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CEP Institute Exam Prep Course

Comprehensive CEP exam preparation for Level 1, 2, and 3 candidates, revised for 2019

The spring 2019 course is closed for enrollment. The fall 2019 course will be available for purchase by the end of July.

The NCEO's CEP Institute Exam Prep Course is a complete educational tool that combines the benefits of online learning with hundreds of sample practice questions. CEP candidates enrolled in our preparation course receive (1) access to our online learning environment with a multitude of sample questions, answers, and explanations, plus a stock plan glossary; (2) a final exam; (3) question review Webinars presented by leading experts; (4) a test tips Webinar; (5) a laminated CEP Institute Exam Reference Guide for use during the exam, also provided as a PDF download to use on your computer while studying; and (6) supplemental study documents.

In the CEPI's fall 2014 survey of students that passed its exams, a clear majority reported using the NCEO's Prep Course. Three-quarters of all new CEPs that passed the fall 2014 Level 3 exam were our Prep Course students. Our own surveys of CEP students who took our Prep Course found an average 80.2% pass rate in recent years, with 96.3% of participants stating the Prep Course was useful in studying for the exam. One service provider reports, "The CEP program is an important program to develop our internal expertise and establish a competitive difference." On average, the provider's employees who passed the CEPI exam logged into the Prep Course more often, took almost twice as many practice quizzes, viewed more Webinar replays, and were twice as likely to take our practice final exam than employees who failed the CEPI exam.

"I scored 97%. I was very surprised I scored so high. I think your Prep Course was extremely valuable in helping me do so well on the test!"
— Level 1 CEP exam candidate

"I think the Prep Course was put together really well and I don't believe that I would have passed had I not taken it. Thank you!"
— Level 2 CEP exam candidate

"I'm sorry I didn't use the Prep Course for the first two exams—my score on the Level 3 exam was the highest out of the three, and I'm sure that was the result of the Prep Course."
— CEP designee
This course is not currently open for registration.
Level 1 Prep CourseLevel 2 Prep CourseLevel 3 Prep Course
Over 100 Level 1 sample test questionsOver 100 Level 2 sample test questions, plus all Level 1 sample questionsOver 100 Level 3 sample test questions, plus all Levels 1 and 2 sample questions
Timed 100-question final examTimed 100-question final examTimed 70-question final exam
CEP Institute Exam Quick Reference GuideCEP Institute Exam Quick Reference GuideCEP Institute Exam Quick Reference Guide
Four live question review WebinarsFour live question review Webinars, plus Level 1 WebinarsFour live question review Webinars, plus Level 1 and 2 Webinars
Test tips WebinarTest tips WebinarTest tips Webinar
Unlimited access to Webinar replays until exam dateUnlimited access to Webinar replays until exam dateUnlimited access to Webinar replays until exam date
Supplemental study documentsSupplemental study documentsSupplemental study documents

A New Selection and Ordering of Questions Every Time You Start a Quiz

The Prep Course features quizzes that randomly reshuffle the questions from the given level and topic every time you start taking a quiz. Then, with each subsequent series of 5 questions for that level and topic, you will see a new group of questions until you have seen them all. At that point, if you continue, the questions will be randomly reshuffled again. Thus, instead of facing the same quiz over and over again, you will see freshly generated selections of 5 questions.

Course Components

1. Hundreds of Sample Test Questions, Newly Updated

The CEP Institute Exams present considerable difficulties, even for experienced professionals. Working through challenging questions such as those in our Exam Prep Course is an essential preparation tool for the exam. For each CEP test level, we provide multiple-choice practice questions written by equity compensation experts, many of whom have written actual CEP exam questions and are CEPs themselves. The questions address the four subject areas the CEP Institute exam covers: Accounting; Taxation; Corporate and Securities Law; and Equity Plan Design, Analysis, and Administration. Students take quizzes online and instantly find out whether they have answered correctly. For each answer, students are given a reference to required CEP Institute study materials and an explanation of the correct answer. Your access to the sample questions lasts until the date of the next CEP exam. The questions, answers, and references are updated for each administration of the exam.

Because the CEP exams are cumulative, you should review the earlier levels as you study for Levels 2 or 3. Because of this, the NCEO's Prep Course automatically gives you access to all information from the earlier levels.

Along with the sample questions, the online Prep Course also includes an equity compensation glossary featuring a multitude of terms and definitions relevant to the equity compensation field.

2. Final Exam

We now provide a timed final exam to simulate the actual CEPI exam. The questions are drawn from the sample test questions described above, and their number and difficulty correspond to your CEPI exam level.

3. Question Review Webinars

Our Exam Prep Course also includes Webinars—PowerPoint presentations broadcast live over the Internet, accompanied by a telephone conference call. The Webinars review sample questions to help prepare you for the actual exam and also instruct you on the topic of the Webinar. All students will receive a link to the replay of the live broadcast, which can be viewed an unlimited number of times until the date of the next national exam. Students can download an MP3 file of the audio portion to play on their digital devices. The Webinars are managed by Ben Needham, CEP, of the NCEO. The total running time for the Webinars is four hours per level (four sessions of one hour each). The replays of the fall Webinars will be available until the live spring Webinars take place, so you can start watching Webinars immediately after enrolling in the Prep Course. See the sidebar at right for biographies of our Webinar presenters.

4. Test Tips Webinar

In addition to the topic-specific Webinars mentioned above, we provide a Webinar devoted to test-taking tips for all levels.

5. CEP Institute Exam Quick Reference Guide

Another component of our Exam Prep Course is a laminated, three-hole-punched Quick Reference Guide, which can be easily inserted into your binder for use during the open-book exam. The Reference Guide consists of four double-sided letter-sized pages and is packed with common definitions, formulas and the like, serving as a fast and easy reference both during study and during the actual CEP Institute exam. It is also provided as a PDF download within the Prep Course so you can refer to it on your computer or other digital device while studying.

6. Supplemental Study Documents

The Prep Course includes a number of supplemental documents, such as a pyramid exercise example and a timeline worksheet, to assist in working through questions.

Spring 2019 Webinar Presenters

Marilo Calabuig, CEP
Elizabeth Dodge, CEP
Dorica de la Fuente, CEP
Ben Needham, CEP
Karen Needham, CEP
Andrew Schwartz
Sandra L. Sussman, CEP

Terms of Use

The price of the CEP Institute Exam Prep Course varies depending on your candidate level. Your access to the Prep Course will last until the date after the CEP Institute exam. The prices given here are per-user prices; your access cannot be shared with others.

The CEP Exam Prep Course is not an independent training course on equity compensation but rather an exam preparation course for those who have registered with the CEPI to take a forthcoming exam. The Prep Course assumes that you have registered with the CEPI and have received the binder from it, and that you have bought your course texts.

Access to a Control Panel and Post-Exam Reports for Workplace Supervisors

If your firm buys the CEP Institute Exam Prep Course for a group of students, you can receive access to a private, password-protected control panel to monitor your students' activity in the Prep Course. After the exam, Scott Rodrick of the NCEO will compile and send you a more detailed report summarizing the activity of all students and showing the activity of each student in detail. For more information, please contact Eimear Elzy at