This page provides practice questions and official details for the Certified Financial Litigator (CFL) certification. Candidates can use these resources to review financial and legal concepts, prepare for the test format, and understand the requirements set by the American Academy for Certified Financial Litigators.
The CFL takes about 2 hours and costs $100[1][2] (American Academy for Certified Financial Litigators, verified Oct 26, 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 |
|---|---|---|
| Time limit | 2 hours[1] | American Academy for Certified Financial Litigators · Oct 26, 2026 |
| Exam fee | $100[2] | American Academy for Certified Financial Litigators · Oct 26, 2026 |
| Exam fee (CFL Training Program) | $1,350 one-time (or $200/month x 7)[3] | American Academy for Certified Financial Litigators · Oct 26, 2026 |
| Retake policy | Unlimited retakes allowed until passing[1] | American Academy for Certified Financial Litigators · Oct 26, 2026 |
| Delivery (CFL Training Program) | On-demand online, self-paced (~15 hours)[3] | American Academy for Certified Financial Litigators · Oct 26, 2026 |
| Eligibility | Completion of CFL Training[2] | American Academy for Certified Financial Litigators · Oct 26, 2026 |
| Eligibility (AACFL Membership) | AACFL Membership[4] | American Academy for Certified Financial Litigators · Oct 26, 2026 |
According to American Academy for Certified Financial Litigators, “To take the Certified Financial Litigator Exam, you must first complete the Certified Financial Litigator Training.”[2]
The Certified Financial Litigator designation is awarded by the American Academy for Certified Financial Litigators. To be eligible to sit for the examination, candidates must first secure active membership in the AACFL. Following membership, applicants are required to complete the official CFL Training Program. This required training is delivered as an on-demand, self-paced online course that allows candidates to progress at their own speed. On average, candidates take about 15 hours to finish the educational curriculum. The training program costs $1,350 as a one-time payment, though candidates also have the option to pay in monthly installments of $200.
After successfully finishing the required training curriculum, candidates are permitted to take the certification examination. The examination fee is $100. During the testing session, candidates are given a strict time limit of 2 hours to complete the assessment. The test evaluates proficiency in financial analysis, taxation, and accounting principles relevant to litigation. If a candidate does not pass the test on their initial attempt, the AACFL allows unlimited retakes until a passing score is achieved. This flexible retake policy ensures candidates have multiple opportunities to demonstrate their understanding of the material without facing rigid testing limits.
The content areas below are copied from the official CFL content outline published by American Academy for Certified Financial Litigators. The right-hand column shows which of our practice sets covers it.
| Official content area | Practice on this site |
|---|---|
| Accounting for Attorneys[4] | Mixed practice tests above Review core accounting principles as they apply to legal proceedings and discovery. |
| Business Valuation[4] | Mixed practice tests above Study the methods used to determine the economic value of a business interest. |
| Compensation Issues[4] | Mixed practice tests above Understand how executive compensation and benefits are evaluated in financial disputes. |
| Economic Analysis for Attorneys[4] | CFL Damages Calculation & Economic Analysis Practice calculating damages and applying economic models to litigation scenarios. |
| Financial Statement Analysis[4] | CFL Corporate Financial Reporting & Valuation Review how to interpret balance sheets, income statements, and cash flow statements. |
| Forensic Accounting[4] | CFL Financial Fraud & Forensic Analysis Practice identifying fraud indicators and tracing hidden assets. |
| Income Available for Support Purposes[4] | Mixed practice tests above Understand how gross income and business deductions are calculated for support obligations. |
| Lost Profits and Lost Wages[4] | Mixed practice tests above Study the legal and economic standards for proving and calculating lost earnings. |
| Taxation[4] | Mixed practice tests above Review the tax implications of settlements, judgments, and asset divisions. |
| Tax Return Analysis[4] | Mixed practice tests above Practice extracting relevant financial data from personal and corporate tax returns. |
| The Anatomy of Tax Returns and Tax Documents[4] | Mixed practice tests above Understand the structure and schedules of standard IRS tax forms. |
| Understanding Investments[4] | Mixed practice tests above Review the valuation and characteristics of various investment vehicles. |
Prepare for the CFL - Certified Financial Litigator exam with our free practice test modules. Each quiz covers key topics to help you pass on your first try.
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: What is a 'preference payment' under 11 U.S.C. § 547, and why is it subject to avoidance in bankruptcy?
Answer: A. A payment made to a creditor within 90 days before filing that allows the creditor to receive more than they would in a Chapter 7 liquidation
Explanation:
Option A is correct because the bankruptcy code allows a trustee to avoid payments made shortly before filing if those payments unfairly preferred one creditor over others. Option B is incorrect because legitimate payments to secured creditors are often protected or treated differently than unsecured preferences. Option C is wrong as court-approved payments during a case are explicitly authorized, not avoidable preferences. Option D is incorrect because payments under a confirmed plan are legally binding distributions. The rule is that a preference payment gives a creditor more than their fair share of a liquidation distribution.
Question: Under Article 9 of the UCC, a secured creditor must perfect its security interest in most personal property collateral by:
Answer: A. Filing a financing statement (UCC-1) in the appropriate state office
Explanation:
Option A is correct because filing a UCC-1 financing statement is the standard legal method to perfect a security interest in most personal property. Option B is incorrect because while taking possession works for some collateral, filing a statement is the standard method for most property types. Option C is wrong because a notarized agreement creates the interest but does not perfect it against third parties. Option D is incorrect because UCC filings for personal property are typically made at the state level, not the county level. The general rule is that a UCC-1 filing establishes public notice of the security interest.
Question: The Daubert standard replaced which earlier expert admissibility test in federal courts?
Answer: A. Frye general acceptance test
Explanation:
Option A is correct because the Supreme Court's Daubert decision explicitly superseded the older Frye test, which relied solely on general acceptance within the scientific community. Option B is incorrect because Kumho Tire merely expanded the Daubert standard to cover non-scientific testimony. Option C is wrong because Joiner established the appellate standard of review for Daubert rulings, not the standard it replaced. Option D is incorrect because Twombly relates to pleading standards in civil complaints, not testimony admissibility. Remember that Daubert replaced Frye as the primary gatekeeping standard in federal courts.
Your primary resource must be the official on-demand training program provided by the American Academy for Certified Financial Litigators. This self-paced course covers all the official domains tested on the exam.
Read the explanations for all practice questions to understand the intersection of legal procedure and financial analysis. Make sure you can comfortably finish a full practice session within a pace that matches the 2-hour time limit of the actual test.
To be eligible to sit for the certification examination, you must first secure an active membership with the American Academy for Certified Financial Litigators. Following membership, you must also complete the official CFL Training Program, which is delivered as an on-demand course.
The official training course is delivered online and is completely self-paced, allowing candidates to progress according to their own schedule. On average, candidates take about 15 hours to finish the full curriculum before they become eligible to take the examination.
The required training course costs $1,350 if paid as a one-time payment. Candidates also have the option to pay in installments of $200 per month. Once the mandatory training is complete, there is a separate exam fee of $100 that must be paid to sit for the final assessment.
Candidates are given a strict time limit of 2 hours to complete the certification exam. Because the time is limited, test-takers must pace themselves carefully while answering questions related to financial analysis, taxation, and accounting principles to ensure they finish the assessment before the session ends.
If you do not achieve a passing score on your first attempt, the AACFL allows you to retake the exam an unlimited number of times until you pass. This policy gives candidates the opportunity to review the training materials and try again without a cap on the total number of attempts.
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