The purpose of FP Canada™ exams is to identify those candidates who meet the standard necessary to gain certification and those who do not.
These exams are “pass or fail” and are designed to be accurate in making only that determination.
The exams of all candidates whose scores are close to the pass mark are re-scored to confirm final score and pass/fail status. This ensures that any candidates with borderline scores have their exams marked at least twice before results are released.
Scoring process
There is no difference in the scoring process between candidates who write at in-person test centres and those who write via online proctoring.
Multiple-choice questions are scored by computer.
For constructed-response questions, a scoring committee of CFP® professionals reads all responses and assigns scores based on a predetermined scoring key.
- The majority of constructed response questions are scored by two scorers
- Where significant differences exist between the judgments of the scorers for a particular response, a third scorer will deliberate and make the final decision
How the exam pass mark is set
FP Canada follows a rigorous process to produce exam results.
- FP Canada follows well-established pass-score procedures used for other professional certification exams
- Results are verified and analyzed to ensure accuracy and reliability
- Candidate comments and feedback are considered throughout this process
- FP Canada’s exam panels conduct a thorough statistical review of each exam’s results and questions to help determine a fair pass mark
The methodology that FP Canada uses to set the pass marks for the QAFP® exam and the CFP exam is called criterion-referenced methodology.
Norm-referenced methodology uses a bell curve to establish the final score needed to pass the exam. The determination of whether or not an individual will pass or fail a norm-referenced exam depends on their relative standing in comparison to other examinees in that particular administration. FP Canada exams are not marked using this methodology.
With criterion-referenced methodology, performance is scored against an established passing standard rather than ranked in comparison to others taking the same exam at the same time. The passing standard for the FP Canada exams is determined by a committee composed of professional financial planners from across Canada, using accepted psychometric principles and methods for standard setting.
Although all questions on the FP Canada exams are developed from the respective FP Canada Standards Council™ Competency Profile, and every effort is made to ensure a consistent difficulty level at each exam sitting, the overall difficulty may vary slightly from one sitting to the next.
To address any differences, and to ensure that all candidates are treated fairly on each exam, the pass mark for each specific exam sitting is statistically adjusted to compensate for any fluctuations in the level of difficulty. This adjustment ensures that the candidate's scores are comparable regardless of when they take the exam and that candidates are not advantaged or disadvantaged if the exam they take is slightly easier or slightly more difficult than a previous exam.
Successful exam completion
If you pass the QAFP exam or the CFP exam, and meet the other requirements for certification including relevant work experience, you can apply for QAFP certification or CFP certification. You cannot use the certification marks until you receive notification that your application for certification has been processed and approved.
Results release process
Check your account to learn when you can expect your exam results. The release date is added about two weeks before results are available. You will receive an email when your results are available.
FP Canada does not release results over the phone, by fax or by email to ensure privacy and maintain confidentiality.
Give feedback on your exam
Survey
FP Canada can’t provide individual responses to specific questions, but appreciates all comments which inform questions for future exams.
When you finish writing your exam, you will be asked to complete a short feedback survey about your overall exam experience. You don’t have to complete the survey, but FP Canada appreciates your feedback, and will email you a more comprehensive survey to complete if you choose to provide feedback.
Comments to the exam panel
Candidates who experience problems during their exam should immediately alert their proctor, who must report them to FP Canada. Candidates should report concerns they had during the exam directly to FP Canada at info@fpcanada.ca within one week of the exam date.
FP Canada does not discuss specific questions about exams with candidates, but you can give content feedback about your exam questions and response templates by sending comments to the exam panels at info@fpcanada.ca.
- The exam panel only reviews comments received within one week of the date of the exam
- Your name will not be disclosed to the Exam Panel during the review
Appeals process
The FP Canada exams are ‘non-disclosed’ exams, which means that exam material is not available for candidates to review. FP Canada will not discuss specific questions on any of the exams with candidates.
FP Canada uses a rigorous scoring process with a high degree of accuracy:
- Multiple-choice questions on FP Canada exams are scored with exam software
- Constructed response questions on the CFP exam are marked by two, and often three, scorers
Before the exam results are released, FP Canada verifies the results for candidates who score within 15 points of the passing standard of 500, specifically, those who score between 490 and 505.
It is unlikely that your exam score will change from “fail” to “pass” as a result of manual rechecking after the results are released, but if you want to have your exam manually re-scored, you can email a request to info@fpcanada.ca within 30 days of the release of your exam results.
- The charge for manually re-scoring an exam is $350
- FP Canada will not process requests that are submitted without payment information, or that we receive more than 30 days after the release of the results
- Re-scoring will be done within 30 days of receiving your request and payment
- You will receive a letter with the results, indicating only if your result is unchanged or has changed from fail to pass
- No additional information on candidate performance is provided
- If your result changes from fail to pass, your re-scoring fee will be reimbursed
Requests for interpretation or to appeal FP Canada exam policies must be made in writing and addressed to FP Canada, attention: Exam Department. FP Canada will only discuss examination matters with the candidate directly. If a candidate wishes to authorize FP Canada to engage with another party on their behalf, they must provide written direction and consent before FP Canada will communicate with a third party.
Reattempting the exam
You must successfully complete the CFP examination within 4 years (or 4 attempts) of successfully completing the CFP Professional Education program. If you are not successful on the exam within four years (or four attempts), you will need to successfully repeat the CFP Professional Education Program.
Candidates who do not pass the QAFP exam within four years of completing the QAFP Professional Education Program must repeat the QAFP Professional Education Program to requalify for the QAFP exam. Candidates who do not obtain QAFP certification within four years of passing the QAFP exam must restart the path the QAFP certification.
Candidates who do not pass the CFP exam within four years of completing the CFP Professional Education Program must repeat the CFP Professional Education Program to requalify for the CFP exam. Candidates who do not obtain CFP certification within four years of passing the CFP exam must rewrite the CFP exam.
