A Personal Financial Specialist (PFS) is a professional who provides financial planning or other financial services to individuals. In the US, it is also a designation available to certified public accountants (CPAs) who belong to the American Institute of Certified Public Accountants (AICPA). To become a PFS, a CPA must complete personal financial planning courses, have several years of financial planning or teaching experience, and pass the PFP exam.
In a general sense, a personal financial specialist (PFS) is any professional who provides financial planning or other financial services to individuals. In the United States, a Personal Financial Specialist is also a designation available to any certified public accountant (CPA) who belongs to the American Institute of Certified Public Accountants (AICPA). When CPAs earn this certification, they can expand their practices with a variety of financial planning services. For those who have an undergraduate degree, the path to becoming a Personal Finance Specialist involves CPA licensure, membership in the AICPA, completion of personal financial planning (PFP) courses, several years of financial planning or teaching experience, and a grade for passing the PFP Exam.
After a CPA candidate completes his or her undergraduate studies with a focus on accounting, he or she can prepare and schedule a date to take the CPA exam. The AICPA offers tutorials on its website that explain how the exam is set up and how to prepare. Candidates who want to become a personal finance expert can also find sample tests that describe formal exam design.
When candidates register to take the CPA Exam in the US, they must choose a state in which they wish to practice. Requirements vary from one part of the country to another, so applicants should be sure they are properly licensed for the area they live in. With the application submitted and fees paid, candidates await approval to schedule their exam. After a candidate passes the CPA exam, he or she will be licensed to practice in their chosen state.
To become a personal financial expert, a licensed CPA must join the AICPA. As a member, a PFS candidate can participate in the association’s Personal Financial Planning Section and enroll in retirement, investment, insurance, and estate planning courses. Courses are offered as live seminars, webinars and self-guided study. PFS candidates need a certain number of hours of PFP education, which may include approved courses at local colleges and universities.
The candidate who wants to become a personal financial expert next must accumulate the equivalent of several thousand hours of business or teaching experience in financial planning. This equates to approximately two years performing the duties of a PFS or conducting courses on various planning topics. With education and experience requirements met, PFS candidates can apply and take the PFS Exam.
The PFS exam includes over 200 multiple-choice questions. These questions test the candidate’s ability to apply financial planning skills to specific stand-alone questions and case study questions. To become a Personal Financial Expert and receive the credential, candidates must complete the PFS exam with a passing grade.
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