Kitty's Scratch Pad

I passed!!!!

Congratulations! You have completed all the requirements for CFP^® certification and are now authorized to use the CFP^®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame logo) certification marks, well recognized as symbols of excellence in financial planning. You now join a group of CERTIFIED FINANCIAL PLANNER™ professionals who have voluntarily agreed to abide by high standards of ethical conduct and client service.

I am very proud to announce that I have finally passed the CFP.  It has taken a little over 13 months from start to finish to complete the Education and Exam requirements of the designation.  For my second go around this was the strategy I used:

I started back at square one by going through what I called the phone book or Volume I.  This book is literally four inches thick and it covers all topics.  I started with my toughest topics - Taxation, Retirement Planning & Estate Planning.  I went through each topic and read them start to finish while writing notes about what I was reading along the way.  There were times where I would literally transcribe what I was reading if for anything just to create some sort of osmosis.  Then I would do problems from what they called Volume II.  There were generally 200 to 250 questions per topic.  And this went on until I did all of the topics.  I spent approximately 2 hours each night studying. 

When there were topics I just didn't get, I would make a list so I knew exactly what to ask my instructor at the Live Review.  At the review, I recorded the sessions on my music player.  I also took crazy notes and focused only on the topics.  Our instructor told us this was the way to go.  That in fact, when CFP professionals are asked to write test questions, they are given the list of topics to choose from so it is all fair game.  I think this helped me stay very focused.  When my list I had made previously wasn't all answered, I stayed after to make sure I could get clarification.  After class, I went back to my room and did problems based on the topics we covered in class and I reviewed my notes. 

After the reviews, I spent most of my time just doing practice exams.  I would try to build stamina by doing mock exams.  As well, I studied my charts and memorized them inside and out.  I used Alex as a study partner.  He could take the phone book and ask me anything.  It was another way to communicate my knowledge and really make sure I knew what I needed to know for the exam.  I also went through every single released question and case study question.  One of the biggest problems I had last time was my lack of skills in handling really big, comprehensive questions.  The released questions give you a good sense of what the exam is going to be like.  The questions rarely cover one topic and in most cases cover 2 to 3. 

I took one week off of work prior to the week of the exam.  I spent every day for six to eight hours just doing mock exams.  I had seen thousands of questions at that point so I really had to focus on why I answered the question not answer it because I knew after three times it was "C".  I aimed for mid 80's on my score. 

I found a strategy and I stuck to it.  You couldn't pay me to budge.  The last time I was so tense and I allowed the exam to take control of me.  This time, I knew the plan and how I was going to attack it.  I did all multiple choice first.  I then did my case exams and saved all of the calculation questions for the end. 

I didn't get discouraged.  Saturday morning, I really struggled.  I had a hard time finishing and felt awful by the end of the three hours.  Instead of letting it get to me, I went to my car and ate my lunch.  Then I went for a walk around the track that was at the school.  I did a lot of breathing and focused on relaxing.  It was my own pep talk.  I went back in Saturday afternoon feeling refreshed and ready to finish. 

I stuck to high protein Thursday and Friday evening as well as for lunch on Saturday.  I was trying to avoid a carb-crash. 

What was different after the exam?  a.) I didn't cry  b.) I felt ambivalent about the results  c.) I was cognitively aware of the test.  I could convey to you the specific topics that were covered and even tell you how many questions I saw.  Compare this to Nov and I couldn't have told you anything about what I had just done. 

The great news is, I did this within my target time period.  I knew the first test would be very hard but wanted a chance to see the exam.  If there was some sort of magical way I passed then even better.  But I knew realistically, this wouldn't be possible.  Although I was tired of studying, I tried not to get burned out.

What now?  I have time to do all of the things we have been putting off for the past year.  Alex is very excited to have his girlfriend back and I think Fen is excited to get his mom back.  I can give 125% at work again and all in all it was definitely worth the effort.

I certainly could not have accomplished this huge achievement without the support of all my friends and family.  My mom watched Fen every other weekend while I was in class for over 10 months and between Alex and my other friends, I was able to get alone time to focus and study.  Thank you :)

For all of you serious 80's fans

I am down to three more days before round two of my exam.  My mother, bless her heart, rationalized that I didn't really fail the last time - it was simply part of the process.  It sounds good so I will go with it.  In my fantasy world, the "process" would be so much better if I had a team who could cheer me on.  Today, out of the blue, all I could think about was that song.  You know...  You remember...  I wish I had my team giving me high-fives while I ran (in slow motion) from the car to the entrance of the testing room.  Everyone is smiling and cheering and hugging each other - it is brilliant!  And after I am done on day two, I want to swing open the door in a super dramatic fashion, and then be carried away on the shoulders of my teammates while the speakers are playing this... 

And the next day we ski :)

Finance and Vampires

I have been enduring round two of my studying.  I did not pass my test in November and have been studying since the first of the year.  It is time again for my Live Review and this time the closest one is in San Francisco.  We got here yesterday and when I went to check in I noticed an inordinate number of goth-like folks luring in the hotel.  There seemed to be some sort of convention going on and apparently it attracted many vamp-like individuals.  I decided to figure exactly what it is...

The Camarilla

What's funny is, the club originated in Seattle.  A group asked "White Wolf" if they could form an official fan club for Vampire: The Masquerade.  Apparently this grew to a global organization and they are currently attending an annual convention.  They describe themselves as a role-playing organization.  The members attending are "enjoying" role play, shopping among dealers of costuming and Gothic merchandise, attending panels and more.  Not only do they get all of this but they also have a chance to come together socially "out of character" getting to know what another, watch Gothic movies and play games.

Although this is something I would NEVER do, I think it is sort of cool (and creepy) that this organization has created opportunity for a lot of people to come together with one thing in common.  I bet a lot of people would describe the members staying here at the hotel as rejects or losers but they all seem to have found something in common.  I suppose it isn't much different than religion or a cult.  I am sure there are many that follow the rules and others that take it too far. 

I guess I just choose to find my common thread with friends through rafting, snowboarding, food, technology, art & wine.  I suppose if you count all of the "memberships" we collectively belong to, it might all add up to one big cult...

The test is over...for now

I woke up Friday morning around nine and got up.  I ran through a few problems with my calculator just to make sure I remembered how to...  Then I went to breakfast at the High Spot.  I drank my coffee and had a huge breakfast of eggs, bacon and a small bowl of oatmeal.  I walked home and relaxed a little longer and then headed to the exam.  The first day is four hours.  You cannot leave the test unless you need to get water or go the restroom.  The problem is you are definitely short for time and you don't want to leave because you are so afraid you will not finish.  There were 20 case problems, 18 item sets - which are one scenario used for multiple questions, and 77 regular multiple choice questions.  I got through with a few minutes to spare and I was sure to go through and make sure I filled in the correct bubbles on the Scantron sheet.  I noticed I did not fill one in and quickly looked to question - I guessed and was filling in the final bubble and then I heard, "times up - put your pencils down."  Scary!!  I felt surprisingly okay.  I didn't feel confident I passed but my attitude was good and I think I was just relieved to live through the first four hours.  The problem was I still had six more to go.  I started thinking about what my expectations were and came up with this analogy - I was like the person who was running their first marathon.  When I decided to sit for the November exam, I knew my chances were very slim I would pass but I didn't want to wait until March.  What if I did pass the first time?  Then it would be all over.  My hard-stop is March.  It is the most realistic amount of time needed to get through the massive amount of information needed to pass.  So as being my first marathon, I would be happy to finish.  I wasn't going to concern myself with the time I finished in.  I didn't care if I didn't pass - I just wanted to answer all the questions.  The next day was a much earlier start.  We had to be at the testing center at 8:30am.  Today was two three hour sessions.  Our first session started and the breakdown was something like 11 case problems, 21 item sets and 53 multiple choice questions.  This was much tougher.  The questions seemed harder and I was doing a lot more educated guessing then I felt comfortable doing.  The second session was even more tough.  My last case study was 22 case problems, 8 item sets and 55 multiple choice.  Again, a lot of educated guessing.  I kept my composure and just focused on finishing.  After it was all over I got to my car and broke down in tears.  I think the build-up of emotion and stress finally hit after it was all over.  Probably better than having that happen half way through right?  I was so nervous...  I really wanted to walk out of the exam feeling more ambivalent - not really knowing if I did or didn't pass.  I walked out feeling terrible.  I don't think there is even a remote chance that I passed.  This test is insane.  It definitely separates the girls from the women.  Not only does it test shear stamina, but it covers a crazy amount of information.  Our final instructor for the live review said it is 30 miles wide and a foot deep.  It really is the best description I have heard.  The problem with this test is that there really is no amount of preparation you can do to feel 100% ready for this test.  You are never going to see the same question twice ever...  The test is designed three times per year.  This is very different from other professional designations/tests I have taken.  The Series 7/66 and even the Insurance Exam are all given every day of the year.  They pull from thousands of questions in a test bank and there are thousands of little birdies that tell the test preparation companies what was on each test.  You really can pass by just drilling down questions.  With the CFP that helps but honestly it isn't gonna secure a pass.  You have to know the information.  I would say that 80% of the exam tested to conceptual understanding not calculations.  You really beg for the calculations.  Those you know you will get right.  The rest were the typical, get it down to two and then think hard about which one is the "best" answer.  It took me a weekend to get over all of the emotion and make more sense of it.  Saturday night we went to Death Cab and then Sunday morning we headed to Vegas.  Instead of studying on the plane, I knitted a hat.  Instead of staying in the hotel room crunching numbers, I hung out with Alex at the tables.  Better yet, I was up 110% playing video poker...hehe.  The better perspective is that I have seen the exam.  If I end up doing it again in March, the information is still fresh.  Plus, I have 2.5 months to prepare this time.  I also have input from the exam.  They do not tell you your score but they do tell you which topics you are weak on.  That way you know what to focus on for the next exam.  All of the anxiety will be gone for the next test - it won't matter.  So we wait.  They say it will be 4-6 weeks before we get the results.  I imagine I will find out after Christmas but before New Years.  I have sworn to myself that I will not be disappointed if I do not pass.  There are very few that do it in the short amount of time I have so it doesn't matter.  No one will ask me later how many times I took the test to pass.  Until then, I am going to enjoy my free time.  I am going to go the pottery studio, I am going to knit, I am going to go to the mountain, I am going to cook, I am going to clean and organize the house and I am going to sleep in on the weekends.  I am going to do all of the things I could not do for the past 10 months and I am going to love every minute of it.

Studying

Today I received my official "Executive Certificate in Financial Planning".  Cool.  A piece of paper that represents the last nine grueling and expensive months...  Unfortunately, all that matters is what I actually get on the exam which is less than four weeks away.  I will be taking my second round of the Live Review this weekend. 

The first round covered Taxation, Retirement Planning & Estate Planning.  Those happen to be the three weak topics for me.  I spent the week following the review on Retirements and got my scores up from around 50% to high 70%'s.  I am working through Taxation right now and will be diving into Estates next week.  As well, I am planning to start going through the case exams and another set of questions called "cognitive thinking" which helps you identify topics you should clue in to by reading questions and cases.

This weekend will be Fundamentals, Insurance & Investments.  Luckily these are my three strongest topics so I hope to feel more confident than I did leaving the last class. 

Here is an interesting article explaining (or trying to) the method for grading the CFP.  It is totally beyond me...  I would just like to pass!

Live Review Eve

I just finished the diagnostic test for the CFP.  My score was 61% which barely fell into the "Adequate" category.  Once you complete the diagnostic you can review your score and then they determine how many more hours you should study - for me it will be 40-50 more hours.  I am at exactly five weeks until my test so I calculate somewhere between 2 and 3 hours every day should do it.  The exam did break down my weak categories - all could do some improvement but Retirement Planning and Taxation are my worst...oh goodie!  The best part is our schedule for the weekend is Tax, Retirement Planning and Estates.  There are no amount of words that can describe how happy I will be when this is all over.  This is by far one of the more grueling undertakings of my life. 

Too much!!!

Average day...

5:40am - Smash snooze button once before dragging ass and eventually crawling on the 6:25am No2 Metro Bus.

6:45am - Order Grande Americano from SBUX

7:00am - Begin work

9:00am - Morning huddle with team

9:30am to 4:00pm - Prep for client meeting, create new marketing piece, have another meeting about a meeting, distinguish fires, sales meetings, phone calls, staff meetings, read through hundreds of email, more meetings and oh yea...did I mention one more meeting?

4:00pm to 5:45pm - The window of opportunity to rush from work to catch my bus home

6:00pm - Pick up the booger

6:20pm to 11:00pm - Do homework for CFP, review homework and take-home items for Fen, study more, make dinner, pack lunch for Fen, lay out clothes, do dishes, go grocery shopping, arrange play-dates, clean clothes, more studying, get the booger to bed, more studying, check alarm for next morning and get ready to do it all over again!

I cannot WAIT until this test is OVER!!!!!

Schools

I could write a book on being a parent in the Seattle School system.  We recently moved to the Madrona neighborhood from Wallingford.  I was very disappointed to find the schools closest to our home weren't the best.  After doing some more research I discovered two that excelled academically - McGilvra and Montlake.  Both schools scored more than 40% higher on the WASL than my son's current school. 

Seattle schools are backwards - you apply to whatever school you want and get in based on demand - only when there are more kids applying then spots can be filled do they refer to how far the child actually lives from the school. 

After visiting each school and talking with both Principals, I decided to go with McGilvra.  I like the school, new play-field, curriculum, parent involvement and I especially like the fact that they offer Art, PE and Music.  I filled out the application and provided my proof of new address and was able to get the booger fourth on the waiting list at McGilvra and a secure spot at Montlake in case that doesn't open up.  A mere two days after doing this the Seattle Schools announced their plan to close 10 schools throughout the district - one of them being Montlake.  Great...

So after all of my research it now comes down to being in line probably along with three kids who live in West Seattle and our back-up school closing...  WTF!!! 

The good news is they just announced today that due to the overwhelming parent response they will no longer be closing schools http://www.seattleschools.org/area/spsplan/May17statement.xml.  What a relief!  I think no matter where we end up both programs and overall test scores are great.  I will be crossing my fingers that we get into McGilvra.