PFS Credential Requirements

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The requirements for the Personal Financial Specialist (PFS) credential are established by the PFP staff at the AICPA, the National Accreditation Commission, along with the PFS Credential Committee, and accurately reflect the depth and breadth of experience and technical expertise required to obtain this credential. The 5 major requirements are:

Obtaining the CPA License

Completing comprehensive PFP Education

Attaining a specified level of PFP Experience

Passing a PFP Examination

More information on each of these requirements is available in the PFS Credential Application Kit. Completion of these four requirements allows an AICPA member to apply for the PFS credential. The $350 annual fee covers the materials, certificate, and 12 months use of the credential and the PFP Section resources.

Email your completed application to PFS@aicpa.org, or print and fax your completed application to 919-490-4329.

Upon approval, the candidate will become a member of an exclusive community of CPA financial planners: The PFS credential holders. Initial certification is good for a three year period.

Obtaining the CPA License

A PFS candidate must hold a valid and unrevoked CPA license issued by a legally constituted state authority.

The CPA license establishes the ethical and professional foundation for the PFS Credential. No other comprehensive financial planning credential requires this level of professionalism as their foundation. Every PFS credential holder has successfully completed the rigorous CPA Exam, has met the strict education and experience requirements, and with membership in the AICPA, has agreed to the AICPA Code of Professional Conduct.

Completing Comprehensive PFP Education

A PFS Candidate must earn a minimum of 80 hours of personal financial planning education within the five year period preceding the date of the PFS application.

The education must be in the 9 areas that make up the PFS Body of Knowledge, found in the PFS Credential Application Kit. The AICPA’s PFS Pathway contains five educational courses that meet this requirement. Alternative sources include a combination of professional CPE, approved courses at an accredited university or college, or presenting and authoring on financial planning subjects.

Attaining a Specified Level of PFP Experience

The PFS Candidate must have 2 years of full-time business or teaching experience (or 3,000 hours equivalent) in personal financial planning within the five year period preceding the date of the PFS application.

The education must be in the 9 areas that make up the PFS Body of Knowledge, found in the PFS Credential Application Kit. Note that up to 1,000 hours of tax compliance experience can count toward the total experience requirement.

Passing a PFP Examination

The PFS Candidate must successfully pass a PFP-related exam.

As a part of the PFS Pathway, the AICPA offers the PFS Case Study and Exam in both a live setting and nationwide testing centers. The combination of the 6 hour multiple choice exam and the interactive case study demonstrates both the candidate’s knowledge of PFP and their ability to communicate it to their clients.

Alternatively, candidates that have completed the Certified Financial Planner (CFP) exam or the Chartered Financial Consultant (ChFC) exams, also meet the credential’s Examination requirement.

Finally, the following exams also fulfill the exam requirement until December 31, 2010: Chartered Financial Analyst (CFA), NASD Series 7, 65, or 66.

The PFS application process should take less than one hour to complete. We recommend that you follow the PFS Credential Application Kit closely as you complete your application.