Frequently Asked Questions
Q: Do I need to be a member of AFP to register for the exam?
A: You are not required to be an AFP member prior to registering for the exam. However, non-members are required to remit the non-member rate for the exam. The non-member rate includes a non-member differential that is applied towards an AFP membership for the calendar year.
Q: How do I determine if I am eligible to enroll in the program?
A: The FPAC program has educational and experience requirements that candidates must meet before earning the credential. However, candidates may take the exam before meeting those requirements. Before you enroll in the FPAC program and register for your first exam, you must meet the entrance requirements:
- Have a bachelor's or equivalent degree in any subject OR be currently enrolled in an undergraduate program with a finance, business or accounting major and be on track to graduate within two years
- Understand the professional conduct requirement (you will be asked to agree to comply with the AFP Standards of Ethical Conduct).
Q: Does my work experience have to be in corporate financial planning & analysis in order to earn the FP&A credential?
A: In order to earn the FPAC credential, your experience must be in a position involving at least 35 hours of work per week with at least 50% of your time spent performing/managing or supervising those who perform/manage the following corporate financial planning & analysis tasks:
- Financial modeling
- Corporate financial planning/strategic planning
- Financial analysis
Q: If I have a graduate degree, do I need to complete the work experience requirement?
A: Yes. Exam candidates with a graduate degree in finance, accounting or business are required to report at least two years of work experience in order to earn the FPAC credential.
Q: A university in my country has accepted a credential I hold as equivalent to a Master's level degree. Will I be able to meet the Experience Requirement with two years of experience rather than three years?
A: AFP does not recognize credentials as equivalent to Master's level degrees. Candidates who do not hold a Master's level degree in finance, accounting, economics or a business related field are required to have three years of FTE experience performing FP&A job tasks to meet the Experience Requirement.
Q: Do I need to fulfill the education and experience requirements before taking the exam?
A: No, candidates are not required to have fulfilled the education and experience requirements before taking the exam. However, the FPAC credential will not be awarded until those requirements have been met. Candidates must fulfill both the education and experience requirements within five years of the date of their initial application to the FPAC program. If candidates fail to fulfill the education and experience requirements within five years of their initial application to the FPAC program, any passing scores that they have received on either part of the FPAC exam will expire and the candidate will have to reapply to the FPAC program. After reapplying, the candidate will again have five years to take and pass both parts of the exam and fulfill the education and experience requirements.
Q: How can I determine if my application and eligibility information has been accepted and approved?
A: You will receive an email confirming approval of your FPAC certification program registration approximately 2-3 business days after submission of your application and payment. AFP will contact any candidate with application or payment issues that may delay this approval process.
Q: I hold X credential. Do I still have to take both exams?
A: Candidates who currently hold the following credentials in an active and in good standing status may choose to apply for an Exam Part I waiver.
- Certified Management Accountant (CMA)
- Certified Practising Accountant (CPA)(Australia)
- Certified Public Accountant (CPA)(US)
- Certified Treasury Professional (CTP)
- Chartered Accountants of India (CA Associate, CA Fellow, CA Practising Accountant)
- Chartered Accountants of Sri Lanka (ACA)
- Chartered Certified Accountant (ACCA or FCCA)
- Chartered Financial Analyst (CFA)
- Chartered Professional Accountant (CPA)(Canada)
- Chinese Certified Public Accountant (CICPA) (China)
- CIMA Professional Qualification (ACMA or FCMA)
- ICAEW Chartered Accountant (ICAEW ACA or FCA) (UK)
If approved, your Exam Part I requirement will be met without taking the exam. More information about the Exam Part I waiver can be found here.
Waivers for the Exam Part II are not available. All candidates are required to take and pass the Exam Part II in order to earn the credential.
Q: How did AFP determine which credentials qualified for waivers? Will the credential I hold qualify for a waiver in the future?
A: To determine which credentials qualified for waivers, AFP began by surveying everyone who had applied to the FPAC program since it was launched in 2014. The survey asked which credentials candidates held at the time they applied. Pass rates for candidates holding the different credentials were examined and content coverage between the FPAC exam and the other credentials were compared to ensure that all candidates were being tested on all content and everyone was held to the same standards.
AFP has worked with a psychometrician and an exam development consultant to determine a methodology to consider other credentials for the waiver program without first needing a statistically significant number of candidates holding that credential to have taken the exam. Credentials are periodically reviewed and added to the Waiver list, if approved.
Q: If I use a credential to meet the Education Requirement in lieu of a Bachelor's degree, can I use that same credential to waive the Part I exam?
A: A small number of credentials (ACMA, FCMA, ACCA, FCCA) have been approved to satisfy the Education Requirement as a substitute for a Bachelor’s Degree in Finance. If you are using a credential to satisfy the Bachelor’s Degree requirement you may NOT use that same credential to waive the Part I exam.
Q: Why should I schedule my exam appointment in the early part of the exam window rather than the latter part of the window?
A: When scheduling your appointment, you should consider a date early in the window rather than the last week of the window. Should an unexpected job or personal responsibility require you to cancel your appointment to test early in the window, you will have more flexibility when rescheduling your appointment. Candidates who have appointments late in the testing window may be required to re-register for the next testing window and pay the re-registration fee when they find that last minute appointments are unavailable during their current testing window.
Q: Does an enrollment application expire?
A: Applications are valid for ten consecutive testing windows. If you are not successful in your initial attempt at the exam, by submitting a re-registration form and fee you may retake each exam Part once per testing window for a period of nine consecutive testing windows after your initial window. The application expires after ten testing windows and a candidate wishing to pursue the credential again must submit a new application and fees.
Q: How can I distinguish myself as an FPAC Candidate on my resume or job application?
A: Use "Certified Corporate FP&A Professional Candidate" in order to describe your enrollment in the certification program. Please contact the certification department directly at [email protected] in order to have additional information provided to a current or prospective employer.
Q: Does the exam fee include a copy of the FPAC Exam Prep Platform?
A: No. AFP provides exam candidates with the ability to purchase the study materials which best suit their needs. Should you, for example, opt to use the FPAC Exam Prep Platform for studying, you would be required to indicate this choice on your application and remit the additional fee.
Q: I've registered for the exam. How do I make testing appointments?
A: Approximately 4-6 business days after submitting your application you will electronically receive an eligibility letter including your Authorization to Test (ATT) from AFP. Your ATT will include information needed to schedule appointments. Please note: If you are applying for a future testing window, eligibility confirmations may be delayed until 1-2 weeks after the close of the current window.
Q: What is the passing score for the exam?
A. The passing score for both parts of the exam is 500. Candidates' raw scores are converted to a scaled score through a statistical process. The exact number or percentage of questions that need to be answered correctly to pass the exam will not be indicated. As there is no penalty for incorrect answers, we recommend trying to answer each question to the best of your ability.
Q: What do I do if I am unable to take one or both parts of the exam during the exam window?
A: Under special circumstances, AFP may allow a deferral from the current testing window to the next window with no additional fee. Special circumstances must immediately precede or coincide with the administration of the exam. All such circumstances must include supporting documentation, such as a doctor's note. Approval of a deferral request is granted on a case-by-case basis. Deferrals are permitted only once per new application.
If you are unable to take the exam(s) in the window for which you have registered and do not qualify for a deferral then you can register for a future window by submitting a re-registration form and fee.
Q: Can I pay a fee and transfer my registration to the next testing window?
A: In order to simplify the registration process, AFP has eliminated transfers and reduced re-registration (formerly re-examination) fees beginning April 1, 2019.
Q: I passed the exams. When will I receive my certificate?
A: Approximately 6-8 weeks after meeting all of the requirements, newly certified FP&As will receive an email from our certificate partner, The Award Group. You will be able to verify your mailing address and confirm that the information on your certificate is correct. Certificates a mailed approximately 1-3 weeks after you have confirmed the information. You will receive an email when the certificate is mailed. As FPAC candidates are accepted into the program before they have met or reported education and experience requirements, be sure to log in to your application to confirm that you have entered the necessary data and your education and experience requirements have been met.
Q: Can I take an exam part more than once in a testing window?
A: No. While candidates can take both parts of the exam in one testing window, each part may only be taken once per window. This is a security policy and there are no exceptions. To retake the exam, candidates are required to submit a Re-Registration Form for the next testing window.
Q: How many times can I retake the exam?
A: AFP does not limit the number of times an exam candidate can retake the exam. However, if you need to re-take the exam more than ten testing windows after your initial application, you will need to reapply and pay the application and examination fees.