(September 6 – 10:50 ET) – The Ontario Securities Commission has published a handbook for its pilot test of the Financial Planning Proficiency Examination, scheduled for October 2.
Tests will take place in St. John’s, Toronto, Winnipeg, Regina and Vancouver. There is no fee for writing the pilot test and a complimentary lunch will be provided to all volunteers following the morning session. There will be no Pass/Fail results, although all the volunteers will have the option of receiving a confidential assessment indicating areas of possible weakness. Volunteers must adhere to all regulations concerning the examination.
Volunteers will receive continuing education credits upon completing the exam. The Canadian Association of Insurance and Financial Advisors, the Investment Dealers Association, and the Institute of Canadian Bankers will offer 12 hours of CE credits to all volunteers. The Canadian Institute of Financial Planning does not grant CE credits.
The exam covers all aspects of the theory and practice of financial planning, divided into eight content “domains”: Investment Planning; Retirement Planning; Estate Planning; Risk Management and Insurance; Taxation; Law & Ethics; Financial Planning Process; and Relationship Building.
The exam will also attempt to test in the following proportions: Knowledge, 13%; Understanding, 19%; Application, 23%; Analysis, 25%; and Synthesis, 20%. These proportions were derived from a survey by Brendan Wood International of organizations providing training and examinations of professionals in the financial planning industry.
The exam has two parts, and each part is allotted three hours. Part one consists of about 100 multiple choice questions covering all the domains, concentrating on knowledge, understanding and application. Part two includes one or two complex “cases”, requiring analysis and synthesis.
-IE Staff