Tips for Answering Multiple Choice Questions

The theory of a multiple choice question test is with a large number of questions, the student’s score will actually reflect his or her knowledge of the subject. In practice, multiple choice tests cannot determine accurately and fully a student's knowledge of the subject matter. A student may understand part or all of a particular subject area and still fail to answer the multiple choice question correctly. Similarly, a student who does not know a given subject matter may correctly select the answer and receive full credit.

Students must remember when the test is being graded, the score is not necessarily based on their knowledge of the subject but on the number of correct answers marked on the answer sheet. Unfortunately, the CFP Board of Standards does not disclose the percentage of correct answers required for a passing score. The score is based only on the number of questions answered correctly. There is no penalty for guessing, so be sure to put down an answer to every question.

Even when you are uncertain of the answer, you should make an attempt at it. Do not spend a lot of time agonizing over choices. Many students have told us there is absolutely no time to waste in the CFP® Certification Examination. You need to answer all of the questions, so choose an answer and mark the question for review later. Something may trigger an answer when you return to it later.

The first rule is to answer all of the questions. Before the end of the allotted time, be sure to mark all of the questions, even if you have to pick the answers at random in the last minute.

Some students find they are able to work more efficiently through the case study portions of the examination by skimming the questions before reading the facts of the case study. As they read the case study information, the students will know what facts to look for and they can underline or highlight important information. Since they know from reading the questions what information is important, the students will not waste time on distractions and irrelevant issues. Their reading will also be more focused.

The examination is divided into three parts. There is a four-hour session on Friday afternoon and two three-hour sessions on Saturday. Each session will include a case study with multiple choice questions. The questions based on cases are worth 3 points each while the stand-alone questions are worth 2 points each. You should be careful for each part of the examination to budget your time to ensure that you answer every question and do not spend too much time on any one question. For example, if the examination is three hours or 180 minutes and there are 100 questions, you have on the average less than two minutes for each question. You should try to answer each question within a minute and a half. You can check that you are on schedule after approximately 20 questions. Check again after 40 questions and every additional 20 questions after that. If you follow this plan, you will have approximately 30 minutes left at the end of the test to review and reconsider any questions you marked for review. For some questions, a minute and a half is more time than you will need to read and select an answer. Other questions may require more time, but you should try not to spend too much time on any one question. If a question is difficult or confusing, mark an answer and note the question so you can come back to it at the end of the examination. Otherwise, you will spend too much time early in the examination on a few difficult questions and leave too little time for other questions which you might have been able to answer correctly.

Even when you are dealing with questions that are familiar to you and you feel confident of your knowledge, take the time to read all of the options. The temptation is to select what looks to be the right answer and to skip over the other options. Do not skip the other options. Read every option and then choose the best answer. Too often a student will select an answer that seems plausible and will fail to consider an aspect of the problem that would be revealed simply from a reading of the other choices.

You should plan on using the entire time allowed for the examination. You do not get any points for finishing early. When you have seen all questions on the test, go back to review the questions you marked. You can take your time reviewing these questions. Many times a student will realize the answer to a question from reading another question. Sometimes the information needed to answer a question will suddenly be remembered.

Students should not try to memorize large quantities of information for this examination. Formulas, tax rates, phaseout ranges, mortality tables, and other information required to work problems are generally provided to students on the examination. Students will need to know how and when to use this information. Please refer to the key facts and figures sheet at the end of the study tips.

One of the paradoxes of multiple choice tests is every student gets to see the answers during the examination. You don't have to memorize material because the answer to each question is right there in front of you. You only have to identify it. Moreover, for questions with four choices, you begin with a 25% chance of selecting the correct answer even if you just make random guesses. All that the candidate needs to do is to raise his or her percentage from the starting point of 25% to the passing score.

All of your preparation for the CFP® Certification Examination, including reading the Keir Comprehensive Review books and answering the questions, is designed to increase your chances of selecting correct answers to the questions. But in addition to learning the subject matter, there are test-taking techniques that will improve your percentages. The strategy for taking tests is to try to improve the percentages on each question.

The best way to improve the percentages in your favor is to use the process of elimination. For each question, there are four choices, and just one is correct. If you are able to eliminate even one choice, your percentage climbs from 25% to 33-1/3%. If you can eliminate two choices, your percentage climbs to 50%. The process of elimination can be used even though you have little or no knowledge of the subject matter but use a little common sense.

The process of elimination will work for you on the CFP® Certification Examination to raise your score. The technique can be demonstrated using sample questions. The way in which these questions are written illustrates the way in which questions will be drafted for the examination. Thinking in terms of eliminating the more obviously wrong answers will help you to narrow the choices and improve your percentages.

The CFP® Certification Examination contains three types of questions: the “basic multiple choice," the “combination multiple choice” and “matching” questions.