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CSI AFP-Exam-1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Retirement Planning | 17% | - Retirement Needs Analysis - Registered Retirement Savings Plans - Pension Plans - Retirement Income Strategies |
| Topic 2: Investment Planning | 17% | - Investment Theory - Investment Products - Portfolio Construction - Asset Allocation |
| Topic 3: Client Relationship and Practice Management | 6% | - Communication and Advisory Process - Practice Management - Client Discovery |
| Topic 4: Tax Planning | 14% | - Income Tax Fundamentals - Tax-Efficient Strategies - Registered Plans - Tax Deductions and Credits |
| Topic 5: Professional Conduct and Regulatory Compliance | 10% | - Compliance Responsibilities - Ethics and Professional Standards - Regulatory Requirements |
| Topic 6: Estate Planning | 13% | - Estate Transfer Strategies - Wills - Powers of Attorney - Trust and Beneficiary Planning |
| Topic 7: Risk Management and Insurance | 12% | - Life Insurance - Disability and Health Insurance - Risk Transfer Strategies - Risk Assessment |
| Topic 8: Asset and Liability Management | 11% | - Budgeting - Personal Balance Sheet Analysis - Cash Flow Management - Debt Management |
CSI Applied Financial Planning Certification Exam 1 (AFP) Sample Questions:
Question 1
A client believes that security prices quickly reflect public information and wants broad Canadian equity exposure with low cost and minimal manager discretion. What investment best matches this view?
A. One-year cashable GIC.
B. Canadian index exchange-traded fund.
C. Portfolio of five selected mining stocks.
D. Sector-specific hedge fund.
Question 2
Maya, a financial planner, is meeting with a new client who was recently referred to her. In determining the client's overall risk tolerance, what qualitative data should Maya capture as part of her process?
A. Annual earnings data.
B. Past investment experiences.
C. Stock option plan details.
D. Personal net worth statement.
Question 3
Ram Patel, age 65, is meeting with his financial planner, Maria Romano, to complete a financial plan. Ram is retiring this year, and his company provides a defined benefit pension plan. Upon retirement, he has the choice of receiving $20,000 each year for 20 years or until death (whichever is earlier), or he can take
$304,300, which is the commuted value at retirement. Ram has confirmed that he will be transferring the commuted value to a LIRA. After further discovery, Maria suggests that they utilize a 5% market rate of return and project the funds to last 25 years. What should Maria update Ram's projected annual retirement income to?
A. $24,418.
B. $20,000.
C. $21,000.
D. $21,591.
Question 4
Keitaro, age 42, and Ruth, age 52, are married and have two children - Maximo, age 20, and Hannah, age 16, both from Keitaro's previous marriage. In the event Keitaro dies, he would like to minimize taxes, provide for Ruth for the remainder of her life, and then after her death leave the residual to his children. What estate planning strategy should his financial planner recommend to help Keitaro achieve his goal?
A. Transfer his assets to a testamentary spousal trust through a will and name his children as income and capital beneficiaries.
B. Transfer his assets to a testamentary spousal trust through a will and name his children as capital beneficiaries.
C. Transfer his assets to an inter vivos spousal trust through a will and name his children as capital beneficiaries.
D. Transfer his assets to an inter vivos spousal trust through a will and name his children as income and capital beneficiaries.
Question 5
Suzy, age 45, is meeting with a financial planner as she has recently inherited $1.25 million from her late aunt. Suzy has poor spending habits and would like to review options that would safeguard and help her receive stable cash flows. She does not have a lot of experience investing and would like to avoid making day- to-day investment decisions. Which type of investment account is most appropriate for Suzy?
A. Multi-mandate managed.
B. Separately managed.
C. Straight life annuity.
D. Discretionary fee-based.
Solutions:
| Question 1 Answer: B | Question 2 Answer: B | Question 3 Answer: D | Question 4 Answer: B | Question 5 Answer: C |
