The Certified Financial Planner Board of Standards announced Tuesday that of the 2,705 candidates who sat for the CFP exam in March, 65% passed — an increase over the November 2021 pass rate of 58%.
Kevin Keller, CFP Board’s CEO, said on LinkedIn that the March exam was the first to test candidates on Psychology of Financial Planning, and that 7% of exam takers were remote.
The Psychology of Financial Planning portion of the test is “a new Principal Knowledge Topic that encompasses interpersonal components of financial planning, such as behavioral finance and effective client communication,” CFP Board explained.
The CFP exam is offered three times per year: March, July and November.
The July exam content will reflect an updated list of Principal Knowledge Topics, as part of the 2021 Practice Analysis, CFP Board said.
According to the March 2022 post-exam survey, “most test-takers (67%) are pursuing CFP Certification to become more skilled at their jobs and to better serve their clients,” CFP Board reported. “These post-exam survey results are an important testament to CFP Board’s efforts to increase access to all registrants.”
Over 70% of test-takers reported some level of financial support from their employers during the exam process, CFP Board said.
“The feedback received from our post-exam survey demonstrates the continued relevance of CFP certification among financial planners and aspiring financial planners,” Keller said in a statement.
“CFP Board’s goal is to advance and grow the financial planning profession by providing the right knowledge, resources and career pathways, so we are pleased to hear the vast majority of exam registrants feel appropriately supported by our resources and communication.”