The project also confirmed what the CFP Board has known for years-those retaking the exam fare less well than first-time exam-takers. The pass rate for those taking the exam a second time was just 43% as of July 2003, compared with 61% for first-time exam-takers. Hampton says the discrepancy probably has a lot to do with human nature. "Students tend to study the way they've always studied, which may not work for the CFP exam," she says. Students also may react to feedback provided to them citing the area in which they fared poorly by studying the material covered on the first exam. "The problem is all subject areas are so vast, unless you have comprehensive knowledge, you may not do better the second time around," Hampton says.
Pinpointing likely deficiencies in certain groups of exam-takers is next up for researchers. Being able to tell CLUs and ChFCs, for instance, what types of questions they're most likely to miss and where they should spend class and review time boning up could be very helpful to students, says Cutler. "By studying all of the subgroups, we believe we can find out their strengths and deficiencies and help them achieve greater success," the statistician says.