2021 FPAC

CANDIDATE
HANDBOOK
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 1
1 GENERAL INFORMATION 5 
PREPARING FOR THE FPAC
TABLE OF CONTENTS
— The Certified Corporate FP&A EXAMS
Professional® (FPAC) Credential — Study Resources
— Earning the Credential — AFP Financial Planning & Analysis
— Program Entrance Requirements Exam Prep Platform
— The Certified Corporate FP&A
Professional Examination
— Education and Experience 6 
FROM EXAMINATION TO
Requirements CERTIFICATION
— FPAC Exam Part I Waiver
— Digital Badge

2 EXAM FORMAT
7 MAINTAINING YOUR CREDENTIAL
— Test Development
— Recertification and Reporting CE
— Job Analysis Credits
— Test Specifications — Approved CE Activities
— The Exam — Activities Not Approved for CE Credits
— 2019B-2024A FPAC Test
Specifications & Knowledge
Domains 8 FREQUENTLY ASKED QUESTIONS
— How to Enroll

3 TEST LOCATIONS / DATES / FEES — Preparing for the Exam

— Taking the Exam
— Test Center Locations
— Re-taking the Exam
— FPAC Examination Test Windows and
Deadlines
— Enrollment Fees
9 
STANDARDS OF ETHICAL
— Other Fees
CONDUCT
— Cancellation Policy
— Deferrals / Special Circumstances
10 
FPAC CANDIDATE CHECKLIST

4 TAKING THE FPAC EXAM

— Submitting Your Application
— Requesting Special Testing
Accommodations
— Authorization–To–Test (ATT)
— Scheduling Your Examination
Appointments
— Testing Time
— At the Test Center
— Making Changes
— Exam Results
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 1

GENERAL
INFORMATION

CERTIFIED CORPORATE FINANCIAL PLANNING

& ANALYSIS PROFESSIONAL® CREDENTIAL
Sponsored by the Association for Financial Professionals® (AFP®)

The Certified Corporate FP&A Professional (FPAC™) The profile of an AFP Certified Corporate Financial
designation defines universal principles and standards Planning & Analysis Professional, as defined by the Job
of practice used in performing financial planning & Task Analysis Committee is as follows:
analysis job functions. By earning the FPAC credential,
A newly certified FPAC professional provides insights to
you demonstrate your understanding of those complex
the financial decision making process in an organization
processes, tools and best practices and are recognized
through analysis, financial projections (planning,
as well-positioned to provide insight to strategic
budgeting and forecasting) and reporting. They may
business decisions at organizations.
work as a member of a team of financial analysts but
AFP®, a not-for-profit, individual membership they are also able to work independently.
association, sponsors the FPAC credential program on
They understand the entire decision support process
behalf of the global FP&A profession. The certification
and are able to contribute to and be responsible for
program was launched in 2013 and will continually
individual components of the process. They are able to
evolve to reflect the changing responsibilities of today’s
perform these functions accurately and in an efficient
FP&A professionals. AFP is committed to ensuring that
manner and to identify, assess and adapt their processes
the FPAC credential maintains a distinctive high
to changes in the business environment. FPAC
standard of excellence.
professionals understand and abide by professional
The Caviart Group provides technical assistance to AFP conduct standards.
in test development and Pearson VUE administers the
FPAC professionals communicate with others in a wide
delivery of the computer-based FPAC examination
range of positions internal and external to the
through a network of more than 5,000 test centers
organization to understand and gather qualitative and
across the globe.
quantitative information on factors affecting the
The FPAC examination is developed following financial performance of the organization. They are also
certification industry standards. The scope and content able to analyze data and relevant facts, consolidate and
of the FPAC examination is based on the results of a job convey insight to support decision makers and other
task analysis, as well as the work of several test stakeholders.
development committees of volunteer FP&A subject
matter experts.

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 Earning the Certified Program Entrance
1 Corporate FP&A Professional Requirements
Credential BEFORE YOU ENROLL IN THE FPAC PROGRAM AND
REGISTER YOUR EXAM PARTS, YOU MUST MEET THE
TO ACHIEVE THE CREDENTIAL, YOU MUST DO THE
ENTRANCE REQUIREMENTS:
FOLLOWING:
— Satisfy the entrance requirements. — Have a bachelor’s or equivalent degree.
— Pay the enrollment fees. — Or, be currently enrolled in an undergraduate
program with a finance related major (finance
— Satisfy the Exam Part I requirement by passing the accounting, economics or business) and be on track
Exam Part I or being approved for an Exam Part I to graduate within two years.
waiver.
— Understand the professional conduct requirement
— Satisfy the Exam Part II requirement by passing the (You will be asked to comply with the AFP
Exam Part II exam. Standards of Ethical Conduct – see page 25
— Satisfy the education requirement. of this guide).
— Satisfy the work experience requirement.
— Agree to comply with the AFP Standards of
Ethical Conduct. The Certified Corporate FP&A
You must complete these program requirements within Professional Examination
five years of enrollment into the program. If you are
The FPAC exam consists of two parts – Part I and Part II –
unable to complete the program requirements and earn
that assess mastery of the critical skills, knowledge and
your certification within five years of enrollment, you
abilities involved in financial planning & analysis. Both
must pay new enrollment fees and retake both exam
parts of the exam are offered in two testing windows a
parts. If you pass one or both parts of the exam but do
year: February–March and August–September.
not complete all program requirements within five years
of enrollment, the passed part(s) will expire. Part I – Financial Acumen is a computer-based exam
consisting of 140 multiple choice questions. Part II –
The credential will not be awarded until all requirements
Financial Analysis and Business Support is a computer-
have been met.
based exam consisting of 45 task-based simulations and
The AFP Certification Committee is the final judge of an 10 case analysis problems. Both parts contain unscored
individual’s qualifications to earn the credential. The pretest questions, which do not affect the score and are
Committee will consider applicant appeals with respect used in certification examinations as an effective and
to exceptional circumstances. The Committee also legitimate way to test the validity of future scored
reserves the right to verify an applicant’s eligibility examination questions. Pretest questions are placed
through random audit. randomly throughout the exam.
Part I and Part II of the exam can be taken separately or in
Applicants who are deemed eligible to enroll in the
any order. You may choose, based on test site availability,
examination will receive a confirmation email from AFP.
to take both parts on the same day, on different days in
Applicants deemed ineligible to enroll will receive an
the same window, or in two different windows.
ineligibility notification and a refund of the examination
fees only.

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Education and Experience Requirements
Candidates who meet the entrance requirements may enroll in the Certified Corporate FP&A Professional program
and begin taking the exams before the Education and Experience Requirements have been fully satisfied, but will not 1
be awarded the credential until all requirements have been met.
To determine your eligibility, please visit the following link: [Link]/FPAtool

Eligibility Undergraduate Supplemental

Categories Education Graduate Education Education Credential Work Experience*

Bachelor’s or global None None None 3 years of FTE

equivalent in accounting, experience in an FP&A
A finance, economics or position
business
Bachelor’s or global Master’s degree or higher None None 2 years of FTE
equivalent in any or global equivalent experience in an FP&A
B subject matter degree in a finance,
accounting, economics or
position

business related field

Bachelor’s or global None Three semester hours of None 3 years of FTE
equivalent in a college-level course experience in an FP&A
non-finance subject work or equivalent in position
finance and six semester
C hours of college-level
course work or
equivalent in finance or
managerial accounting
Bachelor’s or global None None An approved 3 years of FTE
equivalent in a accounting or finance experience in an FP&A
D non-finance subject credential (See list of position
credentials below)

*Two years of FTE college/university teaching experience in budgeting, forecasting, financial modeling, corporate financial planning, strategic
planning or financial analysis can be substituted for each year of work experience

Approved Accounting or Finance Credentials Full Time Equivalent (FTE) Experience

(For Eligibility Category D) FTE experience is defined as those positions involving at
— Certified General Accountant (CGA) least 35 hours of work per week. At least 50% of the
— Certified Government Financial Manager (CGFM) individual’s time must be spent performing/managing or
supervising those who perform/manage the following
— Certified Internal Auditor (CIA)
finance tasks:
— Certified Management Accountant (CMA)
— Certified Practising Accountant (CPA) (Australia) — Budgeting
— Certified Public Accountant (CPA) (US) — Forecasting
— Certified Treasury Professional (CTP) — Financial modeling
— Chartered Accountant (CA) — Corporate financial planning/strategic planning
— Chartered Certified Accountant (ACCA or FCCA) — Financial analysis
— Chartered Global Management Accountant (CGMA)
— Chartered Financial Analyst (CFA) Positions such as internships, vacation/holiday
— Chartered Professional Accountant (CPA) (Canada) employment or volunteer positions do not provide the
appropriate experience to qualify in meeting the full-
— CIMA Professional Qualification (ACMA or FCMA) time experience requirement.
— Financial Modeling & Valuation Analyst (FMVA)
All applicants must complete the Report of Experience
— Institute of Chartered Accountants in England & Wales and Education as part of the online application process.
(ICAEW) Chartered Accountant (ACA)
— Professional Business Accountant (PBA) Canada

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FPAC Exam Part I Waiver
Beginning April 15, 2020, candidates holding certain credentials may apply for an Exam Part I waiver. If approved,
the Exam Part I waiver will meet the Exam Part I requirement and exempt the candidate from having to take and
pass Exam Part I.

Waiver Qualification If you are currently enrolled in the program

In order to qualify for an Exam Part I waiver, and are registered to take the Exam Part I:
candidates must hold one of the following
credentials in good standing at the time of their If you are currently enrolled in the program and are
application: registered to take the Exam Part I in an upcoming
window, submit your Exam Part I waiver application to
— Chartered Financial Analyst (CFA)
FPACert@[Link] at least three full weeks
— Certified Management Accountant (CMA)
before the start of your registered testing window.
— Certified Treasury Professional (CTP) AFP will review your application and respond within
— Certified Public Accountant (CPA) (USA) 10 business days.
— Certified Practising Accountant (CPA) (Australia)
— Chartered Professional Accountant (CPA) (Canada) Supporting Documentation
— Chartered Certified Accountant (ACCA or FCCA) When submitting your waiver application to
— CIMA Professional Qualification (ACMA or FCMA) FPACert@[Link] please include supporting
documentation which states that you currently hold
Applying for a Waiver that credential. A list of acceptable supporting
At this time, Exam Part I waivers can only be applied documentation is below. Photocopies and pictures
for by submitting the waiver application form at are acceptable. All supporting documentation should
include an expiration or recertification date.
[Link]/waiver.
— Your certificate
If you are submitting a new application: — An award notification
Complete and submit your new application. As part
— A letter on the letterhead of the certifying body
of the submission process, you will be asked to choose — CPA license or license card
a testing window for the Exam Part I. After
Please visit [Link]/waiver for more
submitting your online application, or along with your
information. Please note that Waiver Applications
paper application, submit the completed Exam Part I
will not be reviewed or approved until a candidate
waiver application to FPACert@[Link] and the
has submitted their New Enrollment Application.
required supporting documentation.

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 2

EXAM
FORMAT

Test Development Test Specifications

AFP facilitates the development of the competency- Using the job analysis results, a committee of volunteers
based Certified Corporate FP&A Professional exam with FP&A field experience facilitated by the Caviart
following generally accepted best practices for Group, develop the specifications (number of exam
credentialing agencies and The Standards for question items per knowledge domain) for the FPAC
Educational and Psychological Testing. AFP employs examination. (See pages 6-9 for the Test Specifications
professional testing experts to assist in all aspects of the for the 2019B-2024A windows.)
exam development process to ensure psychometric
soundness and legal defensibility of the program. The
The Exam
success of the credential is a function of active
practitioner involvement. Practicing financial planning Under the guidance of test development professionals,
and analysis professionals are involved at every stage of groups of subject matter expert practitioners write, edit
the process. and approve test questions. These questions, each of
which are referenced to selected finance textbooks, are
assembled into exam forms following the test
Job Analysis specifications blueprint. Exam forms are validated to
The job analysis process provides a systematic ensure they are fair and reliable and hold every
procedure of identifying and validating the performance candidate to the same standard. A list of references
domains of the financial planning and analysis used can be found on the website: [Link]/Ref
professional and the knowledge and skills that are
necessary to execute job responsibilities. Subject matter
expert practitioners develop a list of job tasks and
responsibilities, from which a survey is developed. The
information derived from the analysis of the survey
results provides the basis from which the examination
specifications are developed. Demographically diverse
survey respondents validate the job tasks and
responsibilities and rank the importance of each.

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2 2019B-2024A
FPAC Test Specifications & Knowledge Domains
Content Areas (Knowledge, Skills and Abilities)

FPAC Exam Part I

Financial Acumen: Understanding and Managing Financial Information and Business Relationships
Knowledge Domain A
Concepts of Business and Finance: 52-58% of Exam Part I
I.A.1 Knowledge of types of short and long-range plans/ I.A.8 Knowledge of concepts of cash management
budgets/forecasts (zero-based budgets, annual (working capital, financing options, etc.)
budgets, rolling forecasts, etc.) and their application I.A.9 Knowledge of common financial investments/
I.A.2 Ability to interpret corporate annual reports, including decision types (go/no go; buy/lease; mergers,
understanding the interactions/interrelationships acquisitions, and divestitures; etc.)
between common financial statements I.A.10 Knowledge of frameworks to ensure quality
I.A.3 Knowledge of general finance principles and business and strategic decisions (SWOT [strengths,
financial concepts, including common financial weaknesses, opportunities, threats] analysis;
formulas (time value; opportunity costs; debt Porter’s five forces; growth-share matrix; root cause
structures and covenants; earnings per share; cost analysis; five whys; etc.)
of capital; etc.) I.A.11 Knowledge of basic microeconomics concepts
I.A.4 Knowledge of managerial accounting/reporting and (marginal costs; pricing; price elasticity of supply
cost accounting concepts (costs throughout the and demand; etc.)
production process; fixed and variable costs; cost I.A.12 Knowledge of basic macroeconomic concepts used
allocation; contribution margins; etc.) in financial planning (consumer price index, gross
I.A.5 Knowledge of financial accounting concepts, domestic product, exchange rates, interest rates,
principles, and practices inflation rates, economic indicators, etc.)
I.A.6 Knowledge of general business terminology, practices,
and processes (compensation structures, performance
management, stock options, etc.)
I.A.7 Knowledge of risk factors and risk management
concepts (value at risk, hedging, insurance, interest
rate risk, diversification, etc.)

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 2019B-2024A 2
FPAC Test Specifications & Knowledge Domains continued
Content Areas (Knowledge, Skills and Abilities)

Knowledge Domain B Knowledge Domain C

Systems and Technology: 17-23% of Exam Part I Business Partnering: 22-28% of Exam Part I
I.B.1 Ability to use basic and advanced spreadsheet I.C.1 Ability to create and maintain tools for information
functions (financial functions; pivot tables; value gathering (templates, surveys, etc.), including identi-
lookups; macros; integration with other common fying and mitigating potential sources of bias
software; etc.) I.C.2 Ability to determine information needs of, and gather
I.B.2 Knowledge of the attributes/limitations of systems information from, internal/external stakeholders and
(business intelligence, enterprise resource planning, business partners (operations, sales, and marketing
general ledger, etc.) for storing and providing access departments; senior management; etc.)
to financial data, including routine data and large I.C.3 Ability to identify, monitor, and report business
data sets metrics (including financial and nonfinancial key
I.B.3 Knowledge of the ETL [extraction, transformation, performance indicators)
and loading] process in data warehousing I.C.4 Ability to understand corporate structure/hierarchy
I.B.4 Knowledge of basic data mining concepts and and functions, including the roles and interrelationships
common algorithms (such as for data clustering) between components of the financial structure (FP&A,
I.B.5 Knowledge of information control concerns (internal accounting, investor relations, etc.)
governance, regulatory issues, accountability, I.C.5 Ability to identify relevant stakeholders for partnering
information security standards, etc.) I.C.6 Skill in project management (establishing scope,
I.B.6 Knowledge of FP&A system testing process and mapping project/workflow elements, generating
tools (testing scripts, test plans, etc.) integrated timelines, managing interdependencies,
monitoring progress, etc.)
I.C.7 Knowledge of corporate guidance (organizational
goals, strategies, etc.) and its impact on planning/
projections
I.C.8 Ability to determine when a situation requires
intervention (stakeholder involvement, escalation, etc.)

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2 2019B-2024A
FPAC Test Specifications & Knowledge Domains continued
Content Areas (Knowledge, Skills and Abilities)

FPAC Exam Part II

Financial Analysis and Business Support: Building, Interpreting, and Communicating Financial Projections
Knowledge Domain A  nowledge Domain B
K
Analysis and Projections: 37-43% of Exam Part II Models and Analytics: 42-48% of Exam Part II
II.A.1 Ability to create financial statement projections II.B.1 Ability to conceptualize and scope an analysis
(income statement, cash flow statement, balance (identifying tools and processes needed, conceiving
sheet, etc.) efficient/effective model design, etc.)
II.A.2 Ability to create a capital expenditure/investment II.B.2 Ability to develop assumptions, draw conclusions,
analysis (discounted cash flow analysis, return on and assess the reasonableness of assumptions/
investment projections, net present value conclusions
projections, etc.) II.B.3 Ability to determine and gather the information
II.A.3 Ability to create sales volume/revenue projections needed to complete a task (including knowledge of
II.A.4 Ability to create expense and head count (staffing) sources of pertinent and accurate information, both
projections internal and external to the organization)

II.A.5 Ability to create specific customer/deal/product II.B.4 Ability to identify the interrelationships between
projections business drivers and account for their effects on
financial statements
II.A.6 Ability to perform a financial ratio analysis (debt/
equity, accounts receivable days, liquidity ratios, etc.) II.B.5 Ability to develop and evaluate alternatives for
business decisions
II.A.7 Ability to perform competitive analysis (internal
or external benchmarking; peer group analysis; II.B.6 Ability to understand common statistical concepts
ratios; etc.) and perform common statistical calculations
(standard deviation, expected value, correlation,
II.A.8 Ability to perform variance analysis and reporting regression, mean, mode, etc.)
(actual versus prior periods; actual versus plan;
actual versus forecast; etc.) II.b.7 Ability to analyze trends in data sets (patterns, outliers,
seasonality, shifts in a business or industry, etc.),
II.A.9 Ability to perform a sensitivity analysis including identifying trends, determining their
II.A.10 Ability to perform a financial risk analysis causes/drivers, and accounting for their effects
II.A.11 Ability to create “what-if” scenarios II.B.8 Ability to test and validate a model (cross-footing,
consistency testing, reasonableness assessment, etc.)
II.B.9 Ability to develop, document, and maintain models
and templates (understand documentation con-
cepts; document assumptions; create supporting
information and protocols; document functionality
and structure; use software/data version control
concepts and techniques; etc.)
II.B.10 Ability to interpret model results

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 2019B-2024A 2
FPAC Test Specifications & Knowledge Domains continued
Content Areas (Knowledge, Skills and Abilities)

Knowledge Domain C
Business Communication: 12-18% of Exam Part II
II.C.1 Knowledge of effective communication and
presentation techniques for explaining complex
financial issues and their underlying logic to various
stakeholders (including determining appropriate
tone, level of detail, and presentation techniques for
various audiences)
II.C.2 Knowledge of common data visualization
techniques/charts and their appropriate uses/
applications in communicating results of analysis
(including data mining)
II.C.3 Skill in interpersonal communication (interviewing,
influencing, asking appropriate questions, building
alliances, negotiating favorable outcomes,
maintaining positive relationships, resolving
communication issues, etc.)

“I’m a big advocate for the FP&A certification. It’s something

that’s definitely needed in the industry. The certification is very
applicable to what FP&A is right now and what it is going to be
in the future.”
— James Morales, CFA, FPAC
Director, Strategy and Corporate Development
Crius Energy

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 “I was sought out because I had the certification,
and I was given a promotion right away… The
certification gives you a tag that you’re an
expert in the profession.”
—S
 tephanie Weiland, FPAC
Director, FP&A
Genoa Healthcare

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 3

TEST 2
LOCATIONS/
DATES/ FEES

Test Center Locations

The proctored computer-based Certified Corporate FP&A Professional examination is
administered by Pearson VUE through a network of more than 5,000 testing centers in cities
worldwide. Test centers, which are subject to change, are listed on the Pearson VUE website
at [Link]/AFP.

Examination Test Windows and Deadlines

The exam is offered in two 60-day testing windows for greater flexibility and convenience to candidates. All forms
and applicable fees must be submitted online. Forms submitted without appropriate fees cannot be processed.
Candidates may choose any available window when registering for the exam. Both exam parts may be scheduled in
the same testing window or in different windows.

FPAC EXAMINATION TESTING WINDOW

Early Final Cancellation/ Deferral

Application Application Refund Request Request
Deadline Deadline Deadline Deadline

August 1, 2021–September 30, 2021 (2021B) May 14, 2021 June 18, 2021 July 18, 2021 September 30, 2021

February 1, 2022–March 31, 2022 (2022A) November 19, 2021 December 17, 2021 January 18, 2022 March 31, 2022

August 1, 2022–September 30, 2022 (2022B) May 20, 2022 June 17, 2022 July 18, 2022 September 30, 2022

Applications received after the final postmark deadline will automatically be deferred to the next available testing window.

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3 Examination Enrollment Fees
The examination fee permits candidates to attempt each part of exam once during the testing window for which they
initially register that part.

FPAC ENROLLMENT FEES

Application Examination Non-member
Membership Status Deadline Fee Fee Fee Differential Total (USD)
AFP Member Early $325 $700 $1025
Final $325 $800 $1125
Non- Member Early $325 $700 $395 $1420
Final $325 $800 $395 $1520

Other Fees (in US dollars)

The following are remitted as single fees and do not require an application fee. Forms are available online at
[Link]/Forms.
The fees listed are per part of the exam.

Re-Registration Fee | $250 USD per exam part “No-show” Penalty | $100 USD per exam part
Fee applies to candidates who were not successful on Fee applies to all candidates who fail to cancel an
their previous exam attempt or failed to schedule an existing appointment with the Pearson VUE at least one
appointment during their approved testing window. full business day (24 hours), regardless of whether they
Re-Registration fees are per part of the exam. Only submit a written request to AFP to cancel or defer their
candidates who are within ten testing windows of their exam registration. This fee also applies to candidates
original application qualify for this Re-Registration fee. who miss their appointment, cancel too late or arrive
Candidates wishing to retake the exam more than ten late to the test center.
testing windows after their initial application must
submit a new application and pay the new applicant
fees. Candidates must cancel their existing exam
appointment at least one full business day (24 hours) in
advance in accordance with test center cancellation
policies; otherwise they are subject to the “no-show”
penalty fee of $100 USD. Please note: you cannot take
an exam part more than one time per testing window.

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Cancellation Policy Deferral Policy 3
Candidates who submit a cancellation request form to Under special circumstances (i.e., medical or personal
AFP by the appropriate deadline will be refunded the emergency) AFP may allow a deferral from the current
exam fee portion of their enrollment fee. The application testing window to the next testing window with no
fee of $325 and the non-member differential fee of $395 additional fee.
are non-transferable and nonrefundable. For candidates
An event that can be anticipated is not considered an
whose most recent payment did not include an
emergency. A candidate’s inability to take the exam due
application fee, there will be a $100 USD processing fee
to work commitments or insufficient or inappropriate
withheld and any “no-show” penalty fees that were
preparation is not considered an emergency.
previously assessed.
Emergencies include:
Please note that cancellations are intended for
candidates who are no longer interested in earning the — Death in the immediate family
credential or will be putting off the examination for an — Illness, either yourself or immediate family member
unknown period of time. Once the cancellation form has
— Disabling traffic accident
been processed and the exam fees refunded, the
candidate must re-submit a new application and the — Court appearance or jury duty
appropriate new applicant fees, should they ever want — Military duty
to sit for the examination again. For candidates
— Unscheduled work travel
interested in moving their exam registration to the next
testing window, please view the Deferral or Special circumstances must either immediately precede
Re-Registration options. or coincide with the administration of the exam. All such
circumstances must include supporting documentation
The cancellation deadline is always two weeks prior to
(i.e., a doctor’s note, emergency room forms, death
the commencement of the testing window.
certificate). A medical or personal emergency may apply
to you or to one of your immediate family members:
spouse, child or parent as defined by the Family Medical
Leave Act.
Approval of a deferral request is granted on a case-by-case
basis. Deferrals are permitted only once per exam part.
Candidates must cancel their existing exam appointment
in accordance with Pearson Vue cancellation policies,
otherwise they are subjected to the “no-show” penalty
fee of $100.

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 4

TAKING THE
FPAC EXAMS

Submitting Your Application — Specific recommendations for your testing

accommodations, including a detailed explanation
Applications to enroll in the FPAC program may be of why the accommodation is needed. Details
submitted online at [Link]/apply. Full regarding past exam accommodations must be
payment must accompany all applications. Applications provided and, if none were provided, an explanation
cannot be processed without the required fee(s). of why the requested accommodations are currently
needed. If the accommodation includes extra time,
Requesting Special Testing please indicate the amount of time requested.

Accommodations This written documentation must be submitted to AFP

within one business day (24 hours) of the enrollment
Candidates with documented visual, physical, hearing or application. There is no extra fee for making these
learning disabilities as defined under the Americans with arrangements.
Disabilities Act Amendments Act (ADAAA), which
would prevent them from taking an examination under In considering a request from an applicant for special
standard conditions, may request special testing accommodations, AFP and Pearson VUE are guided by a
accommodations and arrangements. sense of fairness. Special accommodations are granted
to give an approved candidate the opportunity to be
AFP and Pearson VUE require written documentation of examined in an equivalent manner with other candidates,
the disability from the candidate’s doctor or from but not to provide an advantage over other candidates.
another qualified medical professional who has treated
the candidate for the disability within the last year.
Authorization-To-Test (ATT)
The documentation must include the following
Upon eligibility approval, AFP will send you an
information in order to be considered:
Authorization-To-Test (ATT) via e-mail which will give
— The specific diagnosis and date of the diagnosis you the information you need to schedule your
— Specific and current findings that suggest your appointment(s) to test. If you do not receive your ATT
diagnosis (for example, relevant medical history, within four weeks after submitting your application,
tests administered, date of the most current please contact +1.301.907.2862 or FPACert@[Link].
evaluation within the last three years, etc.) Please note: If you are registering for a future window,
— A description of your substantial day-to-day you will not receive your ATT until after the current
functional limitations resulting from your stated window has ended.
disabilities

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Scheduling Your Examination The scheduled test appointment time for Part II is
4 hours, 30 minutes of which you will have 4 hours,
4
Appointments 5 minutes to answer 55 questions. Twenty-five minutes
Once registered for a testing window, the candidate are available for you to review an optional tutorial (prior
must either schedule the required appointment or to the examination), agree to comply with the non-
appointments and take the exam, or request that the disclosure agreement and answer a brief computer-
registration be deferred to the next testing window. administered questionnaire (at the end of the
examination).
Failure to schedule an appointment during your
approved testing window will result in forfeiting your During the examinations, you will have the opportunity to
exam fee. You will need to complete a Re-Registration review questions during the Multiple-Choice and Task-
form and pay the $250 USD Re-Registration fee in order Based Simulation sections. You can change answers,
to register again to take the exam. mark or skip questions.

Carefully check your ATT. Your first and last name, as it In the Case Analysis section of the Part II exam, you will
appears on your identification, MUST match the name NOT be permitted to skip or go back to questions. In
the test center has on file. If any information is incorrect, these items, each step is scored independently of the
contact AFP prior to making your appointment to test. previous subsequents steps. For each step, points are
A list of acceptable discrepancies can be found at awarded for selecting appropriate action or may be
[Link]/apply/regulations. awarded for avoiding an inappropriate action. Also,
points may be deducted for selecting an action that is
Appointments to test can be made by calling Pearson not appropriate or not necessary based on the
VUE’s registration center at +1.866.837.8287 or online information provided.
at [Link]/AFP. You may make an
appointment to test at any of Pearson VUE’s 5,000+ Should your time expire while taking the exam, all
testing centers for any available date and time during answers, regardless of how they are marked, will be
your approved testing window. For the best availability, calculated into your score. Once your allowed time has
candidates should make their appointment immediately expired, or you exit the examination, you cannot see or
after receiving their ATT, as test center seats can fill quickly. review the questions again.
Multiple choice questions are worth one point each.
Testing Time Spreadsheet based questions are worth 1-5 points. Case
analysis questions are worth 1 or more point per step.
The Certified Corporate FP&A Professional exam
consists of two separate parts. Based on appointment
availability, candidates may choose to take both parts of
the exam on the same day or on two different days
within the same window. However, each part of the
exam has a set testing time. Time not used on one part
of the exam cannot be carried over to the next part.
The scheduled test appointment time for Part I is three
hours, of which you will have 2 hours, 35 minutes to
answer 140 questions. Twenty-five minutes are available
for you to review an optional tutorial (prior to the
examination), agree to comply with the non-disclosure
agreement and answer a brief computer-administered
questionnaire (at the end of the examination).

2021 FPAC CANDIDATE HANDBOOK | [Link] 15

 — If you wish to leave the room during the test, you
4 At the Test Center
must secure the administrator’s permission. If you
To ensure that all candidates’ results are earned under leave the testing area for any reason, please note
comparable conditions and represent fair and accurate that you will be electronically fingerprinted upon
measurement, it is necessary to maintain a standardized leaving and again before re-entering.
testing environment. The following policies, procedures
Please note that the testing clock cannot be paused
and suggestions pertain to every FPAC examination
and your testing time will continue to count down
administration:
while you are away from your work station.
— As part of the check-in process, a digital signature,
palm vein scan and/or photograph may be required.
— Bring a jacket or sweater for air-conditioned rooms.
— Instructions by test center personnel are to — Candidates may request earplugs or headphones
from the administrator.
be followed.
— Although all necessary calculations in both exam
parts can be done using the external spreadsheet
Making Changes
tool, candidates may request a handheld four- Please see [Link]/apply/regulations for more
function calculator from the test center information on how to make changes within the same
administrator. Requests must be made to the test testing window, or how to request a Deferral to the next
center at least two weeks in advance of the testing window.
scheduled examination appointment. For additional
assistance, please contact the Certification
Exam Results
Department at FPACert@[Link]. No other
calculators will be allowed in the testing room. At the end of each examination you will receive a
printed report of your results that will include your
— Do not bring books or other reference material into
name, title of your examination and whether you
the examination room. The exam proctor will not
passed or failed. Your actual score is only provided if
permit anyone found possessing such materials to
you failed, along with your performance diagnostics by
continue the test.
knowledge domain.
— Visitors are not permitted at the test center.
— You may not bring scratch paper into the examination
with you. White boards with pens will be provided
to you by the exam proctor at the test center. Raise
your hand and the exam proctor will provide you
with additional boards. You may request as many as
you will need, however, you may not keep more
than four white boards at your desk at once.

16 2021 FPAC CANDIDATE HANDBOOK | [Link]

 5

PREPARING
FOR THE
FPAC EXAMS

AFP Financial Planning &

Analysis Exam Prep Platform
The FPAC Exam Prep Platform is the preferred study
resource for the Certified Corporate FP&A Professional
Exam and is based on the test specifications for the
2019B - 2024A windows. This fully digital and interactive
platform contains study materials, evaluations, sample
questions and customized progress tracking.

Built-In Instructor-Led Training: Each chapter contains

our Online Exam Prep Review course embedded into
Knowledge Checks: See how well you retain the material
the platform
after each topic. See the rationale after each correct or
Pre-Test: Assess your current skill set incorrect answer
Mobile Friendly: Study on your phone or tablet and all Case Studies: Apply concepts learned to real-world
your data and results sync seamlessly scenarios using task based simulations
Post-Test: Gauge the skills gained and identify further Flashcards: Study key concepts with interactive
gaps that need development digital flashcards
Progress Reports: Track your progress, activities 25 Chapters: Progress through both domains of the
and scores study materials, organized by topic area

2021 FPAC CANDIDATE HANDBOOK | [Link] 17

5 Study Resources Ordering Information
FPAC Exam Preparation Community on Order the self-study material by adding the AFP
AFP Collaborate FPAC Exam Prep Platform option in your shopping
Join the discussion community exclusively for FPAC cart as part of the online application process.
candidates and credential holders. Access the
community at [Link]. If there are multiple training candidates within your
organization or if you have organized a group of
Webinars coworkers or friends who would like to prepare for and
Participate in a series of complimentary webinars on earn the FPAC credential, AFP offers the corporate/
the FPAC program, from the benefits of being certified, group training option. Take advantage of significant
to exam strategies and calculation tips. Register for volume discounts when purchasing the AFP FPAC Exam
upcoming live sessions or watch previously recorded Prep Platform for your group. For details or to order,
presentations at [Link]/webinars. contact Justin Barch at jbarch@[Link] or
call +1.301.961.8833.
Sample Test Questions and Prep Guide
Read strategies and test taking tips to help you better Please note: the AFP Financial Planning & Analysis
prepare for the FPAC exams. Sample questions, with Exam Prep Platform is intended to cover the content of
answer keys, are included in this preparation guide. the Certified Corporate FP&A Professional test
The Preparation Guide can be found at specifications: [Link]/TestSpecs. However,
[Link]/PrepGuide. there may be some content in the AFP Financial
Planning & Analysis Exam Prep Platform not covered by
the exams, and there may be content tested in the
exams that is not covered in the Exam Prep Platform.
AFP makes no warranty that use of the AFP Financial
Planning & Analysis Exam Prep Platform guarantees
passage of the Certified Corporate FP&A Professional
examination. AFP Certification staff is not involved with
the planning & development of the AFP Financial
Planning & Analysis Exam Prep Platform, per certification
industry standards. Likewise, AFP Financial Planning &
Analysis Exam Prep Platform subject matter experts and
instructors do not have access to the actual Certified
Corporate FP&A Professional examination questions.

18 2021 FPAC CANDIDATE HANDBOOK | [Link]

 6

FROM
EXAMINATION TO
CERTIFICATION

From Examination Digital Badge

to Certification To ensure FPAC professionals are recognized
for their accomplishments in a way that allows them to
Certified Corporate FP&A Professional candidates may fully showcase their ongoing professional commitment
begin taking the exams before they have satisfied all of to FP&A in today’s digital world, AFP provides credential
the certification eligibility requirements. holders with the opportunity to obtain a digital badge,
enabling secure electronic verification of credentials.
Once you’ve passed your exams, there are just a few
steps necessary to obtain your certification: Information about accepting and sharing the badge will
be sent by our partner, Credly, via email shortly after
1. If you have not already done so, complete the
becoming certified.
education and experience section of your online
application. Once certified, FPAC professionals can share can share
their digital badge to social networks, such as LinkedIn
2. Upon verification of your education and experience
or Facebook. Adding the badge to a digital resume or
documentation, you will receive confirmation of
email signature allows
earning your Certified Corporate FP&A Professional
potential employers to
credential. At this time, you may begin using the
instant verify an FPAC
FPAC designation.
credential without the
3. A certificate will be mailed to you 4-6 weeks after need for time-
your credential has been confirmed. consuming
reference checks.
4. You should begin earning and reporting
continuing education credits in order to maintain
your credential.

2021 FPAC CANDIDATE HANDBOOK | [Link] 19

 7

MAINTAINING
YOUR
CREDENTIAL

Recertification and Approved CE Activities

Reporting CE Credits The following are examples of approved CE activities:
The Certified Corporate FP&A Professional Certification — Attendance at corporate financial planning &
is valid for three years. An FPAC Professionals must earn analysis, corporate finance or accounting-related
and report a total of 45 continuing education (CE) workshops, seminars, courses, user group
credits within every three year recertification cycle and conferences, and live teleconferences/webinars.
pay the recertification fee (currently $110 USD for (These educational programs do not need to be
members, $225 USD for non-members by the standard sponsored/produced by AFP.)
deadline) to maintain the credential. (Save $25 by
— Completion of corporate financial planning &
reporting credits online.) Educational programs do not
analysis, corporate finance or accounting-related
need to be produced by AFP to qualify. Also, though
college or university courses
highly encouraged, membership in AFP is not required
to maintain the credential. — Serving as a lecturer or speaker on corporate
financial planning & analysis, corporate finance or
It is the responsibility of each FPAC professional to accounting-related workshops, sessions, seminars
maintain records documenting qualified credits earned. and university/college courses
AFP reserves the right to audit that documentation. Any
— Publication of authored articles on corporate
reported credits that cannot be verified during an audit
financial planning & analysis or corporate finance-
process will be disqualified. A program agenda or a
related topic areas (not restricted to AFP publications)
letter signed and dated by the program sponsor/
provider is acceptable documentation. Records of — Volunteering on AFP or other finance-related
documentation should be retained for two full years organization committees
after completion of each three year recertification cycle. — Accepted thesis or dissertation in a corporate
Continuing education credits are earned at a rate of one financial planning & analysis or corporate finance-
credit per 50 minutes of instruction. related topic area

20 2021 FPAC CANDIDATE HANDBOOK | [Link]

 7

— Completion of an independent/self-study course Activities Not Approved

(with a method of evaluation or certificate of
completion) in corporate financial planning & for CE Credits
analysis or finance-related topic areas — Organizational products/services and/or sales-
— Successful completion of another financial specific, marketing or business development
certification or licensure examination presentations (not including user group conferences)
— Successful completion of quizzes on associated — Fundamental or introductory courses in corporate
articles in AFP Exchange, AFP FP&A In Focus finance or corporate financial planning & analysis
e-newsletters or select archived AFP webinars — Personal career development topics not specific to
— Attendance at a presentation skills or public finance or corporate financial planning & analysis
speaking class — FPAC Exam preparation course
— Individual membership in a national, international or — Earning the FPAC credential
regional corporate financial planning & analysis,
corporate finance or accounting-related association
— Advanced Excel or other spreadsheet software
classes and/or courses
For a complete list of acceptable program types and any
category limits, please refer to AFP’s Recertification
guidelines at [Link]/Recert.

2021 FPAC CANDIDATE HANDBOOK | [Link] 21

 8

FAQS

How to Enroll

Q Do I need to be a member of AFP Q Does my work experience have to

to enroll in the program? be in corporate financial planning
A You are not required to be an AFP member prior to & analysis to qualify?
enrolling. However, non-members are charged a A In order to qualify, your experience must be in a
higher, non-member rate. A complimentary year of position involving at least 35 hours of work per
membership is included in that rate. week with at least 50% of your time spent
performing/managing or supervising those who
perform/manage the following tasks:
Q How do I determine if I am eligible to
— Budgeting — Corporate
enroll in the certification program? financial
— Forecasting
planning/
A The FPAC credential program has educational and — Financial
strategic planning
experience requirements that candidates must modeling
meet before earning the credential. However,
— Financial analysis
candidates may take the exam before meeting
those requirements. Before you enroll in the FPAC Q Do I need to fulfill the education
program and register for your first exam, you must
and experience requirements
meet the entrance requirements:
before taking the exam?
— Have a bachelor’s or equivalent degree
A No, candidates are not required to have fulfilled
— Or be currently enrolled in an undergraduate the education and experience requirements before
program with a finance related major and be taking the exam. However, the credential will not
on track to graduate within two years be awarded until those requirements have been
— Understand the professional conduct met. Candidates must fulfill both the education
requirement (you will be asked to comply with and experience requirements within five years of
the AFP Standards of Ethical Conduct). the date of their initial enrollment in the FPAC
program. If candidates fail to fulfill the education
and experience requirements within five years of
Q If I have a graduate degree, do their initial enrollment in the FPAC program, any
I need to complete the work passing scores that they have received on either
experience requirement? part of the FPAC exams will expire and the
candidate will have to reapply for enrollment to
A Yes. Exam candidates with a graduate degree in
the program. After reapplying, the candidate will
finance, accounting, economics or business are
again have five years to take and pass both parts
required to report at least two years of work
of the exam and fulfill the education and
experience in order to earn the FPAC credential.
experience requirements.

22 2021 FPAC CANDIDATE HANDBOOK | [Link]

Q How can I determine if my Preparing for the Exam
application and eligibility
information has been accepted Q D
 oes the exam fee include a copy 8
and approved? of the AFP Financial Planning &
A You will receive an email confirming approval of Analysis Exam Prep Platform?
your FPAC program enrollment approximately
A No. AFP provides exam candidates with the
1-2 business days after submission of your
ability to purchase the study materials which
application and payment. AFP will contact any
best suit their needs. Should you, for example,
candidate with application or payment issues
opt to use the AFP Financial Planning & Analysis
that may delay this approval process.
Exam Prep Platform for studying, you would be
required to indicate this choice on your
application and remit the additional fee.
Q Why should I schedule my exam

appointment in the early part of
the exam window rather than the
latter part of the window? Taking the Exam
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 Q I’ve submitted my enrollment
or personal responsibility require you to cancel application. How do I make a
your appointment to test early in the window, you testing appointment?
will have more flexibility when rescheduling your
A Within one business week of submitting your
appointment. Candidates who have appointments
enrollment application you will electronically
late in the testing window may be required to move
receive an eligibility letter including your
their eligibility to the next testing window and pay
Authorization to Test (ATT) from AFP. Your ATT
the Re-Registration fee when they find that last
will include information needed to schedule an
minute appointments are unavailable during their
appointment.
current testing window.

Please note: If you are registering for a future

window, you will not receive your ATT until after
Q Does an exam application expire? the current window has ended
A A
 pplications are valid for ten consecutive testing
windows. If you are not successful in your initial Q What is the passing score for

attempt at the exam, by submitting a
the exam?
Re-Registration form and fee you may retake the
exam once per testing window for a period of A The passing scaled score for both Parts of the
nine consecutive testing windows after your exam is 500. The raw score is converted through
initial window. The application expires after ten a statistical formula, revealing a scaled score. We
consecutive testing windows and a candidate do not indicate an exact number or percentage
wishing to take the exam again must submit a of questions that need to be answered correctly
new application and fees. to pass the exam. As there is no penalty for
incorrect answers, we recommend trying to
answer each question to the best of your ability.

2021 FPAC CANDIDATE HANDBOOK | [Link] 23

8 Q What is the deadline to cancel my

different credentials were examined and content
coverage between the FPAC exam and the other
appointment(s) with the testing credentials were compared to ensure that
center to ensure that I do not incur candidate was being tested on all content and
the $100 USD “no show” penalty? everyone was held to the same standards.

A If you cannot make your appointment(s) or you AFP is now working with a psychometrician and
are submitting a deferral request to move your an exam development consultant to determine a
exam(s) to the next testing window, your exam methodology to consider other credentials for
appointment(s) must be canceled with Pearson the waiver program without first needing a
VUE at least one full business day (24 hours) statistically significant number of candidates
prior to the scheduled appointment. holding that credential to have taken the exam.
While we expect this to result in the addition of
Q I currently hold an additional other credentials to the waiver program in the
future, we cannot say which credentials may
finance/accounting credential. eventually be approved.
Do I still have to take both exams?
A Candidates who currently hold the Chartered
Financial Analyst (CFA), Certified Treasury
Professional (CTP), Certified Public Accountant
Re-taking the Exam
(CPA) (USA), Chartered Professional Accountant
(CPA) (Canada), Certified Practising Accountant
(CPA) (Australia), Certified Management
Q C
 an I take an exam part more than
Accountant (CMA), Chartered Certified Accountant
once in a testing window?
(ACCA or FCCA) or CIMA Professional Qualification
A No. While candidates can take both parts of the
(ACMA or FCMA) credentials in good standing may
exam in one testing window, each part may only
choose to apply for an Exam Part I waiver. If
be taken once per window. This is a security
approved, your Exam Part I requirement will be
policy and there are no exceptions. To retake the
met without taking the exam. More information
exam, candidates are required to submit a
about the Exam Part I waiver can be found at
Re-Registration Form for the next testing window.
[Link]/waiver.

Waivers for the Exam Part II are not available. Q How many times can I retake

All candidates are required to take and pass the
the exam?
Exam Part II in order to earn the credential.
A AFP does not limit the number of times an exam
Q How did AFP determine which candidate can retake the exam. However, if you
need to re-test more than ten consecutive
credentials qualified for waivers? testing windows after your initial application, you
Will the credential I hold qualify will need to reapply and pay the application and
for a waiver in the future? examination fees.
A To determine which credentials qualified for
waivers, AFP began by surveying everyone who See more FAQs online at
had applied to the FPAC program since it was [Link]/apply/FAQs
launched in 2104. The survey asked which Inquiries or questions not covered here?
credentials candidates held at the time they Email FPACert@[Link]
applied. Pass rates for candidates holding the

24 2021 FPAC CANDIDATE HANDBOOK | [Link]

 9

STANDARDS
OF ETHICAL
CONDUCT

Association for Financial Professionals Standards

®

of Ethical Conduct
The conduct of financial professionals has a direct effect on the reputation of the profession. A good reputation is
earned on a continuing basis by performing one’s business with competence, appropriate confidentiality, integrity,
and by complying with applicable laws and regulations. Financial professionals have an obligation to their employers,
co-workers, customers, shareholders, the profession and themselves to maintain the highest standards of conduct
and to encourage their peers to do likewise.

Competence Integrity
— Continue to acquire an appropriate level of — Practice honesty and standards of professional care
professional knowledge and skill in finance. in all dealings without engaging in any activity that
— Perform professional duties in good faith and in would prejudice the ability to carry out professional
accordance with technical, legal and regulatory responsibilities competently and fairly. Avoid
practices, as well as the letter and spirit of the law conflicts of interest or the appearance thereof.
in the field of finance. — Refrain from abusing the financial systems and
markets.
Confidentiality — Disclose fully all relevant information that could
— Maintain confidential information acquired in the reasonably be expected to influence business
course of professional activities and disclose such dealings.
information when legally obligated to do so. — Certified Corporate FP&A Professional® (FPAC),
— Refrain from using or appearing to use confidential Certified Treasury Professional® (CTP) Certified
information for unethical or illegal advantage either Treasury Professional® with Mastery of Canadian
personally or through third parties. Treasury Management (CTP(CD)) and the Certified
Cash Manager® (CCM) designations may only be
used if the certification is active.

FPAC Professionals must agree to abide by this Standards of Ethical Conduct and are subject to revocation of their
credential in the event of violation.

2021 FPAC CANDIDATE HANDBOOK | [Link] 25

10

FPAC CANDIDATE
CHECKLIST

Follow These Steps for Success

❏ Complete your application and submit to AFP online:

❏ Report of Education and/or Credentials

❏ Report of Experience

❏ Select your testing windows

❏ FPAC Exam Part I Waiver Application (if applicable)

❏ Receive eligibility confirmation from AFP

❏ Receive Authorization-to-Test (ATT) from AFP

❏ Contact Pearson VUE to schedule examination appointment at [Link]/AFP

❏ Order study materials and schedule regular study time on your calendar [Link]/preparation

❏ For group discounts on study materials, contact AFP Training at +1 301.961.8833 or

jbarch@[Link] or in the APAC region hksoriano@[Link].

❏ Join the FPAC exam preparation community on AFP Collaborate [Link]

Questions?
Email: FPACert@[Link]
Call: +1.301.907.2862

26 2021 FPAC CANDIDATE HANDBOOK | [Link]

2021 FPAC CANDIDATE HANDBOOK | [Link] 27
[Link]

About AFP®

Headquartered outside of Washington, D.C. and located regionally in Singapore, the

Association for Financial Professionals (AFP) is the professional society committed to
advancing the success of treasury and finance members and their organizations. AFP
established and administers the Certified Treasury Professional and Certified Corporate
FP&A Professional credentials, which set standards of excellence in treasury and
finance. Each year, AFP hosts the largest networking conference worldwide for more
than 7,000 corporate financial professionals.

4520 East-West Highway, Suite 800

Bethesda, MD 20814 USA
T: +1 301.907.2862 | F: +1 301.907.2864

[Link]

AFP, Association for Financial Professionals, the AFP logo, FPAC, Certified Corporate FP&A Professional and the FPAC logo are
registered trademarks of the Association for Financial Professionals. ©1/21. FPAC-21_CCH_5 01/27/21