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MQFP FAQs
What is Military Qualified Financial Planner – MQFP®?
Military Qualified Financial Planner – MQFP® is a certification earned by fee-only fiduciary financial professionals demonstrating sustained superior knowledge and experience serving military and veteran families.
Who developed the MQFP® Certification Standards?
The MQFP Advisory Committee developed the standards and the exam.
Who owns the trademark for MQFP®?
The MQFP® trademark is owned by The Military Financial Readiness Objective (TMFRO), a registered 501.c.3 charity incorporated in the Commonwealth of Virginia. All revenue associated with MQFP® goes to TMFRO and is used to sustain, improve, and expand the MQFP® Certification Program. Any revenue in excess of the amount required to sustain the MQFP® Certification Program will be used by TMFRO on other projects to benefit the financial readiness of military and veteran families.
How do I earn the right to use the MQFP® marks?
- Meet the pre-requisite requirements (addressed later)
- Pass the MQFP® exam
- Remain in good standing with the ongoing requirements for holding the MQFP® marks.
How long has MQFP® been around?
The development team began working on the MQFP® certification program in 2021.
2023 is the first year it was made available to the public.
What are the pre-requisite requirements for taking the MQFP exam?
- You must already have one of the following certifications/credentials: AFC®, CFP®, CFA®, ChFC®, CPA, or be licensed to practice law by a state Bar Association.
- Military experience as a servicemember, veteran, spouse, or prior spouse.
- Applicants still serving must have a satisfactory performance record and not be under disciplinary actions or proceedings.
- Veterans must have a service characterization as Honorable, General, or Other Than Honorable.
- No felony convictions for violent or financial crimes.
- No revocation or suspension of financial certifications or licenses.
- Must meet the NAPFA definition of “Fee-Only”. If you are currently employed, your firm must also meet the NAPFA definition of fee-only.
Why is another certification/credential required as a pre-requisite?
The MQFP® exam does not test basic financial knowledge, but an MQFP® must have basic financial knowledge. Completion of the other certifications/credentials verifies basic financial knowledge.
Why is military experience as a servicemember or spouse required?
Because many military and veteran families prefer to discuss their finances with a financial professional who understands military life.
Are waivers available for any of the prerequisites?
Waivers are rare, but have been granted in certain situations. If you think you should be granted a waiver, you are invited to make your case to the committee.
What can you tell me about the exam?
The exam is 100 multiple-choice questions developed by a team of subject matter experts in military and veteran financial issues. The questions on the exam are based on the Program Knowledge Objectives. You will have 2 hours to complete the exam. A minimum score of 72 is required to pass the exam. The MQFP® Advisory Committee believes the exam is difficult, but fair. You are not likely to pass without some dedicated study.
Each individual exam will be randomly generated from an exam bank of more than 300 questions. Each exam will have the same number of questions from each of the twenty-four knowledge areas, but the selection and order of the questions will be random. No two individual exams will be identical.
Following each exam window, the MQFP® Advisory Committee will review performance on each exam question, as well as examinee feedback. Based on their findings, some exam questions may be disqualified and exam scores adjusted. Candidates who have their exam scores adjusted will be notified in writing.
Is there a cost for the exam?
The total cost for the exam is $300. There is a $50 nonrefundable application fee, and a $250 exam fee. The fee covers two attempts at the exam and the first year of certification dues.
How can I prepare for the MQFP® exam?
We have assembled a list of reference materials from which the MQFP® team developed the exam questions. You would do well to look them over prior to attempting the exam.
Is there an exam prep or education course I can take to prepare for the MQFP® exam?
Yes! We are hosting a live exam prep course the day before MilMoneyCon25. Details for the MQFP® live exam prep course can be found here.
We are also developing an online study course that we anticipate will be available in January 2025. Follow our Linked-In page for announcements about these live and online exam prep courses.
Candidates planning to sit for the exam are also advised to review the resources available in our resource guide.
What if I do not pass the MQFP® exam?
You will be automatically enrolled in the retake exam, typically available 4 to 5 weeks after your initial exam attempt. This will give you time to study from the list of reference materials. The retake exam will be randomly generated from the exam bank in the same manner as the regular certification exam. You will likely see some of the same questions from the original exam, but the retake is randomly generated and will not be identical to your original exam. If you do not pass the retake exam you will need to reapply for a future exam cycle.
Are there requirements after passing the MQFP® exam?
Yes. To remain in good standing and retain the use of the MQFP® marks, certificate holders are required to follow the MQFP Professional Standards. There is also an annual membership fee and a continuing education requirement.
Is there a continuing education requirement?
Yes. Once you have been awarded the right to use and display the MQFP® marks, you will be required to complete 4 hours of continuing education each year on financial topics related to the military and veteran communities. CE will be tracked on a calendar year. CE requirements will be pro-rated in the first year of certification.
What if I still have questions?
