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CFPs are debating whether the CFP board’s recent news that it would be transitioning to computer-based exams and reducing their length and duration is the board’s way of growing the number of CFP certificants.
Advisor, blogger, Twitterphile and ThinkAdvisor contributor Michael Kitces raised this question in a recent Nerd’s Eye View blog, asking bluntly why the Certified Financial Planner Board of Standards would chop the length of the exam by 40 percent, from 285 exam questions to only 170, and reduce the exam from a 10-hour, day-and-a-half exam into a six-hour, single-day exam “if the goal wasn't to at least create the perception that the exam will be easier and therefore more appealing to take.”
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However, he said that “the issue of why it has to be a six-hour CBT instead of a 10-hour CBT is less clear.” The CFP board “maintains it wasn’t making the exam easier; the gut response of the community seems to disagree, and the initial reaction of test-takers who are excited about the shorter exam would certainly confirm at least the PERCEPTION that it’s going to be easier.”
Said Kitces: “The feedback seems to be skewing negative, though there are certainly some who are supportive of the change — notably, especially those who haven’t taken the exam yet but plan to do so and are looking forward to the shorter one-day six-hour version!”
Originally published on ThinkAdvisor. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.