CFP Certification Exam Will Test Knowledge of New Tax Law

"The reality is we're going through an extensive process of updating the exam," said CFP Board spokesman Dan Drummond. "That takes some time. This is being done as soon as possible."

The six-hour CFP exam is one of several requirements for CFP certification and typically includes questions about taxes as well as retirement, college planning and other personal finance topics. The test can only be taken after a candidate has completed a CFP Board-registered education program.

In addition, candidates must earn a bachelor's degree from an accredited university or college within five years of passing the CFP exam, work three years full time in personal financial planning or two years as an apprentice in the field, and they must pass a background check, disclosing any criminal or job termination history and agreeing to abide by ethical standards.

Once a candidate is certified, he or she must complete 30 hours of continuing education by an approved provider every two years in order to be recertified. Those hours must include two hours on ethics. Other relevant topics such as taxes can be included but aren't required.

"We don't have that [tax] requirement but you'd be pretty behind the times if you didn't make yourself current," says Loper, a CFP certificant.

— Check out Pass-Through Tax Break Can Benefit Boxed-Out Service Businesses After All on ThinkAdvisor.