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Abstract

housework (<a href="undefined">Jill (Conquering Cognitions)</a> talked about <a href="https://readmedium.com/3-screen-free-ways-to-expose-children-to-mathematics-98c873d6c888">kids choosing to study to avoid doing chores</a>. It’s funny that I do the opposite now sometimes.) It’s all about finding what works for you (and in what situation.) Experiment and switch things up so all senses can be utilized.</p><h2 id="319c">There is no conflict between memorizing and understanding (no substitute either!)</h2><blockquote id="c588"><p>I don’t know what’s the matter with people: they don’t <b>learn by understanding</b>; they learn by some other way — by rote or something. Their knowledge is so fragile!</p></blockquote><blockquote id="6e47"><p>— Richard Feynman</p></blockquote><p id="86f5">As an instructor, I am amazed at how well-designed the CFP test questions are. The CFP exam can truly test higher-level thinking skills with multiple-choice questions. The questions are mainly scenario-based and focus on the higher-level skills of <a href="https://en.wikipedia.org/wiki/Bloom's_taxonomy">Bloom’s taxonomy</a>.</p><p id="0725">A major mistake is that too often, we downgrade the importance of memorization when emphasizing understanding. It’s not an either-or question. We first aim to understand, but it’s also necessary to memorize what you processed in order to utilize the information later fully.</p><p id="716b">For example, when you need to select a retirement plan for a business owner, you will be facing numerous selections: defined benefit pension plans, cash balance pension plans, money purchase pension plans, target benefit pension plans, 401(k) plans…. You have to understand all the features of each plan and have them ready in your brain’s ram in order to recommend one to your client based on their need.</p><p id="8165">So, aim to understand, then memorize (not by rote), and then comprehend the interlinkages between concepts.</p><h2 id="f0c5">How to deal with test banks — Flashcards (Anki)</h2><p id="177f">Remembering requires more than understanding, though. It calls for discipline, and a good system makes the process easier. I put all the questions that I need to review in <a href="https://apps.ankiweb.net">Anki</a> Flashcard App (free!) and studied them heavily during the final two weeks.</p><p id="81d2">You can choose the number of new cards to study each day and adjust review intervals with the Anki App. For each question, I review (and often type in) the related knowledge points and used the search function to study questions in groups. This way, you view the questions as interrelated instead of isolated ones, and it becomes easier to view them as part of the bigger picture.</p><h2 id="c3cc">Fitness</h2><figure id="f4df"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/0*kY6XUw3udIwSeree"><figcaption>Photo by <a href="https://unsplash.com/@sporlab?utm_source=medium&utm_medium=referral">sporlab</a> on <a href="https://unsplash.com?utm_source=medium&utm_medium=referral">Unsplash</a></figcaption></figure><p id="5745">A six-hour exam is challenging both mentally and physically. Two things helped me: rest and workouts.</p><p id="7fcc">I was training for a 5K before the exam, and you can choose any form of fitness program you enjoy. <a href="https://onlinelibrary.wiley.com/doi/10.1002/tsm2.190">Research</a> also supports that exercise can enhance learning and memory.</p><p id="e4

Options

a0">During the last week, I <a href="https://economistfoodlab.medium.com/enjoy-a-guilt-free-nap-at-the-workplace-352ba89abfd8">napped</a> a lot. I was able to stay energetic this way, and <a href="https://www.med.upenn.edu/csi/the-impact-of-sleep-on-learning-and-memory.html">sleep</a> improves our memory and information recall.</p><p id="f86e"><b>As always, take care of your body first.</b></p><h2 id="bd5a">Mock exams</h2><p id="8b3a">I haven’t taken a series test since graduate school, and that was almost ten years ago. The biggest challenge for me was commitment. Okay, the biggest challenge is to sit there for six whole hours and stay focused.</p><p id="ca90">Most of my study sessions were fragmented, given other obligations (or just bad habits.) It’s hard not to touch my phone or check the e-mail for an hour, not to say six hours.</p><p id="34ca">Preparing for the big test, I took four full-length mock exams; two in June and another two in July. These practice exams benefited me in the following ways:</p><ul><li>They helped me identify my weak points so I can adjust study plans accordingly.</li><li>The experience gave me an idea of how tiring it can be, so I learned to prepare accordingly (Hints: eyedrops and energy drink.)</li><li>I took the last mock exam as a “dry-run” and mimicked the testing day schedule as closely as possible, including driving to another town (where the testing center is located) and packing my lunch. Murphy’s law manifested that day. I was sleepy and even forgot to pack my calculator. I got to taste the worst-case scenario and came up with a checklist for the real testing day.</li></ul><p id="364b">Most testing centers have masks mandate. Wear your mask during mock exams so you will be used to it.</p><h2 id="7bb4">Final Notes</h2><p id="94a2">The CFP is one of the most useful exams that I have ever taken. The topics include fundamentals, education, investment, tax, retirement, insurances, and estate planning. In sum, it touches upon every single stage of our life and focuses on the major decisions. Even if you don’t plan to sit for the exam, I would suggest everyone gets a basic understanding of each subject.</p><div id="6c9d" class="link-block"> <a href="https://readmedium.com/6-hacks-to-help-you-effectively-prepare-for-exams-19bd4e4af752"> <div> <div> <h2>6 Hacks To Help You Effectively Prepare for Exams</h2> <div><h3>undefined</h3></div> <div><p>undefined</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*NWkHsm-Ls2wssxRy)"></div> </div> </div> </a> </div><div id="ba60" class="link-block"> <a href="https://economistfoodlab.medium.com/did-you-ever-care-to-think-about-the-deductibles-millennials-lack-of-understanding-of-insurance-29b39541ca0b"> <div> <div> <h2>Did You Ever Care To Think bout the Deductibles? Millennials’ (Lack of) Understanding of Insurance</h2> <div><h3>undefined</h3></div> <div><p>undefined</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*cP-yPCL-UJIELKR3)"></div> </div> </div> </a> </div></article></body>

How I Studied and Passed the CFP Exam

All under three months

Timeline

I learned about the existence of Certified Financial Planner (CFP) certification this January. Given my lack of financial literacy, I decided to get certified (what a leap, I know!)

In mid-April this year, I started studying for the exam, and the serious prep sessions took place in June and July. I passed last week!

Elements contributed to my success

Stick with your study materials

There are a lot of questions on the forum regarding choosing materials providers. I would suggest picking one based on your budget and stick with it. Some programs are more expensive than others, and it’s usually the live-sessions that contribute to the price tag. Texts and test banks are much cheaper given the low marginal costs. It’s easier to choose if you know your learning style very well. For example, if you prefer to read, then the expensive live sessions might add very little value to you.

If you are not sure which format you learn the most, choose a standard package within your budget and stick with it. This is a mature market so all the well-known providers should work. Don’t waste time and money picking or even switching. Trust the process.

I used the Dalton review and benefited from their test banks (more details in the following section.) Their review package includes pre-study textbooks (five books, fairly well-written), a thick, ugly book with all the slides printed out (the organization of the slides can be improved), live review sessions (online, and recordings are provided), and a massive test bank (more than 2000 questions.) Are these all necessary? I would say that the test bank is essential, and all the other parts depend on your learning style, which comes up next.

Figure out your learning style

For my first round of study, I watched the lecture recordings since most topics are pretty foreign to me. My economics background put me on the Accelerated Paths, but to be honest, I had never learned about the difference between whole life insurance and universal variable insurance. There were days that I question how on earth that the coursework requirement was waived for me, given how little I know about the topics. If you have taken the courses recently, the videos might not be beneficial. But if you are on the Accelerated Path like me, the videos provide a good overview of all the knowledge points.

I did not re-watch any of the videos since it is time-consuming. It is much easier to search and skip text content. I also listened to the podcast version when I was cooking or doing housework (Jill (Conquering Cognitions) talked about kids choosing to study to avoid doing chores. It’s funny that I do the opposite now sometimes.) It’s all about finding what works for you (and in what situation.) Experiment and switch things up so all senses can be utilized.

There is no conflict between memorizing and understanding (no substitute either!)

I don’t know what’s the matter with people: they don’t learn by understanding; they learn by some other way — by rote or something. Their knowledge is so fragile!

— Richard Feynman

As an instructor, I am amazed at how well-designed the CFP test questions are. The CFP exam can truly test higher-level thinking skills with multiple-choice questions. The questions are mainly scenario-based and focus on the higher-level skills of Bloom’s taxonomy.

A major mistake is that too often, we downgrade the importance of memorization when emphasizing understanding. It’s not an either-or question. We first aim to understand, but it’s also necessary to memorize what you processed in order to utilize the information later fully.

For example, when you need to select a retirement plan for a business owner, you will be facing numerous selections: defined benefit pension plans, cash balance pension plans, money purchase pension plans, target benefit pension plans, 401(k) plans…. You have to understand all the features of each plan and have them ready in your brain’s ram in order to recommend one to your client based on their need.

So, aim to understand, then memorize (not by rote), and then comprehend the interlinkages between concepts.

How to deal with test banks — Flashcards (Anki)

Remembering requires more than understanding, though. It calls for discipline, and a good system makes the process easier. I put all the questions that I need to review in Anki Flashcard App (free!) and studied them heavily during the final two weeks.

You can choose the number of new cards to study each day and adjust review intervals with the Anki App. For each question, I review (and often type in) the related knowledge points and used the search function to study questions in groups. This way, you view the questions as interrelated instead of isolated ones, and it becomes easier to view them as part of the bigger picture.

Fitness

A six-hour exam is challenging both mentally and physically. Two things helped me: rest and workouts.

I was training for a 5K before the exam, and you can choose any form of fitness program you enjoy. Research also supports that exercise can enhance learning and memory.

During the last week, I napped a lot. I was able to stay energetic this way, and sleep improves our memory and information recall.

As always, take care of your body first.

Mock exams

I haven’t taken a series test since graduate school, and that was almost ten years ago. The biggest challenge for me was commitment. Okay, the biggest challenge is to sit there for six whole hours and stay focused.

Most of my study sessions were fragmented, given other obligations (or just bad habits.) It’s hard not to touch my phone or check the e-mail for an hour, not to say six hours.

Preparing for the big test, I took four full-length mock exams; two in June and another two in July. These practice exams benefited me in the following ways:

They helped me identify my weak points so I can adjust study plans accordingly.
The experience gave me an idea of how tiring it can be, so I learned to prepare accordingly (Hints: eyedrops and energy drink.)
I took the last mock exam as a “dry-run” and mimicked the testing day schedule as closely as possible, including driving to another town (where the testing center is located) and packing my lunch. Murphy’s law manifested that day. I was sleepy and even forgot to pack my calculator. I got to taste the worst-case scenario and came up with a checklist for the real testing day.

Most testing centers have masks mandate. Wear your mask during mock exams so you will be used to it.

Final Notes

The CFP is one of the most useful exams that I have ever taken. The topics include fundamentals, education, investment, tax, retirement, insurances, and estate planning. In sum, it touches upon every single stage of our life and focuses on the major decisions. Even if you don’t plan to sit for the exam, I would suggest everyone gets a basic understanding of each subject.