Have you signed up to take the MRFC Exam yet? The exam fee has been discounted from $300 to $125 during this initial test taking period.
The MRFC Exam is proctored and has to be taken on a computer in a designated testing center. You will be permitted to take scratch paper, a pencil, and a financial calculator with you (please refer to the Candidate Information Handbook for specific models); as long as the memory has been cleared.
The MRFC Exam consists of 125 multiple choice questions. Of the 125; only 100 will be scored. If you have taken any industry exams you know this is a standard practice, there are always some questions which are not scored. Of course you will not know which are scored. You will be given three hours to complete the exam. The passing score is 75.
We all know that some exams in our industry have been designed for failure. We have tried our best to make sure the MRFC Exam is not one of them. Not everyone is going to pass, but you shouldn’t leave the exam feeling as though you were tricked.
Now that you have an idea of what the exam looks like, it’s time to review the actual content on the exam and how to study for it. Understandably, the top questions the IARFC team has been asked since announcing the availability of the MRFC Exam relate to studying for the exam. Very few people want to take an exam without some preparation. While we do not currently have a formal review course for the MRFC Exam, we have provided you with a couple of key items to help you study.
The first key to exam preparation is the “Blueprint Exam Content”, located on the MRFC website, www.pathtomrfc.org under the “Get Started” tab. The Blueprint Exam Content shows the 13 main content areas the exam will cover. These areas are: Client Engagement Process, Retirement Planning, Insurance Planning, Education Planning, Estate Planning, Professional Conduct, Plan Development, Data Gathering, Ongoing Monitoring, Tax Planning, Investment Planning, Regulations and Compliance, and Practice Management.
Next to each content area is the percentage of the exam dedicated to this area. For example, Practice Management is 2% of the exam. Under each content area are subtopics, giving you an even better idea of what types of questions are going to be asked for each category. I encourage you to review the Blueprint Exam Content, and maybe highlight the areas you feel you need to review. At that point, it becomes a matter of personal comfort. Maybe you really aren’t familiar with the Practice Management topic, but you decide you do not want to worry about studying for it because it is only 2% of the exam. You may still want to review the material. Everyone has a different plan of attack when it comes to taking an exam, and only you know what works best for you.
The second key to preparing for the Exam is the list of Reference Materials. This is also provided on the MRFC website, in the same area as the Blueprint Exam Content. The list of reference materials is not comprehensive, but it does include many resources that were used to create questions for the exam. We feel the reference list provides a good basis for review. You are of course welcome to use any additional study material that you have.
Start the process!
Send in your MRFC Application today and help us take the Association to the next level.