Tequila & Textbooks: Andrew Clark's CLFP exam journey

Written by Andrew Clark

In this article, I wanted to share my experience of pursuing the Certified Lease & Finance Professional (CLFP) designation, the preeminent credential for equipment leasing and financing professionals worldwide. I hoped that by sharing my story, I could inspire and motivate others interested in this field or looking for a new challenge.

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The CLFP exam is a rigorous and comprehensive test covering various aspects of leasing, such as financial analysis, lease structures, documentation, pricing, and ethics. It is an eight-hour exam, split into four sections. I arrived in Philadelphia two days before the exam and joined the intense and helpful exam preparation course. It was intimidating, as all the concepts were US-based, and I felt at a disadvantage compared to the other candidates, all from the US. Our cohort consisted of 25 individuals with diverse backgrounds and reasons for taking the exam. Some were confused as to why I was there, thinking it wasn't relevant for someone from Australia.

The exam day arrived, and although nervous, I felt confident. However, as soon as I started the exam, I realised its difficulty. The questions were tricky, requiring critical thinking and application. I struggled throughout, feeling like I was learning from scratch, even though the concepts were conceptually similar to those in Australia.

One of the fellow candidates seemed somewhat relaxed, I didn’t understand how. I saw him come in and out as he pleased during the exam. I finally took a break and joined him, ‘This is hard, how are you going?’ I expressed to him as I tried recollecting myself, ‘Pretty good, I’m just getting in some studying’ he replied. An instant wave of confusion took over as he pulled out his textbook and notes, he went on to mention it’s an open-book exam as long as you don’t take your notes in the room with you, you’re able to reference it as much as you want. What does that even mean? An open book exam, kinda… Let’s just say I did the whole 8-hour exam on pure memory and dedication to pass.

After the exam, we went out for beers to relax and await the results. We ended up at a Mexican bar, meeting other candidates, sharing experiences, and becoming friends over tequila shots.

The results came out, and to my surprise, I passed. I was overjoyed and relieved, and so were the others. It turned into a celebration with tequila shots to commemorate our achievement. We congratulated each other, exchanged contacts, and promised to keep in touch.

The CLFP experience was one of the most challenging and rewarding things I have ever done in my professional career. It taught me a lot, not only about the industry but also about myself.