CSI AFP-Exam-1 : Applied Financial Planning Certification Exam 1 (AFP)

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CSI AFP-Exam-1 Exam Syllabus Topics:

CSI Applied Financial Planning Certification Exam 1 (AFP) Sample Questions:

1. A retiree holds most of her investments in interest-bearing GICs inside a non-registered account while her TFSA is invested in cash. She has unused TFSA room and wants to improve after-tax efficiency without increasing total portfolio risk materially. What should the planner consider?

A) Borrowing to invest in the non-registered account.
B) Moving all assets into speculative equities.
C) Withdrawing RRIF minimums and gifting them immediately.
D) Holding more interest-bearing assets inside the TFSA.

2. Jonah is meeting with his client, Muhsina, who owns Myke Inc., a Canadian-controlled private corporation.
Based on current market value, if he decides to sell Myke Inc., Muhsina will have a capital gain of $400.000.
He expects the value of Myke Inc. to increase in future years and has a CNIL balance of $100,000. He wants the future increase in value to be taxed in the hands of his children, Teshi and Kaliyah, and to minimize the cost. What action should Jonah advise Muhsina to take to meet his goal?

A) Set up a joint account with Teshi.
B) Sell #### Inc. to his children at fair market value.
C) Sell #### Inc. to his children for $1.
D) Set up a joint account with Teshi and Kaliyah.

3. A financial planner, Rachel, is preparing to recommend a discretionary portfolio manager to her client. The portfolio manager is owned by Rachel's former employer, and Rachel receives no referral fee. However, the former employer regularly sends new clients to Rachel's practice. What should Rachel do before making the recommendation?

A) Avoid discussing the portfolio manager and let the client find one independently.
B) Disclose the relationship and the potential conflict before the client decides.
C) Proceed because no monetary referral fee is paid.
D) Recommend the manager only if the client signs a risk acknowledgement form.

4. A client refuses to provide details about debt balances, tax returns, and monthly expenses but asks the planner to confirm whether retirement at age 55 is achievable. What should the planner do?

A) Proceed only with investment recommendations.
B) Use generic assumptions and present the plan as reliable.
C) Explain that the conclusion will be limited or unreliable without the missing information.
D) Estimate the figures secretly from the client's age and income.

5. How should Jenny, a financial planner, explain the benefits of a fee for service method of compensation to a prospective client?

A) The planner is compensated solely on the performance of the investment portfolio established by the planner for the client.
B) The planner has no incentive to recommend one product that provides higher compensation over another product with lower compensation.
C) The planner is able to charge a higher fee based on the complexity of products sold.
D) The planner is compensated based on the quality of the financial plan.

Solutions: