Taxonomy

 

Bloom’s Taxonomy is a widely used educational classification system for defining, distinguishing and categorizing cognitive skills. For FP Canada, it provides the framework for the knowledge expectations set out in the Financial Planning Body of Knowledge (FP-BoK).

The verbs used in the FP-BoK, which articulate the depth of knowledge expected of QAFP professionals and CFP professionals, align with Bloom’s Taxonomy.



Glossary of Verbs Used in the FP-BoK

Verb Description
Define To state exactly the meaning of
Identify To be aware of / to recognize and correctly name / to locate an appropriate resource
Explain To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
Determine To ascertain / to come to a decision, such as by investigation or reasoning
Compare To note the similarities and differences between two or more things
Estimate To determine an approximate value for
Calculate To find the value using mathematics
Convert To change from one form or purpose to another
Evaluate To reach a conclusion or make a through careful study
Interpret To give the meaning of / to construe or understand / to translate orally


Knowledge Levels

The verbs used in the FP-BoK are grouped into four knowledge levels. The knowledge levels set out the depth or level of knowledge required for each knowledge topic.

The Awareness and Understanding knowledge levels identify topics for which QAFP professionals and CFP professionals are expected to have technical or conceptual knowledge.

The Application and Evaluation knowledge levels identify topics for which QAFP professionals and CFP professionals are expected to have a knowledge level that allows them to synthesize and apply knowledge to client situations.



Glossary of Knowledge Levels Used in the FP-BoK

Knowledge Level Associated Verbs used in the BoK
Awareness Define, Identify
Understanding Explain
Application Determine, Compare, Estimate, Calculate, Convert
Evaluation Evaluate, Interpret