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Test Development


AFP facilitates the development of the FP&A exam following generally accepted best practices for credentialing agencies and The Standards for Educational and Psychological Testing. AFP employs professional testing experts to assist in all aspects of the exam development process to ensure psychometric soundness and legal defensibility of the program. The success of the FP&A credential is a function of active practitioner involvement. Practicing FP&As are involved at every stage of the process.


Job Analysis

The job analysis process provides a systematic procedure of identifying and validating the performance domains of the financial planning and analysis professional and the knowledge and skills that are necessary to execute job responsibilities. Subject matter expert practitioners develop a list of job tasks and responsibilities, from which a survey is developed. The information derived from the analysis provides the basis from which the examination specifications are developed. More than 600 survey respondents validate the job tasks and responsibilities and rank the importance of each.


Test Specifications

Using the job analysis results, a committee of volunteers with extensive FP&A field experience develop the specifications (number of exam question items per knowledge domain) for the FP&A examination.

Download the PDF.


The Exam

Under the guidance of test development professionals, groups of subject matter expert practitioners write, edit and approve test questions. These questions, each of which are referenced to selected FP&A texts or approved by consensus of the exam development committee, are assembled into exam forms following the test specifications blueprint. Exam forms are validated to ensure they are fair and reliable and hold every candidate to the same standard.  A list of recommended references can be found here.   

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