What is the PFS™ credential?

Do I have to be a CPA and a member of the AICPA to apply?

Yes. You must be an AICPA Regular, Honorary, International Associate, or Retired Regular Member (CPA) in good standing and hold an unrevoked CPA permit, license or certificate issued by a legally constituted state authority. The AICPA exclusively grants the CPA/PFS® credential.

Do I need an active CPA license to practice public accounting to become a CPA/PFS?

No. You must hold a valid and unrevoked CPA permit, license or certificate issued by a legally constituted state authority.

If I don’t meet the requirements to become a CPA/PFS credential holder, is there another way to get information about personal financial planning?

Yes. You may join the PFP Section — the only requirement is AICPA membership in good standing. Non-CPAs must join the AICPA as an Affiliate Member.

Does the AICPA audit CPA/PFS applications?

All approved applications are subject to random audit at any time. False or incorrect applications may result in suspension or revocation of CPA eligibility and/or credential.

How do I apply for a waiver of the Series 65 based on my CPA/PFS credential?

If you have supplied your individual (not your firm’s) CRD number on your CPA/PFS application, you are included in a file the AICPA sends weekly to FINRA.

Check the box on FINRA’s Form U-4 that indicates you hold the CPA/PFS credential; FINRA will compare your U-4 information against the AICPA file (authorizing the Series 65 waiver).

If you receive notice FINRA does not have a record of your CPA/PFS, it may be due to a missing/incorrect CRD number on your PFS application. Select the chat icon to the right of your screen, or visit our help page for frequently asked questions and other contact to update your CRD number; then, resubmit the U-4 to FINRA.

Can I take the PFS exam before I complete the education and experience requirements for the CPA/PFS credential?
Yes. There is no time limit in terms of when you complete the exam and when you apply for the CPA/PFS credential. However, when you do apply, only PFP-related education and experience in the last five years (or seven years if using the Experienced Pathway) can be used to meet the education and experience requirements for the CPA/PFS credential.

The only time constraint is the five PFP certificates must be obtained within five years if applying under the PFS Certificate Pathway.

After I complete the PFS exam, how long do I have to apply for the credential?
You can apply for the credential any time after completing the PFS exam. We would encourage you to apply as soon as you qualify.

What is the duration of the various PFS exam options?
Standard Pathway — The comprehensive PFS exam lasts five hours, which includes an optional 30-minute break. The exam consists of a total of 160 questions, about 50% of which are discrete multiple choice and 50% of which are case studies (of varying lengths) with related multiple-choice questions.

Certificate Pathway — Each of the four certificate exams are 100 minutes. There is no prescribed order for the exams for the certificate programs.

Experienced Pathway — The PFS experienced assessment is 100 minutes in length which includes a total of 60 questions with one part for each of four case studies.

Do I receive any credit for having another financial planning credential?
Qualified designation holders would use the Standard Pathway. On this pathway, the exam requirement is deemed to have been met for anyone who has passed the Certified Financial Planner (CFP®) exam or the Chartered Financial Consultant (ChFC) exams. However, there is no exam requirement waiver for holding any other credential such as the CFA, or licenses such as Series 7, 65 or 66.

Where are the test centers located for the PFS exam?
The PFS exam (the Standard Pathway) is hosted at Kryterion test centers in the North America region. View all of the Kryterion test locations. There is also a proctored online option. For this exam as well as all of the other pathway exams are administered as proctored online exams.

Do exam results include numerical scores or just pass/fail results?
Numerical score results are not included in results letters. The PFS exam is designed to psychometrically assess whether candidates have a sufficient base level comprehension of the PFP body of knowledge. Therefore, results are issued as either “Pass” or “Fail” indicating whether the exam taker meets this minimum threshold.

How long is the grading process and when do exam candidates find out if they passed or failed?
The AICPA administers all pass/fail results for the PFS program, available immediately after the test-taker submits their exam. The only exception is if you have been notified that your exam is in a beta testing period where the results will be available when the beta testing period is closed.

How many hours does the AICPA recommend to study for the PFS exam?
The AICPA does not make a formal recommendation regarding the number of hours someone should study. This would most likely depend upon factors such as how much experience an individual already has and how familiar individuals are with the PFP body of knowledge found in the PFS Exam Content Specification Outline.

What materials does the AICPA recommend to study for the PFS exam?
The complete PFP Body of Knowledge (BOK) that is subject to testing for the PFS exam can
be downloaded from the AICPA PFS credential information website (the website contains a summary only). The BOK lists the topics and subject matter covered by the exam along with the relative coverage of these topics on the exams.

What is required to maintain the PFS Credential?

To maintain the PFS credential, please review the recertification requirements information.

If I am a CPA/PFS, do I automatically become a member of the Personal Financial Planning Section?
No. Purchasing the CPA/PFS credential authorizes you to use the PFS credential as well as access to some additional benefits on the AICPA website.

The PFP Section is a separate voluntary membership section that is open to all members of the AICPA with a wide variety of PFP resources to help the Section member grow professionally, deepen their client relationships, and grow the value of their firm. As a PFS credential holder, it is an invaluable resource to pair with your credential.

I have applied for the CPA/PFS credential. What happens next?
Once the online application has been completed and payment has been submitted, the AICPA will review and issue a welcome email with information on obtaining your PFS credential digital badge to use online. The digital badge website provides you with an option to print a PFS credential certificate as well.

When the welcome email is received:

• Individuals may use the CPA/PFS credential in accordance with the rules of the state in which they practice. Members are not authorized to use the credential until they receive this notice.

• At the applicant’s request, their state society will be notified so the information can be promoted in state society newsletters.

How does the CPA/PFS differ from other financial planning credentials?
The CPA/PFS credential is CPA-exclusive and the only personal financial planning credential that is maintained by the AICPA, the membership organization for CPAs. Individuals holding the CPA certificate are perceived to be highly qualified, ethical, and well-trained professionals within the financial services industry and the overall business community.

People who hold both the CPA and the PFS provide individuals, families, and their closely held businesses confidence in the services they provide and the assurance of objective guidance that takes all aspects (including tax) of their situation into account.