The CFC is an online designation from the Institute of Financial Consultants for people working in financial advice and planning. This page gives you free practice sets on tax, estate, investment, retirement, insurance, business planning, valuation and ethics, worked questions with explanations, a study plan, and answers to common questions about fees and renewal.
The CFC has 6 questions and costs $480[1][2] (Institute of Financial Consultants, verified Oct 24, 2026).
Numbers in brackets link to the official sources listed under Sources & last verified. Dates that have passed are removed automatically.
| Item | Detail | Source · Verified |
|---|---|---|
| Number of questions | Online exams for each of 6 modules plus a capstone[1] | finra.org · Oct 22, 2026 |
| Exam fee | US$480 certification application fee[2] | Institute of Financial Consultants · Oct 24, 2026 |
| Validity | Valid only while membership is in good standing[3] | Institute of Financial Consultants · Oct 24, 2026 |
| Renewal | US$70 annual dues plus yearly CPD declaration[2] | Institute of Financial Consultants · Oct 24, 2026 |
| Delivery | 100% online, self-paced; online exam per module[4] | Institute of Financial Consultants · Oct 24, 2026 |
| Eligibility | 3 years' financial experience or completion of the CFC program[3] | Institute of Financial Consultants · Oct 24, 2026 |
According to Institute of Financial Consultants, “IFC membership is open to professionals working in the accounting/financial field with a minimum of three years experience in the financial profession or those who have successfully completed the Certified Financial Consultant® - CFC - program .”[3]
The Certified Financial Consultant (CFC) is a designation from the Institute of Financial Consultants. It suits people who work in, or want to move further into, financial advice and planning. The program is 100% online and self-paced, with an online exam for each of 6 modules plus a capstone.
Membership is open to professionals with 3 years' financial experience, or to those who have completed the CFC program. The certification application fee is US$480. After that, members pay US$70 in annual dues and make a yearly CPD declaration.
The designation is valid only while your membership is in good standing. If dues lapse, you lose the right to use the letters, so treat renewal as part of the credential and not an afterthought.
This page does not state a passing score, question count, time limit or retake rule, because we have not verified them. Details like these can change, so read them on the Institute of Financial Consultants website (ifconsultants.org) before you register or pay. Our practice sets are written by us with AI tools. They are not real exam questions, so use them to find weak spots in your knowledge, not to predict a result.
These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.
Question: A CFC who discovers a material fact about a client's financial situation that the client did not disclose must:
Answer: C. Address it with the client and consider how it affects the advice
Explanation:
The correct answer is to address the fact with the client and consider how it affects the advice. A planner works from the client's full picture, so a newly found material fact means the earlier analysis may no longer hold. Talking it through and reassessing is the sound professional response.
Ending the engagement straight away is too drastic, because the issue may be fixable through conversation. Ignoring the fact because it seems unrelated is risky, since materiality is for the planner to test, not assume. Telling the client's spouse without permission breaks confidentiality.
Rule to remember: when new material information appears, raise it with the client first, then revisit the recommendation. Keep client confidentiality throughout.
Question: Which of the following is considered a tax credit?
Answer: A. Child Tax Credit
Explanation:
The Child Tax Credit is the correct answer because a credit reduces the tax you owe directly, pound for pound or dollar for dollar. A deduction works earlier in the calculation: it lowers taxable income, so its value depends on your tax rate.
The standard deduction is a deduction, so it is wrong. The personal exemption also reduces taxable income, not the tax bill itself. The mortgage interest deduction is, as the name says, a deduction from income.
Rule to remember: look at the name and ask where the item acts. A credit comes off the tax calculated, while a deduction or exemption comes off income before the tax is calculated. A credit is usually worth more than a deduction of the same face amount.
Question: A business continuation plan funded with life insurance should be reviewed and updated when:
Answer: B. Annually or when business value changes significantly
Explanation:
The correct answer is annually, or when business value changes significantly. A continuation plan funded with life insurance rests on assumptions about what the business is worth, who owns it and how the cover is sized. Those assumptions drift, so the plan needs regular review plus a review after major events.
Waiting until the owner's death is wrong, because by then any gap in funding cannot be fixed. Reviewing only when a new owner joins misses changes in value or personal circumstances. A fixed long interval ignores events that can make the agreement out of date much sooner.
Rule to remember: review on a schedule and on triggers. Value changes, ownership changes and personal changes should all prompt a fresh look at the agreement and its insurance.
Start by reading the official material from the Institute of Financial Consultants for each module, so you know what the exam body expects. Then use our practice sets to check what you retained, one topic at a time.
Take a first pass through each set without notes and mark every question you miss or guess. Begin with the areas you work in least. If your daily job is investments, spend extra time on Tax Planning, Estate Planning and Insurance and Risk Management. Cover Investment Planning, Retirement Planning, Financial Analysis and Valuation and Business Financial Planning in the same way.
For every miss, read the explanation, then write the rule in a sentence of your own. Go back to the official material for that topic before retrying the set. Finish with Ethics and Professional Standards, since those questions reward careful reading of the scenario. Because each module has its own online exam, test yourself on a module just before you sit it.
The certification application fee is US$480, according to the Institute of Financial Consultants fee page. Members also pay US$70 in annual dues. Check the official fees page before you pay, because amounts can change and other costs may apply.
Yes. The CFC program is 100% online and self-paced, with an online exam for each of 6 modules plus a capstone. You study and are assessed through the Institute of Financial Consultants, so confirm current exam arrangements on their site.
Membership is open to professionals with 3 years' financial experience, or to people who have completed the CFC program. If you are unsure which route applies to you, contact the Institute of Financial Consultants directly before you apply.
Members pay US$70 in annual dues and make a yearly CPD declaration. The Institute of Financial Consultants says non-payment of the annual subscription results in cancellation of membership and member privileges, so renewal is a real requirement.
No. The designatory letters may only be used by members whose membership is in good standing. If your dues lapse and your membership is cancelled, you should stop using the letters until the Institute of Financial Consultants confirms your status.
No. The questions are written by us with AI tools to help you practise each topic. They are not taken from the real exam, and they do not predict your result. Use them to find gaps, then return to the official material.
How we verify: editorial & fact-checking policy. Report an error: contact us.