AFP Exam 2
The AFP Exam 2 is designed to assess your ability to analyze, synthesize, and integrate information across financial planning concepts.
The AFP Exam 2 contains 3 to 4 cases, of 3 to 5 constructed-response questions each, and takes 3 hours to complete.
The exam consists of three or four financial planning scenarios, each with three or four related questions (some consisting of multiple parts).
These questions require a constructed response (i.e., a response expressed clearly in written form).
The exam also contains a number of charts and data worksheets such as a cash flow statements that require completion.
A constructed-response question (CRQ) is an open-ended, typically short-answer question. As the name suggests, you must construct your own response to the question. Your answer to each CRQ could be a few words or a few sentences, depending on what is being asked.
The CRQs are based on the Competency Profile and have the following characteristics:
- They can range in difficulty from simple to complex.
- They are composed with defined and detailed tasks.
- Compare and contrast.
- Show cause and effect.
- Identify issues and concerns.
- Summarize information.
- State a reason, or predict future outcomes based on facts presented in a case narrative.
- Read each CRQ carefully to be sure you understand the question.
- Provide an answer based on the instructions provided in the question stem (no more and no less).
- Do not argue multiple angles unnecessarily; your first response may be the only answer scored.
- Answer all parts of the question.
- When asked, include specific details in support of your answer.
- Visualize, organize, and construct your responses.
CRQ Answers Need:
- Examine the information provided in the case narrative.
- Highlight, underline, or list the things you are asked to do. Instructions include statements such as “Explain the main idea…” and “Use three examples to illustrate…”.
- Write your responses clearly and coherently.
- Be specific.
- Do not include information that was not required; doing so will not improve your grade.
- Manage the time you will spend answering questions based on the number of marks allotted for the answers.
Steps to Complete
- Read the Case Study:
- Read the scenario to understand the client’s situation and goals.
- Prepare for the Test:
- Label topics for quick reference.
- Make notes to help you remember information.
- Answer Quickly at First:
- Answer the easy questions first.
- Focus on what you know.
- Take Your Time:
- Focus first on the high-value questions.
- Answer the harder questions next.
- Check for Errors:
- Check your answers for errors before you submit the test.