I just signed up for the Wiley CFP exam review based on a website's recommendation on the 6 best programs. I just googled it. I admit that I didn't immerse myself too deeply in the research. Basically, I checked a few sites on CFP exam refresher courses and made my decision based on how many times the same one came up and the website review (not comments from anybody because there weren't any).
I did it this way because I couldn't find a reddit post that could give any helpful information that could help me with my decision. So, now I'll post my experience as I go through it. I only have 5 weeks until I take the exam (MAR 2020).
Just a little about my study habits: I am a guy who is pretty meticulous when it comes to analyzing data. Some have said I get into the weeds. So, I like all the details because I can paint the picture in my head on what the topic looks like so I can use that to integrate into other concepts. It's really quite annoying that I do that even to myself - but that is who I am and have been since I can remember.
The other part of my study style isn't very disciplined. I tend to work pretty well cramming information in my short-term memory bank. The problem with the CFP course, IMO, is that all the cramming has created a real back-up of information - much like a laundry basket that's been filled and everything added just falls off. So, this will be a real test of my dedication.
I should also mention that I started the CFP program back in 2016 and completed (crammed) the last 3 modules and capstone into the last 6 months to avoid being dropped since the program had to be completed within 3 years. Anyhow, much of the stuff is semi-fresh in my head so I'm counting on my short-term memory to help pick up the slack.
Now, it's also worth mentioning that before I signed up for the College for Financial Planning CFP course, I completed the CRPC(R) with them as well. So, having completed that certification, I was prepared to tackle two courses that related 30% of the material in two of the six modules. So, I actually took module 504 behind 501. Before I tell you more on that whole thing, let me offer you an option to skip the next paragraph, which details what I learned about the advertisement and the misleading marketing regarding "testing out" if you completed one of their other courses like I did (i.e. CRPC, AAMS).
When I started the CRPC with College for Financial Planning (now owned by Kaplan), the appeal was that I'd get some letters behind my name and work my way up to the CFP mark - and the bonus as advertised was that the CPRC would allow you to test out of two modules. I called them for more info. They tap-danced in the explanation that the course doesn't actually allow one to get credit for two of the six (at the time) courses in the CFP program but that in two CFP modules (501 & 504), 30% of the content covered in the CRPC carries over. So, the pitch is that if you do a CRPC (which you must pay for renewal every two years to use the park), you can pass the two modules fairly easily since the material has already been learned - well, at least 30% of the CFP module was learned on two modules.
So, as you can see, there is quite a bit of deception. During my call to the counselor, we'll just call him JohnF, I tried to unmuddy the waters behind this explanation and eventually told me that the CRPC doesn't "test you out of two CFP modules," but that the information in the CRPC is revisited in two of the CFP modules; and in those modules, only 30% carries over, so you have to learn 70% more than what was covered in the CRPC. I apologize for dragging this on but like I said before, I get into the weeds, and I did warn you. Anyhow, the counselor's admission at least gave me a realistic expectation, which the marketing failed to do. In fact, the counselor even said the advertisement's claims were wrong. And I just want to tell you that this is a manipulative marketing practice in my opinion.
I tell you all that so I can better explain my perception and also to share how I go about processing information. That way when you're reading this, if you're like me, you'll understand better my comments about my future comments. Plus, hopefully, this post will help others decide on a CFP refresher program.
Okay, moving on. Fast-forward to today. So far, I just opened the first steps of the Wiley program and it consists of the setup process; taking time to set up a schedule - intro stuff. I will do that tomorrow because I have been drinking wine and not in the frame of mind to take it seriously, which I believe it should be. Besides, I've been researching refresher courses for three days and I finally pulled the trigger and I'm burned out - so I'm going to enjoy my wine and get to gettin' tomorrow.
Submitted February 06, 2020 at 11:04PM by chupabooey https://ift.tt/2GZeoo8
