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 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.
|October 29||Exam registration closes |
Last day to request a refund, postponement or change exam location
|November 6||Last day to provide educational transcripts|
|November 28||FPSC Level 1 examination takes place at locations across Canada|
|December 13||Last day to notify FP Canada of any change of address prior to release of exam results|
|January 15||Results released for the FPSC Level 1 examination|
|Early Bird Discounted|
Rate ends two months
before exam sitting
|After Early Bird|
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.
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.
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.
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.
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.
If you have questions about the Practice Exam, please contact us at email@example.com. 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.
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:
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.
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.
If you have any questions regarding the FPSC Level 1 examination or your responsibilities or rights as a candidate, please contact us at firstname.lastname@example.org, 416.593.8587 or 1.800.305.9886. We will be pleased to assist you.