General FAQs
The Association for Financial Professionals (AFP) is a renowned professional society headquartered in the US. The professional society committed to advancing the success of its members and their organizations. AFP established and administers the internationally recognized Certified Treasury Professional (CTP) and Certified Corporate FP&A Professional (FPAC) qualifications, which set standards of excellence in treasury and financial planning & analysis.
The Certified Corporate FP&A Professional (FPAC) credential is the only professional qualification for FP&A Professionals. It is a new qualification reflective of the relatively new Financial Planning & Analysis role. The FPAC designation is held by over 1,600 finance professionals in 82 countries. Sri Lanka professional can be among some of the first professionals in Asia to gain this growing qualification. More information about the FPAC credential can be found at https://fpacert.afponline.org/
The Certified Treasury Professional (CTP) designation is the older of the two credentials and is held by over 30,000 professionals in more than 100 countries. More information about the CTP credential can be found at https://ctpcert.afponline.org/
The Certified Treasury Professional (CTP) designation is the older of the two credentials and is held by over 30,000 professionals in more than 100 countries. More information about the CTP credential can be found at https://ctpcert.afponline.org/
FPAC Professionals work in companies like Microsoft, Coca-Cola, MasterCard, KPMG, Citibank, Boeing, Pfizer, BlackRock, Etihad Airways, FedEx, Chevron, Hewlett-Packard, GE, General Motors, Oracle, McDonalds and other Fortune 500 and FTSE 100 companies.
Fees
For candidates registering through PMsquare, access to the online FPAC exam prep platform is offered at a discounted rate of USD 950 (further discounts apply for the initial candidates). The exam fee is USD 950 for both parts.
Unlike many professional bodies, online qualified the AFP does not impose a mandatory annual membership fee to use the FPAC or CTP designations. This is a significant saving for Finance Professionals in countries like Sri Lanka.
Eligibility
Candidates who currently hold the following credentials in an active and in good standing status may choose to apply for an Exam Part I waiver.
If approved, your Exam Part I requirement will be met without taking the exam. More information about the Exam Part I waiver can be found at: https://fpacert.afponline.org/how-to-apply/exam-part-i-waiver.
Waivers for the Exam Part II are not available. All candidates are required to take and pass the Exam Part II to earn the credential.
- Institute of Chartered Accountants Sri Lanka (ICASL)
- CIMA Professional Qualification (ACMA or FCMA)
- Certified Chartered Accountant (ACCA or FCCA)
- Chartered Financial Analyst (CFA)
- Certified Practising Accountant (CPA) (Australia, Canada, US)
If approved, your Exam Part I requirement will be met without taking the exam. More information about the Exam Part I waiver can be found at: https://fpacert.afponline.org/how-to-apply/exam-part-i-waiver.
Waivers for the Exam Part II are not available. All candidates are required to take and pass the Exam Part II to earn the credential.
To earn the FPAC credential, your experience must be in a position involving at least 35 hours of work per week with at least 50% of your time spent performing/managing or supervising those who perform/manage the following corporate financial planning & analysis tasks:
- Budgeting
- Forecasting
- Financial modeling
- Corporate financial planning/strategic planning
- Financial analysis
No, candidates are not required to have fulfilled the education and experience requirements before taking the exam. However, the FPAC credential will not be awarded until those requirements have been met.
Preparing for the Exam
The AFP’s FPAC Exam Prep Platform (FPAC EPP) is the primary mode for studying for the FPAC exam. It contains all the necessary training material, lecture videos, practice tests, etc. More information about the FPAC EPP and how to prepare can be found at: https://fpacert.afponline.org/preparation
Taking the Exam
Approximately 4-6 business days after submitting your application you will electronically receive an eligibility letter including your Authorization to Test (ATT) from AFP. Your ATT will include information needed to schedule appointments. Please note: If you are applying for a future testing window, eligibility confirmations may be delayed until 1-2 weeks after the close of the current window.
The passing score for both parts of the exam is 500. Candidates' raw scores are converted to a scaled score through a statistical process. The exact number or percentage of questions that need to be answered correctly to pass the exam will not be indicated. As there is no penalty for incorrect answers, we recommend trying to answer each question to the best of your ability.
In order to simplify the registration process, AFP has eliminated transfers and reduced re-registration (formerly re-examination) fees beginning April 1, 2019.
Approximately 6-8 weeks after meeting all of the requirements, newly certified FPAC Professionals will receive an email from our certificate partner, The Award Group.
Re-taking the Exam
If for any reason you do not pass the FPAC exam you can re-sit the exam at the next testing window. The FPAC Exam Prep Platform will be extended by another 12 months allowing you to continue your learning.
For candidates who were not successful on their previous exam attempt can re-sit the exam at the next testing window by paying a fee of US$250 instead of the full exam fee.
Need more information?
Download our brochure