CFP® Exam Study Groups

00:00:08 Adam Scherer 

Hello and welcome to another very special episode of the BIF Bites Podcast. This is your loyal host, Adam Scherer. And today I am thrilled to have our newest member of the BIF crew, Kaylee Benting, joining us for an awesome episode about study groups. Kaylee, welcome. 

00:00:35 Kaylee Benting 

Hi, Adam. Thank you so much for having me. I’m so excited to be here. A little bit about me. I did my undergraduate in liberal studies, so I was on track to be in elementary education. I pivoted to financial planning, which is how I ended up here. I’m so excited to be here, and we’ll be talking a little bit about study groups. I learned some of this from my undergraduate education, so I’m excited to bring that into the BIF space. 

00:01:05 Adam Scherer 

That is fantastic. Kaylee has been doing just a wonderful job supporting our students and making the BIF Review and BIF Education even better. We’re going to get some insight into how to do group study well and some things to consider, because I see people often seeking study partners and accountability partners.  

That’s such a relief, because this experience can feel isolating. As we’ll learn from Kaylee, study groups can offer deeper understanding and broader connections. Kaylee, let’s begin with our BIF Review online community that’s available to our premium students. What’s your current role there? 

00:02:24 Kaylee Benting 

We host our student community within Slack. Students can chat, share CFP exam info, and participate in our weekly segments: “Did You Know” Wednesdays and “Example Question” Mondays. It’s a space to connect with other CFP exam takers, including some retakers who share wisdom from their experience. I manage the community and take feedback on what students want. 

 One big theme was the difficulty of forming study groups. With time zones, family, and full-time jobs, it’s hard to coordinate. So we hosted a Zoom meetup where students could meet face-to-face and form groups. That was new, and we’re excited to expand this part of the review program. 

00:04:02 Adam Scherer 

We’ve heard great feedback on that. Going into that meeting, what were students looking for in a study group or accountability partner? 

00:04:23 Kaylee Benting 

There’s definitely a mix. Some people are extroverted and just want a space to bounce ideas off others. Others prefer structure with weekly meetings, agendas, and topics. Having that Zoom meeting helped people find what suited them—structured or flexible.  

The key takeaway is there’s no single right way to study. And Adam, I love your story about bringing flashcards while walking your children. It shows that studying doesn’t have to be traditional. 

00:05:50 Adam Scherer 

Yeah, that was my “study group.” Average age, maybe twelve, between the three of us. It worked, though. It let me verbalize what I was learning, which is so powerful. 

00:06:40 Kaylee Benting 

Exactly. That’s a great example of active learning versus passive learning. Active learning means engaging teaching, discussing, solving problems, and applying knowledge. It deepens understanding and retention, whereas passive learning is just rereading or rewatching. Both matter, but real mastery comes from active engagement. 

00:08:08 Adam Scherer 

Agreed. Many students rely on practice questions alone, which can become passive if you just chase the quick dopamine hit of getting one right. But when you break questions down thoughtfully, review rationales, and make broader connections, that’s active learning in action.  

The CFP exam is challenging not because of one topic, but because of the scope, you have to master so many. And that’s where diverse study groups shine. You were intentional about helping people connect across different backgrounds, right? 

00:10:18 Kaylee Benting 

Yes. One of our retakers shared how helpful it was to join mixed groups. She was a career changer and joined groups with experienced advisors and insurance agents. The variety of experience helps everyone. A CPA might bring tax insight, an advisor might bring client experience.  

Without that mix, you risk echoing misunderstandings. That real-world context strengthens learning and makes it stick because you see how it applies to actual clients. It might feel strange to seek people who are different from you, but that’s where the magic happens. 

00:12:36 Adam Scherer 

Exactly. Finding partners who challenge and complement you makes learning stronger. The CFP Board’s questions are written by volunteer professionals with unique experiences, which shape how questions are framed. So by engaging with peers who have varied backgrounds, you prepare for how real exam scenarios are written. Assuming someone wants to go all-in on group study, you shared a “three-tier” approach. Can you explain it? 

00:14:46 Kaylee Benting 

Sure. The first tier is a one-on-one partner someone you can text or call easily, ideally in the same time zone. The second tier is a small group of three to five. That’s the sweet spot, enough diversity for correction without chaos.The third tier is a larger group, maybe six to eight, ideal for mock exams or timed practice. It simulates exam pressure. 

Each layer serves a purpose: quick accountability, collaborative learning, and real-world application. Every group should also have a plan. Rotate leadership so everyone participates equally. It builds accountability and active listening. 

00:18:38 Adam Scherer 

Yes. I’ve dropped into many student study groups, and I’ve seen how one person often ends up doing all the coordination. Rotating leadership prevents burnout and keeps everyone invested. Now let’s apply this. You created an example comparing two learners, Sarah and Marcus, to show active versus passive learning. 

00:20:57 Kaylee Benting 

Exactly. Sarah studies diligently on her own color-coded notes, rereading, flashcards, but no collaboration. Marcus does the same solo study but also meets regularly with peers. He explains, teaches, practices, and learns deeply.  

Sarah knows the right answers. Marcus can teach, defend, and apply them. That’s the difference active learning makes. Even if you don’t have a group, talk to friends, partners, or even kids about concepts. Teaching reinforces understanding. 

00:24:41 Adam Scherer 

Don’t forget pets! We’ve had students explain CFP concepts to their dogs. Teaching forces you to translate ideas clearly, that’s real mastery. Group study conversations push you past bullet points and into real understanding.  

I had a standing Friday call with Mike Long when I was studying. He’d ask open-ended questions like, “What’s an 83(b) election?” or “Explain a 72(t).” Those simple prompts deepened my knowledge more than hours of reading could. 

00:27:32 Kaylee Benting 

That’s such a great example. Beyond content support, you also get emotional support.You can say, “I’m behind,” or “I’m stressed,” and someone else will say, “Me too.” That validation helps keep people grounded. 

00:28:26 Adam Scherer 

Yes, mindset matters. As exam day nears, it’s crucial to manage emotions and stay balanced. Study partners become your cheering section. Afterward, those relationships often turn into professional networks and lifelong connections. So, Kaylee, if someone wants to start a study group, what should they do? 

00:30:53 Kaylee Benting 

Start by finding one person—maybe someone in your professional network or LinkedIn who’s also studying. Once you connect with one person, you gain confidence to reach out to others and build a small group.  

From there, expand into a 3–5 person study group. If possible, add a larger group for mock exams. There’s research showing that people with study groups perform better and feel more supported. 

00:33:08 Adam Scherer 

I’ve seen it too. The process becomes more meaningful, less isolating, and more rewarding. Having others to plan, vent, and celebrate with makes all the difference. We’ve seen students who struggled alone go on to pass after joining study groups.  

It’s powerful. Which brings up a question: is it too late to start one now, with only six or seven weeks before the exam? 

00:35:47 Kaylee Benting 

It’s not too late! Just like investing, the best time to start was earlier—but the second-best time is now. Even finding one person can help you catch misunderstandings before the exam. A small correction can make a big difference. 

00:36:56 Adam Scherer 

I couldn’t agree more. It’s the perfect time to connect and refine what you know. Kaylee, thank you for putting this together and for joining your first BIF Bites episode. 

00:37:20 Kaylee Benting 

Thank you, Adam. I’m so glad to get my first one done, and I’m excited for more. Stay tuned—I’ll be back! 

00:37:30 Adam Scherer 

You bet. Visit biffbytes.com or find us on Spotify. We’re getting close to exam day and already compiling questions for Questionpalooza. 

00:37:46 Adam Scherer 

If you have a topic or question you want us to cover, send it in—we’d love to hear from you. For now, keep studying, find your people, and go get that preliminary pass in November. Thanks again, everyone. Talk to you soon.