FPSC Level 1® Examination in Financial Planning

The FPSC Level 1 examination is a four-hour, computer-based exam consisting of approximately 95 multiple-choice questions. Each question on the exam focuses on specific elements of the CFP Professional Competency Profile and integrates several financial planning areas. The FPSC Level 1 examination is administered twice a year and is available in French, on request.

Results Now Available for the FPSC Level 1® Examination

Results are now available for the June 2019 sitting of the FPSC Level 1 Examination in Financial Planning, which took place at 50 testing centres across Canada on June 6, 2019.

A total of 634 candidates wrote the FPSC Level 1 examination, the qualifying exam for FPSC Level 1 Certification in Financial Planning. The exam writers included 512 candidates who were taking the exam for the first time and 122 candidates who were re-attempting the exam. The overall exam pass rate was 71%. Among first-time writers, the pass rate was 77% and among repeat writers, the pass rate was 50%.

Candidates who successfully completed the FPSC Level 1 examination are eligible for FPSC Level 1 Certification in Financial Planning, which demonstrates an important level of technical competence and commitment to professional standards. Attaining FPSC Level 1 certification is a mandatory step on the path to CFP® certification under the current FP Canada™ certification requirements.

November 28, 2019 will be the last administration of the FPSC Level 1 exam under the current requirements and effective January 1, 2020, FPSC Level 1 certification will be replaced by QAFP™ certification. The QAFP designation presents a new certification option for those wishing to serve clients with less complex financial planning needs.

Those wishing to attain CFP certification in 2020 and beyond will have the choice to pursue CFP certification directly, or pursue QAFP certification first and continue their studies to complete CFP certification at a later date. Learn more about the certification changes on the FP Canada website.

Results of the June 2019 sitting of the CFP examination will be available on August 1, 2019.

Examinations are offered twice per year, with the last FPSC Level 1 exam sitting taking place on Thursday, November 28 and the next CFP exam sitting taking place on Friday, November 29. Registration is open now; candidates can register here.


Select a topic below to learn more:

 

Important Dates

October 29Exam registration closes
Last day to request a refund, postponement or change exam location
November 6Last day to provide educational transcripts
November 28FPSC Level 1 examination takes place at locations across Canada
December 13Last day to notify FP Canada of any change of address prior to release of exam results
January 15Results released for the FPSC Level 1 examination

 

Fees

 

Early Bird Discounted
Rate ends two months
before exam sitting
After Early Bird
Registration
closes one month
before exam sitting
Exam Registration & Practice Exam   $675 + tax$775 + tax
Exam Registration$550 + tax$650 + tax

To view a complete list of examination fees, including alternate location, postponement or withdrawal fees, click here.

 

Eligibility

To write the FPSC Level 1 examination, you must have successfully completed an FP Canada-Approved Core Curriculum Program within the past four years. You will need to submit a transcript that indicates your successful completion of all courses, through your FP Canada Portal approximately 2.5 weeks before the exam. If you are rewriting the exam, you do not need to re-submit your transcript.

Submit Your Transcript

 

If you hold relevant financial or other professional qualifications, you may be eligible for an exemption from an FP Canada-Approved Core Curriculum Program and proceed directly to the FPSC Level 1 examination. You will need to submit a letter from your governing body that confirms your qualifications and good standing, through your FP Canada Portal no later than one month before the exam.

Submit Your Documentation

You must successfully complete the FPSC Level 1 examination within four years (or four attempts) of successfully completing an FP Canada-Approved Core Curriculum Program. If you are not successful on the exam within four years (or four attempts), you will need to successfully repeat the Core Curriculum Program.

 

Exam Locations

You will be asked to indicate your preferred exam location on the FPSC Level 1 examination application. FP Canada will strive to accommodate your preferred location, but if the location has reached capacity your second preferred location will be assigned to you. In the rare event that your first and second preferred locations are at capacity, an alternate exam location will be proposed to you. A list of standard locations is available in the FP Canada Guide to Certification Examinations.

 

Practice Exam

The Practice Exam is a study tool to help prepare you for the FPSC Level 1 examination. It allows you to experience how the actual exam looks and feels – and most importantly provides feedback on your performance. Candidates who have prepared with the Practice Exam reported feeling more familiar with the exam software, said the diagnostic report provided useful feedback on their performance and said they felt better prepared to write the exam. We encourage you to take advantage of this essential study tool and we recommend that you complete the Practice Exam early in your preparation process.

Order the Practice Exam

 

Based on the FP Canada Blueprint: FPSC Level 1 Examination in Financial Planning, the Practice Exam has the same structure, format and types of questions as the actual exam and uses the same software that you’ll use on exam day.

After purchase, you have a total of six hours to complete the four-hour exam and you may only write it once. You can log in and out as many times as you wish provided total time logged in does not exceed six hours. You can view the Practice Exam questions, their response options and the rationales for each correct and incorrect answer as often as you like until exam day.

Following completion of the Practice Exam, you will receive detailed rationales for all exam questions as well as a diagnostic report to help identify areas that may require more study. You’re encouraged to refer to the information provided in the diagnostic report while preparing for the FPSC Level 1 examination. You can view the Practice Exam and the rationales for each correct and incorrect answer as often as you like until exam day.

You may perceive that the level of difficulty of the actual exam varies from the Practice Exam. The reason could be because you have more time to write the Practice Exam, you have access to study materials while you write it and the results have no direct consequences. When you write the actual exam, there may be some differences in administration settings and there are tighter time constraints for writing. These factors could make the actual exam seem more difficult.

Refunds cannot be provided for purchase of the Practice Exam. Use of the Practice Exam is restricted to candidates who have registered or are registering to write the FPSC Level 1 examination and is for personal study use only. The Practice Exam is updated annually for currency and the exam questions were last refreshed in January 2018. The Practice Exam is currently only available in English.

View the Terms & Conditions

If you have questions about the Practice Exam, please contact us at info@fpcanada.ca. Questions or comments received less than two days prior to the CFP examination will be answered after the examination. There are no additional explanations or tutoring on the Practice Exam content. Please refer to your study materials to better understand the concepts presented in the Practice Exam.

 

Study Toolkit

Tips and tools to help you prepare to write the FPSC Level 1 examination

Maximize your study efforts for the FPSC Level 1 examination with an exclusive webinar facilitated by FP Canada Standards Council’s Examinations department. To help exam candidates gain insight into the exam and exam processes, the webinar will answer frequently asked questions such as:

View the FPSC Level 1 Examination Webinar

If you’re registered for the FPSC Level 1 examination, you have access to more than 50 sample exam questions on your FP Canada Portal including sample case studies, retired exam questions, keys to competency and much more.

Access These Tools

Familiarize yourself with the examination software by using our software tutorial. The tutorial gives you an opportunity to experience how the software will work.

Try the Software Tutorial

Arriving to your exam prepared and knowing what to expect is your best strategy for success. For detailed information about the FPSC Level 1 examination, refer to the FP Canada Guide to Certification Examinations.

We strongly encourage you to use the CFP Professional Competency Profile, and materials from your FP Canada-Approved Core Curriculum Program to prepare for the FPSC Level 1 examination. It’s important to understand that the elements of financial planning competency focus not only on knowledge required, but on how CFP professionals must behave in practice. The questions on the FPSC Level 1 examination will refer to one or more elements of competency. You’ll be expected to understand the competencies and how they should be applied in practice.

Please note: FP Canada Standards Council does not review, recommend or endorse any external study help providers, courses or materials as representative of the FPSC Level 1 examination.

 

Preparation Checklist

This checklist will help you prepare to write the FPSC Level 1 examination. For more detailed information, please refer to the FP Canada Guide to Certification Examinations.

  • Log in to your FP Canada Portal to register for the exam.
  • Submit your FP Canada-Approved Core Curriculum Program transcripts through your FP Canada Portal one month prior to your exam sitting. You do not need to submit your transcripts at the same time that you register for the FPSC Level 1 examination.
  • The FP Canada Guide to Certification Examinations is required reading for all FP Canada examination candidates.
  • View the Examination Preparation Webinar, facilitated by FP Canada Standards Council’s Examinations department, to gain insight into the exam and exam processes.
  • Purchase the Practice Exam. Candidates who have prepared with the Practice Exam reported feeling more familiar with the exam software, said the diagnostic report provided useful feedback on their performance and said they felt better prepared to write the exam.
  • Review more than 50 multiple-choice sample exam questions, as well as a case study - these are available on your FP Canada Portal.
  • Familiarize yourself with the exam software by accessing the Software Tutorial.
  • Bring your Admission Ticket. Approximately two weeks prior to the exam, you will receive an email directing you to download and print your Admission Ticket from your FP Canada Portal. The address of your exam location will be printed on the Admission Ticket.
  • Bring photo identification. Along with your printed Admission Ticket, you must bring photo identification issued by a third party and containing both your photograph and signature. The name on your identification must match the name on your exam application, Core Curriculum Program transcripts and Admission Ticket. For examples of acceptable pieces of identification, please refer to pages 15-16 in the FP Canada Guide to Certification Examinations.
  • Bring a noiseless, non-programmable financial calculator. For a listing of approved calculator models, please refer to pages 16-17 in the FP Canada Guide to Certification Examinations.
  • Arrive early. Please report to the examination centre by 8:15 a.m. and be registered and seated to hear instructions by 8:45 a.m. The writing of the exam will begin at 9:00 a.m.
  • For instructions on what to bring, what not to bring, what you may keep on your desk during the exam and other important details, please refer to pages 15-18 in the FP Canada Guide to Certification Examinations.

 

Key Resources

 

Questions?

If you have any questions regarding the FPSC Level 1 examination or your responsibilities or rights as a candidate, please contact us at info@fpcanada.ca, 416.593.8587 or 1.800.305.9886. We will be pleased to assist you.