PFS study plan

Map the weighting of all nine domains and allocate the 8 weekly hours across them so the four heaviest domains receive at least half of total study time

Build a one-page formula sheet covering after-tax return, real return, holding period return, and tax-equivalent yield, then solve ten practice calculations from memory

Reconstruct the investment policy statement framework and write a sample IPS for a hypothetical 45-year-old client with a 70/30 target allocation

Classify ten common income items by character (ordinary, qualified dividend, long-term capital gain, tax-exempt) and state the marginal rate that applies to each

Compute the tax impact of rebalancing a portfolio with both taxable and tax-deferred accounts, showing the asset location decision for bonds, REITs, and broad equity index funds

Evaluate mean-variance basics: calculate expected portfolio return and standard deviation for a two-asset mix at three correlation levels

Apply the wash sale rule, capital loss carryforward, and basis rules to four fact patterns and state the correct taxable gain or loss

Compare Roth versus traditional contributions on an after-tax basis for two marginal rate scenarios and recommend one with justification

Calculate retirement funding need using the capital preservation and purchasing power preservation methods and reconcile the difference in a written note

Determine maximum allowable contributions across traditional IRA, Roth IRA, 401(k), and catch-up provisions for three client profiles with different income and plan coverage

Explain required minimum distribution rules, including the first distribution year, the uniform table concept, and the penalty for shortfall

Identify five tax planning moves specific to the decumulation phase, such as bracket filling, qualified charitable distributions, and Roth conversion windows, and quantify one of them

Compare defined benefit, defined contribution, and cash balance plans on contribution limits, funding risk, and tax treatment

Compute the taxable portion of annuity and pension income using the exclusion ratio and simplified method for two fact patterns

Draft the core documents checklist for an estate plan (will, durable power of attorney, health care directive, beneficiary designations) and explain how each interacts with the others

Calculate federal estate tax exposure for a hypothetical estate and demonstrate the effect of the unlimited marital deduction and portability election

Explain the mechanics and appropriate use of irrevocable life insurance trusts, qualified personal residence trusts, and grantor retained annuity trusts in plain language without jargon

Apply the annual exclusion, lifetime exemption, and gift-splitting rules to five gifting scenarios and state the taxable gift amount in each

Distinguish the estate tax treatment of jointly held property, community property, and property passing by beneficiary designation

Select the appropriate insurance product for four risk profiles and justify the choice using need, cost, and tax characteristics

Perform a full insurance needs analysis using the capital retention and human life value approaches for one hypothetical family and reconcile the two results

Evaluate disability income policy provisions including own-occupation definition, elimination period, benefit period, and residual benefits, and rank three sample policies

Build a personal cash flow statement and net worth statement from a list of raw financial data and compute savings rate, emergency fund ratio, and debt-to-asset ratio

Explain long-term care funding options and the tax treatment of qualified LTC premiums and benefits

Walk through the seven-step financial planning process and write the specific deliverable produced at each step

Distinguish the fiduciary standard from the suitability standard and identify three situations where the difference changes the recommendation

Compare sole proprietorship, partnership, S corporation, and C corporation on taxation, liability, and retirement plan options for a small business owner

Apply the standards of conduct to four ethical dilemmas involving conflicts of interest, compensation disclosure, and client confidentiality, and state the correct action

Take two full-length timed practice exams under exam conditions and record the score by domain

Rank the three weakest domains and complete targeted review of each until accuracy on missed items exceeds 80 percent

Rehearse the formula sheet and key thresholds (contribution limits, exemption amounts, penalty rates) until recall is immediate

Write a one-page exam-day strategy covering time per question, flagging and returning, and handling calculation-heavy items