AFP Exam 1 study plan

Map the 15% investment-planning domain into a one-page outline covering asset allocation, portfolio theory, risk-return measures, and investment vehicles

Compute and interpret expected return, standard deviation, covariance, and correlation for a two-asset portfolio using a worked example you build yourself

Apply the standards of conduct framework to three hypothetical adviser scenarios and write the correct action for each

Set up a spaced-repetition deck limited to 40 cards on investment and conduct fundamentals

Construct sample portfolios across conservative, moderate, and aggressive risk profiles and justify each allocation in writing

Explain diversification limits, systematic versus unsystematic risk, and rebalancing triggers without notes

Compare mutual funds, ETFs, separately managed accounts, and annuities on cost, tax, and liquidity dimensions

Solve 30 investment-planning practice items and log every missed concept with a corrected rule

Calculate retirement funding needs using inflation-adjusted spending, expected returns, and a stated accumulation horizon

Compare defined-benefit, defined-contribution, and hybrid plans on risk bearing and payout mechanics

Explain Social Security benefit timing tradeoffs and qualified plan distribution rules at a conceptual level

Draft a retirement-needs worksheet for a hypothetical 42-year-old client with two savings scenarios

Identify the major life-cycle risks and match each to an appropriate insurance or savings response

Compare term, whole, universal, and variable life insurance on cost structure, cash value, and suitability

Explain disability income policy provisions including benefit periods, elimination periods, and definition of disability

Complete 25 mixed retirement and insurance practice items and correct each error in writing

Analyze health, long-term care, homeowners, auto, and liability coverage gaps in two hypothetical client fact patterns

Compute the income tax effect of deductions, credits, and above-the-line adjustments in a simple return

Distinguish marginal from effective rates and apply capital gains and qualified dividend treatment to sample transactions

Build a one-page tax-planning checklist covering timing, entity, and account-location strategies

Explain basis rules, like-kind and exclusion provisions, and retirement account taxation at a working level

Build a monthly cash-flow statement and budget for a hypothetical household and compute savings rate and emergency fund coverage

Apply debt management ratios and recommend a paydown sequence with stated assumptions

Complete 30 tax and cash-flow practice items and rewrite each missed rule in your own words

Compare intestate succession, wills, and trust structures on control, probate, and tax consequences

Explain gift and estate transfer tax concepts, annual exclusion mechanics, and basis step-up at a conceptual level

Summarize employee benefit and equity compensation features including vesting, taxation timing, and diversification concerns

Draft a data-gathering questionnaire and convert three client goals into measurable, time-bound statements

Integrate all ten domains into a single outline linking client data, goals, recommendations, and monitoring triggers

Define monitoring metrics and review frequency for a sample plan and specify when a plan revision is triggered

Complete a timed 60-item mixed mock and score each domain separately

Review every missed mock item and close remaining gaps with targeted re-study of the two weakest domains