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CPA and PFS? or CPA and CFP?
Posted on 8/15/08 at 7:32 am
Posted on 8/15/08 at 7:32 am
Certified Public Accountant and Personal Financial Specialist (CPA and PFS).
I am having some trouble finding a lot of information about this title. The main thing I am trying to find are the qualifications and the educational background that is suggested for the PFS.
I know that I want to get my CPA when I get out of college, but I think I will also want to bridge the gap between accounting and finance.
Here is the only description I can find on what 'pre reqs' there are to qualify:
CPAs who specialize in personal financial planning can earn a specialist's designation, the Personal Financial Specialist (PFS). This designation can only be acquired by CPAs who are AICPA members (binding them to the Code of Professional Conduct), have a minimum of 1,400 hours of financial planning business experience, in addition to continuing education within the last five years and a comprehensive and rigorous personal financial planning exam.
1) Be a CPA and part of the AICPA.
2) At least 1,400 work experience hours in financial business (Considering a normal work week is 40 hours, the 1,400 hours will take roughly 8 months to complete).
3) Continuing Education???
4) Exam
#3 is the one I am confused over. Is there a Master's program that can be taken to supplement the 'continuing education'?
Ideally, I would like to find a Masters Program that will prepare me in both Accounting and Finance. I will need to cover the 150 hour requirement for the CPA Exam, so a Master's Program with a good deal of attention to accounting is a must.
However, if that same Master's program can also provide sufficient Finance knowledge and prepare me for the FPS portion, then I would be 'killing two birds with one stone.'
I am not trying to find the 'easy way out,' rather interested in using my time as proficiently as possible.
Thank you!
I am having some trouble finding a lot of information about this title. The main thing I am trying to find are the qualifications and the educational background that is suggested for the PFS.
I know that I want to get my CPA when I get out of college, but I think I will also want to bridge the gap between accounting and finance.
Here is the only description I can find on what 'pre reqs' there are to qualify:
CPAs who specialize in personal financial planning can earn a specialist's designation, the Personal Financial Specialist (PFS). This designation can only be acquired by CPAs who are AICPA members (binding them to the Code of Professional Conduct), have a minimum of 1,400 hours of financial planning business experience, in addition to continuing education within the last five years and a comprehensive and rigorous personal financial planning exam.
1) Be a CPA and part of the AICPA.
2) At least 1,400 work experience hours in financial business (Considering a normal work week is 40 hours, the 1,400 hours will take roughly 8 months to complete).
3) Continuing Education???
4) Exam
#3 is the one I am confused over. Is there a Master's program that can be taken to supplement the 'continuing education'?
Ideally, I would like to find a Masters Program that will prepare me in both Accounting and Finance. I will need to cover the 150 hour requirement for the CPA Exam, so a Master's Program with a good deal of attention to accounting is a must.
However, if that same Master's program can also provide sufficient Finance knowledge and prepare me for the FPS portion, then I would be 'killing two birds with one stone.'
I am not trying to find the 'easy way out,' rather interested in using my time as proficiently as possible.
Thank you!
This post was edited on 8/15/08 at 8:44 am
1
Posted on 8/15/08 at 7:52 am to tigeryat
Thanks for the reply again tigeryat.
(I know different posters frequent different boards so I posted it both here and the OT).
Any personal experience you would like to shed?
Which masters program would prepare me the most for both a CPA and CFP/FPS certifications?
TIA
(I know different posters frequent different boards so I posted it both here and the OT).
Any personal experience you would like to shed?
Which masters program would prepare me the most for both a CPA and CFP/FPS certifications?
TIA
Posted on 8/15/08 at 8:21 am to lynxcat
I don't know too much about MBA programs. I guess it would be a nice compliment to your BS and CPA if you got your MBA using your plus 30 hr requirement.
For a CPA in public practice, I don't think an MBA adds much value. Although large private companies may look for that pedigree when hiring a controller.
I doubt any MBA program would help prepare you for PFS/CFP exams. You won't find the exams that challenging, as compared to the CPA exam.
If you want to work in the financial services industries. I feel the CFP program is more comprehensive than the PFS. The CFP credential is definitly more visible to your prospective clientel.
And the CPE pretty much falls in line with the basic CPE requirements of AICPA.
For a CPA in public practice, I don't think an MBA adds much value. Although large private companies may look for that pedigree when hiring a controller.
I doubt any MBA program would help prepare you for PFS/CFP exams. You won't find the exams that challenging, as compared to the CPA exam.
If you want to work in the financial services industries. I feel the CFP program is more comprehensive than the PFS. The CFP credential is definitly more visible to your prospective clientel.
And the CPE pretty much falls in line with the basic CPE requirements of AICPA.
This post was edited on 8/15/08 at 8:27 am
Posted on 8/15/08 at 8:26 am to tigeryat
Thanks for the information!
I'll try to find the pre-requisites for the CFP qualification to see if any kind of Masters program will give prepare me for both the CPA and CFP exams. I know that is a lot to ask...but we shall see.
I'll try to find the pre-requisites for the CFP qualification to see if any kind of Masters program will give prepare me for both the CPA and CFP exams. I know that is a lot to ask...but we shall see.
Posted on 8/16/08 at 3:24 pm to lynxcat
im currently enrolled in the CFP curriculum and i am taking it through kaplan. i dont know if there are any masters programs that will help you out with that and i have just decided to do the self study method in order to get the CFP. I havent seen any masters programs which offer any help with it. i know as of this semester there isa 3 hour course at lsu which prepares you for the CFA level I though...
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