Financial Planning: What is a CPA/PFS?
David Tepper, CPA/PFS has been awarded the Personal Financial Specialist (PFSSM) credential by the American Institute of Certified Public Accountants, joining an elite group of financial planning professionals who have demonstrated advanced knowledge of tax, estate, retirement, investment and insurance planning.
The PFS credential, established in 1987 by the AICPA, is awarded only to CPAs with extensive training and experience in financial planning. To earn the credential, CPAs must have at least 75 hours of personal financial planning education and 3,000 hours of planning experience within the previous five year period. They also must pass a comprehensive exam covering eleven topic areas and be a member in good standing with the AICPA, binding them to the AICPA Code of Professional Conduct and the Statement on Standards in Personal Financial Planning Services
“Given their formal education and technical training in the areas of accountancy and taxation, CPAs are the most qualified, knowledgeable and objective financial planning professionals,” said Jeannette Koger, the AICPA’s vice president of member specialization and credentialing. “Supplementing this background with the CPA/PFS credential demonstrates a CPA’s commitment to providing the highest level of expert financial planning services. For clients, that translates to financial planning that is CPA strong — comprehensive financial strategies that put their needs and interests first.”
Many CPA/PFS credential holders regularly appear on lists of top financial planners. In addition to meeting rigorous requirements to join this elite group, David Tepper must meet recertification requirements every three years to maintain the credential.