CPAs who specialize in personal financial planning can earn the Personal Financial Specialist (PFS) designation. This designation can only be acquired by CPAs who are AICPA members (binding them to the Code of Professional Conduct), have a minimum of 3,000 hours of financial planning business experience in addition to continuing education within the last five years, and pass a comprehensive and rigorous personal financial planning exam.
Q. How does the PFS credential differ from other financial planning credentials, such as the Certified Financial Planner (CFP)?
A. The PFS, unlike other certification programs, is awarded only to CPAs who are members of the AICPA. Accordingly, this credential represents the highest professional standards of any financial planning credential and sets the PFS holder apart from other financial planners.
Q. Do I have to be a CPA and a regular member of the AICPA to apply?
A. Yes. To qualify for the PFS credential, you must be a member in good standing of the AICPA and hold a valid and an unrevoked CPA certificate issued by a legally constituted state authority. The PFS credential is granted only by the AICPA.
Q. Do I need an active license to practice public accounting to become a PFS?
A. No. To qualify for the PFS credential, you must hold an unrevoked CPA certificate issued by a state authority and meet the other prescribed requirements. You need not have an active CPA license.
Q. If I am a PFS, do I automatically become a member of the Personal Financial Planning Membership Section?
A. Yes. All PFS credential holders are automatically enrolled as a PFP Section member, receiving all the benefits and information updates that membership includes. The PFP Membership Section is a voluntary membership section that is open to all members of the AICPA. The annual fee for CPAs who do not hold the PFS Credential is $200. If you are not a PFS, but you want to enjoy the benefits of section membership, enroll in the PFP Membership Section.
Use of the PFS Credential
Q. What is the correct use of the PFS Credential?
A. The use of "PFS" on letterheads, business cards, and other marketing materials is governed by the rules of the board of accountancy in the state(s) in which you practice. The AICPA does not currently have a prescribed format for the credential.
Most state accountancy laws are currently silent on whether CPAs can use the specialty credential. In 1994, the U.S. Supreme Court decided the Ibanez case, which held that states couldn't prohibit a CPA from using a specialty credential, such as the PFS credential, unless there is factual proof of real or potential harm. If you check with your state board and run into a problem in using the credential, e-mail us at pfs@aicpa.org.
Q. May I use the credential PFS by itself behind my name?
A. Under the AICPA's Code of Professional Conduct, utilizing the credential by itself would not cause a member to be in violation of Rule 102—Integrity and Objectivity (misrepresenting facts) or Rule 502—Advertising or Solicitation.
Q. Can a firm include the credential "Personal Financial Specialists" or "PFS" on its letterhead and in marketing materials?
A. The PFS is an individual credential and not a firm credential. However, it is permissible under AICPA Ethics Rule 502 for a firm to hold itself out as Personal Financial Specialists and to use the PFS credential on its letterhead and in marketing materials only if all partners or shareholders of the firm currently have the PFS credential. An individual member who holds the credential may use it after his or her name. State accountancy rules may impose other restrictions.
Q. If I am no longer a member of the AICPA, can I still use the PFS credential?
A. No. Only regular AICPA members in good standing can use the PFS credential. If your AICPA membership is terminated, you will no longer be able to use the PFS credential and your PFS certificate must be returned to the AICPA.
Apply for the PFS Credential
Questions? E-mail us at pfs@aicpa.org