FP Exam Prep Canada (2026): FP1 & FP2 Format & How to Study
The short answer: CSI's Financial Planning courses come in two parts. FP1 is a proctored exam with 80 multiple-choice questions, 3 hours, and a 60% pass mark. FP2 is a proctored exam that goes deeper — plan on roughly 110–150 hours of study. Together they're part of the path toward financial-planning designations like the QAFP and CFP. This page explains the format and how to prepare.
What is FP (FP1 and FP2)?
FP1 and FP2 are the Canadian Securities Institute's Financial Planning courses. They build the knowledge an advisor needs to give genuine financial-planning advice — not just product recommendations, but planning across a client's whole financial picture.
They matter for career progression. The FP courses are part of the path toward financial-planning designations, feeding into the approved core curriculum recognised by FP Canada for the QAFP (Qualified Associate Financial Planner) and CFP (Certified Financial Planner) designations. In other words, FP1 and FP2 aren't just standalone courses — they're stepping stones toward a recognised planning credential.
FP exam format
The two courses are assessed differently, and FP2 is the heavier of the two:
| Feature | FP1 | FP2 |
|---|---|---|
| Questions | 80 multiple-choice | Proctored exam |
| Time | 3 hours | — |
| Passing grade | 60% | — |
| Delivery | Proctored (remote or in-person) | Proctored (remote or in-person) |
| Study load | Moderate | Heavier — roughly 110–150 hours |
FP1 is a standard proctored multiple-choice exam: 80 questions, 3 hours, 60% to pass. With 180 minutes for 80 questions, the pace is comfortable if you know the material.
FP2 is a proctored exam that goes further and demands more preparation — plan for roughly 110–150 hours of study. Both exams can be written by remote proctoring or in person, so you can choose whichever suits you.
Who takes the FP exams?
The FP courses are aimed at:
- Advisors building financial-planning expertise who want to move from product-focused work toward holistic planning.
- Candidates working toward the QAFP or CFP designation through an approved core curriculum.
- Professionals who want their planning knowledge formally recognised.
How to prepare
FP2's study load — 110–150 hours — tells you the most important thing about preparing: start early and study consistently. Cramming doesn't work when the material is this substantial. The reliable method is to learn each topic, then drill practice questions until you can answer without hesitation, focusing your time on the areas you get wrong.
That's exactly what SmartExam is designed for. You get about 1,450 exam-style FP questions across FP 1 and FP 2, instant explanations for every answer so each mistake becomes a lesson, and a topic-by-topic report after every quiz that maps your weak spots so your study hours aren't wasted on what you already know. Practise in 20, 50, or 100-question sessions — a quick review or a full timed run.
👉 Download SmartExam on the App Store — about 1,450 FP practice questions across FP 1 and FP 2, All Access — CA$15.99/month, 7-day free trial.
Try a sample question
Show answer
Question: In financial planning, "diversification" is best described as:
A. Spreading investments across different assets to reduce the impact of any single one performing poorly.
Answer: A. Diversification means not putting all your money in one place. By holding a mix of investments, a poor result from any single holding has a smaller effect on the overall portfolio.
Frequently asked questions
How many questions are on the FP1 exam?
80 multiple-choice questions.
What is the passing grade for FP1?
60%.
How much study time does FP2 need?
Roughly 110–150 hours — noticeably more than FP1.
Do FP1 and FP2 count toward the CFP?
They're part of the path toward financial-planning designations, feeding into the approved core curriculum recognised for the QAFP and CFP.
For more study strategies across CSI exams, browse our study guides.
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