AAMS study plan

Map the financial planning process into a numbered checklist and apply every step to one hypothetical client fact pattern

Draft a discovery questionnaire that captures goals, time horizon, liquidity needs, risk tolerance, tax status, and unique constraints

Build a one-page comparison table of equity, fixed-income, and cash vehicles listing cost, liquidity, and tax treatment for each

Compute after-tax yield and holding-period total return for three sample securities

Classify 20 sample securities by asset class, market capitalization, sector, and credit quality

Write a plain-English explanation of the structure, cost, and risk differences among mutual funds, ETFs, closed-end funds, and separately managed accounts

Construct a 3-asset and a 5-asset portfolio from stated assumptions and record expected return, volatility, and correlation for each

Derive strategic asset weights for three client profiles: conservative, balanced, and growth

Calculate and interpret standard deviation, beta, Sharpe ratio, and maximum drawdown from a supplied return series

Distinguish systematic from unsystematic risk and quantify the diversification benefit across a 1-asset to 10-asset progression

Draft an investment policy statement template covering objectives, constraints, risk tolerance, and review triggers

Diagnose behavioral biases in three client vignettes and write a mitigation note for each

Build a tax-efficiency checklist covering asset location, loss harvesting, lot selection, and deferral

Compute capital gains and losses under FIFO and specific identification, including netting of short-term against long-term

Compare taxable, tax-deferred, and tax-exempt account treatment for a single sample client over a 20-year horizon

Explain wash-sale, net investment income tax, and alternative minimum tax exposure in plain English with one example each

Compute after-tax accumulation for the three account types across a 20-year projection with stated return and tax assumptions

Estimate retirement income need using both the replacement-ratio method and an inflation-adjusted expense method, then reconcile the two

Compare a fixed real withdrawal rule, a dynamic spending rule, and an annuity ladder on sustainability and legacy outcome

Summarize required minimum distribution rules, early withdrawal penalties, and rollover mechanics in a reference note

Model sequence-of-returns risk by running the same average return in two different orders against a withdrawal schedule

Calculate Social Security claiming breakeven ages for two claiming strategies

Identify the core estate planning documents and the specific function each performs

Calculate federal estate tax exposure for a sample estate and show the effect of portability on the surviving spouse

Compute annual exclusion gift capacity and remaining lifetime exemption for a multi-year gifting case

Compare a will, a revocable trust, an irrevocable trust, and beneficiary designations on control, probate, and tax outcome

Resolve five ethics and standards-of-conduct vignettes and cite the specific standard governing each decision

Draft client communication scripts for a significant portfolio loss and for a fee increase conversation

Complete two full-length timed mock exams and log every incorrect item by domain and by error type

Re-drill the three weakest topics until practice accuracy reaches 85% or better

Condense all formulas, thresholds, and rules into a single one-page reference sheet

Rehearse the full client meeting sequence: discovery, recommendation, disclosure, documentation, and follow-up