- How the Eight Domains Work Across Two Exams
- Domain Weightings: Exam 1 vs. Exam 2
- Domains 1 and 2: Conduct, Compliance and Practice Management
- Domains 3 and 4: Asset, Liability and Risk Management
- Domains 5 and 6: Investment and Tax Planning
- Domains 7 and 8: Retirement and Estate Planning
- Exam Format, Scoring and Logistics
- Sequencing Your Preparation by Domain
- Where the Domains Meet the Designation
- Frequently Asked Questions
- The Personal Financial Planner (PFP) designation requires passing both AFP Exam 1 and AFP Exam 2, each covering the same eight domains.
- There is no single combined PFP weighting; Exam 1 and Exam 2 each publish their own approximate domain percentages.
- Investment Planning and Retirement Planning tie at 17% on Exam 1; Retirement Planning leads Exam 2 at 19%.
- Exam 1 is 105 multiple-choice questions; Exam 2 is four written case studies, each with its own three-hour timer.
How the Eight Domains Work Across Two Exams
The Personal Financial Planner (PFP) designation, issued by the Canadian Securities Institute (CSI), is built on eight competency areas. Those same eight areas serve as the content headings for both required examinations: AFP Exam 1 and AFP Exam 2. They are official competency and exam-objective headings, not chapter titles from a preparation curriculum, so your study materials may slice the content differently than the exams do.
That distinction matters. A candidate who studies by textbook chapter can still be surprised by a question that blends several domains. A Exam 2 case study might ask you to assess a client's cash flow, recommend insurance, adjust an investment mix and flag estate consequences, all within one scenario. Knowing the eight domains as a mental map helps you recognize which competency a question is really testing.
If you are new to the credential itself, start with what PFP certification is and the PFP requirements before diving into domain content. The exams are only one part of earning the designation, alongside approved education, qualifying experience and professional commitments.
Domain Weightings: Exam 1 vs. Exam 2
CSI publishes approximate weightings for each exam separately. There is no blended, PFP-wide percentage for any domain, so avoid averaging the two columns and treating the result as an official figure. CSI also allows plus or minus two percentage points around the blueprint allocations, meaning the actual mix on any given sitting can drift slightly.
| Domain | AFP Exam 1 (approx.) | AFP Exam 2 (approx.) |
|---|---|---|
| 1. Professional Conduct and Regulatory Compliance | 10% | 10% |
| 2. Client Relationship and Practice Management | 6% | 7% |
| 3. Asset and Liability Management | 11% | 13% |
| 4. Risk Management and Insurance | 12% | 12% |
| 5. Investment Planning | 17% | 15% |
| 6. Tax Planning | 14% | 14% |
| 7. Retirement Planning | 17% | 19% |
| 8. Estate Planning | 13% | 10% |
Three patterns stand out. First, Investment Planning and Retirement Planning tie as the heaviest areas on Exam 1 at 17% each. Second, Retirement Planning is the single largest domain on Exam 2 at 19%. Third, Client Relationship and Practice Management is the lightest on both exams, but a small weighting is not a reason to skip it, since case-study answers often depend on communication and process judgment.
Domains 1 and 2: Conduct, Compliance and Practice Management
Domain 1: Professional Conduct and Regulatory Compliance
Domain 1 carries about 10% on both exams. It is the domain where candidates most often underestimate the depth of expectation, because the content feels like common sense until a scenario puts two obligations in tension.
Professional Conduct and Regulatory Compliance
You must be able to apply ethical and regulatory obligations to realistic client situations, not just recite principles.
- The PFP Code of Ethics and what it requires in specific scenarios
- Conflicts of interest: identifying, disclosing and managing them
- Know-your-client and suitability obligations in the planning process
- Confidentiality, privacy and record-keeping responsibilities
- The certification-mark licence agreement and the Fit and Proper Declaration you commit to as a designation holder
On Exam 1, expect these topics as standalone multiple-choice items. On Exam 2, they surface inside case studies, where a recommendation that is technically optimal may still be wrong because it ignores a conduct issue embedded in the facts.
Domain 2: Client Relationship and Practice Management
At roughly 6% on Exam 1 and 7% on Exam 2, this is the smallest domain. It covers how a planner establishes the engagement, gathers information, communicates recommendations and manages the ongoing relationship.
- Defining the scope of an engagement and documenting it
- Gathering quantitative and qualitative client data, including goals and risk attitudes
- Presenting analysis and recommendations in a way clients can act on
- Monitoring plans and handling reviews and changes in client circumstances
Because the weight is low, treat this as a domain to learn efficiently rather than exhaustively. The written responses on Exam 2 reward clear, client-oriented explanations, so the skills here quietly support your performance everywhere else.
Domains 3 and 4: Asset, Liability and Risk Management
Domain 3: Asset and Liability Management
Weighted at about 11% on Exam 1 and 13% on Exam 2, this domain is the quantitative foundation of the planning process. It is where cash-flow and net-worth analysis live, and Exam 2 written responses may require you to produce or interpret cash-flow or net-worth charts.
Asset and Liability Management
Expect calculation-heavy work with clear client recommendations attached.
- Building and interpreting personal cash-flow and net-worth statements
- Debt management, including prioritizing repayment and evaluating borrowing options
- Mortgage and credit decisions in the context of broader goals
- Saving strategies and emergency reserve planning
- Education funding and other goal-based capital needs
You are permitted to bring a candidate-supplied nonprogrammable financial-planning calculator, subject to inspection. Practice with the specific calculator you plan to use, since fluency with time-value functions saves real minutes on a three-hour written exam.
Domain 4: Risk Management and Insurance
At approximately 12% on both exams, Domain 4 is one of the most consistent. It tests whether you can identify exposures, quantify needs and match them to appropriate protection.
- Life, disability, critical illness and long-term care insurance needs analysis
- Property and liability exposures relevant to personal planning
- Comparing policy types and features against a client's actual circumstances
- Integrating insurance with estate, tax and retirement strategies
Domains 5 and 6: Investment and Tax Planning
Domain 5: Investment Planning
Investment Planning is tied for the largest domain on Exam 1 at 17% and sits at about 15% on Exam 2. It is the domain most candidates expect to be heavy, and it is, but the exam is concerned with planning-level judgment rather than security selection trivia.
Investment Planning
Focus on translating client objectives and constraints into a defensible investment approach.
- Establishing risk profile, time horizon and return requirements
- Asset allocation and portfolio construction principles
- Evaluating performance and risk measures
- Choosing appropriate account types and product structures
- Behavioural considerations that affect client decisions
On the multiple-choice exam, you will see applied calculation and concept questions. On the case-study exam, you will be asked to justify an allocation or recommend changes, with reasoning that ties back to the client facts rather than generic theory.
Domain 6: Tax Planning
Tax Planning carries about 14% on both exams, making it a reliably significant block. Candidates working in Canada will find the content grounded in the Canadian tax system, and it interacts with nearly every other domain.
- Calculating personal income tax and understanding marginal versus average rates
- Tax treatment of different investment income types
- Registered and non-registered account strategies
- Income splitting and other family tax planning approaches, within the rules
- Tax implications of retirement withdrawals and estate transfers
Tax questions on Exam 2 often require calculations, so build the habit of showing your work clearly. Because responses are assessed by two independent markers, partial credit for well-laid-out reasoning is more achievable when your steps are visible.
Key Takeaway
Treat Investment Planning and Tax Planning as a pair. Together they account for roughly 31% of Exam 1 and 29% of Exam 2 on the blueprint, and many strong answers require applying both in the same breath: what to hold, in which account, and with what after-tax result.
Domains 7 and 8: Retirement and Estate Planning
Domain 7: Retirement Planning
Retirement Planning ties for the largest domain on Exam 1 at 17% and is the single largest on Exam 2 at 19%. If you have limited time, this is where extra hours earn the most return on the blueprint.
Retirement Planning
Expect integrated, multi-step analysis built around a client's retirement goals.
- Estimating retirement income needs and funding gaps
- Government benefits and employer pension considerations
- Registered retirement savings and income vehicles, and withdrawal sequencing
- Longevity, inflation and sustainability of withdrawals
- Coordinating retirement strategy with tax and estate planning
Because the domain is both large and highly integrative, it is a natural anchor for case-study practice. A single retirement scenario can touch cash flow, investment allocation, tax and estate considerations in turn.
Domain 8: Estate Planning
Estate Planning is weighted around 13% on Exam 1 and 10% on Exam 2. The content addresses how wealth transfers on death or incapacity and how to structure that transfer efficiently and in line with client wishes.
- Wills, powers of attorney and incapacity planning
- Estate administration and the tax consequences at death
- Trusts and other transfer structures and when they fit
- Beneficiary designations and liquidity for settling estates
- Charitable giving and legacy considerations
Estate planning is where earlier domains converge. A strong estate recommendation depends on accurate net-worth data (Domain 3), appropriate insurance (Domain 4) and sound tax analysis (Domain 6).
Exam Format, Scoring and Logistics
Understanding how each domain is tested is as important as knowing the content. The two exams are structurally different and are attempted separately.
| Feature | AFP Exam 1 | AFP Exam 2 |
|---|---|---|
| Format | 105 standalone multiple-choice questions | Four case studies, each with three to five related constructed-response questions and possible subquestions |
| Timer | Its own three-hour timer | Its own three-hour timer |
| Skills tested | Knowledge and applied problem-solving | Analysis, calculations and recommendations; may include cash-flow or net-worth charts |
| Marking | Machine scored | Two independent markers; major discrepancies go to a third |
| Results | Generally within 24 hours | Generally within 30 business days |
Scoring and passing
Each exam requires a scaled score of at least 60 on a 1-100 scale. CSI uses modified-Angoff standard setting, which means the "60" is a scaled standard, not a published raw percentage-correct threshold. Do not assume that answering 60% of items correctly guarantees a pass. For a deeper explanation, see our guide to the PFP passing score. No official pass rate was verified, so be cautious about any figure you see quoted elsewhere; our PFP pass rate article covers what the available data does and does not show.
Delivery, enrolment and attempts
- Delivery: Prometric supports computer-based in-person and remote-proctored testing.
- Prerequisite education: Complete a CSI-approved educational path before enrolling for the AFP exams.
- Enrolment: Initial enrolment lasts one year, allows two attempts per exam and cannot be extended.
- After two failures: If you fail either exam twice, you must wait six months from the last failed attempt before reenrolling.
- Transfers: A previously passed part may be transferred once to a new enrolment within two years of passing that part.
- Order: CSI recommends taking Exam 1 before Exam 2 but does not require it.
CSI-listed fees, shown as displayed and in Canadian funds context, include $750 for AFP examination enrolment, $355 for the initial PFP application (including the first-year licence) and $355 for annual licence renewal. Prerequisite education costs are additional, taxes are extra and employer discounts may apply. See the full PFP certification cost breakdown and the PFP exam dates and scheduling guide for planning details.
Sequencing Your Preparation by Domain
The CSI catalogue estimates roughly 40-50 study hours for the AFP exam preparation. That is preparation time, not an exam timer. Use the blueprint to decide where those hours go. A sensible approach is to build foundations first, then layer the heavily weighted, integrative domains, and finish with mixed practice. For a broader plan, see the PFP study guide.
Foundations: Domains 1, 2 and 3
- Learn the Code of Ethics scenarios and conflict-of-interest handling
- Practice cash-flow and net-worth statements with your calculator
- Skim Domain 2 process content efficiently given its low weighting
Protection and Tax: Domains 4 and 6
- Work needs-analysis problems for insurance
- Drill personal tax calculations until they are routine
The heavyweights: Domains 5 and 7
- Spend the most time here, since they carry the largest blueprint shares
- Run multi-step retirement scenarios that pull in tax and investment choices
Integration: Domain 8 and mixed practice
- Tie estate planning back to earlier domains
- Attempt timed multiple-choice sets and written case practice
Because Exam 2 is written, give at least some of your practice to constructing full answers with calculations and a recommendation, not just recognizing the right option. A practice test experience for the multiple-choice side, paired with self-written case responses, covers both formats. For a quick last-pass review, the PFP cheat sheet is useful. Public examples exist in the Candidate Guidelines, but the full sample Exam 2 sits in CSI's enrolment-only learning portal, so build your own case practice from the published blueprint.
Key Takeaway
Weight your hours roughly by the blueprint, but weight your case practice by integration. Domains 5, 6 and 7 together dominate both exams, and Exam 2 rewards candidates who can move between them within a single client scenario.
Where the Domains Meet the Designation
The exams are one gate. To be awarded the designation you also need a CSI-approved education path, at least three years of qualifying financial planning or advising experience within the preceding seven years, and satisfactory performance of at least 97 of the 115 competency elements across eight competencies. Experience is a designation-award requirement, not something you must finish before sitting the AFP exams. You also commit to the PFP Code of Ethics, the certification-mark licence agreement and the Fit and Proper Declaration. The full PFP requirements guide walks through verification and eligibility.
After award, the designation is renewed annually. Beginning with the first full calendar year after award, you complete 20 continuing education hours each calendar year: 15 professional development hours and five ethics and compliance hours, with records kept for audit. These are PFP rules, not those of other planning credentials.
On the career side, Canada's Job Bank reports a national median hourly wage of CAD 36.06 for financial planners (with a low of CAD 23.91 and a high of CAD 73.08), based on 2023-2024 Labour Force Survey data for financial advisors. These are occupational wages, not PFP-holder earnings or proof of a designation premium. Explore the PFP salary guide, PFP jobs and the ROI analysis to weigh the investment. Note also that FP Canada's accelerated CFP program for PFP holders applies only to PFP designations obtained on or before June 30, 2026; later designations follow the standard pathway.
Frequently Asked Questions
Yes. Both AFP Exam 1 and AFP Exam 2 are organized around the same eight domains, but each exam has its own approximate weightings, and there is no single combined PFP weighting.
On Exam 1, Investment Planning and Retirement Planning tie at about 17% each. On Exam 2, Retirement Planning is largest at about 19%. CSI allows plus or minus two percentage points around these allocations.
No. Each exam requires a scaled score of at least 60 on a 1-100 scale, set using modified-Angoff standard setting. It is not a published raw 60%-correct rule.
CSI recommends Exam 1 first but does not require that order. Each exam has its own three-hour timer and is attempted separately, so plan them as two distinct sittings.
Initial enrolment lasts one year and allows two attempts per exam. After two failures on either exam, you wait six months from the last failed attempt before reenrolling. A passed part can be transferred once within two years.