SPA Skills Assessment study plan

Build a one-page interview script covering the intake sequence: rapport, data gathering, risk tolerance, time horizon, liquidity needs, and constraints

Draft 20 practice questions that map client facts to portfolio implications, then answer each in writing

Construct a comparison table of five asset classes by expected return, volatility, liquidity, and correlation drivers

Compute the effect of a 10% shift between equities and bonds on a sample portfolio's expected return and standard deviation

Role-play three full client interviews aloud, each with a different profile: retiree, young accumulator, and business owner

Identify and correct three behavioral biases in each profile and note the recommended portfolio adjustment

Explain Modern Portfolio Theory, diversification, and rebalancing in plain language to a non-expert listener

Calculate risk-adjusted return metrics (Sharpe and standard deviation) for two sample portfolios and justify a recommendation

Compare stocks, bonds, mutual funds, ETFs, annuities, and alternative investments on cost, tax treatment, and suitability

Build three sample portfolios matched to conservative, moderate, and aggressive risk profiles with written rationale

Convert a client's stated goals into measurable objectives with amounts, dates, and funding sources

Draft a one-page financial plan summary linking goals to recommended products

Construct a full cash-flow and net-worth statement from a sample client's data

Perform time-value-of-money calculations for education funding and a major purchase goal

Apply marginal versus effective tax rates to a sample return and explain the difference

Compare the after-tax outcomes of taxable, tax-deferred, and tax-free accounts for a sample contribution

Match life and health insurance types to five client scenarios and justify each recommendation

Calculate an income-replacement need using the needs and capital-retention approaches

Compare annuity, disability, and long-term care products on coverage limits, exclusions, and cost drivers

Build a retirement income projection that accounts for inflation and sequence-of-returns risk

Draft a basic estate plan outline covering wills, trusts, beneficiary designations, and powers of attorney

Explain the purpose and mechanics of common estate-planning tools to a lay audience

Calculate required minimum distribution amounts and explain qualified plan distribution rules

Identify five tax-advantaged retirement vehicles and their contribution and withdrawal constraints

Summarize fiduciary duty, suitability, and disclosure obligations and apply them to three ethical dilemmas

Identify five common compliance failures in client communication and write a corrective response for each

Practice documenting client recommendations in a file note that satisfies recordkeeping standards

Review privacy and anti-money-laundering obligations and list the required client-identification steps

Complete two full-length timed practice exams under test-day conditions

Review every missed question and write a one-sentence rule for each error category

Re-take the 20-question self-quiz from week 1 and score at least 90%

Assemble a one-page formula and rules sheet covering the highest-frequency calculations