General FAQs

The Annual Recertification is comprised of three things:

  1. $155 fee
  2. Short recertification quiz based on material provided by the Foundation which is comprised of topics that have changed within the industry for that year.
  3. Pledge to abide by the Standards of Professional Conduct.

If you are no longer in good standing and would like to be reinstated, please refer to the reinstatement policy which may be found here.

Please refer to the reinstatement policy listed above.

The Handbook may be ordered by clicking here.

The Handbook costs $70.00.

To see the differences between editions six through nine, please click here.  Much of the content is the same, but small modifications have been made and most significantly is the change from ASC 840 to ASC 842.  If you have anything before the sixth edition, you will definitely need to purchase a new handbook.

If 5 books are ordered, there is a 5% discount; 10 books, 10% and 15 or more is a 15% discount (maximum discount). To receive a discount, orders must be placed through the Foundation. Please contact Sandy for more information:

The majority of employers do cover the costs of the Handbook, so check with your employer if they will. If they won't, the National Equipment Finance Association (NEFA) has the Chris Walker Fund that gives grants to candidates looking to attend an Academy and/or sit for the exam when their employer will not pay for it. More information may be found here.

The typical issue is using a 1 instead of an I.


The class is $750 and is not mandatory, but strongly encouraged. When bundled with the Exam ($695) there is a discount and the total price is $1,400.

Absolutely! Self-studying is always an option.

Written notice of cancellation for the class must be received by the CLFP Foundation no later than three weeks prior to the Academy, less a $75 processing fee. There will be no refunds after this date, however, the credit may be used toward a future Academy.

The Foundation will honor your registration for a full year. After a year, the registration and payment will be deemed forfeited.

The guide to hosting may be found here: Academy for Lease and Finance Professionals Host Guide

For private Academies (for those who want to only have their employees attend), there is a 10-person attendee minimum for virtual, and 15-person minimum for in-person.

The ALFP is targeted towards those who are looking to become a Certified Lease & Finance Professional; however, those newer to the industry are welcome to attend as well. It builds off of The Certified Lease & Finance Professionals’ Handbook and assumes that the attendee has at least read it and has a basic concept of the equipment finance world.

No. The Academy is a test-prep class and takes the Handbook and breaks it down so that you'll have a better idea of what you'll see on the test; however, no two- or three-day class can prepare an individual to be successful without having first read the Handbook.

For ALFP participants, a comprehensive Sample Exam is provided as an added benefit. If attending an ALFP, and you’re curious as to how the exam looks and feels, you may use the Sample Exam as an additional preparation tool.

The sample test will be available two weeks before the ALFP dates and slightly after for a total of 30 calendar days. We strongly recommend and encourage using this resource to be prepared for how the Exam will function.

PLEASE NOTE: The 30 day window is the maximum allowed, in an effort to encourage CLFP Candidates to test as close to the ALFP as possible.

If you are an online, self-paced ALFP participant, the Foundation will coordinate with you to begin your 30 day access window.

Self-Paced ALFP FAQs

This version is self-paced and allows the student to participate at their leisure. Instead of a two- or three-day intensive course, the digital ALFP allows for more flexibility. The course may be accessed for a 6-month period.

A prompt for the $750 fee will be the first part of accessing the course. Once payment is received, access is granted.

If you are planning on taking the CLFP Exam, then yes. The ALFP assumes a student has read and studied the Certified Lease and Finance Professionals’ Handbook.

The course has several modules along the way to help with information retention. After registering, a link to our ALFP Toolbox will be sent with helpful information including our Exam Outline, sample problems, and more. If you plan on taking the Exam, you will also receive access to a robust sample exam upon receipt of payment for the test. Finally, the Foundation offers a mentor program for anyone who has registered and paid for the Exam.

The Exam is optional at the conclusion of the course, not mandatory.

At the conclusion of the ALFP, students may opt to take the Exam. Please complete the online application and email the CLFP Foundation ( so that we may provide further information such as access to the Sample Exam, Exam instructions, etc.

Yes! Once you reach out to the CLFP Foundation communicating you with to take the Exam, and payment for the Exam is received, an access code will be sent to you with a window of 30 calendar days to practice in the Sample Exam.

Exam FAQs

The test-taker may take the Exam at any time on any day of their choosing.

The test-taker must have a computer with microphone and video capability.  Each will be tested prior to the exam to ensure that the system is adequate in terms of audio/visual.  The user must also be able to access the site:

The time allotment is 8 hours; however, each individual's time will vary between 4 and 8 hours. The test must be taken in one sitting, and the CLFP Foundation strongly encourages all test takers to budget a full 8 hours for their Exam.

The format is a combination of multiple choice, true/false, matching, etc. All questions are automatically gradable and there are NO essays. To review the Exam outline, please click here.


However, if there is a medical reason that would preclude you from taking the test in 8 hours, that would be taken into consideration. Satisfactory documentation would need to be provided.

A score of 75% or higher is required to pass the Exam. It is cumulative for the four parts; therefore, if you don't receive a 75% overall, the individual parts will be taken into consideration. As long as you receive a 75% on any Part, you do NOT need to take that part over again.

No. The Foundation does not provide details on questions answered (right or wrong).

If you did not pass the Exam, and need support on preparing for a retake, please email Mel for next steps:

You may retake the Exam at any time. Each reexamination fee is $265. There are no limits as to how many times you may retake; however, it must all be within one calendar year from the initial test.

Note: Please allow up to 72 business hours after the initial Exam attempt for a new login to be assigned and an invoice to be generated.

If you don't receive a cumulative score of 75% across all four parts, and you still desire to pursue the CLFP designation, you will need to retest on the parts you didn't receive a 75% or higher score in. We cannot provide detail on specific questions missed, we will provide the sections needing a hire score on the retake.

For support with your retake, please email Mel Vinson, VP of Marketing & Development

Keep breaks limited to 10-15 minutes. The lunch break may be longer, but the Foundation suggests 30 minutes. You only receive a total of eight hours (which includes any breaks).

No; there are breaks and food may be eaten during these times but the noise from eating can be distracting. However, the test-taker may drink water, coffee, soda, etc.

The test-taker may take a break in between each part (there are four), and unless it is an absolute emergency, the test-taker should use the bathroom during the breaks only. The clock does not stop, so that time will be lost on the test and a 360-degree room view must be performed upon reentering the room.

Yes, there are four parts to the Exam and you must finish them in succession. The exam outline may be found by clicking here.

Please DO NOT contact the Foundation as we are unable to assist with any technical difficulties and it will use up your allotted time!

The program automatically saves the Exam as the test-taker goes so the individual will not lose any work.  Please refresh the browser if the website freezes. Contact Proctorio for assistance - their live chat is the best option as they can assist you much more quickly, or you may email them at:

Yes. The Proctorio software will be blocked by a VPN and/or firewall set up. To avoid Exam issues, you must consult with your IT department prior to the test date. A personal device may also be used if the VPN/firewall don't have the option of being disabled on your work device. The CLFP Foundation is not responsible for any connectivity or technical issues.

It is strongly encouraged that you test to ensure that you have enough RAM and a strong internet performance as without these, you will have difficulties with the exam. Please visit this page:

Please contact Proctorio via Live Chat or

Please DO NOT contact the Foundation as we are unable to assist with any technical difficulties and it will use up your allotted time!

No.  Phones and/or any personal belongings must be left at the front of the room so that they are easily accessible when coming to and from the exam room.  Notes and other study tools are allowed in between sections outside of the Exam room.

No. The test-taker may use one or the other. For simple calculations, it advised that the test-taker use the calculator built into their computer. A cell phone is NOT an acceptable non-financial calculator option and is NOT permitted during the Exam.

The Foundation encourages the HP 17bII as there is a formula that is provided in The Certified Lease & Finance Professionals’ Handbook that is very user-friendly. Any other financial calculator will not be sufficient due to the complexity of the pricing problems. TValue is also another option and also encouraged by the Foundation.

No. Your cell phone may not be used at any time during the Exam. If you have used a cell phone for a calculator in practice leading up to the Exam, you must elect the built-in calculator on your computer for testing purposes.

You must use your own computer/laptop to take the exam as the Foundation does not provide one for testing purposes.

No. The reason is that you must remain within the camera frame at all times as eye movement is tracked.

A single blank 8x11 piece of scratch paper is permitted, and must be scanned during the room scan at the start of the Exam. The scratch piece of paper may never leave the room at any time during the Exam.

The Exam is offered using an online proctoring solution; the in-person proctoring service has been discontinued.

You will be notified immediately whether you pass or fail. No scores are given, just a pass/fail.

As long as you remain in good standing, you do NOT have to take the CLFP Exam again. To remain in good standing, you need to pay your Annual Dues, take a brief quiz regarding changes in the industry, and sign the Pledge to adhere to the Standards of Professional Conduct.

Please allow for up to six weeks to receive your plaque after we have received confirmation of how you would like your name to appear.