MYCPE ONE

AICPA - Personal Financial Specialist (PFS) Eligibility Course (2024)

Become Credential-Eligible with Program Designed to Fulfill AICPA Compliance

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75 CPD
On Demand
Included with Subscription

Course Modules

Course Modules Credit
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.
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.
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.
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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.  
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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
  • 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.
  • Analyze how divorce might impact women and their children.
  • Discuss the benefits of careful financial preparation before divorce.
  • Explain how to discuss these issues with children.
  • Discuss how building these conversations with clients will build more trust.
  • Discuss the model of self-actualization and how to put it into practice.
  • Analyze several inspirational stories and key takeaways you can introduce to your clients.
  • Explain goal-setting and visualization techniques for your clients in divorce.
  • Discuss the importance of teaching these skills to children.
  • Analyze how to discuss these issues with your clients better.
  • Analyze risk distribution in traditional portfolios.
  • Explore strategies for tail risk reduction.
  • Explain the benefits of unique and alternative investments.
  • Discuss methods to increase retirement withdrawal rates.
  • Identify evidence-based approaches for portfolio improvement.
  • Discuss recent Treasury Regulations and IRS guidance on cryptocurrency. 
  • Analyze the Draft Form 1099-DA for virtual currency reporting. 
  • Define virtual currency and its role in the tax landscape. 
  • Analyze various types of cryptocurrency transactions. 
  • Differentiate modes of virtual currency wallets and their uses.
  • Review key changes in SECURE 2.0 and related IRS guidance.
  • Explore the application of SECURE 2.0 plan design features.
  • Identify discretionary and mandatory provisions for client decision-making.
  • Discuss options available for complying with SECURE 2.0 provisions.
  • Review key changes and guidance introduced by SECURE 2.0 for plan design.
  • Analyze discretionary provisions and mandatory provisions within SECURE 2.0 changes.
  • Explain how to apply SECURE 2.0 provisions to client retirement plan decisions.
  • Illustrate the impact of SECURE 2.0 changes on plan design, like SIMPLE to Safe Harbor conversion.
  • Evaluate different types of REITs and their investment structures.
  • Assess REIT tax benefits and implications for portfolio diversification.
  • Identify key risk factors associated with REIT investments.
  • Compare public, private, and non-traded REIT options.
  • Analyze historical REIT performance and market trends.
  • Define cryptocurrency and its role in financial markets.
  • Identify taxable events in crypto transactions.
  • Explain IRS regulations for reporting crypto income.
  • •Analyze capital gains implications for crypto investors.
  • Assess tax treatments for mining, staking, and payments.
  • 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.
  • 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.
  • Identify estate tax exemptions, deductions, and taxable assets. 
  • Analyze tax obligations for U.S. citizens earning foreign income. 
  • Explain FBAR and FATCA compliance requirements for foreign accounts. 
  • Evaluate tax treaty benefits and their impact on international taxation. 
  • Apply estate tax reporting rules for executors and heirs.
  • Identify key responsibilities and ethical considerations in tax preparation.
  • Analyze different income sources and applicable tax deductions.
  • Apply tax credits and calculate tax liabilities accurately.
  • Evaluate filing statuses and exemptions for optimal tax outcomes.
  • Review prior-year returns to ensure compliance and identify carryforwards.
  • Identify different types of taxable and non-taxable income.
  • Analyze deductions and credits to minimize tax liability.
  • Explain the impact of filing status on tax calculations.
  • Evaluate tax withholding and estimated payment strategies.
  • Apply tax laws to special income cases and unique scenarios.
  • Identify taxable and non-taxable income sources.
  • Analyze adjustments to income to reduce tax liability.
  • Explain the differences between refundable and non-refundable tax credits.
  • Evaluate the benefits of standard vs. itemized deductions.
  • Apply tax filing requirements to ensure compliance and accuracy.
  • 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.
  • Discuss key financial planning changes in the BBB law.
  • Identify opportunities to leverage new and updated provisions.
  • Explain these changes clearly to clients for actionable planning.
  • Explore timelines and rollouts for long-term strategy development.
  • Differentiate between new rules and updated or repealed provisions.
  • 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.
  • Review of the available tax credits for individuals, including the OBBB changes.
  • Recognize the non-refundable and refundable tax credits.
  • In-depth discussion of the various tax credits.
  • Apply the ordering rules to the tax credits.
  • Illustrate the reporting requirements for these credits.
  • Discuss OBBB updates to CTC, EIC, and Other Dependents Credit.
  • Identify refundable caps and special rules for families with 3+ children.
  • Analyze eligibility tests and income thresholds for Earned Income Credit.
  • Explain preparer due diligence obligations, penalties, and recent IRS cases.
  • Apply OBBB credit rules to real-world taxpayer compliance scenarios.
  • Discuss the role and duties of a fiduciary.
  • Explain estate reporting and tax obligations.
  • Identify trust types used in tax planning.
  • Analyze income calculation and filing rules.
  • Explore legislation and AI's current impact.
  • Identify the major OBBB provisions that impact individual taxpayers
  • Explain how the senior tax deduction and new car loan interest deduction apply
  • Apply rules related to the partial deduction for tip and overtime income
  • Recognize changes to itemized deductions, including SALT and charitable contribution limitations
  • Describe areas where Treasury guidance and interpretation will be required
  • Illustrate correct reporting requirements for selected OBBB tax provisions
  • Discuss the fundamentals of valuations in an estate planning context.
  • Identify key assumptions and variables that influence valuation outcomes.
  • Analyze how valuations inform strategic estate planning decisions.
  • Explain how valuation results impact tax and wealth transfer strategies.
  • Explore methods to apply valuation insights in client estate planning.
  • 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.
  • 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.

How it Works

Join MYCPE ONE to unlock the PFS courses and access our entire CPE library.

Select the PFS course from our catalog and get started.

Finish the course to meet the requirements and become eligible for the PFS exam.

Why Choose the PFS Eligibility Program with Us?

  • American Institute of CPAs (AICPA) compliant learning modules
  • Hands-on learning in forensics, fraud, and litigation support
  • Access to 15,000+ hours of CPE content across multiple formats
  • Specialize in fraud detection and litigation support
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Become a Personal Financial Specialist

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:

  1. 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.

  2. 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.

  3. 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:

  1. Exam Location – The PFS exam can be taken online (via your laptop and proctored through your webcam) or at local testing centers.

  2. 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.

  3. Grading — Each exam is carefully graded by our team of psychometricians to ensure that the questions are statistically valid.

  4. Timing — The PFS Exam is a computer-based exam that lasts five hours, including a 30-minute break (if needed).

  5. 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.

  • For First-time registrant
    • $300 for PFP Section members;

    • $400 for AICPA members;

    • $500 for non-members

  • If you are retaking the exam
    • $ 100

Please visit this link, 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.

There are two methods for the application process

  • Method-1: Online Process
    • Step -1: Visit www.aicpa.org/PFS and click on the Apply button.
    • Step -2: Check off the boxes for the examinations, education, experience, and attestations.
    • Step -3: Include payment information for your application fee and submit the application.
  • Method-2: Offline Method
    • Step -1: Obtain a copy of the PFS application.
    • Step -2: Complete and sign the application form.
    • Step -3: Submit your completed application and application fee Payable by check or credit card.