of financial planning, CFP Board conducts regular job analyses by reviewing the typical tasks performed by planners and assessing the knowledge and skills needed to perform these tasks. Valid job-related exam topics are developed and exam questions written by task forces that include practicing financial planners and financial planning educators. The exam questions are subjected to a rigorous review by CFP Board’s Board of Examiners and subcommittees of content experts composed of practicing planners and educators. Each question is answered – and assessed – by practicing financial planners. A list of exam topics can be found on page 33. Samples of retired exam questions may be accessed on CFP Board’s Web site at www.CFP.net/become. The sample multiple-choice questions provide you with an understanding of question format, but should not be used as a practice exam or indicator of exam preparedness. Typically, new legislation and changes, such as tax law changes, will not be tested on the exam until six months following the date enacted. Questions and Case Scenarios All questions on the CFP ® Certification Examination are presented in a multiple-choice format. There are two primary types of questions. The first type is in the form of a brief fact or scenario. Enough facts are given to allow the tester to answer from one to six questions that follow. These questions are worth two points each. The second type of question is presented following an extensive case scenario. After reading each scenario, you will be asked to answer 10 to 20 multiple-choice questions. Typically, there are three case scenarios and three corresponding sets of questions on each exam. Each case question is worth three points. Balance of Emphasis The CFP ® Certification Examination will test your ability to integrate knowledge from all of CFP Board’s specified topic areas (see page 33). Questions may focus on discrete topics or may require knowledge of several topics. Each exam attempts to achieve a distribution of the topics based on the target percentages shown for each category.

Go to www.CFP.net/become to view sample exam questions, find a list of financial planning topics covered on the exam and view upcoming exam deadlines.

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Cognitive Level The cognitive levels that are tested on the CFP ® Certification Examination are: • • • •

Knowledge Comprehension/Application Analysis/Synthesis Evaluation

The CFP ® Certification Examination measures your critical thinking and problem-solving ability, with less emphasis on the first cognitive level.

LOGISTICS Test Dates The CFP ® Certification Examination is scheduled to last 10 hours and is held three times a year, generally on the third Friday and Saturday of March, July and November. The exam consists of one four-hour session on Friday afternoon, and two three-hour sessions on Saturday. See the exam application at the back of this booklet or visit www.CFP.net/become for test dates and locations. Application Submittal Applications for the CFP ® Certification Examination may be downloaded at www.CFP.net/become, or you may use the form at the back of this booklet. Once completed, submit the application to: CFP Board Exam Application Department 1670 Broadway, Suite 600 Denver, CO 80202-4809 F: 303-860-7388 Your application may be submitted via fax with payment charged to a MasterCard, American Express or Visa account (please provide the expiration date). Since CFP Board is not responsible for incomplete or illegible fax transmittals, we suggest that faxes be followed by hardcopy within five working days, together with evidence of the successful fax transmittal. After creating an account, you may verify that CFP Board has received your exam application at www.CFP.net/login. Your completed application must be received by the printed deadline. (Note: Deadline date refers to the date of receipt by CFP Board, not the date of postmark. Applications must be complete at the time of receipt to avoid missing the registration deadline. The application deadline for each exam is approximately seven weeks before the exam date. Consult the exam application or CFP Board’s Web site for exact dates.)

Go to www.CFP.net/become to download the exam application. Login at www.CFP.net/login to verify that your exam application has been accepted.

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Only complete exam applications will be processed. The following constitutes a “complete” application: • Application (in full) signed and dated • Exam fee (in full) • Appropriate qualifying documentation (e.g., transcript, certificate, diploma or license) Your exam application will be reviewed by CFP Board; however, your exam will be administered by Thomson Prometric, a subsidiary of Educational Testing Services (ETS) in Princeton, New Jersey. Questions about the actual administration of the exam, such as schedule, admission tickets or score reports, should be directed to: Thomson Prometric 664 Rosedale Road Princeton, NJ 08540-2218 P: 609-720-6811 F: 609-720-6550 Alternate Test Dates and Special Accommodations If you cannot test on Fridays and/or Saturdays because of religious beliefs, CFP Board will make alternate testing arrangements. A written request for such accommodations must be attached to the exam application, along with a letter from your religious leader. CFP Board will make reasonable accommodations for anyone who, because of a disability, will need special accommodations to sit for the CFP ® Certification Examination. A physician’s letter outlining the special accommodations needed must be attached to the exam application. International Test Sites CFP Board will establish international test sites for the CFP ® Certification Examination on a case-by-case basis for a site fee of $1,200 in addition to the regular exam fee. Fee The fee for the CFP ® Certification Examination is $595, and must be paid in full by the application deadline. Provisions for refunds and conditions of forfeiture of fees are described in the “Withdrawal” section on page 28. Veteran Affairs The fee for the CFP ® Certification Examination is eligible for Veteran Affairs (VA) reimbursement through the License and Certification Approval System (LACAS) under United States Code Title 38, Chapter 3689. Go to www.gibill.va.gov/education (Licensing and Certification section) for more information. Scheduling Confirmation Approximately one to two weeks after CFP Board has received your exam application, you will be sent confirmation of your exam registration. Once you have created an account, you can also confirm your exam status with CFP Board at www.CFP.net/login. Set up a free account at www.CFP.net/login to get immediate updates on important exam information.

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You will be sent an admission ticket two to three weeks before the exam date. The exact time and location of the exam are printed on the ticket. You must bring the ticket with you to the exam on both days. In general, you must report to the testing facility by 12:30 p.m. on Friday and 8:30 a.m. on Saturday. A government issued photo ID, matching the name under which you registered, must be presented at the exam center. Withdrawal If you are unable to take the exam once you have registered, you may, in accordance with the deadlines listed below, choose one of the following options: 1. Withdraw from the exam by notifying CFP Board, pay a $50 rescheduling fee and register to take the exam at a later date. 2. Withdraw from the exam by notifying CFP Board and request a refund of the refundable portion of your exam fee. 3. Withdraw from the exam by notifying CFP Board and maintain a credit (exam fee minus $50) with CFP Board. You may re-register to take the exam or obtain a refund of the refundable portion of your exam fee from any time after the withdrawal until 24 months from the date of the exam for which you last registered. However, if you fail to re-register for an exam or obtain a refund within this 24-month period, the entire exam fee will be forfeited. The refundable portion of your exam fee is the amount of the exam fee, less a $50 cancellation fee. Exam Dates

Application Deadline

July 15-16, 2005 November 18-19, 2005 March 17-18, 2006

June 1, 2005 October 5, 2005 February 1, 2006

Notification of Withdrawal Received by June 7, 2005 October 11, 2005 February 7, 2006

Requests for withdrawal or re-registering received after the Notification of Withdrawal dates listed above will not be honored and the entire exam fee will be forfeited. Failure to Appear If you fail to appear for the exam, you will forfeit the entire exam fee. Certain allowances are made for medical or other emergencies. Medical or Other Emergencies CFP Board will consider waiving the withdrawal penalties or fee forfeiture in case of a medical emergency. Your request for such a waiver must be made in writing and supported by documentation from a physician. Your request must be received within three weeks after the exam. Requests will be reviewed on a case-by-case basis.

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What to Bring to the Exam You should bring the following items to the exam site: • Admission ticket • Government issued photo identification, such as a driver’s license, matching name under which you registered • #2 pencils (or other comparable soft graphite pencils) • One or more battery-powered, hand-held financial function calculator(s)* No food or drink (including water) is permitted in the exam room. Individuals who require access to food or drink during any of the testing sessions, for documented medical reasons, should seek special accommodations under the “Alternate Test Dates and Special Accommodations” section on page 27. The exam booklets will contain other needed information, such as income tax rate tables for individuals, corporations and estates and trusts; income tax standard deductions, phaseout thresholds for itemized deductions and personal exemptions; the estate and gift tax table and a table of applicable credit amounts; investment formulas; and scratch paper. The investment formulas provided in each test booklet are listed on page 40. Misconduct You will be expected to conduct yourself in an ethical manner before, during and after the CFP ® Certification Examination. Actions such as, but not limited to, using any prohibited aids in connection with the exam, attempting to give or receive assistance, or otherwise communicate in any form with another person about the exam during the exam administration, will result in investigation by an independent entity and/or CFP Board. In some cases, CFP Board may take disciplinary action, if appropriate. If you are found to have demonstrated exam misconduct, your exam may not be scored, the exam fee may be forfeited and you may be barred from taking any CFP Board exam for three years from the date of the incident. Before taking the exam you will sign a statement prohibiting you from sharing exam questions with any entity other than CFP Board. Revealing questions may result in disciplinary action including, but not limited to, monetary restitution, being permanently barred from taking any CFP Board exam or prosecution under copyright law. If a review course provider or academic program asks you to reveal specific questions – as opposed to a general impression of the exam and strengths/deficiencies in that provider’s program – please report the incident to CFP Board.

SCORING Answers to the exam questions must be recorded on the answer sheet. No credit is given for answers noted in the exam booklet. Select only one answer for each question. Multiple responses to a single question will be scored as incorrect. Your score is based on the number of correctly answered questions.

*You will need a financial calculator with an internal rate of return (IRR) function for problems with unequal periodic cash flows. Calculators with alphabetic keys will not be permitted.

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Exam Results Within six weeks after the exam date, you will be sent your exam results via first-class mail. Exam results will not be sent by express mail. As soon as the results are final, they will be made available on CFP Board’s Web site at www.CFP.net/login (you will need to log in to access your personal information). An e-mail will be sent to all testers to notify them when the final results have been posted. Neither CFP Board nor Thomson Prometric will disclose exam results over the phone or by fax. All exam books are the property of CFP Board and will not be returned to you. Ten days after exam reports have been mailed, duplicate exam reports may be requested. This request should be made to: Exam Administration Office Thomson Prometric 664 Rosedale Road Princeton, NJ 08540-2218 P: 609-720-6811 F: 609-720-6550 Pass Score The CFP ® Certification Examination is a pass or fail exam. The primary goal of a certification exam is to separate those who have met the certification standard (passing) from those who have not (failing). Certification exams are generally constructed to provide the best precision at the passing point. They are not designed to rank-order testers. Therefore, rank-ordering scores in a fashion that would suggest the degree to which an individual failed (or passed) would be an inappropriate use of test results. The method used to score your exam (a modified Angoff method) is in accordance with voluntary certification examination standards. Establishing the pass score is based upon a “criterion-referenced” rather than “norm-referenced” methodology. The norm-referenced methodology, which is common in the academic world, uses a bell curve to establish the “average” score needed to pass the exam. Whether you pass or fail a norm-referenced exam depends on your relative standing in comparison to the other test takers. In contrast, the criterion-referenced methodology does not rely on a bell curve. Your performance will not be ranked in comparison to others taking the test. Instead, your performance is scored against an established level of competency. Also, although every effort is made to calibrate test difficulty level in advance, there always will be slight differences in the overall ease or difficulty of one exam as compared with another. So, before the minimum passing score is set for this exam it will be statistically equated with past exams. This means that you will not be advantaged if this exam is easier than past exams, nor will you be disadvantaged if it is more difficult. If you fail the exam, you will receive feedback on the topics on which your test performance was below the minimum competency level. Scores, percentages or grades are not provided on this exam. Be sure to keep your e-mail address up to date with CFP Board. As soon as exam results are final, you will be sent an e-mail to visit www.CFP.net/login to view your exam status.

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RE-EXAMINATION PROCEDURES If you fail the CFP ® Certification Examination and elect to retest, you are required to retake the entire exam. There is no limit on the number of times you may retake the exam. You will have to pay the current exam fee for each retake.

REVIEW AND APPEALS For security reasons, exam material is not available for review. Neither the staff of Thomson Prometric nor of CFP Board will discuss specific exam questions. You may submit your comments about exam questions in writing to: CFP Board’s Board of Examiners 1670 Broadway, Suite 600 Denver, CO 80202-4809 The Board of Examiners will review comments relating to the exam but will not make written responses to comments. If you feel your answer sheet was scored incorrectly, you may request a hand scoring for a $40 fee. Submit a request to CFP Board by calling 800-487-1497 within 30 calendar days of the release of the exam results. Requests made after the 30 days will not be honored. In the event there is a discrepancy between the hand-scored and machine-scored results, hand-scored results will prevail. Appeals of exam policies are handled by CFP Board’s Board of Examiners, which meets three times a year. Specific requests for appeals must be made in writing and addressed to the Board of Examiners in care of CFP Board. Appeals will be reviewed by the Board of Examiners at its regularly scheduled meetings.

EXAM REVIEW COURSE PROVIDERS The exam review course providers listed on the next page have met certain criteria established by CFP Board. CFP Board does not assess the quality, nor does it endorse or recommend any one of the courses or its materials. Review course providers’ performance ratios are not available from CFP Board. When seeking review courses or study materials for the CFP ® Certification Examination, consider asking the following questions of the provider: • Do key personnel have the backgrounds required to develop and maintain the course? Is a CFP ® certificant involved in the development and maintenance of the course material? • How do I sign up, receive materials, ask questions or access faculty? Does the provider have written complaint policies/procedures? • Does the provider offer a live review course, and is there one scheduled in my area? • What is the cost of the course and materials; dates of availability; cost of updates, if any? • Does the provider possess the organizational and financial resources to carry out its program on a continuing basis?

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LIST OF REVIEW COURSE PROVIDERS A Professional Training Services Company – DePaul University

Financial Planning Teaching Association (FPTA)

Mr. Joel M. Weiner, CFP Palatine, IL 847-705-3838 www.pts-training.com (self-study and/or live review course)

Mr. Thomas J. Rose, CFP Glen Ellyn, IL 630-858-3782; 866-881-3500 www.fptaltd.com (live review course)

Anne Arundel Community College

Financial Services Institute, Inc. (FSI) (*)

Ms. Penny Dolan Arnold, MD 410-777-2911 (live review course)

Mr. Steven Syrmopoulos, CFP Tempe, AZ 480-921-8816 www.fsi-online.net (self-study and/or live review course)

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BISYS Educational Resources Mr. James F. Dalton, CFP® Atlanta, GA 800-211-4346 www.bisyseducation.com

College for Financial Planning (*) Mr. Michael B. Cates, CFP ® Greenwood Village, CO 303-220-4832 www.fp.edu (self-study and/or live review course) Cuyahoga Community College Mr. Scott Burke Cleveland, OH 216-987-5846

Dearborn Financial Services/Kaplan University (*) Mr. Eric Hollowaty Chicago, IL 800-621-9621 x4575 (live review course)

Ms. Melissa Chandler Jacksonville, FL 904-633-8114 (live review course)

Florida Gulf Coast University Dr. Robert D. Lovett, CFP ® Fort Myers, FL 954-796-3067 www.fgcu.edu (live review course)

Insurance Achievement, Inc. Ms. Bettie Brumfield Baton Rouge, LA 800-258-2432 www.insuranceachievement.com (self-study materials)

Mr. James Hasselback Tallahassee, FL www.financialeducators4u.com

Financial Planning Education Center

Keir Educational Resources (*)

Ms. Mary L. Cardello, CFP® Chapel Hill, NC 919-942-1114 www.fpec.org

Metropolitan State College of Denver Ms. Maria Ruybal Carrillo Denver, CO 303-556-6998 (live review course)

New York Center for Financial Studies Florida Community College at Jacksonville – Institute for Financial Studies

Kaplan University (*) Mr. Keith R. Fevurly, CFP® Davenport, IA 866-523-3473 [email protected] www.kaplancollege.edu (self-study and/or live review course)

FinancialEducators4U.com

Kenneth Zahn Inc. (*) Mr. Kenneth J. Zahn, CFP ® St. Petersburg, FL 813-282-1941 www.KenZahn.com (live review course)

Ms. Barbara Mulder 212-221-3500 x308 [email protected] (live review course)

New York University Mr. Kyle Cunningham New York, NY 212-790-1323 (live review course)

Rattiner’s Financial Planning Review Course for the CFP® Certification Examination Mr. Jeffrey H. Rattiner, CFP ® Centennial, CO 720-529-1888 www.financialplanningfasttrack.com (live review course)

Rice University – School of Continuing Studies Ms. Edie Carlson Houston, TX 713-348-4803 x606 www.scs.rice.edu (live review course)

Ms. Shannon Bryant Middletown, OH 800-795-5347 x107 www.keirsuccess.com (online self-study and live review materials)

For the most up-to-date list of exam review course providers, visit CFP Board’s Web site at www.CFP.net/become.

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TOPIC LIST FOR CFP ® CERTIFICATION EXAMINATION The following topics, based on the 1999 Job Analysis Study, are the basis for the CFP ® Certification Examinations. Each exam question will be linked to one of the following topics, in the approximate percentages indicated following the general headings. Questions may be at the evaluation level, which is the highest cognitive level in Bloom’s taxonomy, or at any lower level. Questions often will be asked in the context of the financial planning process. In addition to being used for the CFP ® Certification Examination, this list indicates topic coverage requirements to fulfill the pre-certification educational requirement, and the topics that will be granted continuing education credit by CFP Board. (References to sections (§) in this list refer to sections of the Internal Revenue Code.)

GENERAL PRINCIPLES OF FINANCIAL PLANNING (13%) 1. Financial planning process A. Purpose, benefits and components B. Steps 1) Establishing client-planner relationships 2) Gathering client data and determining goals and expectations 3) Determining the client’s financial status by analyzing and evaluating general financial status, special needs, insurance and risk management, investments, taxation, employee benefits, retirement, and/or estate planning 4) Developing and presenting the financial plan 5) Implementing the financial plan 6) Monitoring the financial plan C. Responsibilities 1) Financial planner 2) Client 3) Other advisors 2. CFP Board’s Code of Ethics and Professional Responsibility and Disciplinary Rules and Procedures A. Code of Ethics and Professional Responsibility 1) Preamble and applicability 2) Composition and scope 3) Compliance 4) Terminology 5) Principles a) Principle 1 – Integrity b) Principle 2 – Objectivity c) Principle 3 – Competence d) Principle 4 – Fairness e) Principle 5 – Confidentiality f) Principle 6 – Professionalism g) Principle 7 – Diligence 6) Rules B. Disciplinary Rules and Procedures

3. CFP Board’s Financial Planning Practice Standards A. Purpose and applicability B. Content of each series (use most current Practice Standards, as posted on CFP Board’s Web site at www.CFP.net) C. Enforcing through Disciplinary Rules and Procedures 4. Personal financial statements A. Balance sheet (statement of financial position) B. Cash flow statement C. Pro Forma statements 5. Budgeting A. Discretionary vs. non-discretionary B. Financing strategies C. Saving strategies 6. Emergency fund planning A. Adequacy of reserves B. Liquidity vs. marketability C. Liquidity substitutes 7. Credit and debt management A. Ratios B. Consumer debt C. Home equity loan and home equity line of credit D. Secured vs. unsecured debt E. Bankruptcy F. Consumer protection laws 8. Buying vs. leasing A. Calculation B. Adjustable and fixed-rate loans C. Effect on financial statements 9. Function, purpose and regulation of financial institutions A. Banks B. Credit unions C. Brokerage companies D. Insurance companies E. Mutual fund companies F. Other

10. Client attitudes and behavioral characteristics A. Cultural B. Family C. Emotional D. Life cycle and age E. Level of knowledge, experience and expertise F. Risk tolerance 11. Educational funding A. Needs analysis B. Tax credits and deductions C. Qualified state tuition plans (§529 plans) D. Education IRAs E. Savings bonds or CDs F. Government grants and loans G. Other sources H. Ownership of assets I. Tax ramifications 12. Financial planning for special circumstances A. Divorce B. Disabilities C. Terminal illness D. Non-traditional families E. Job change and job loss, including severance packages F. Dependents with special needs 13. Economic concepts A. Supply and demand B. Fiscal policy C. Monetary policy D. Economic indicators E. Business cycles F. Inflation, deflation and disinflation G. Yield curve 14. Time value of money concepts and calculations A. Present value B. Future value C. Ordinary annuity and annuity due

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D. E. F. G. H.

Net Present Value (NPV) Internal Rate of Return (IRR) Irregular cash flows Inflation adjusted earning rates Serial payments

15. Characteristics and consequences of types of entities A. Sole proprietorship B. Partnership 1) General 2) Limited 3) Limited Liability Partnership (LLP) 4) Family Limited Partnership (FLP) C. Limited Liability Company (LLC) D. Corporation 1) S corporation 2) C corporation 3) Professional Corporation (PC) E. Association F. Trust G. Selection of business form H. Acquisition and disposition 16. Characteristics and consequences of property titling A. Common law vs. community property B. Sole ownership C. Joint tenancy with right of survivorship (JTWROS) D. Tenancy by the entireties E. Tenancy in common F. Trust ownership G. Uniform Transfers to Minors Act (UTMA) and Uniform Gifts to Minors Act (UGMA) 17. Financial services industry regulation requirements A. Registration and licensing B. Reporting C. Compliance D. State securities and insurance laws 18. Business Law A. Contracts B. Torts C. Agency D. Negotiable instruments E. Professional liability F. Fiduciary liability G. Arbitration and mediation 19. Quantitative analysis A. Probability analysis B. Modeling and simulation C. Sensitivity analysis 20. Monetary settlement planning A. Structured settlements B. Legal settlements C. Lottery winnings and monetary windfalls D. Lump sum retirement distributions E. Insurance proceeds F. Other

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INSURANCE PLANNING AND RISK MANAGEMENT (10%) 21. Principles of insurance A. Definitions and application 1) Risk 2) Peril 3) Hazard 4) Law of large numbers 5) Adverse selection B. Response to risk 1) Retain 2) Transfer 3) Control 4) Reduce 5) Avoid C. Mortality vs. morbidity 22. Analysis and evaluation of risk exposures A. Personal 1) Death 2) Disability 3) Poor health 4) Unemployment 5) Outliving one’s capital B. Property 1) Real 2) Personal 3) Auto C. Liability 1) Negligence 2) Libel 3) Slander 4) Malpractice D. Business-related risks E. Calculation of benefits 23. Legal aspects of insurance A. Indemnity B. Insurable interest C. Contract requirements D. Contract characteristics 24. Property and casualty insurance (individual and business) A. Real property B. Automobile and recreational vehicles C. Business D. Business activity E. Personal property F. Umbrella liability 25. General business liability A. Professional liability B. Errors and omissions C. Directors and officers D. Product liability 26. Health insurance (individual) A. Hospital-surgical B. Major medical C. Traditional indemnity D. Preferred Provider Organization (PPO)

E. Health Maintenance Organization (HMO) F. Medicare supplemental insurance G. Other 27. Disability income insurance (individual) A. Occupational definitions and application 1) Total 2) Partial 3) Residual B. Benefit period C. Elimination period D. Benefit amount E. Riders F. Taxation of benefits 28. Long-term care insurance (individual and joint) A. Basic provisions B. Eligibility C. Benefit amount and period D. Elimination period E. Inflation protection F. Nursing home and in-home care G. Comparing and selecting policies H. Tax implications and qualification I. Appropriateness of coverage 29. Life insurance A. Fundamentals B. Types C. Contractual provisions D. Dividend options E. Non-forfeiture and other options F. Settlement options G. Policy replacement H. Tax issues and strategies I. Policy ownership issues and strategies, including split-dollar 30. Viatical settlements A. Legal principles B. Requirements C. Tax implications D. Planning E. Ethical concepts and planning 31. Insurance needs analysis and rationale A. Life insurance amount required 1) Liquidity and survivor income needs 2) Human life value 3) Capital retention B. Disability insurance C. Long-term care insurance D. Health insurance E. Property insurance F. Liability insurance 32. Taxation of life, disability and long-term care insurance A. Income B. Gift C. Estate

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D. Generation-Skipping Transfer Tax (GSTT) E. Ownership issues F. Beneficiary issues G. Withdrawals 33. Insurance policy selection A. Purpose of coverage B. Length of time required C. Risk tolerance D. Cash flow constraints 34. Insurance company selection and due diligence A. Financials B. Ratios C. Ratings D. Mutual vs. stock E. Reinsurance F. Investments G. Underwriting H. Federal and state law

EMPLOYEE BENEFITS PLANNING (8%) 35. Employee benefit plans A. Group life insurance 1) Types and basic provisions a) Group term b) Group permanent c) Dependent coverage 2) Income tax implications 3) Employee benefit analysis and application B. Group disability insurance 1) Basic provisions and limitations a) Definitions of disability b) Own occupation limits c) Integration with Social Security, workers’ compensation or other income d) Income tax implications 2) Employee benefit analysis and application C. Group medical insurance 1) Types and basic provisions a) Indemnity b) Preferred Provider Organization (PPO) c) Health Maintenance Organization (HMO) d) Dental and vision plans 2) Income tax implications 3) Employee benefit analysis and application 4) COBRA provisions D. Cafeteria plans and flexible spending accounts 1) Basic provisions and eligible benefits 2) Income tax implications 3) Employee benefit analysis and application E. Other employee benefits

1) Fringe benefits 2) Voluntary Employees Beneficiary Association (VEBA) 3) Salary continuation plans 4) Prepaid legal services 5) Group long-term care insurance 6) Other 36. Employee stock options A. Basic provisions 1) Company restrictions 2) Transferability 3) Retirement 4) Vesting schedule 5) Expiration 6) Availability to non-employees (directors, board members, etc.) 7) Cashless exercise B. Incentive Stock Options (ISOs) 1) Income tax implications (regular, AMT, basis) a) Upon grant b) Upon exercise c) Upon sale 2) Holding period requirements 3) Disqualifying dispositions 4) Planning opportunities and strategies C. Non-qualified stock options 1) Income tax implications (regular, AMT, basis) a) Upon grant b) Upon exercise c) Upon sale 2) Gifting opportunities a) Unvested/vested b) Exercised/unexercised c) Gift tax valuation d) Payment of gift tax 3) Planning opportunities and strategies 4) Employee benefits analysis and application D. Planning strategies for employees with both incentive stock options and non-qualified stock options E. Election to include in gross income in the year of transfer (§83(b) election) 37. Stock plans A. Employee Stock Purchase Plans (ESPPs) 1) Basic provisions 2) Income tax implications 3) Special tax benefits 4) Employee benefit analysis and application B. Phantom stock and other employee stock plans 1) Basic provisions 2) Income tax implications 3) Special tax benefits 4) Employee benefit analysis and application

38. Non-qualified deferred compensation A. Basic provisions and differences from qualified plans B. Types of plans and applications 1) Supplemental Executive Retirement Plans (SERPs) 2) Rabbi trusts 3) Secular trusts 4) Hybrids C. Tax implications 1) Constructive receipt 2) Substantial risk of forfeiture D. Funding methods E. Strategies 39. Employer/employee insurance arrangements A. Business continuation (buy/sell) plans B. Business overhead disability plan C. Executive/owner benefits (§162) D. Split-dollar E. Key employee insurance F. Transfer of ownership and tax issues

INVESTMENT PLANNING (19%) 40. Types and use of investment vehicles A. Certificates of deposit and cash equivalents B. U.S. Government and agency securities 1) Bills, notes and bonds 2) Inflation-adjusted securities 3) Treasury strips C. Municipal bonds 1) General obligation 2) Revenue D. Corporate bonds 1) Investment grade 2) High-yield 3) Convertible 4) Callable E. Promissory notes F. Insurance-based investments 1) Guaranteed Investment Contracts (GICs) 2) Annuities a) Fixed b) Variable G. Stock 1) Common 2) Preferred 3) Warrants and rights H. Derivatives 1) Options 2) Futures I. Exchange traded funds J. Index securities K. Investment companies 1) Unit investment trusts 2) Open-end mutual funds 3) Closed-end investment companies L. Real Estate Investment Trust (REIT)

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M. N. O. P. Q. R. S.

Real estate (investor-managed) Private placements/venture capital Limited partnerships Asset-backed securities Natural resources Tangible assets American Depository Receipts (ADR)

41. Types of investment risk A. Inflation B. Interest rate C. Market D. Business E. Liquidity F. Reinvestment G. Political (sovereign) H. Exchange rate 42. Measures of investment risk A. B. C. D. E. F.

Coefficient of determination (R2) Variability of returns Standard deviation Beta Covariance Semi-variance

43. Measures of investment returns A. Annualized return B. Real (inflation-adjusted) return C. Total return D. Risk-adjusted return E. After-tax return F. Holding period return G. Internal Rate of Return (IRR) H. Yield-to-maturity I. Yield-to-call J. After-tax yield K. Realized compound yield 44. Time-influenced security valuation concepts A. Net present value B. Future value C. Bond duration and convexity D. Internal Rate of Return (IRR) 45. Bond and stock valuation methods A. Capitalized earnings B. Dividend growth models C. Ratio analysis 1) Price/earnings 2) Price/free cash flow 3) Price/sales 4) Price/Earnings/Growth (PEG) D. Intrinsic value E. Book value 46. Portfolio management and measurement concepts A. Modern portfolio theory B. Performance measures 1) Sharpe ratio 2) Treynor ratio 3) Jensen ratio C. Investment policy statements

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D. Appropriate benchmarks E. Time- vs. dollar-weighted rate of return F. Probability analysis, including Monte Carlo 47. Formula investing A. Dollar-cost averaging B. Dividend reinvestment C. Bond ladders and barbells D. Other 48. Investment strategies A. Market timing B. Passive investing (indexing) C. Fundamental analysis D. Buy and hold E. Portfolio immunization F. Swaps and collars G. Technical analysis H. Efficient market anomalies I. Other 49. Asset allocation and portfolio diversification A. Strategic asset allocation 1) Application of client lifecycle analysis 2) Client risk tolerance measurement and application 3) Asset class definition and correlation B. Tactical asset allocation (re-balancing strategies) C. Passive vs. active portfolio management D. Individual stock selection E. Strategies for dealing with concentrated portfolios 50. Efficient Market Theory (EMT) A. Strong form B. Semi-strong form C. Weak form D. Anomalies 51. Asset pricing models A. Capital Asset Pricing Model (CAPM) B. Multi-factor Asset Pricing Model (APM) C. Option pricing model (Black-Scholes) D. Binomial option pricing E. Other 52. Leverage of investment assets A. Margin requirement B. Margin calls 53. Hedging and option strategies A. Options B. Puts and calls C. Short sales 54. Tax efficient investing A. Mutual funds 1) Turnover

2) Short-term/long-term/ unrealized capital gains B. Stocks 1) Tax management 2) Wash sale rule C. Bonds 1) Taxable Equivalent Yield (TEY) 2) Premium/discount considerations 3) SEC yield 55. Investment strategies in taxadvantaged accounts A. Capital gain vs. ordinary income B. Tax advantages C. Net Unrealized Appreciation (NUA) D. Appropriate assets for tax-advantaged vs. taxable accounts 56. Taxation of investment vehicles A. Mutual funds 1) Basis determination 2) Taxation B. Stocks 1) Dividends 2) Basis determination 3) Capital gains/losses (long vs. short) 4) Liquidations 5) Stock splits/dividends 6) Warrants and rights 7) Other C. Bonds 1) U.S. Government 2) Agency 3) Municipal 4) Zero-coupon 5) Treasury Inflation-Protection Securities (TIPS) D. U.S. savings bonds E. Annuities F. Limited partnership G. Unit investment trust H. Other

INCOME TAX PLANNING (17%) 57. Income tax law fundamentals A. Sources of authority 1) Primary 2) Secondary B. Research sources 58. Tax compliance A. Filing requirements B. Authority to represent clients before the IRS (Circular 230) C. Audits D. Penalties 59. Income tax fundamentals and calculations A. Filing status B. Gross income C. Adjusted gross income D. Itemized deductions

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E. F. G. H. I. J. K. L.

1) Types 2) Limitations Personal and dependency exemptions Taxable income Tax liability Tax credits Payment of tax Estimated payments and withholding requirements Kiddie tax Imputed income

60. Tax accounting methods A. Cash method B. Accrual method C. Hybrid method D. Long-term contracts E. Installment sales F. Accounting periods G. Method changes (entity) 61. Tax characteristics of entities A. Taxation at entity level B. Flow-through of income and losses to shareholders C. Special taxes at entity level for flow-through entities 1) Built-in gains tax 2) LIFO recapture 3) Excess net passive income tax 4) Personal holding company tax 5) Other D. Use of losses E. Taxation at dissolution 62. Income taxation of trusts and estates A. General issues 1) Filing requirements 2) Deadlines 3) Choice of taxable year 4) Tax treatment of distributions to beneficiaries 5) Rate structure B. Grantor trusts C. Simple trusts D. Complex trusts E. Trust income 1) Trust accounting income 2) Trust taxable income 3) Distributable Net Income (DNI) F. Estate income tax 63. Basis A. Original basis B. Adjusted basis C. Original issue discount D. Carryover basis E. Step-up in basis F. Impact of community property and common law on basis 64. Cost-recovery concepts A. Modified Accelerated Cost Recovery System (MACRS)

1) Cost basis 2) Half-year convention 3) Mid-quarter convention B. Repairs C. Special elections (§179) D. Amortization 65. Tax consequences of like-kind exchanges A. Reporting requirements B. Qualifying transactions C. Multiple properties D. Liabilities E. Boot F. Related party transactions 66. Tax consequences of gain or loss on sale of assets A. Holding period B. Sale of residence 1) Reporting 2) Exclusion C. Capital assets (§1221) D. Depreciation recapture 1) Personal or real property used in trade or business (§1231) 2) Rules for personal property (§1245) 3) Rules for real property (§1250) E. Related parties F. Wash sales G. Bargain sales H. §1244 stock (small business stock election) 67. Alternative Minimum Tax (AMT) A. Individual and corporate AMT 1) Mechanics 2) Preferences and adjustments 3) Exclusion items vs. deferral items 4) Credit (creation, usage and limitations) B. Small business exemption 68. Tax management techniques A. Tax credits B. Alternative Minimum Tax (AMT) planning 1) Incentive Stock Options (ISOs) 2) Charitable gifts 3) Stock redemption agreements C. Accelerated deductions D. Deferral of income E. Estimated taxes and withholdings F. Net operating losses 69. Passive activity and at-risk rules A. Definitions B. Computations C. Treatment of disallowed losses D. Disposition of passive activities E. Real estate exceptions 70. Tax implications of changing circumstances

A. Marriage 1) Filing status 2) Children 3) Common law and community property B. Divorce 1) Alimony 2) Child support 3) Qualified Domestic Relations Order (QDRO) C. Death (final income tax return) 71. Charitable contributions and deductions A. Qualified entities 1) Public charities 2) Private charities B. Deduction limitations C. Carryover periods D. Appreciated property and the AMT E. Partial interest gifts to charity F. Non-deductible contributions G. Appraisals H. Substantiation requirements I. Charitable contributions by business entities

RETIREMENT PLANNING (18%) 72. Retirement needs analysis A. Assumptions for retirement planning 1) Inflation 2) Retirement period and life expectancy 3) Lifestyle 4) Total return B. Financial needs 1) Living costs 2) Charitable and beneficiary gifting objectives 3) Medical costs, including longterm care needs analysis 4) Other (trust and foundation funding, education funding, etc.) C. Income sources 1) Total return assumptions 2) Probabilistic analysis assumptions D. Alternatives to compensate for projected cash-flow shortfalls 73. Social Security [Old Age, Survivor, and Disability Insurance (OASDI)] A. Eligibility and benefit 1) Retirement 2) Disability 3) Survivor 4) Family limitations B. How benefits are calculated C. Working after retirement D. Taxation of Social Security 74. Medicare A. Eligibility B. Coverage provided by Parts A and B

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1) Benefits covered by Medicare 2) Benefits not covered under Medicare C. Cost of coverage 75. Types of retirement plans A. Characteristics 1) Qualified plans 2) Non-qualified plans 3) Government plans (§457 plans) B. Types of qualified plans 1) Defined contribution a) Money purchase b) Profit-sharing (age-weighted, 401(k), ESOP, etc.) c) Target benefit 2) Defined benefit a) Traditional b) Cash balance 76. Qualified plan rules and options A. Feasibility of installation of a qualified plan 1) Client objectives 2) Constraints B. Qualified plan coverage and eligibility requirements 1) Age and service requirements 2) Coverage requirements 3) Minimum participation 4) Highly compensated 5) Controlled group C. Qualified plan vesting schedule 1) Types 2) Top-heavy plans D. Integration with Social Security/ disparity limits 1) Defined benefit plans 2) Defined contribution plans E. Factors affecting qualified plan contributions or benefits 1) Tax considerations 2) Nature of defined contribution 3) Nature of defined benefit 4) Comparison of defined contribution and defined benefit 5) Definition of compensation 6) Multiple plans 7) Special rules for self-employed (non-corporations) F. Top-heavy plans 1) Definitions 2) Vesting 3) Effects on contributions or benefits G. Loans from qualified plans 77. Other tax-advantaged retirement plans A. Types 1) Traditional IRA 2) Roth IRA, including conversion analysis 3) SEP 4) SIMPLE

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5) §403(b) plans 6) §457 plans B. Basic provisions 1) Eligibility 2) Contribution limits 3) Deductibility 4) Distribution options 78. Regulatory considerations A. Employee Retirement Income Security Act (ERISA) B. Department of Labor (DOL) regulations C. Fiduciary obligations D. Prohibited transactions E. Reporting requirements 79. Plan selection for businesses (key factors affecting selection) A. Owner’s personal objectives 1) Tax considerations 2) Capital needs at retirement 3) Capital needs at death B. Business’ objectives 1) Tax considerations 2) Cash flow situation and outlook 3) Employee demographics 4) Comparison of defined contribution and defined benefit plan alternatives 80. Investment considerations for retirement plans A. Suitability B. Time horizon C. Fiduciary considerations D. Prohibited transactions E. Unrelated Business Taxable Income (UBTI) F. Life insurance 81. Distribution rules, alternatives and taxation A. Premature distributions 1) Penalties 2) Substantially equal payments (§72(t)) B. Election of distribution options 1) Lump sum distributions 2) Annuity options 3) Rollover 4) Direct transfer C. Required minimum distributions 1) Rules 2) Calculations 3) Penalties D. Beneficiary considerations E. Qualified Domestic Relations Order (QDRO) F. Taxation of distributions 1) Waiver 2) Cost basis recovery

ESTATE PLANNING (15%) 82. Methods of property transfer at death A. The probate process 1) Testate succession 2) Intestate succession 3) Advantages and disadvantages of probate 4) Assets subject to probate 5) Techniques of avoiding probate 6) Ancillary probate B. Operation of law (title) C. Transfers through trusts D. Transfers by contract 83. Estate planning documents A. Wills 1) Legal requirements 2) Types of wills 3) Avoiding will contests B. Powers of attorney 1) For health care 2) For property 3) Durable feature 4) Special or limited powers 5) General powers C. Advance medical directives (e.g., living wills) D. Trusts E. Marital agreements F. Business agreements G. Other 84. Gifting strategies A. Suitability of gifting as a planning strategy B. Techniques for gift-giving C. Appropriate gift property D. Strategies for closely-held business owners E. Gifts of present and future interests F. Tax implications 1) Income 2) Gift 3) Estate 4) Generation-Skipping Transfer Tax (GSTT) 85. Gift taxation and compliance A. Filing requirements B. Calculation 1) Annual exclusion and applicable credit 2) Split gifts 3) Prior taxable gifts 4) Education and medical exclusions 5) Marital and charitable deductions 6) Tax liability 86. Incapacity planning A. Definition of incapacity/ disability

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B. C. D. E. F. G. H. I.

Care of client’s dependents Care of person and property Disability insurance Long-term care insurance Medicaid planning Viatical settlements Business disability coverage Social Security disability benefits

87. Estate tax calculation and compliance A. The gross estate 1) Inclusions 2) Exclusions B. Deductions C. Adjusted Gross Estate (AGE) D. Deductions from the adjusted gross estate E. Taxable estate F. Adjusted taxable gifts rule G. Tentative tax base H. Tentative tax calculation I. Credits 1) Gift tax payable 2) Unified credit 3) Prior transfer credit 4) State death tax 88. Satisfying liquidity needs A. Sale of assets B. Life insurance C. Other 89. Powers of appointment A. Use and purpose B. General and special (limited) powers 1) 5+5 power 2) Crummey provisions 3) Distributions for health, education, maintenance and support 4) Other C. Tax implications 90. Types, features and taxation of trusts A. Classification 1) Simple and complex 2) Revocable and irrevocable B. Rule against perpetuities C. Selected provisions 1) Spendthrift clauses 2) Perpetuity clauses 3) Other D. Taxation of trusts and estates (income, gift and estate) 91. Qualified interest trusts A. Grantor Retained Annuity Trusts (GRATs) B. Grantor Retained Unitrusts (GRUTs) C. Qualified Personal Residence Trusts (QPRTs or House-GRITs) D. Tangible personal property trusts E. Limitations on the valuation of remainder interests of qualified interest trusts (§2702)

92. Charitable giving A. Considerations for contributions and transfers B. Requirements for a gift to qualify for a charitable deduction C. Charitable remainder trusts 1) Unitrusts (CRUT) 2) Annuity trusts (CRAT) D. Charitable lead trusts 1) Unitrusts (CLUT) 2) Annuity trusts (CLAT) E. Pooled income funds F. Private foundations G. Other types of charitable gifts H. Income tax charitable deduction limitations 93. Use of life insurance in estate planning A. Advantages and disadvantages B. Ownership, beneficiary designation and settlement options C. Life insurance trusts D. Gift and estate taxation E. Income taxation 94. Valuation issues A. Estate freezes 1) Corporate and partnership recapitalizations (§2701) 2) Transfers in trust B. Valuation issues with family partnerships and LLCs 1) Minority discounts 2) Marketability discounts 3) Blockage discounts 4) Key person discounts C. Valuation techniques and the federal gross estate 95. Marital deduction A. Characteristics B. Terminable interest rule and exceptions C. QTIP planning and the prior transfer credit D. Special planning for non-citizen spouses E. Marital deduction and by-pass planning 96. Deferral and minimization of estate taxes A. Deductions and credits B. Lifetime planning techniques C. Postmortem planning techniques 1) Qualified disclaimers 2) Alternative valuation date 3) Relief provisions for business owners’ and farmers’/ ranchers’ estates a) Deferral of estate tax (§6166) b) Corporate stock redemptions (§303) c) Special use valuation (§2032A)

d) Qualified family-owned business exclusion (§2057) D. Optimal QTIP planning 97. Intra-family and other business transfer techniques A. Characteristics B. Techniques 1) Buy-sell agreements 2) Installment notes 3) Self-canceling installment notes 4) Private annuities 5) Transfers in trust C. Federal income, gift, estate and Generation-Skipping Transfer Tax (GSTT) implications 98. Disposition of estate A. Tax and non-tax consequences of various estate plans (outright distributions, transfers in trust, etc.) B. Estate planning for non-traditional relationships 1) Children of another relationship 2) Cohabitation 3) Adoptions 4) Same-sex relationships 5) Communal relationships 99. Generation-Skipping Transfer Tax (GSTT) A. Identify transfers subject to the GSTT 1) Direct skips 2) Taxable distributions 3) Taxable terminations B. Impact of the GSTT on lifetime transfers 1) Outright transfers of cash or property 2) Transfers in trust C. Exemptions and exclusions for the GSTT 1) Outright gifts qualifying for the gift tax annual exclusion 2) The GSTT exemption 3) Qualified transfer payments (educational and medical) 100. Fiduciary responsibilities A. Duties of fiduciaries B. Selection of fiduciaries 101. Income in Respect of a Decedent (IRD) A. IRD assets B. IRD income tax deduction

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PROVIDED FORMULAS The following formulas are provided with the exam booklets when taking the CFP ® Certification Examination:

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Work Experience Because the CFP ® certification indicates to the public your ability to provide financial planning unsupervised, CFP Board requires you to have some experience in the personal financial planning process. However, CFP Board recognizes the variety of situations and circumstances in which people participate in the financial planning process and has developed a work experience requirement to account for this. If you have questions about your work experience being accepted by CFP Board, contact CFP Board’s registrar at: CFP Board Registrar 1670 Broadway, Suite 600 Denver, CO 80202-4809 P: 800-487-1497 F: 303-860-7388 E: [email protected]

DEFINITION OF WORK EXPERIENCE CFP Board’s work experience requirement is defined as “the supervision1, direct support2, teaching3 or personal delivery of all or part of the personal financial planning process to a client4.”Qualifying experience must fit within one or more of the six primary elements of the personal financial planning process described as follows: 1. Establishing and Defining the Relationship with the Client This includes explaining the issues and concepts related to the personal financial planning process. You must specify the services you or your firm will provide and clarify the client’s and your responsibilities. 2. Gathering Client Data Including Goals Data gathering includes interviewing or questioning the client about various aspects of his or her financial resources, obligations and expectations. During this process, you will need to determine your client’s goals, needs and priorities; assess your client’s values and attitudes; and determine the client’s time horizons and risk tolerance. In addition, you will collect applicable client records and documents. 3. Analyzing and Evaluating the Client’s Financial Status This process involves analyzing and evaluating client data such as current cash flow needs, risk management, investments, taxes, retirement, employee benefits, estate planning and/or special needs. All levels of supervision are acceptable if the chain of supervision eventually leads back to the planner.

1

Must be directly responsible for information that is provided to the planner/client and have reasonable accountability for the client. 2

Credit for teaching is limited to the instruction of CFP Board’s financial planning topic list in a CFP Board-Registered Program. Teaching finance-related classes (for college credit) full-time at a university that does not have a CFP BoardRegistered Program can be used to satisfy up to two years of experience credit, but the third year of experience must be personal financial planning experience or teaching full-time at a CFP Board-Registered Program. 3

“Client” denotes a person who engages a practitioner and for whom professional services are rendered. Pro-bono experience is accepted as long as (1) there is a client and (2) you are acting as a financial planning professional who is capable and qualified to offer objective, integrated and comprehensive financial advice to, or for the benefit of, individuals to help them achieve their financial objectives using the financial planning process. 4

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4. Developing and Presenting Financial Planning Recommendations and/or Alternatives Financial planning recommendations should meet the goals and objectives of the client, and reflect his or her values, situation and risk tolerance. This process includes presenting and reviewing the recommendations with the client, working with the client to ensure that the plan meets his or her goals and expectations, and revising the recommendations as necessary. 5. Implementing the Financial Planning Recommendations This is the process of helping the client put the financial planning recommendations into action. This could include coordinating with other professionals, such as accountants, attorneys, real estate agents, investment advisers, stock brokers and insurance agents. 6. Monitoring the Financial Planning Recommendations Areas to be monitored or reviewed include the soundness of the recommendations and the client’s progress. This process also involves discussing with the client any changes in his or her personal circumstances, evaluating changing tax laws, and making recommendations based on new or changing conditions.

WORK EXPERIENCE STANDARDS Your work experience must comply with the following standards: • Three years full-time, or the equivalent part-time (2,000 hours part-time equals one year full-time), if you have an undergraduate degree from an accredited U.S. college or university.* • Five years full-time, or the equivalent part-time, if you do not have an undergraduate degree from an accredited U.S. college or university. Note: Beginning in 2007, a bachelor’s degree will be required before completing the certification process. Individuals without a college degree and no qualifying experience would have needed to have started gaining financial planning experience before 2002 in order to meet the fiveyear experience requirement for those without a degree. All individuals who have not completed the five-year experience requirement by December 31, 2006, will be required to have a college degree. • Six months of experience must have been gained within 12 months of submitting the Résumé Form. (See page 43, “Verification of Experience,” for information on the Résumé Form.) • Experience may be gained up to 10 years before or up to five years after the exam date. If your work experience is not completed within this time frame, your candidacy for CFP ® certification may be terminated. A one-time, two-year extension may be granted on a case-by-case basis. Requests for an extension should be sent to CFP Board’s registrar at the address on page 41.

PRE-CERTIFICATION CONTINUING EDUCATION If you do not complete the CFP certification process within 12 months of passing the CFP ® Certification Examination, you must begin to accrue continuing education credits at a rate of 15 credits per year. International degrees may be substituted for a U.S. undergraduate degree if they receive equivalency from a third-party organization such as Worldwide Educational Services (WES). WES can be reached at 800-937-3895 or www.WES.org.

*

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INTERNSHIPS/RESIDENCY PROGRAMS Financial planning-related internships completed at a CFP Board-Registered Program are eligible for credit toward the work experience requirement at the rate of one month of work experience for each college credit. Residency programs completed through the Financial Planning Association (FPA) are eligible for credit toward the work experience requirement at the rate of three months of work experience credit per residency program. Credit will be granted for internships and/or residency programs completed within 10 years before and five years after the successful completion of the CFP ® Certification Examination.

VERIFICATION OF EXPERIENCE Once you pass the CFP ® Certification Examination, you will receive a Résumé Form on which to summarize your related work experience. The form must be signed by your current supervisor. If you are self-employed, the following individuals can attest to your experience: • CFP ® certificants • Licensed Certified Public Accountants (CPAs) • Licensed attorneys After the form is returned to CFP Board, the information listed is subject to random audit. Erroneous information could jeopardize your authorization to use the CFP marks. While the CFP certification requirements may be changed from time to time, you will be expected to meet the requirements that are in place at the time of your most recent application for the CFP ® Certification Examination. Therefore, CFP Board cannot confirm the suitability of your work experience before you pass the exam.

Visit www.CFP.net/become/work_prece.asp for a Q&A section on the pre-certification CE requirement. Go to www.CFP.net/login to view and keep track of your work experience requirement.

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EXPERIENCE

WORK EXPERIENCE FREQUENTLY ASKED QUESTIONS

Q 1. HOW IS PART-TIME EMPLOYMENT CREDITED TOWARD THE REQUIREMENT? A The number of part-time hours will be converted into a full-time equivalent and applied to the

overall balance of the requirement. (2,000 part-time hours equates to one year of full-time experience.)

Q 2. IF I WORK FULL-TIME IN A FINANCIAL PLANNING RELATED POSITION AND ALSO WORK PART-TIME, CAN I ACCELERATE THE COMPLETION OF MY EXPERIENCE REQUIREMENT?

A No. Concurrent part- and full-time financial planning employment will not accelerate completion of the requirement.

Q 3. IF I WORK MORE THAN 2,000 HOURS PER YEAR, CAN I ACCELERATE THE COMPLETION OF THE REQUIREMENT?

A No. Additional credit for full-time employment will not be granted for hours in excess of 40 hours per week.

Q 4. HOW IS A PORTION OF A JOB CREDITED TOWARDS THE REQUIREMENT? A Portions of a job may be credited towards this requirement on an hourly basis just like part-time

employment. As an example, the majority of your job (30 hours per week) is spent working as a home office representative processing paperwork. However, ten hours a week are spent consulting with individual clients. The ten hours a week can be accrued and credited towards the requirement.

Q 5. WHAT IF I DO NOT HAVE ANY RELEVANT EXPERIENCE? CAN I STILL SIT FOR THE CFP ® CERTIFICATION EXAMINATION?

A Yes. The experience requirement does not have to be satisfied prior to the exam. Individuals have

up to five years from the time they pass the exam to complete the experience requirement if necessary.

Q 6. IF I AM MAKING A CAREER CHANGE, HOW DO I GO ABOUT OBTAINING APPROPRIATE EXPERIENCE?

A Qualifying experience may be earned through many different types of practices and firms.

Candidates for CFP ® certification often choose to establish a private practice, either by themselves or in conjunction with other planners. Some planners work for banks, credit unions, insurance companies, accounting or law firms, credit counseling organizations and brokerage firms. Or, they may choose a career in academia, teaching personal financial planning to other interested students.

Q 7. WHAT CAN I CALL MYSELF ONCE I HAVE PASSED THE CFP

CERTIFICATION EXAMINATION BUT AM STILL COMPLETING MY EXPERIENCE REQUIREMENT? ®

A Only those individuals who have fully satisfied CFP Board’s requirements are authorized to use the

CFP certification marks. Until that time, you can only use the CFP marks to refer to the certification process. For example, you may say that you are a “candidate for CFP ® certification” or “working toward obtaining CFP ® certification.” Use of the term “CFP ® candidate” is an improper use of the mark and is prohibited.

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ETHICS

Ethics The final component of the initial CFP ® certification process is the ethics requirement. CFP certification requires you to agree to adhere to CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards, and to acknowledge CFP Board’s right to enforce them through its Disciplinary Rules and Procedures. By signing the CFP® Certification Application, individuals agree to be bound by CFP Board’s Code of Ethics and Practice Standards. This demonstrates to the public that you have agreed to provide personal financial planning in the client’s best interest and to act in accordance with the highest ethical and professional standards for the practice of financial planning. Before being authorized to use the CFP certification marks, and each time you renew your certification, you must disclose whether you have ever been involved in any criminal, civil, self-regulatory organization or governmental agency inquiry, investigation or proceeding. You must also acknowledge the right of CFP Board to enforce its Code of Ethics and Practice Standards through its Disciplinary Rules and Procedures. Please be aware that, if you disclose matters on your CFP® Certification Application, or if CFP Board discovers that you have been involved in matters that may give rise to a violation of the Code of Ethics or Practice Standards, your certification may be delayed pending CFP Board’s review of the matters. Additionally, if the matters involve serious misconduct, CFP Board reserves the right to permanently deny you the right to obtain the CFP certification. All such ethics reviews will be conducted in accordance with CFP Board’s Disciplinary Rules and Procedures. Note: For individuals who do not plan to obtain a bachelor’s degree, please see page 7 for more details about how the 2007 bachelor’s degree requirement affects the fulfillment of the ethics component.

VERIFICATION OF DATA CFP Board may verify your employment record, qualifications and disciplinary history through the NASD ®’s Central Registration Depository (CRD). All disciplinary information obtained will be reviewed by CFP Board. The length of the review process varies depending on the circumstances being investigated, and may take anywhere from several weeks to one year. In general, you will not be authorized to use the CFP marks during CFP Board’s review process. If you have questions about the effect of any of your past or pending disciplinary actions, or your authorization to use the CFP marks, contact CFP Board at 800-487-1497 or [email protected]. Because of changing codes or regulations and the fact that every situation contains unique variables, CFP Board cannot provide you with an advance judgment of your situation. However, historical case studies of disciplinary actions taken by CFP Board against those it has certified are available from CFP Board.

Go to www.CFP.net/certificants to review CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards.

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ETHICS

Authorization to Use the CFP Marks are owned by CFP Board in the U.S. and are proThe marks CFP ®, CERTIFIED FINANCIAL PLANNER™ and tected by trademark law. Only those individuals who have fully satisfied CFP Board’s requirements are authorized to use the CFP certification marks. CFP Board carefully monitors all usage of the marks to ensure their integrity and unauthorized use of the marks is viewed as a serious matter. For example, it is incorrect to use the term “CFP ® candidate.” Up until the point of achieving CFP certification, individuals who have applied for the CFP ® Certification Examination can say they are “working towards obtaining CFP ® certification” or that they are a “candidate for CFP ® certification.” Remember, if you use the CFP marks prematurely, or in some other prohibited manner, you could jeopardize your ultimate right to use them. ®

DECLARATION PACKET When you have completed the education, examination and work experience requirements, you will receive a declaration packet from CFP Board. This packet includes a CFP® Certification Application which includes a notice of your initial certification and application fees. The completed form and fees must be returned to CFP Board within six months of issue. The fees must be paid and the application completed, signed and reviewed by CFP Board before any certification can be issued. Note: For individuals who do not plan to obtain a bachelor’s degree, please see page 7 for more details about how the 2007 bachelor’s degree requirement affects the final stages of the CFP certification process.

INITIAL FEE AND CONTINUING EDUCATION (CE) REPORTING An initial certification cycle will be defined for each individual after completing the education, examination and work experience requirements. CFP Board establishes this initial certification cycle using the date of initial CFP certification to the end of your birth month in an odd or even year, based on your birth date. The initial certification fee and the amount of CE credits due at the end of this initial cycle will be prorated based on $360 and 30 hours, respectively, every two years. An application fee of $100 and this initial certification fee (ranging from $90-$450) are invoiced in the declaration packet. After this prorated cycle is completed, you will begin reporting CE and completing the renewal requirements on a cyclical two-year renewal cycle. (See the “Certification Renewal” section on page 5.)

INTERNATIONAL RECIPROCITY Transferring an International Certification to the U.S. If you are a resident of one of the countries represented on the International Council and are currently authorized to use the CFP marks in that country, you can apply for CFP ® certification in the United States by (1) providing proof of current certification status in your country, (2) passing the first four-hour session of CFP Board’s CFP ® Certification Examination, (3) fulfilling the work experience requirement, (4) agreeing to abide by CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards, and (5) paying the appropriate fees. Once CFP Board grants you the right to use the CFP marks in the U.S., you will be subject to U.S. renewal requirements.

Once certified, check www.CFP.net/search to find your name listed. CE reporting deadlines and other renewal information is available by logging into the Web site at www.CFP.net/login.

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ETHICS

47

Using International Marks in the U.S. If you are authorized to use the CFP marks by one of the countries represented on the International Council, but have not applied for CFP ® certification in the U.S., you can use the CFP marks in the U.S. provided you fully disclose the country in which you are certified. The following examples show how you might disclose the necessary information on any material that displays the CFP marks: John Jones, CFP™ (Canada only) Jones Financial Services OR 123 Any Street Big City, CO 80202

John Jones, CFP(tm)* Jones Financial Services 123 Any Street Big City, CO 80202 (*indicates certified in Canada only)

Using U.S. Certification Outside of the U.S. If you intend to practice financial planning outside of the U.S. in any country where you have no certification or limited certification from the local International Council affiliate, you must (1) notify CFP Board of your intention to move to or practice in a new country, (2) remain current in all CFP Board certification obligations, including CE, (3) become familiar with and comply with all laws regulating the practice of financial planning in the new country, (4) provide all clients with a standardized disclosure form that outlines potential knowledge deficiencies in the new country (aspects related to local laws and circumstances not covered by CFP Board’s topic list or exam content), (5) provide all clients with contact details of CFP Board and the local CFP Board affiliate if there is one in the country, (6) prominently indicate on all printed materials that you are certified in the U.S. only, and (7) only give financial planning advice to nationals of the U.S., or to the nationals of new country on matters relating to the U.S. Your U.S. CFP certification only certifies that you have met competency and ethical requirements to provide comprehensive financial planning advice in the U.S.

GRIEVANCE POLICY All grievances related to CFP ® certification, with the exception of exam grievances which are handled by CFP Board’s Board of Examiners (see page 31), should be sent to CFP Board’s Grievance Committee at the address below. CFP Board’s grievance process is a staff-administered process chaired by the chief executive officer. CFP Board Grievance Committee 1670 Broadway, Suite 600 Denver, CO 80202-4809

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T R A N S C R I P T R E V I E W A P P L I C AT I O N I N S T R U C T I O N S

Applying for Transcript Review TO APPLY FOR A TRANSCRIPT REVIEW WITH CFP BOARD: 1. Complete the application for transcript review found on the following page. List your courses on the first page of the form. Then, using the course number, indicate courses on the checklist that correspond to a specific content area. One course may cover several content areas. If you have already completed the educational requirement, you do not need to fill out this form to apply for the exam. 2. Attach course descriptions from the catalog or the course syllabus if the title does not clearly identify course content. 3. Attach your transcript to the application form (photocopies are acceptable). The transcript must accompany the application, or the application will be deemed incomplete and will not be reviewed. Incomplete applications will be returned. 4. Mail the application and completed checklist, transcript and other supporting documentation, and a $100 non-refundable transcript review fee (MasterCard, American Express or Visa payments accepted) to the following address: Transcript Review CFP Board 1670 Broadway, Suite 600 Denver, CO 80202-4809

APPLICATION REVIEW Your transcript review application will be processed within 30 working days of its receipt by CFP Board. If CFP Board determines that you have fulfilled the educational requirement, you will be sent written notification. You will also be sent an application for the CFP ® Certification Examination. If your application is received fewer than 30 working days before an exam application deadline, you will have to sit for a later exam.

ADDRESSING TOPIC DEFICIENCIES If CFP Board determines that you have not fulfilled the education component, you will be sent written notice of your areas of deficiency. You may complete deficient topics at a CFP Board-Registered Program. Please be aware that each college or university has the right to impose its own transfer of credit policy. After you have addressed any topic deficiencies at a CFP Board-Registered Program: 1. Complete the CFP ® Certification Examination application. 2. Attach a copy of the letter from CFP Board noting the topics in which you were deficient. 3. Attach a transcript from the CFP Board-Registered Program or a signed note from the Program Director verifying that you have completed the needed topics. 4. Submit the application and documentation to CFP Board. If you complete the missing topics at a U.S. accredited college or university that does not have a CFP Board-Registered Program, submit a new transcript review application, along with a review fee of $100. Include the letter you received from CFP Board noting the missing topics and the new transcript showing that you have addressed the deficiencies. There is no guarantee that the new courses will meet the topic coverage. CFP Board will not pre-determine the status of any course.

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1670 Broadway, Suite 600, Denver, Colorado 80202-4809 P: 800-487-1497 F: 303-860-7388 (no cover please) E: [email protected] W: www.CFP.net

Application for Transcript Review

If you have completed the educational requirement, you do not need to complete this form to apply for the CFP® Certification Examination.

SECTION I: Personal Data Name:

{ Mr. { Mrs. { Ms. { Miss

E-mail: ________________________________________________ Home address: _________________________________________

____________________________________________________________ First name

Middle initial

Last name

Suffix

______________________________________________________

Business name: _________________________________________

______________________________________________________

Business address: _______________________________________

Home telephone: ________________________________________

______________________________________________________

Preferred address (check only one):

______________________________________________________

Social Security #: ______________________________________

Business telephone: ______________________________________

{ Business { Home

Birth date: ___________________________________________________ Month

Business fax: ___________________________________________

Day

Year

SECTION II: Transcript Review Qualifications Have you had your transcript(s) reviewed previously by CFP Board?

{ yes { no

Transcripts from the following accredited schools are attached for review: Name of school attended

Years

Degree awarded and major awarded

Date degree awarded

Financial planning-related courses from the transcripts to be considered. Courses to be considered for transcript review must be at the upperdivision college level or higher (typically course numbers 300 or greater): Course title

Course number

Dates

Credit hours

Credentials* to be considered (attach copies of credentials):

{ ASA { CEBS { EA { FSA

*State licenses and continuing education courses are not considered educational courses and do not qualify for credit on this application.

SECTION V: Transcript Review Fee - $100 (a $25 service fee will apply to all returned checks)

{ Check (make check payable to CFP Board, do not staple check to application) Amount enclosed: ___________ Check number:____________ { Credit Card (check only one) { MasterCard { Visa { American Express Credit card #: _________________________________________ Name (as it appears on credit card): ___________________________________________ Expiration date: __________________________ I hereby affirm that I am over the age of eighteen and I authorize the investigation of all statements made by me to CFP Board including, but not limited to, those statements contained in this form. I understand that misrepresentation or omission of facts is cause for denial or revocation of the right to use the CFP®, CERTIFIED FINANCIAL PLANNER™ and certification marks, and that I may not use the marks until I receive official notification of my certification by CFP Board. CFP Board may obtain my educational records in order to verify the truthfulness and accuracy of my educational background and I hereby expressly authorize educational institutions (and authorized agents of such institutions) to release my educational records to CFP Board. I understand that educational records will include, without limitation, any record, file, document or other material which contains information directly related to me, which is maintained by the educational agency or institution or by a person acting for such agency or institution. To the extent any of the following information is not considered to be an educational record I further authorize educational institutions to release: my last name, the last four digits of my Social Security number and the date of my degree completion. In consideration for CFP Board’s acceptance of this application I agree that neither CFP Board nor its directors, officers, employees and others acting on its behalf shall be liable to me for any actions taken or omitted to be taken in any official capacity or in the scope of employment, and I hereby release CFP Board and the other persons identified above from any liability for such actions or omissions.

Signature: ___________________________________________________________________________________

Date: _______________________________

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Using the course number from your transcripts, indicate which topics have been covered by placing the course number next to the corresponding topic you believe was covered in that course. Refer to CFP Board’s complete Financial Planning Topic List for more details. TOPIC GENERAL PRINCIPLES OF FINANCIAL PLANNING 1. Financial planning process 2. CFP Board ’s Code of Ethics and Professional

COURSE #

TOPIC 51. Asset pricing models 52. Leverage of investment assets 53. Hedging and option strategies

Responsibility and Disciplinary Rules and Procedures CFP Board ’s Financial Planning Practice Standards Personal financial statements Budgeting Emergency fund planning Credit and debt management Buying vs. leasing Function, purpose and regulation of financial institutions 10. Client attitudes and behavioral characteristics 11. Educational funding 12. Financial planning for special circumstances 13. Economic concepts 14. Time value of money concepts and calculations 15. Characteristics and consequences of types of entities 16. Characteristics and consequences of property titling 17. Financial services industry regulation requirements 18. Business law 19. Quantitative analysis 20. Monetary settlement planning 3. 4. 5. 6. 7. 8. 9.

INSURANCE PLANNING AND RISK MANAGEMENT 21. Principles of insurance 22. Analysis and evaluation of risk exposure s 23. Legal aspects of insurance 24. Property and casualty insurance (individual and business) 25. General business liability 26. Health insurance (individual) 27. Disability income insurance (individual) 28. Long-term care insurance (individual and joint) 29. Life insurance 30. Viatical settlements 31. Insurance needs analysis and rationale 32. Taxation of life, disability and long-term care insurance 33. Insurance policy selection 34. Insurance company selection and due diligence

EMPLOYEE BENEFITS PLANNING 35. Employee benefit plans 36. Employee stock options 37. Stock plans 38. Non-qualified deferred compensation 39. Employer/employee insurance arrangements

INVESTMENT PLANNING 40. Types and use of investment vehicles 41. Types of investment risk 42. Measures of investment risk 43. Measures of investment returns 44. Time-influenced security valuation concepts 45. Bond and stock valuation methods 46. Portfolio management and measurement concepts 47. Formula investing 48. Investment strategies 49. Asset allocation and portfolio diversification 50. Efficient Market Theory (EMT)

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54. Tax efficient investing 55. Investment strategies in tax-advantaged accounts 56. Taxation of investment vehicles

INCOME TAX PLANNING 57. Income tax law fundamentals 58. Tax compliance 59. Income tax fundamentals and calculations 60. Tax accounting methods 61. Tax characteristics of entities 62. Income taxation of trusts and estates 63. Basis 64. Cost-recovery concepts 65. Tax consequences of like-kind exchanges 66. Tax consequences of gain or loss on sale of assets 67. Alternative Minimum Tax (AMT) 68. Tax management techniques 69. Passive activity and at-risk rules 70. Tax implications of changing circumstances 71. Charitable contributions and deductions

RETIREMENT PLANNING 72. Retirement needs analysis 73. Social Security [Old Age, Survivor and Disability Insurance (OASDI)] 74. Medicare 75. Types of retirement plans 76. Qualified plan rules and options 77. Other tax-advantaged retirement plans 78. Regulatory considerations 79. Plan selection for businesses (key factors affecting selection) 80. Investment considerations for retirement plans 81. Distribution rules, alternatives and taxation

ESTATE PLANNING 82. Methods of property transfer at death 83. Estate planning documents 84. Gifting strategies 85. Gift taxation and compliance 86. Incapacity planning 87. Estate tax calculation and compliance 88. Satisfying liquidity needs 89. Powers of appointment 90. Types, features and taxation of trusts 91. Qualified interest trusts 92. Charitable giving 93. Use of life insurance in estate planning 94. Valuation issues 95. Marital deduction 96. Deferral and minimization of estate taxes 97. Intra-family and other business transfer techniques 98. Disposition of estate 99. Generation-Skipping Transfer Tax (GSTT) 100. Fiduciary Responsibilities 101. Income in Respect of a Decedent (IRD)

COURSE #

E X A M A P P L I C AT I O N I N S T R U C T I O N S

CFP ® Certification Examination Application Instructions The completed application must be received in CFP Board’s office on or before the deadline date. Late applications will not be accepted under any circumstance and will be returned. Applications may be submitted by fax at 303-860-7388. Please do not send cover sheets. It is strongly recommended that faxes be followed by hardcopy and evidence of the fax (transmittal confirmation or activity report generated by fax machine) addressed to and received by CFP Board within five working days. CFP Board will not take responsibility for incomplete fax transmittals. Faxed applications with payment indicated by check will not be processed. The following constitutes a complete application: • Application signed and dated • Examination fee in full • Appropriate qualifying eligibility documentation (i.e., copy of the transcript, copy of designation/degree, or letter of authorization) Exam registration confirmation can be obtained in the following ways: • Approximately one to two weeks following the receipt and acceptance of your CFP® Certification Examination application, CFP Board will send you written confirmation of your registration. • Applicants who provide an e-mail address on their CFP® Certification Examination application will be sent an e-mail confirmation of registration within 24 hours of receipt and acceptance of their application. • Registration confirmation can be accessed on CFP Board’s Web site at www.CFP.net/login. • Individuals may call toll-free 800-487-1497 to confirm registration. Approximately two to three weeks before the exam you will be sent an admission ticket for the CFP® Certification Examination sessions showing the time that each session will begin and the CFP® Certification Examination location. You must bring the admission ticket to the testing facility on both days. You will not be admitted to the sessions without this ticket. Neither CFP Board nor Thompson Prometric will be able to confirm the exact site location of the CFP® Certification Examination within a city until approximately 30 days prior to the date of the CFP® Certification Examination. SECTION I: Personal Data Please fill out all of the information in Section I. Use your legal name as on your government issued photo ID. Please include your birthdate (month, day, year) as this data will be used to process and renew your CFP® certification once you have met all certification requirements. It is essential that you provide us with your Social Security number for purposes of background screenings. SECTION II: Exam Qualification Only individuals who have met CFP Board’s educational requirement as described in “The Education Requirement” section of this booklet are eligible to apply for the CFP® Certification Examination. Check only one of the boxes available in Section II of the exam application. Retake: If you have been accepted to take a previous CFP® Certification Examination, check this box and do not submit any other documentation. Indicate the month and year of the first exam for which you were accepted. Enclose your fee, indicate your testing site in Section IV, sign the application form and send it to our office by the appropriate deadline. CFP Board-Registered Program: If you have successfully completed a CFP Board-Registered Program, please indicate the name of the institution, name of the program and the date of completion in the appropriate spaces on the application. You must attach a photocopy of the qualifying transcript, diploma, score report or a copy of a letter signed by the Program Director to the application form. Do not send this qualifying documentation separately. If documents are not attached, your application will be considered incomplete and will be returned to you. This may result in missing the application deadline. Challenge Status: Only those individuals who hold one of the pre-approved designations may qualify under the challenge status. Challenge status individuals must include a photocopy of the qualifying designation/credential/degree with the exam application. If the documentation is not attached, your application will be considered incomplete and will be returned to you. This may result in missing the application deadline. CEBS: Individuals who hold the CEBS credential may complete two additional courses to satisfy CFP Board’s education requirement. You must include a copy of the CEBS designation and either a transcript or score report showing completion of the Personal Financial Planning I and II courses with the exam application. If the documentation is not attached, your application will be considered incomplete and will be returned to you. This may result in missing the application deadline. Transcript Review: Only those individuals who have received a letter from CFP Board indicating that they have successfully completed CFP Board’s educational requirement via a Transcript Review process qualify to sit for the CFP® Certification Examination under this category. Attach the letter of authorization from CFP Board to the application. International Reciprocity: Individuals who hold a CFP® certification granted by one of the affiliate organizations of the Financial Planning Standards Board may apply for international reciprocity by passing the first four-hour session of CFP Board’s CFP® Certification Examination, fulfilling the work experience requirement, abiding by CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards, and paying the appropriate fee. Please indicate the name of the affiliate country and the certification number in the appropriate spaces on the application. Reciprocity individuals must attach a copy of their CFP certification to the application.

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E X A M A P P L I C AT I O N I N S T R U C T I O N S

SECTION III: Exam Date Check only one date. Blank spaces or multiple checkmarks will result in your being registered for the next available exam cycle. The deadlines for submitting an application are as follows: Exam Dates July 15-16, 2005 November 18-19, 2005 March 17-18, 2006

Application Receipt Deadline* June 1, 2005 October 5, 2005 February 1, 2006

*Applications must be received by 5:00 p.m. Mountain time on the listed date. SECTION IV: Exam Site Codes Transfer the four-character site code from this sheet to the site section on the application. The CFP® Certification Examination is administered only in the cities listed below. International sites can be established on a case-by-case basis for an additional $1,300 test site fee. AK50 AL50 AZ50 CA50 CA51 CA52 CA53

Anchorage, AK Birmingham, AL Phoenix, AZ Oakland, CA Irvine, CA San Diego, CA Los Angeles area, CA CA54 San Jose area, CA CO50 Denver, CO CT50 New Haven, CT

DC50 FL50 FL51 FL52 FL53 GA50 HI50 IL50

Wash. DC area Ft. Lauderdale, FL Tampa, FL Jacksonville, FL Orlando, FL Atlanta, GA Honolulu, HI Chicago Heights, IL IL51 Lisle area, IL IN50 Indianapolis, IN

LA50 MA50 MD50 MI50 MN50 MO50 MO51 NC50 NC51 NH50 NJ50

New Orleans, LA Boston, MA Baltimore, MD Detroit, MI Minn/St. Paul, MN St. Louis, MO Kansas City, MO Charlotte, NC Raleigh, NC Manchester, NH Clark, NJ

NJ51 Princeton, NJ NY50 New York, NY NY51 Buffalo, NY NY52 Albany, NY NY53 Long Island, NY OH50 Cincinnati, OH OH51 Cleveland, OH OR50 Portland, OR PA50 Philadelphia, PA PA51 Pittsburgh, PA TN50 Nashville, TN

TN51 Memphis, TN TX50 Houston, TX TX51 Dallas, TX TX52 San Antonio, TX UT50 Salt Lake City, UT VA50 Richmond, VA WA50 Seattle, WA WI50 Milwaukee, WI _______________________ International (city, country)

SECTION V: Exam Fee The exam fee ($595) must accompany the application. Sign and date the application. Checks should be made payable to CFP Board. Returned checks will be assessed a $25 return check fee and payment may be required via certified funds. Please do not staple your check to the application. If you choose to fax your application you must pay the exam fee by credit card. Applications faxed with payment indicated by check will not be processed. WITHDRAWAL PROCEDURES: If you are unable to take the exam once you have registered, you may, in accordance with the deadlines listed below, choose one of the following options: 1. Withdraw from the exam by notifying CFP Board, pay a $50 rescheduling fee and register to take the exam at a later date. 2. Withdraw from the exam by notifying CFP Board and request a refund of the refundable portion of your exam fee. 3. Withdraw from the exam by notifying CFP Board and maintain a credit (exam fee minus $50) with CFP Board. You may re-register to take the exam or obtain a refund of the refundable portion of your exam fee from any time after the withdrawal until 24 months from the date of the exam for which you last registered. However, if you fail to re-register for an exam or obtain a refund within this 24-month period, the entire exam fee will be forfeited. The refundable portion of your exam fee is the amount of the exam fee, less a $50 cancellation fee. Exam Dates:

Application Deadline:

Notification of Withdrawal Must be Received by:

July 15-16, 2005 November 18-19, 2005 March 17-18, 2006

June 1, 2005 October 5, 2005 February 1, 2006

June 7, 2005 October 11, 2005 February 7, 2006

Requests for withdrawal or rescheduling received after the Notification of Withdrawal dates listed above will not be honored and the entire exam fee will be forfeited.

PRIVACY POLICY: In certain instances, CFP Board may release lists of applicants for the CFP® Certification Examination to Review Course providers who agree to CFP Board’s usage requirements. Upon request, CFP Board will not release an individual’s name to this outside party.

Rev. 3/05

1670 Broadway, Suite 600, Denver, Colorado 80202-4809 P: 800-487-1497 F: 303-860-7388 (no cover please) E: [email protected] W: www.CFP.net

CFP® Certification Examination Application SECTION I: Personal Data Name:

{ Mr. { Mrs. { Ms. { Miss

E-mail: _______________________________________________________

____________________________________________________________ First name

Middle initial

Last name

Suffix

Business name: ________________________________________________ Business address: ______________________________________________ ____________________________________________________________ ____________________________________________________________ Business telephone: ____________________________________________

Home address: ________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________

Home telephone:_______________________________________________ Preferred address (check only one):

{ Business { Home

Social Security #: ______________________________________________ Birth date: ____________________________________________________ Month

Business fax: __________________________________________________

Day

Year

SECTION II: CFP® Certification Examination Qualification (check only one)

{ {

RETAKE: I have applied and been accepted for a previous CFP® Certification Examination on ____________________. No further documentation needs to Month/Year be attached. CFP BOARD-REGISTERED PROGRAM: I successfully completed a CFP Board-Registered Program. A copy of the qualifying transcript, diploma, score reports or letter is attached. _________________________________________________________________

{

Name of school

_________________________________

_____________________

Program name

Date completed

CHALLENGE STATUS: I am challenging the CFP® Certification Examination because I hold one of the following designations. A copy of qualifying transcript is attached. { CFA® { ChFC { CLU { Ph.D.-business/economics/D.B.A. { Licensed attorney* ______________________ _________________ { Licensed CPA* ______________________ _________________ State license number

State licensed in

State license number

State licensed in

*Inactive licenses will be accepted with a letter of good standing.

{ { {

CEBS plus additional required courses: PFP-1 and PFP-2. A photocopy of the designation and transcript, score report or letter is attached. TRANSCRIPT REVIEW: I have completed CFP Board’s transcript review process. CFP Board letter of authorization is attached. INTERNATIONAL RECIPROCITY: I currently hold CFP certification from an international affiliate organization. A copy is attached. _________________________ International affiliate country

_________________________ Certification no.

SECTION III: CFP® Certification Examination Date (check only one) Applications must be received by 5 p.m. Mountain time. Exam Date { July 15-16, 2005 { November 18-19, 2005 { March 17-18, 2006

Application Deadline June 1, 2005 October 5, 2005 February 1, 2006

Withdrawal Deadline June 7, 2005 October 11, 2005 February 7, 2006

SECTION IV: CFP® Certification Examination Site (see instructions for four-character exam site code) Exam site code: ___________________________________ City, state: ______________________________________________________________________ Request for special arrangements: { I cannot take an exam on the specified dates for religious reasons; a letter from my religious leader is attached.

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I will need special arrangements for a physical disability described in the attached letter from my physician.

SECTION V: CFP® Certification Examination Fee - $595 (a $25 service fee will apply to all returned checks)

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Check (make check payable to CFP Board, do not staple check to application) Amount enclosed: _______________ Check number: ____________________ Credit Card (check only one) { MasterCard { Visa { American Express Credit card #: _______________________________________________________ Name (as it appears on credit card): _________________________________________________________ Expiration date: __________________________

I hereby affirm that I am over the age of eighteen and I authorize the investigation of all statements made by me to CFP Board including, but not limited to, those statements contained in this form. I understand that certification marks, and that I may not use the marks until I receive official misrepresentation or omission of facts is cause for denial or revocation of the right to use the CFP®, CERTIFIED FINANCIAL PLANNER™ and notification of my certification by CFP Board. CFP Board may obtain my educational records in order to verify the truthfulness and accuracy of my educational background and I hereby expressly authorize educational institutions (and authorized agents of such institutions) to release my educational records to CFP Board. I understand that educational records will include, without limitation, any record, file, document or other material which contains information directly related to me, which is maintained by the educational agency or institution or by a person acting for such agency or institution. To the extent any of the following information is not considered to be an educational record I further authorize educational institutions to release: my last name, the last four digits of my Social Security number and the date of my degree completion. In consideration for CFP Board’s acceptance of this application I agree that neither CFP Board nor its directors, officers, employees and others acting on its behalf shall be liable to me for any actions taken or omitted to be taken in any official capacity or in the scope of employment, and I hereby release CFP Board and the other persons identified above from any liability for such actions or omissions.

Signature: ___________________________________________________________________________________ Date: _______________________________ {I do not wish my name to be released to review course providers. {I authorize CFP Board to release my pass/fail status to my Registered Program. Rev. 3/05

C ERTIFIED F INANCIAL PLANNER B OARD OF S TANDARDS, I NC.

1670 Broadway, Suite 600, Denver, Colorado 80202-4809

P: 800-487-1497 F: 303-860-7388 E: [email protected] W: www.CFP.net/become