To discuss the SEP, SIMPLE, and Individual 401(k) IRA basics.
To analyze the eligibility requirements.
To inspect contributions.
To discuss deadlines to make the contribution.
Investing in REITs: Strategies for Financial Success
1
To identify what is REIT.
To identify the risks of investing in REITs.
To differentiate between various types of REITs, such as Commercial, Residential, and Mortgage REITs, and more.
Building Resilience in Personal Finance: Adapting to Uncertainty
1
To discuss how disruption impacts our perceptions and actions.
To recognize the historical data to be better prepared for future events.
To identify portfolio strategies to protect against disruption and provide resilience.
To identify the steps investment professionals can take to guide in times of high disruption.
AI and Personal Finance – Best Alternatives for Personal Investment Considerations
1
To discuss real-world examples of AI applications in investment and financial planning and how AI is transforming the personal finance landscape
To explore cutting-edge AI tools and platforms assisting in strategic investment decisions
To know about role of AI in risk management and enhancing portfolio diversification.
To explore ways AI can be integrated into financial planning, identification and management of assets for effective financial strategies
To know legal framework surrounding AI applications in financial planning, and ethical implications of AI in personal finance and navigate challenges
To discuss how to educate clients about the benefits and limitations of AI in personal finance to build trust and transparency.
Situational Social Security
1
To analyze various Social Security strategies.
To explain how to compute SS benefits.
To inspect when benefits are paid.
To discuss benefits payable to a current or divorced spouse.
To analyze advanced planning strategies including the Restricted Application.
A Brief History of Marriage in the Tax Code
1
To review the history of the tax code and marriage.
To know why filing statuses were created and explain them to clients.
To examine the creation of tax brackets and their history in the United States.
To discuss the marriage penalty’s creation and evolution.
Home Ownership Tax Issues
1.5
To review the tax considerations when deciding on the purchase of a residence.
To discuss the deductibility of mortgage interest on owning one or more residences.
To know how to make the decision to pay points on the purchase of a principal and secondary residence.
To examine the reporting rules for the capital gains resulting from the sale of a residence.
To analyze recordkeeping during ownership to establish the basis of the residence.
NFTs and the Metaverse
2
To identify what NFTs are, how they function, and how they are different from other virtual currencies.
To identify what the metaverse is, how it functions, and what tax consequences it may entail.
To analyze complex digital asset situations.
To interpret existing IRC and digital asset guidance.
To evaluate options for clients where guidance is absent.
Understand DeFi and Digital Asset Taxation
2
To explore intricate cryptocurrency activities like mining, staking, forks, airdrops, DeFi swaps, yield farming, liquidity pools, NFTs, and gaming for effective tax management.
To apply existing tax laws and code sections to accurately report cryptocurrency activities and maintain compliance.
To develop practical skills to extract transaction data directly from blockchain networks, ensuring transparency and accuracy.
To know how to utilize tools and resources to simplify tracking and reporting of cryptocurrency transactions for efficient tax compliance.
To emphasize the importance of ethical tax reporting and compliance with legal standards in cryptocurrency taxation to maintain professionalism and adhere to regulatory guidelines.
Should Ministers Opt Out of Social Security? it Depends!
1
To analyze the implications of opting out of Social Security on projected retirement funds, insurance coverage, and Medicare eligibility.
To identify the effects of the exemption on projected retirement funds, insurance coverage, and Medicare.
To discuss and define the six requirements for the exemption.
To analyze the preparation of IRS Form 4361—Application for Exemption from Self-Employment Tax for Use by Ministers, Members of Religious Orders, and Christian Science Practitioners
The Self-Employed Health Insurance Deduction - Who Qualifies?
1
To discuss an introduction to the self-employed health insurance deduction.
To know what qualified health insurance is for this deduction.
To analyze what business owners are eligible to claim the self-employed health insurance deduction.
To discuss which self-employed individuals may be ineligible for this deduction.
To know how to claim the deduction on a self-employed individual’s tax return.
To explain that some individuals may be eligible for the self-employed health insurance deduction and Advance Premium Tax Credit (APTC).
Divorce, Adoption and Other Specialized Topics in Family Taxation
1
To analyze the proper way to handle specialized topics related to family taxes including divorce and adoption.
To explain the current tax law related to specialized topics in family taxation.
To inspect the current tax law related to specialized topics in family taxation with clients.
To discuss and complete proper due diligence related to specialized family taxation topics.
2024 Crypto Currency & Taxes – Update
2
To discuss and define the concept of cryptocurrency.
To identify the legal and regulatory issues surrounding virtual currencies.
To explain the advantages and disadvantages of using cryptocurrencies.
To analyze IRS rules for tracking and reporting cryptocurrency transactions.
To discuss the tax implications associated with investing in or using cryptocurrencies.
The New Investment Paradigm: Enhanced Returns, Reduced Risks
1
To analyze why traditional 60/40 portfolios predominantly harbor risk within equities due to the considerably higher risk associated with equities compared to bonds.
To explain the impact of incorporating distinct sources of risk and return to craft portfolios that exhibit increased efficiency while diminishing tail risks.
To identify the diversification advantages derived from integrating alternative investments like long-short factor strategies, reinsurance, and alternative lending, contributing to heightened portfolio efficiency.
To analyze how the inclusion of diverse risk sources substantially enhances the likelihood of accomplishing financial objectives, potentially raising the safe withdrawal rate during retirement.
To discuss augmenting portfolios with unique risk elements to significantly heighten the probability of attaining financial milestones and enabling a more secure withdrawal rate during retirement.
To explain the transformative effects of introducing unique risk elements into portfolios, improving the prospects of meeting financial objectives and potentially elevating the secure withdrawal rate in retirement.
Traditional and Roth IRA Distribution, Taxation and Withholding
1.5
To discuss the taxation and penalties associated with Traditional and Roth IRAs.
To identify penalty exemptions outlined in IRC 72t for IRAs.
To explain the criteria for a qualified distribution within a Roth IRA.
To discuss the principles governing Roth IRA's ordering rules for distributions.
To analyze the difference between periodic and nonperiodic withholding rules for IRAs.
IRA Contributions: Traditional IRA and Roth IRA
1
To discuss the various types of IRA contributions and their eligibility requirements
To explore the annual limits and deductibility rules.
To inspect the Saver’s Tax Credit.
To analyze IRA contributions deadline
Using Form 1040 as a Guide to Making Financial Planning Recommendations
2
To identify the parts and schedules of the most recent Form 1040 and the flow of information.
To explain to financial planners how to navigate the form to reveal essential information about the client.
To explore on a line-by-line basis the items of income, deductions, credits, and tax calculations that give a clear understanding of how each might impact the client’s financial plan.
To review the way, the tax rate schedules are applied to the taxable income of the taxpayer to effect appropriate tax and financial planning.
To summarize updates on recent legislation that affect the filing of current returns.
Required Minimum Distributions
1
To analyze the calculation intricacies of Required Minimum Distributions (RMDs).
To discuss and explore the penalties associated with failure to distribute RMDs.
To explain how to apply for penalty waivers and utilise relevant IRS forms for penalty resolution.
To inspect reporting RMDs on an individual's tax return.
To analyze the impact of various life events on RMD requirements and distributions.
Sacred Stewardship: Church Retirement Planning with 403(b) & 401(a)
1
To discuss the unique structures and features of 403(b) and 401(a) retirement plans specifically tailored for churches.
To analyze and navigate the regulatory landscape governing church retirement plans, ensuring compliance with legal and fiduciary responsibilities.
To explore tailored investment strategies aligned with ethical considerations for church retirement plans.
To explain and empower congregations by educating them on retirement planning within a spiritual context.
To inspect and equip administrators with the knowledge to foster financial stewardship and security in church retirement planning.
Common IRS Forms Received and Filed by IRA Holders
1
To identify and understand tax forms for IRA contributions and distributions.
To analyze how to track nondeductible contributions effectively.
To explain and report distributions, rollovers, QCDs, and QHSAFD appropriately.
To discuss qualification for and utilize the saver's tax credit.
To analyze unrelated business taxable income and debt-financed income.
Tax Credits for Individuals
1.5
To review the available tax credits for individuals.
To recognize the nonrefundable and refundable tax credits.
To discuss various tax credits.
To know how to apply the ordering rules to the tax credits.
To explain and illustrate the reporting requirements for these credits.
IRC Section 121 and the Primary Residence
1
To discuss what is a Residence and the three rules IRS requires.
To distinguish qualified and non-qualified use.
To explain what changed in 2008 that drastically changed the rules.
To determine depreciation recapture.
To explore unforeseen circumstances and predict planning issues.
Safe Harbor Success: Navigating the Future of Retirement Savings with Confidence
1
To discuss the foundational principles of Safe Harbor Plans, understanding their structure, benefits, and how they differ from traditional retirement plans.
To know how to gain the confidence to choose the right Safe Harbor design for your organization.
To explore compliance requirements and best practices to ensure your Safe Harbor Plan sails smoothly through the complex waters of ERISA and IRS regulations.
To unlock the potential for contribution flexibility within Safe Harbor Plans.
To review the strategies to optimize employer contributions, accommodate diverse employee needs, and strike the right balance between compliance and customization.
To explore innovative approaches to educate and engage employees in the Safe Harbor Plan.
To discover communication strategies that resonate with diverse workforce demographics, fostering greater understanding and appreciation for the benefits of Safe Harbor participation.
Tax Strategies for Families: Credits, Dependents & Specialized Topics
7
To discuss eligibility criteria for filing statuses like HOH and QSS, and analyze implications of MFS status.
To explain how to apply 15 qualifying rules for EIC confidently, considering AGI, filing status, and dependents.
To analyze how to complete Form 8867 accurately, ensure tax preparer due diligence, and maximize EIC benefits by choosing the right filing status for clients.
To discuss the rules for claiming qualifying children or relatives, and optimizing tax outcomes.
To explain eligibility criteria for claiming Child and Dependent Care Credit on Form 2441, considering options for self-employed taxpayers.
To effectively communicate with clients about requirements and intricacies of specialized family taxation, ensuring compliance and maximizing benefits.
Tax Classification of Individuals
1.5
To explore how residents and non-residents are taxed on worldwide or American-sourced income, respectively.
To discuss citizenship, residency, and exemptions for individuals like foreign government-related individuals, teachers, or professional athletes temporarily in the United States.
To discover options for nonresident U.S. taxpayers, attendees will explore the foreign tax credit and foreign-earned income exclusion.
To know how citizens and domiciliaries face worldwide transfer taxes, while noncitizen non-domiciliaries encounter narrower American estate/gift taxes with limited exclusions.
To review how these treaties, modify statutory rules and provide relief for individuals deemed domiciled in both the United States and another jurisdiction.
Divorce and Taxes
1
To define a divorce for tax purposes, whether legal or common law separation.
To know who you can represent as a tax professional after a couple's divorce.
To explain what the allowable filing statuses are when the couple is separated and for the year of the divorce.
To discuss how carryforward allocations are made after the divorce.
To know how to protect a spouse not responsible for the back taxes the couple was liable for.
Retire Right: Mastering the Art of Holistic Financial Planning
1
To discuss the key components of a well-rounded retirement plan.
To review the strategies for maximizing Social Security benefits.
To explore the foundations of understanding and integrating Medicare.
To identify essential elements of effective estate planning.
The Role of Taxes in Financial Planning
2
To discuss the fundamental principles of tax law and its application in financial planning.
To identify primary and secondary sources of tax law to stay current with legal requirements.
To analyze major federal legislation affecting tax preparation and planning for individuals and businesses.
To explain different filing statuses and their implications on tax liabilities.
To discuss how to calculate taxable income using tax formulas and deductions to optimize financial strategies.
To analyze and evaluate tax credits, capital gains, retirement plans, and business entities for effective tax reduction and wealth accumulation.
Exploring Decedent Estates and the Final 1040
1
To define Important Terms and Checklists.
To review Forms, Filing Dates, and Requirements.
To discuss the Significance of Protecting the Deceased’s Identity.
To examine Personal Representative Duties.
Transfer Taxes for American Nondomiciliary
2
To explore the tax implications for different categories of assets, including real estate, business entities, and financial accounts, through hypothetical scenarios and practical considerations.
To analyze the impact of estate and gift tax treaties on the classification of individuals and the modifications these treaties bring to transfer tax applications.
To evaluate specific Planning Mechanics in detail.
To review the tax implications of foreign trusts, differentiating between foreign grantor and non-grantor trusts.
Qualified Domestic Relations Order (QDROs) – What you need to know
1.5
To discuss the issues to be covered in the QDRO.
To analyze how to determine benefit allocation between the plan participant and the alternate payee with examples
To inspect common errors that occur in preparing and administering the QDRO.
To prepare exhibits for settlement negotiations.
22 Causes of the Next Crash of 2029
1
To become aware of the gaslighting that is fooling us into believing everything is ok.
To realize that there is too much money floating around the US economy that will bring inflation.
To recognize that interest rates cannot and should not be near zero.
To identify some ways to protect yourselves.
How Much Is Too Much to Pay a Trustee or How to Avoid Being a Knucklehead
1
To discuss the key factors influencing trustee compensation analysis.
To explain the impact of local court rules on trustee compensation determinations.
To review corporate trustee fees as benchmarks for individual trustee compensation.
To identify scenarios where extraordinary fees are appropriately charged or awarded.
To discuss best practices for navigating trustee compensation challenges effectively.
Risk Mitigation for the Successor Trustee or War Stories of an Expert Witness
1
To identify key risk areas encountered by successor trustees.
To discuss guidelines for trustee compensation.
To analyze and differentiate between an annual account and a court accounting.
To inspect UPIA principles: Manager Selection, Delegation, and Monitoring.
To explain the optimal application of NOPA in trust administration.
Stocks Unplugged: Your Guide to Quirky Investing Success
1
To learn the basic principles of running a stock portfolio.
To know how to use Technical Analysis correctly.
To learn the criteria used to ensure good asset selection.
To learn how to deal with losing positions.
To discover the pitfalls most fall into.
Medicare Foundations: Building Blocks for a Healthy Retirement
1
To review the parts of Medicare Parts A, B, C, and D.
To discuss the supplementary options and Medigap coverage.
To discuss enrollment timelines and penalties.
To analyze Medicare in the context of overall retirement planning.
Mastering Options: Navigating Markets with Precision
2
Define options trading terms and concepts, including Put-Call Parity Pricing
Analyze risk and reward across various option strategies
Evaluate complex option positions for potential trading opportunities
Calculate optimal buy/sell prices for informed decision-making
Interpret Hockey Stick Diagrams to grasp option strategy payoffs
Differentiate visual representations of option positions and practical applications
Decoding Wall Street: A Beginner's Guide to Financial Markets
1
To review financial markets and major exchanges.
To know market participants and their roles.
To explain the basics of stocks, bonds, and other investment vehicles.
To analyze the basic principles of market analysis and trends.
Stocks Unplugged: Navigating the Market Maze with Charting Magic
1
To learn about Portfolio Construction.
To know the difference between Investing and trading.
To learn the criteria used to ensure good asset selection.
To learn how to derive best value stocks with Piotroski F-Score.
To discover the pitfalls most fall into.
Cryptocurrency Tax Essentials: IRS Insights
1
Determine virtual currency taxation for investors.
Explain virtual currency taxation for miners.
Review Foreign reporting issues with Virtual Currency.
Discuss Forking and other misc. transactions.
Determine criminal issues that could arise.
Identify the tax treatment of virtual currency transactions for investors.
Interpret IRS guidelines regarding virtual currency reporting on Form 1040.
Stocks Unplugged: Mastering Sentiment, Seasonality, and Strategies
1
To learn how to evaluate assets.
To learn how to do Sentiment Analysis.
To learn the criteria used to ensure good asset selection.
To learn how to deal with losing positions.
To discover the pitfalls most fall into.
The Role of Estate and Gift Tax in Financial Planning
2
To discuss the elements of the taxable estate.
To show financial planners the significance of planning using techniques and strategies during a client’s life.
To explore the risks involved with not planning and not monitoring a client’s overall estate planning.
To differentiate between the taxable estate and the probate estate.
To know the effect of gifting, setting up trusts, and acquiring sufficient life insurance on the client’s financial plan.
To identify tools, checklists, government forms, and the role of estate and gift taxes in comprehensive financial planning.
Bolstering Expertise: 403(b) and 457(b)
1
To discuss the unique features and distinctions between 403(b) and 457(b) plans compared to traditional 401(k) offerings.
To analyze the regulatory landscape governing 403(b) and 457(b) plans, exploring compliance requirements and recent updates.
To explain advanced investment strategies tailored to optimize participant outcomes within 403(b) and 457(b) plans.
To discuss and foster participant engagement through innovative educational approaches, empowering informed decision-making for better retirement readiness.
To equip 401(k) administrators with comprehensive insights and skills to become industry leaders in managing 403(b) and 457(b) plans effectively.
Stocks Unplugged: A Holistic Approach to Unique Investment Strategies
3
Review the basic principles of running a stock portfolio.
Use Technical Analysis correctly for informed decision-making.
Ensure good asset selection by discussing key criteria.
Understand the importance of seasonality in investing.
Analyze key ratios for effective investment decisions.
Explore advanced stock investing concepts and optimize tax efficiency using a comprehensive checklist.
A Trustee’s Duty of Care Under the UPIA or…How to Avoid Being a Knucklehead
1
To develop a targeted rate of return and expected risk.
To know if the trustee can’t diversify the trust assets.
To determine if the investment advisor is being paid a reasonable amount.
To analyze what factors should the trustee evaluate when selecting, delegating, and monitoring an investment advisor.
To review benchmarking the investment manager’s performance.
Divorce and its Various Tax Implications
1
To analyze appropriate filing statuses for clients undergoing divorce proceedings.
To explain the tax implications of name changes and updating personal information post-divorce.
To analyze the division of assets and property settlements concerning tax liabilities.
To discuss the tax consequences of alimony payments and child support agreements.
To navigate dependency exemptions and tax credits for divorced individuals with children.
To inspect and interpret retirement plan implications, including QDROs and IRAs, in divorce settlements.
Inside the Ticker Tape: How Financial Markets Really Work
1
To know how to market order flow and execution processes
To discuss The role of central banks and economic indicators.
To review market trends and the impact of global events.
To analyze Risk management strategies for navigating dynamic markets.
Demystifying Securities: Your Guide to Investment Instruments
1
To identify the different types of securities.
To analyze risk and return profiles of various investment instruments.
To know how to build a diversified investment portfolio.
To review how securities contribute to overall market liquidity and efficiency.
SECURE 2.0 Update - What Was Changed and What Was Added- Part 1
1.5
Discuss the key changes in SECURE 2.0.
Explain the application of new plan design features.
Discuss options available to clients.
Ensure compliance with mandatory provisions.
Unlocking Financial Wellness: Longevity Planning for a Prosperous Retirement
1
Understand the latest longevity trends and their impact on retirement planning.
Create a comprehensive retirement income plan integrating investments, Social Security, and other income sources.
Develop strategies for managing healthcare costs and long-term care expenses in retirement.
Learn the importance of diversifying income sources for a sustainable retirement lifestyle.
Explore effective estate planning techniques to preserve and transfer wealth efficiently.
Discover investment strategies that adjust to changing needs in a longer retirement, considering risk tolerance and evolving financial goals.
SECURE 2.0 Update - What was Changed and What was Added- Part 2
1.5
Review the key changes introduced by SECURE 2.0 legislation.
Identify discretionary plan design features under SECURE 2.0.
Evaluate options available to clients based on SECURE 2.0 provisions.
Comply with mandatory provisions while incorporating discretionary features.
Compliance Requirements for Nonresidents (Corporations and Individuals)
1
Differentiate between resident and nonresident taxpayers and identify key tests for nonresident status determination
Review U.S. tax implications for nonresident individuals and corporations, including reporting obligations for U.S. income
Comprehend the significance of Form 5472 in IRS audits and interpret the validity and importance of Form W-8BEN for foreign persons
Apply the Form W-8 series correctly to prevent withholding on U.S.-sourced income and understand its relevance
Understand reporting obligations and apply appropriate forms for nonresident taxpayers with U.S. income, including Form W-8BEN
A Simple Approach & Overview to Virtual Currency
1
To discuss recent Treasury and IRS guidance on Virtual Currency taxation.
To analyze and differentiate types of Virtual Currency transactions.
To explain various modes of "Wallet" for storing and managing Cryptocurrency.
To analyze IRS Notices, Revenue Rulings, and FAQs concerning Crypto compliance.
To discuss the provisions of the new Infrastructure Bill and its impact on Virtual Currency taxation.
To explain and formulate best practices for reporting Virtual Currency holdings and establishing engagement letters for tax practices, and inspect the 18 Tax Principles.
Demystifying Annuities: Navigating Myths, Avoiding Mistakes, and Rebuilding Trust
1
Gain insight into the fundamentals of annuities, their types, and operational mechanisms.
Debunk widespread misconceptions about annuities, clarifying accurate information from misconceptions.
Identify potential errors individuals make when dealing with annuities and learn strategies to prevent them.
Examine the financial implications of annuities, including associated charges and expenses, and methods to assess their overall value.
Analyze annuities to suit individual financial objectives and lifestyle preferences within the broader retirement strategy.
Integrate annuities effectively into retirement planning through transparent communication and practical real-life examples.
The Personal Financial Specialist (PFS) credential is a professional designation that grants licensed CPAs who meet established criteria the authority to provide clients with personal financial planning services. There are many requirements before getting the PFS designation beyond having a CPA and taking an exam. Professionals with the PFS designation may work for consulting or accounting firms or run their own firm.
The American Institute of Certified Public Accountants (AICPA) created the Personal Financial Specialist (PFS) credential to ensure that certified advisors are qualified to manage these assets.
There are various services provided by PFS Designation holders, some of them are mentioned below:
Personal financial advisors provide advice to help individuals manage their finances and plan for their financial future.
PFS can provide you with Retirement Planning Support.
PFS can provide you with a comprehensive approach to Estate Planning.
They will guide you through the Tax Implications of your Financial Plans.
PFS assesses the financial needs of individuals and helps them with decisions on investments (such as stocks and bonds), tax laws, and insurance.
They help clients plan for short- and long-term goals, such as meeting education expenses and saving for retirement through investments.
Unlimited opportunities to grow professionally.
Offers dynamic careers at the intersection of finance, taxes and estate planning, risk advisory and accounting.
Chance to get work with the biggest names in wealth management, banking, and investments.
Career advancement as a Financial Planner.
Work at wealth management and consulting firms.
Huge demand for an entry-level associate in this field.
PFS credentials enable you to become recognized for providing financial planning services by prospects, existing clients, and referral sources.
PFS credentials distinguish you from other financial planners only CPAs can hold the CPA/PFS credential.
Affirms your value to current and potential clients and employers, and inspires a greater level of confidence in your expertise
Enhances your image as a trustworthy financial planner
There are 3 pathways to get the PFS Credential:
Pathway 1: Standard Pathway
Candidates must earn a minimum of 75 hours of personal financial planning education within the five-year period preceding the date of the PFS application.
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 CPA/PFS application.
For candidates in academia, a qualified credential holder should be a full-time professor and have taught at least 4 accredited college courses with 50% of their material included in the PFP Body of Knowledge.
The experience must be in any of the 12 areas that make up the PFP Body of Knowledge, found in the PFS Credential Handbook. Note that up to 1,000 hours of tax compliance experience can count toward the total experience requirement.
After satisfying the above requirements, the candidate has to attend 5 hours online or test center exam.
Pathway 2: Certificate Pathway
Candidates have to obtain 5 certificates totaling 90 hours of CPE.
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 CPA/PFS application.
For candidates in academia, a qualified credential holder should be a full-time professor and have taught at least 4 accredited college courses with 50% of their material included in the PFP Body of Knowledge.
The experience must be in any of the 12 areas that make up the PFP Body of Knowledge, found in the PFS Credential Handbook. Note that up to 1,000 hours of tax compliance experience can count toward the total experience requirement.
After satisfying the above requirements, the candidate has to attend 4 online certification exams.
Pathway 3: Experienced Pathway
For the Experienced pathway, you must earn a minimum of 105 hours of personal financial planning education within the seven-year period preceding the date of the PFS application.
You must have 5 years of full-time business experience (or 7,500 hours equivalent) in personal financial planning within the seven-year period preceding the date of the CPA/PFS application. The experience must be in any of the 12 areas that make up the PFP Body of Knowledge, found in the PFS Credential Handbook. Note that up to 2,000 hours of tax compliance experience can count toward the total experience requirement.
After satisfying the above requirements, the candidate has to attend 1 online case study-based assessment.
All pathways require a valid and unrevoked CPA license and an AICPA membership. As you select a pathway, factors such as your experience, the time you have available to study, and costs will influence your decision. CPAs holding the CFP or ChFC designations are deemed to have met the PFS credential exam requirement.
Following are the details regarding the exam:
Exam Location – The PFS exam can be taken online (via your laptop and proctored through your webcam) or at local testing centers.
Exam Type — The PFS Exam is a non-disclosed exam. This means the questions and answers are not published nor are candidates permitted to remove any exam materials from the testing site.
Grading — Each exam is carefully graded by our team of psychometricians to ensure that the questions are statistically valid.
Timing — The PFS Exam is a computer-based exam that lasts five hours, including a 30-minute break (if needed).
Types of Questions — There are a total of 160 questions per exam module:
About half are discrete stand-alone multiple-choice questions.
Half are case studies with accompanying multiple-choice questions.
A multiple-choice question consists of a stem that includes factual or scenario data and provides four or five options.
The case studies will vary in length and include short scenarios followed by 2–5 multiple-choice questions and two larger comprehensive cases with 12–18 related multiple-choice questions. The fact pattern of each case study will contain sufficient information to enable the candidate to answer the question. This part of the exam is designed to test your analytical reasoning skills and ability to apply financial planning theory and methodology in a comprehensive manner.
Personal Financial Planning Process
Professional Responsibilities and Legislative and Regulatory Environment
Fundamental Financial Planning Concepts
Estate Planning
Charitable Planning
Risk Management Planning
Employee and Business-Owner Planning
Investment Planning
Retirement and Financial Independence Planning
Elder, Special Needs and Chronic Illness Planning
Education Planning
Special Situations
Please have a look at the detailed Exam Blueprinton Page 9 for more information.
To maintain an active CPA/PFS credential, and maintain access to all of the accompanying resources and tools, CPA/PFS credential holders must pay an annual renewal fee and meet the following CPA/PFS recertification requirements annually:
Regular AICPA membership in good standing
Valid and unrevoked CPA permit, license or certificate issued by a legally constituted state authority
Complete 20 hours of continuing professional development within the credential body of knowledge annually
Complete 20 hours of continuing professional development within the credential body of knowledge annually
Unstructured learning activities may constitute up to 50% (10 hours annually) of a credential holder’s CPD to meet credential renewal requirements
For detailed information on recertification requirements, please CLICK HERE.
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Frequently Asked Questions
Candidate can bring the below-mentioned types of calculators for the online PFS exam or the certificate exams:
Hewlett Packard 12C 10B, 10B II+, 17B II+;
Texas Instruments TI BAII Plus, TIBAII Plus Professional;
Victor V12, Victor 10
No calculator is needed for the PFS Experienced CPA Assessment.
CPAs holding the CFP or ChFC designations are deemed to have met the PFS credential exam requirement. So, they are exempt from taking the PFS credential exam requirement.
A percentage of approved PFS applications and recertifications are selected for random audit by the AICPA. Any misrepresentations or incorrect information provided to the AICPA can result in disciplinary action, including suspension or revocation of CPA/PFS eligibility and/or the CPA/PFS credential.
Credential holders will be notified in writing when selected for audit and be instructed to report their recertification requirements at the appropriate time.
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