Savvy Moves To Pass The CFP Board Exam

“I have seen the enemy and he is us.”

This unlikely exam-taking advice comes to us courtesy of the late Walter Kelly, satirical cartoonist extraordinaire and creator of the wildly popular character of Pogo. Respectfully, the author has taken the liberty to slightly modify Mr. Kelly’s sentiment with “I have seen the enemy and he (or she) is me.”  Although Mr. Kelly is—unsurprisingly—not mentioned anywhere by the CFP Board (the Board), his spirit is alive and well in the Board’s admonition to “Understand Multiple-Choice Exams.”

This article is the first in a series to help you maximize your points on the Board exam and we’ll begin with 7 all-too-avoidable mistakes. Text in underlined italics is taken directly from the Exam Day Strategies published by CFP Board. Our comments are in bold and not italicized.

1. Read the entire question before you look at the possible answers.

This is not as easy as it sounds for many of us. Consider that your chances of getting the correct answer soar when you clearly understand what is being asked. Hang on every word in the question as you would a letter from the IRS!  

2. Come up with the answer in your head before looking at the possible answers; this way, the choices given on the test won’t distract you from focusing on the question.

On some questions, one of the choices, perhaps answer choice A, may be seductive but wrong. This discipline keeps you on track to avoid appealing but incorrect answers.

3. Read all the choices before choosing your answer to select the best one.

This strategy has natural synergy with #2 above.

4. Eliminate answers you know are not correct.

Eliminating just two potential answer choices gives you a 50/50 shot even if you’re guessing.

5. There is no guessing penalty, so it’s always best to take an educated guess if you are uncertain of the answer.

Strategy # 4 goes hand in hand with this one. Answer all of the questions! Many commentators recommend using your gut feel if you’re not confident here or choosing a standard “I don’t know” guess such as choice C.

6. Don’t keep changing your answer; usually your first choice is the right one, unless you misread the question.

This could be an exam-taking commandment.  Thou shalt not change your first answer — unless you see something in the fact pattern that you missed when you first read the question. Let’s face it, the only thing worse than not knowing is talking yourself out of the correct answer.

7. Go through the exam and answer the questions you know first. Mark the others for review and then return to those you skipped. This will ensure that you don’t lose time by focusing on questions that cause uncertainty.

This strategy gets your mojo going, builds your confidence, and is a highly regarded point-getter. The author adds one more implication — if an early question is an 8-page case study, give yourself permission to skip it if it feels overwhelming — but remember to come back to it before the exam ends.