EFA Attributes
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Understanding
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Determine
To ascertain / to come to a decision, such as by investigation or reasoning
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
Additional Knowledge Expected of CFP Professionals
- Define an Eligible Funeral Arrangement (EFA). 1
- Identify the purpose of an Eligible Funeral Arrangement
- Identify the requirements to enter an Eligible Funeral Arrangement.
- Minimum 18 years old
- Possess the mental capacity to enter a contract
- A resident of Canada at the time the arrangement is established
- Identify qualified persons who may establish and maintain an Eligible Funeral Arrangement.
- Funeral director
- Operator or owner of a cemetery, mausoleum, crematorium or columbarium
- Explain considerations in establishing an Eligible Funeral Arrangement, such as:
- Funeral director or owner’s licensing status, trustworthiness and stability
- Growth rate of assets under arrangement
- Ability to lock-in costs of funeral
- Ability to transfer arrangement
- Ability to make rational decision during non-emotional time in life
REFERENCES
1 https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/it531/archived-eligible-funeral-arrangements.html
