Which formulas do you need for the CCP exam? A guide to the onscreen formula sheet
What AACEI says about the formula sheet, which formula families to know and how to practise them.
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Because the Certified Cost Professional (CCP) exam is closed book, AACE International (AACEI) provides onscreen formula sheets. Candidates therefore ask which formulas they need to know. This guide explains what AACEI says, and then it is clear about what AACEI does not say. It also covers the formula families to practise.
Quick answer
The AACE International (AACEI) Certified Cost Professional (CCP) exam is closed book, and onscreen formula sheets are available for use. AACEI does not list the formulas, so nobody can tell you exactly what the sheet holds. Learn the core families, such as earned value, productivity, profit and contingency. Also practise with a battery-operated calculator.
The formula sheet at a glance
| Fact | Detail |
|---|---|
| Awarding body | AACE International (AACEI) |
| Credential | Certified Cost Professional (CCP) |
| Exam rule | Closed book |
| Formula sheet | Onscreen formula sheet(s) available during the exam |
| Formulas listed by AACEI | None on the CCP details page |
| Calculator | Any style of battery-operated calculator; not provided by the testing center |
| Online calculator rule | Stand-alone, battery-operated calculator |
What does AACEI say about the formula sheet?
AACEI’s CCP details page says that the exam is closed book. It also says that onscreen formula sheets will be available for use. However, the page does not list any formulas.
What this means for you
You cannot see the sheet before exam day. Therefore, nobody outside AACEI can tell you exactly what it contains. Also, a list of formulas, including ours below, is study help and not a copy of the sheet.
What about the calculator?
AACEI permits any style of battery-operated calculator, but the testing center does not provide one. For an online exam, AACEI asks for a stand-alone, battery-operated calculator. Also, our guide to the test center and online options covers the desk rules.
Want the formulas explained step by step? The program includes a formula sheet and glossary.
Which formula families should you know?
First, start with the families that appear most often in cost engineering. However, these groups are our study suggestion. They are not AACEI’s list.
| Formula family | Examples | Where it fits (our reading) |
|---|---|---|
| Earned value | Cost variance, schedule variance, CPI, SPI, estimate at completion | Performance Measurement and Analysis |
| Productivity and progress | Output divided by input, percent complete | Performance Measurement and Analysis |
| Profit and cash flow | Profit, margin, cumulative cash flow | Reports and the small domains |
| Contingency | Contingency as a share of a base estimate | Risk, in the small domains |
For example, our guide to the Performance Measurement and Analysis domain explains how earned value and productivity fit the blueprint.
The sheet helps with recall, not with understanding.
How do the earned value formulas work?
Earned value compares three numbers. First, earned value (EV) is the value of the work done. Next, actual cost (AC) is what you spent, and planned value (PV) is what you planned to have done. Finally, budget at completion (BAC) is the total budget.
| Measure | Formula | Reads as |
|---|---|---|
| Cost variance (CV) | EV − AC | Negative means over budget |
| Schedule variance (SV) | EV − PV | Negative means behind schedule |
| Cost performance index (CPI) | EV ÷ AC | Below 1 means over budget |
| Schedule performance index (SPI) | EV ÷ PV | Below 1 means behind schedule |
| Estimate at completion (EAC) | BAC ÷ CPI | One common variant |
| Estimate to complete (ETC) | EAC − AC | Cost still to spend |
| Variance at completion (VAC) | BAC − EAC | Negative means a forecast overrun |
Which estimate formula should you use?
For example, BAC divided by CPI is one common way to forecast the final cost. However, other variants exist, and each one rests on an assumption about future performance. Therefore, learn when each variant applies. AACEI does not state which variant its sheet shows.
Can you practise the formulas now?
Enter your own numbers. Then the tool applies the formulas and shows whether the project is over or under budget.
Earned value formula practice
For practice only. Enter the four inputs. The tool then applies the standard earned value formulas. It uses EAC = BAC ÷ CPI, which is one common variant.
About this example: it starts with a BAC of 500000, an EV of 200000, an AC of 250000 and a PV of 220000. As a result, it shows a CPI of 0.8 and an SPI of 0.91.
Ready to test the formulas under exam conditions? Full-length mock exams show where you stand.
How do you prepare with the formulas?
Learn each formula by meaning first. Then practise it with your own calculator, so that the keystrokes feel familiar on exam day. Also revise the units, because many errors come from mixing them.
Use mock exams
Full-length mock exams show which formulas you forget when you are under pressure. Also, our CCP mock exam guide explains how to use them. In addition, our CCP exam format guide explains the question types.
Build your own sheet
For example, keep a one-page list of the formulas you need and the situations that call for each. This is our suggestion. However, the list is for study only, because the exam is closed book.
FAQ: the CCP formula sheet
About the sheet and the calculator
Is the AACE International (AACEI) Certified Cost Professional (CCP) exam open book?
No. AACE International (AACEI) states that the exam is closed book. However, onscreen formula sheets are available for use during the exam.
Does AACEI list the formulas on the AACE International (AACEI) Certified Cost Professional (CCP) formula sheet?
No. The AACE International (AACEI) CCP details page says that onscreen formula sheets are available, but it does not list any formulas. Therefore, treat any list of formulas, including ours, as study help and not as a copy of the sheet.
Can you bring your own formula sheet to the AACE International (AACEI) Certified Cost Professional (CCP) exam?
The exam is closed book, so personal notes are not part of the AACE International (AACEI) rules that we checked. Online, AACEI also limits your desk to a calculator, blank scratch paper, a pen or pencil and a clear drink.
Can you use a calculator on the AACE International (AACEI) Certified Cost Professional (CCP) exam?
Yes. AACE International (AACEI) permits any style of battery-operated calculator, and the testing center does not provide one. For an online exam, AACEI asks for a stand-alone, battery-operated calculator.
About studying the formulas
Do you need to memorise formulas for the AACE International (AACEI) Certified Cost Professional (CCP) exam?
AACE International (AACEI) does not say which formulas are on the sheet. Therefore, we suggest that you learn what each core formula means and when to use it, instead of relying on the sheet. This is our advice, not an AACEI rule, because the sheet is not published.
Which formulas should you practise for the AACE International (AACEI) Certified Cost Professional (CCP) exam?
First, start with earned value formulas such as cost variance, schedule variance, CPI, SPI and estimate at completion. Then add productivity, percent complete, profit and margin, and contingency calculations. This list is our study suggestion, not a copy of the AACE International (AACEI) sheet.
What is the formula for estimate at completion on the AACE International (AACEI) Certified Cost Professional (CCP) exam?
A common earned value formula is estimate at completion equals budget at completion divided by the cost performance index. However, other variants exist. AACE International (AACEI) does not publish its sheet, so learn when each variant applies.
How can you practise with a formula sheet before the AACE International (AACEI) Certified Cost Professional (CCP) exam?
Use a full-length mock exam and a formula sheet and glossary, and work with the same calculator you plan to use. Our CCP exam preparation program includes 3 full-length mock exams and a formula sheet and glossary.
Where does 3FOLD Training fit?
3FOLD Training is an AACEI Approved Education Provider, licensed by KHDA (Knowledge and Human Development Authority) in Dubai. Our CCP exam preparation program is self-paced on the 3FOLD Learn LMS (learning management system). It includes 40 on-demand video lessons, a complete CCP study guide, 3 full-length mock exams, a memo writing guide, a formula sheet and glossary, and support with your AACEI application. 3FOLD Training was established in 2008. 3FOLD Training has prepared 30,000+ learners.
Next step
Ready to prepare for the CCP exam? The program is self-paced, so you can study around your work.
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