I survived the CFP exam and oh, what a relief it is

Do you remember the old Speedy Alka-Seltzer TV commercials from the 1950s and 1960s? The tap-dancing wooden puppet's motto was “Oh, what a relief it is!” That is exactly how I feel after completing the two-day, 10-hour certified financial planning test this past weekend. It was a memorable experience. Having been a reporter in Washington for more than 30 years, I am accustomed to security checks. But gaining entrance to the Capitol or any number of federal buildings is nothing compared with the admission procedure for the CFP exam at a local DC hotel. Test candidates had to sign in and present their admission ticket and government-issued photo ID for each of the three sessions. Those who wanted to take a bathroom break during the four-hour Friday session or either of the three-hour Saturday sessions, had to surrender their test, admission ticket and photo ID, record their test booklet number, and note the time they left and returned. There would be no colluding in the bathrooms. About 100 people took the test this past weekend. The candidates were an uncanny reflection of the general CFP population: about 80% male. I was delighted to see several young women among the test candidates, including a few recent college graduates and others with several years of industry experience. There also seemed to be many mid-career professionals and several 50-plus test takers like me, reinforcing the notion that financial planning is an attractive second career option. By the end of the first session, I was wrung out. I texted my husband to have one thing ready when I arrived home that evening: chardonnay, stat. But by Saturday morning, I had settled into an eerie calm. I, of course, can't discuss the questions, but I felt that my months of study prepared me for this grueling exam. I won't know the results for about five weeks, but I feel that I gave it my best shot. Regardless of the exam outcome, I know that I have learned a lot during my past three years of study, and I have great appreciation for those who have earned this designation. The curriculum covers an enormous amount of material, including investment planning, tax planning, retirement planning, insurance planning and estate planning. But it also places significant emphasis on ethics and standards of practice that are in the best interest of consumers. It is a laudable goal. Thanks to all the InvestmentNews readers who offered helpful study tips. My favorite: chew cinnamon gum. I did throughout the three test sessions. It helped me stay focused and minimized the need for water breaks as we couldn't bring any food or liquids into the testing site and, consequently, reduced needed bathroom breaks, too. It was a great piece of advice. A week before the test, one financial adviser told me: “When you go into that exam, you are either going to feel like you are hunting the bear or the bear is hunting you.” I took his advice and decided I was the one doing the hunting. But I will have to wait till next month to see if I bagged a trophy.