what is a personal financial specialist pfs 
a personal financial specialist pfs is a certification for certified public accountants cpas that allows them to expand their expertise and offerings to include financial planning and wealth management the american institute of certified public accountants aicpa established the personal financial specialist pfs credential which is reserved for cpas meaning holding a cpa is a prerequisite there are both educational and professional requirements that must be met before earning a pfs however the benefits of holding a pfs are numerous which include expanded employment opportunities with corporations consulting firms and the ability to manage or own a wealth management practice understanding a personal financial specialist pfs a personal financial specialist pfs certification is exclusively granted to cpas according to the aicpa a pfs certification represents a powerful combination of extensive tax expertise comprehensive knowledge of financial planning 1pfs applicants study estate planning retirement planning investing insurance and other areas of personal financial planning individuals with the pfs designation may work for accounting firms consulting firms or manage their own firm earning the personal financial specialist pfs means that individuals have earned the right to use the pfs designation with their names which can improve job opportunities professional reputation and pay personal financial specialist pfs requirementsthere are four major requirements that are necessary to achieve a personal financial specialist designation including a cpa license education a specified level of experience and passing an examination some of those requirements are outlined below candidates must obtain or hold an unrevoked and valid cpa certification that has been issued by a state the candidate must also be a current regular member of the aicpa there are two pathways that candidates can choose from depending on their level of experience the standard and certificate pathways have the following requirements the experienced pathway has the following requirements a reinstatement pathway is also available and includes agreeing to the reinstatement terms according to the pfs credential handbook regardless of the pathway the education and experience must be in any of the 12 areas that make up the personal financial planning pfp body of knowledge the aicpa offers educational courses for personal financial planning covering the topics within those 12 areas however certain approved courses from an accredited university or college may be accepted as substitutes 2the 12 areas that comprise the pfp body of knowledge for the education and experience requirements are listed below also every year pfs professionals must complete 20 hours of continuing professional education annually they must pay a fee of several hundred dollars to continue using the designation 3a personal financial specialist pfs designation offers cpas the ability to stand out from other financial planners while offering clients an expert who can develop a well rounded financial strategy personal financial specialist pfs examthe exam requirement for the pfs is extensive covering the financial planning process and professional responsibilities with topics such as tax retirement investments insurance and estate planning the pfs exam consists of 160 questions half of which are standalone multiple choice while the remainder includes case studies with accompanying multiple choice questions the pfs experience pathway examination includes a total of 60 questions with one part for each of four case studies those who are on the certificate pathway must pass four 100 minute tests 4the aicpa provides a brief video tutorial that features a mock exam session the exam can be taken at one of the testing centers or online with a laptop or through a proctored exam via webcam candidates are allocated five hours to complete it as well as a 30 minute break experience pathway exams take about 100 minutes exempt from the pfs exam are cpas who have passed the certified financial planner cfp or chartered financial consultant chfc exams they are deemed to have met the exam requirement benefits of a personal financial specialist pfs benefits exist for those who hold a pfs certification and clients looking for a financial professional to help them develop a financial plan for the long term professionals have the ability to display their financial expertise by demonstrating their knowledge of financial planning which can help attract new clients the pfs certificate can enhance a professional s reputation and professional brand thus improving career opportunities with the potential of boosting income an added benefit to the pfs is that candidates have knowledge of financial planning but they have extensive tax and corporate finance expertise as a cpa a cpa who holds a pfs can be particularly beneficial for clients who are looking to develop a financial plan that aligns with their long term goals while also receiving the benefit of tax and accounting services another benefit to clients is that they gain access to a professional who is an expert in elder and estate planning and wealth preservation and retirement income pfs vs cfpalthough the personal financial specialist and certified financial planner cfp have many similarities there are distinct differences between the two designations cpas with a pfs certification have a well rounded knowledge of accounting tax financial statements and wealth management however a cfp is considered a type of financial advisor since it is given out by the certified planner board of standards inc as a result there is a fiduciary responsibility that cfp s must adhere to meaning they must provide financial advice that is in the best interest of their clients cfps must follow a strict code of ethics as outlined by the certified planner board of standard s code of ethics similar to a pfs designation to earn a cfp an individual must have 6 000 hours of professional experience and hold a bachelor s degree from an accredited university 5 also both the cfp and pfs certifications allow candidates to waive some of the requirements if they hold a cfa however the cfp does not require candidates to have a prior certification which contrasts with the pfs prerequisite of holding a cpa certification the benefits and employment opportunities of holding a cfp or pfs are numerous and both certifications offer careers in personal financial planning retirement and tax planning while a cfp allows an individual to offer investment planning a pfs allows an individual to offer financial management at a corporate finance level due to the cpa certification 