The candidate must pass a single or multiple certification examination(s) based on Financial Planner Competency Profile
The Competency Profile:
- Tests the knowledge and abilities of candidates, covering the Fundamental Financial Planning Practices and Financial Planning Components described in FPSB’s Financial Planner Competency Profile; and
- Is independent of examinations provided as part of an education program.
FPSB member organizations’ examination(s) meet the following standards:
- Research (job analysis) should be conducted to demonstrate that tests address current and anticipated critical work functions, job tasks and financial planning knowledge, skills and abilities.
- A test specification relying on FPSB standards should be developed by an expert panel that uses its expertise, and the results of a job analysis, to define cognitive levels and weigh content areas based on importance and frequency.
- Item writers (i.e., subject matter experts), reviewers and editors should be trained in the form of test being used (multiple choice, constructed response, etc.).
- Test items should be written to the test specification.
- Test items and test forms should be independently reviewed and approved prior to being used.
- Test items should incorporate cognitive levels appropriate to the learning outcomes being measured.
- Item-level data should be used to select equating items (the score on a new exam form and the score on a reference form should be equivalent) and to assess item performance for test administrations.
- All reported scores should be based on a pass-fail standard to assess competency in financial planning, with sufficient data to show a high level of reliability and validity.
- Test results should be repeatable; therefore, data should be collected and analyzed at the item level to show reliability, errors of measurement and difficulty.
- All forms of a test should be statistically equivalent until a new test specification is implemented.
- The Certifying Body should understand and be able to justify the test pass rate over time.
- Test administration procedures should be developed and consistently administered that address uniform test administrations, test security, irregularities, scoring and score reporting.
- Programs should document and publish test policies and procedures to comply with all applicable domestic laws and requirements for testing individuals with disabilities.
- Policies and procedures should be implemented to ensure that all test candidates are treated equally and fairly.
- Programs should develop and implement test policies and procedures that address the rights of a candidate to appeal assessment results within a reasonable period of time.
- The Certifying Body should document exam processes and procedures including those to develop and administer tests, establish the passing score, analyze item data and evaluate candidate performance.
- The Certifying Body should retain data about test candidate performance for a reasonable period of time.