FAQs

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: sandy@CLFPFoundation.org

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 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.

ALFP FAQs

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.

Guidelines for Academy for Lease & Finance Professionals Host Information (In-Person) can be found here.

Guidelines for Academy for Lease & Finance Professionals Host Information (Virtual) can be found here.

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.

Exam FAQs

A 75% 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.

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.

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

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

You may retake the exam at any time (within 72 hours of failing). 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.

Yes. 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.

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.

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 their test.

The program automatically saves the exam as the test-taker goes so the individual doesn't lose any work.  The Foundation is not responsible for any connectivity or technical issues.

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 will receive a piece of scratch paper from the proctor, but keep in mind that it will be returned to the grader. The scratch piece of paper may never leave the room at any time.

No. The test-taker may use one or the other. For simple calculations, it advised that the test-taker use the calculator on their computer or a non-financial handheld calculator.

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).

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.

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

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

You will be notified within 2 business days 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.

Online Proctored Exam FAQs

The test-taker may take the exam at any time on test day.

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.

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 your may email them at: support@proctorio.com

No.  Phones, notes, the Handbook, and/or study tools must be left outside of the room.

The test-taker may use ONE piece of scratch paper that must be shown during the 360-degree room scan(s) to ensure that it is blank.

The total time for the test is eight hours and the exam platform only tracks the time when you are actively taking the test.  Therefore, please be careful that you do not go over the eight-hour time limit, otherwise your test results will not count.

No. The test-taker may use one or the other. For simple calculations, it advised that the test-taker use the calculator on their computer or a non-financial handheld calculator.

Yes.  However, only TValue (if using) and the exam may be used during the test.  The tabs/windows of the screens are monitored throughout the test.

Please contact Proctorio via Live Chat or support@proctorio.com

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