Of the more than 2,100 individuals who took the Certified Financial Planner Board of Standard’s first computer-based exam in November, 66% passed, a figure that the Board says is “slightly higher” than previous years’ exam rates but one that illustrates a “successful” transition to the computerized testing model.
In a Tuesday statement, Kevin Keller, the CFP Board’s CEO congratulated those who passed what he called a “very rigorous exam,” adding that he hoped exam takers “found the new format was more convenient and provided an enhanced experience, while still effectively evaluating their knowledge of financial planning and helping them prepare to be ethical and competent Certified Financial Planner professionals.”
The November CFP exam was administered during a five-day testing window from Nov. 18 to 22. The final paper-based exam was administered from July 18 to 19.
The Board noted that 2,147 applicants took the CFP Certification computer-based exam in November, the highest number of applicants in the past two years.
While the 66% pass rate was “slightly higher” than the overall pass rate from the past two years, it was within the range of results over the past 10 years, the Board said.
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Also, the majority of candidates could choose which day to take the exam from 265 testing sites around the country and candidates were able to receive preliminary – though unofficial – results immediately following the test.
Keller told ThinkAdvisor in a previous interview that the new computerized exam format is part of the Board’s push to boost the number of CFPs, and said he hoped the additional access provided under the new computer-based testing “will encourage more people to not only sit for the exam but ultimately obtain the CFP certification.”