Research & Evidence-Based Practice Flashcards
7 cards from real CFP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Research & Evidence-Based Practice flashcards as text
A CFP practitioner wants to evaluate the long-term effectiveness of a dollar-cost averaging strategy. Which research design is most appropriate?
Answer: Longitudinal study using historical market data
A longitudinal study using historical market data allows analysis of outcomes over time, which is essential for evaluating a time-based investment strategy.
When a financial planner reads a study claiming 'p < 0.05,' what does this indicate about the findings?
Answer: There is less than a 5% probability the results occurred by chance under the null hypothesis
A p-value less than 0.05 means there is less than a 5% probability of obtaining the observed results if the null hypothesis were true.
Which of the following best describes 'publication bias' in financial planning research?
Answer: Journals favoring studies with statistically significant or positive results
Publication bias occurs when journals are more likely to publish studies showing significant or positive results, skewing the available evidence base.
A planner reviews two studies: one with n=30 and one with n=3,000. Holding all else equal, which finding is more reliable and why?
Answer: n=3,000, because larger samples reduce sampling error and increase statistical power
Larger samples reduce sampling error and increase statistical power, making the findings from n=3,000 more reliable when all else is equal.
A CFP practitioner is applying evidence-based practice. Which source of evidence should be given the highest weight?
Answer: A systematic review of multiple high-quality randomized controlled trials
Systematic reviews synthesizing multiple high-quality RCTs sit at the top of the evidence hierarchy and provide the strongest basis for practice decisions.
In a research study on retirement savings behavior, the variable 'annual household income' is classified as which type of variable?
Answer: Ratio
Annual household income is a ratio variable because it has a true zero point (zero income) and equal intervals between values.
A financial planner wants to understand how clients feel about financial risk after a market crash. Which method is most appropriate for capturing rich, nuanced client perspectives?
Answer: In-depth qualitative interviews
In-depth qualitative interviews are best suited to capture nuanced, subjective experiences and feelings that structured quantitative methods may miss.