CPA/PFS Eligibility Requirements
The requirements for the Personal Financial Specialist (PFS™) credential are established by the Personal Financial Planning (PFP) Division staff at the AICPA, the National Accreditation Commission, along with the PFS Credential Committee, and accurately reflect the depth and breadth of experience and technical expertise required to obtain this credential. The 4 major requirements are:
Obtain the CPA License and be a current member of the AICPA
A PFS candidate must hold a valid and unrevoked CPA permit, license or certificate issued by a legally constituted state authority. You must also be a current Regular member of the AICPA.
Obtain PFP Education
For the Standard and Certificate pathways, you must earn a minimum of 75 hours of personal financial planning education within the five-year period preceding the date of the PFS application. 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. The AICPA offers PFP education opportunities that qualify. The education must be in any of the 12 areas that make up the PFP Body of Knowledge. Alternative sources include a combination of professional CPD, approved courses at an accredited university or college, or presenting and authoring on financial planning subjects.
The education obtained with all 5 of the PFP Certificates will meet this requirement.
Attain a Specified Level of PFP Experience
For the Standard and Certificate pathways within the five-year period preceding the date of the CPA/PFS application, you must have either:
- 2 years of full-time business or teaching experience (or 3,000 hours equivalent) in personal financial planning or;
- 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.
For the Experienced pathway within the seven-year period preceding the date of the CPA/PFS application, you must have:
- 5 years of full-time business experience (or 7,500 hours equivalent) in personal financial planning. 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.
Pass a PFP Examination
The CPA/PFS candidate must successfully pass a PFP-related exam. Successful completion of the following exams will qualify:
- Personal Financial Specialist (CPA/PFS) - either online or at testing centers
- All 4 of the PFP Certificate exams
- PFS Experienced CPA Assessment
- Certified Financial Planner® (CFP)
- Chartered Financial Consultant (ChFC)
Download the PFS Credential Handbook for further details.
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