Personal Financial Specialist (PFS)

Personal Financial Specialist (PFS)

Key takeaways
* The PFS is an AICPA credential reserved for licensed CPAs who add advanced personal financial planning and wealth-management expertise to their accounting skills.
* Requirements include an active CPA license, AICPA membership, specified education and experience in the PFP Body of Knowledge, and passing the PFS exam (with some pathway-specific alternatives).
* PFS professionals offer tax-aware financial planning, estate and retirement planning, and corporate finance insight—valuable for clients seeking integrated advice.
* CFP and ChFC holders may be exempt from the PFS exam; CFPs are subject to a fiduciary standard under the CFP Board.

What is a PFS?

The Personal Financial Specialist (PFS) designation, offered by the American Institute of Certified Public Accountants (AICPA), certifies that a CPA has demonstrated advanced competence in personal financial planning. It signals combined expertise in tax, accounting, and comprehensive financial planning—useful for advising clients on retirement, investments, estate and elder planning, insurance, and related matters.

Eligibility and pathways

All candidates must hold an unrevoked, state-issued CPA license and be a Regular member of the AICPA. Beyond that, applicants follow one of these pathways:

Standard / Certificate Pathway
* Experience: 3,000 hours of personal financial planning experience within the prior five years (or qualify as a full-time professor meeting course requirements). Up to 1,000 hours of tax-compliance work may be credited.
* Education: Standard — minimum 75 hours of PFP education in the prior five years. Certificate — complete three to five approved online certificate modules and pass associated online exams.

Experienced Pathway
* Experience: Five years full-time (approx. 7,500 hours) of PFP experience within the past seven years. Up to 2,000 hours of tax-compliance work may count.
* Education: Minimum 105 hours of PFP education in the seven years before application, plus completion of the PFS Experienced CPA Education course.

Reinstatement Pathway
* Available for previously designated PFS practitioners who meet the AICPA’s reinstatement terms.

All education and experience must map to the PFP Body of Knowledge (see next section). Approved AICPA courses and selected accredited university courses may be accepted.

PFP Body of Knowledge (12 topic areas)

Candidates must demonstrate education and experience across these areas:
1. Personal financial planning process — goal setting, data gathering, client relationships
2. Professional responsibilities and regulatory compliance — licensing, laws, ethics
3. Fundamental financial planning concepts — budgeting, cash flow analysis
4. Estate planning — wills, trusts, tax considerations, liquidity planning
5. Charitable planning — strategies, vehicles (e.g., trusts, insurance)
6. Risk management planning — insurance needs and products
7. Employee and business owner planning — executive comp, benefits, tax effects
8. Investment planning — risk tolerance, asset allocation, tax consequences
9. Retirement and financial planning — retirement income needs and savings strategies
10. Elder and chronic illness planning — care options and funding strategies
11. Education planning — funding and tax-advantaged vehicles
12. Special situations — divorce, housing goals, unique client circumstances

Exam and testing

• General format: 160 questions (about half stand-alone multiple-choice; the rest in case-study sets). Candidates have five hours plus a 30-minute break to complete the exam.
• Experience Pathway: shorter examination (about 60 questions across case studies).
• Certificate Pathway: typically requires passing multiple timed module exams (often four 100-minute tests).
• Delivery: administered at testing centers or via approved online/proctored formats.
• Exemptions: CPAs who have passed the CFP or ChFC exams are typically exempt from the PFS exam requirement.

Continuing requirements and fees

• Annual continuing professional education (CPE): PFS holders must complete continuing education each year (commonly around 20 hours) and meet AICPA maintenance obligations.
• Annual fees: maintenance of the PFS designation requires payment of AICPA renewal/credential fees.

Benefits of the PFS

• Differentiation: signals combined tax/accounting and financial-planning expertise—helpful for attracting clients and corporate roles.
• Integrated advice: CPAs with PFS training can provide planning that aligns investment, retirement and estate strategies with tax and corporate-finance implications.
• Specialization: adds credibility in areas such as estate preservation, retirement income strategy, and elder-care funding.

PFS vs. CFP

• Eligibility: PFS is limited to licensed CPAs; CFP certification is open to non-CPAs who meet education and experience requirements.
• Focus: PFS emphasizes the intersection of tax/accounting and financial planning; CFP focuses broadly on financial planning competencies.
• Experience requirement: CFP typically requires about 6,000 hours of professional experience (varies by pathway); PFS experience requirements depend on the chosen pathway (3,000 hours standard up to 7,500 for experienced).
• Ethics/fiduciary: CFP professionals are subject to CFP Board standards, including fiduciary responsibilities in planning engagements. PFS holders are governed by AICPA professional standards and ethical rules applicable to CPAs.
• Exam overlap: CFP or ChFC holders often can waive the PFS exam requirement.

Next steps

• Review the AICPA PFS Credential Handbook for full, current requirements and approved education providers.
• Map your experience to the PFP Body of Knowledge and identify any education gaps.
• Plan CPE and exam preparation focusing on estate, retirement, tax, investments, and insurance topics.