EFP study plan

Map the domain weighting of the exam and rank each domain by weighted score impact so study time follows point value rather than comfort

Build a one-page asset allocation decision framework covering risk tolerance, time horizon, correlation, and rebalancing triggers

Compute expected return and standard deviation for a two-asset and three-asset portfolio by hand to internalize diversification math

Draft a client discovery script of 10 open-ended questions that surfaces goals, constraints, and behavioral biases

Explain the difference between strategic and tactical allocation in writing and identify when each is defensible

Apply Modern Portfolio Theory limits, efficient frontier logic, and the capital market line to three client scenarios

Distinguish active versus passive management costs and quantify the drag of expense ratios and turnover over 20 years

Practice translating allocation recommendations into plain-language client explanations without jargon

Identify the behavioral biases (loss aversion, recency, anchoring, overconfidence) most likely to derail a written plan

Construct a rebalancing policy with bands and a calendar rule, then stress-test it against a 30% drawdown

Compare defined benefit and defined contribution structures and state who bears investment and longevity risk in each

Calculate retirement funding need using a replacement-ratio approach and a present-value-of-expenses approach, then reconcile the two

Evaluate annuity options including immediate, deferred, and inflation-adjusted variants for longevity protection

Sequence withdrawal sources across taxable, tax-deferred, and tax-free accounts to manage bracket and IRMAA exposure

Identify early-withdrawal penalties, required minimum distribution rules, and their planning consequences

Model how contribution timing, employer match, and catch-up provisions change terminal retirement balances

Compute after-tax value of identical contributions made pre-tax versus after-tax under two marginal rate assumptions

Apply capital gains treatment, holding period rules, and loss harvesting mechanics to a sample portfolio

Explain marginal versus effective rates and bracket management strategies using a worked numerical example

Identify above-the-line deductions, credits, and phase-outs most relevant to individual planning

Quantify life insurance need using both the human life value and needs-analysis methods and explain divergence in results

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

Analyze disability and long-term care coverage gaps against a client's income and asset profile

Explain the tax treatment of life insurance death benefits, cash value growth, and policy loans

Evaluate annuitization and insurance-based strategies as tax-deferral or estate tools with their tradeoffs

Compare wills, revocable trusts, and irrevocable trusts on control, probate exposure, and tax treatment

Apply gift and estate transfer concepts including annual exclusion, unified credit, and stepped-up basis

Design a beneficiary designation review checklist covering retirement accounts, insurance, and TOD/POD assets

Build a debt paydown comparison of avalanche versus snowball methods with a full amortization schedule

Construct a household cash flow statement and calculate emergency fund adequacy and savings rate

Apply the fiduciary standard and distinguish it from suitability, disclosing conflicts in writing

Work through a code-of-ethics scenario involving compensation conflicts and identify the compliant action

Calculate key cash flow ratios including savings rate, debt-to-income, housing ratio, and liquidity ratio

Explain the planning process stages from engagement through monitoring and define scope-of-engagement boundaries

Identify documentation and recordkeeping obligations that support a defensible advice file

Integrate all seven technical domains into a single coherent financial plan for one hypothetical client

Draft client-facing recommendations that connect each action to a stated goal and a measurable outcome

Practice explaining a complex tradeoff aloud in under three minutes without notes

Complete a timed mixed-domain assessment and categorize every error by domain and error type

Build a final-week review list targeting only the weakest two domains identified by the assessment