According to the AICPA, candidates, who will be evaluated on a point system, must obtain 100 points to attain the PFS credential. The system covers three areas: business experience, lifelong learning and examination. All PFS candidates must hold an unrevoked CPA certificate and membership in the AICPA.

In addition, the AICPA will launch an online PFS application and assessment tool on Jan. 1, 2001. The tool can be accessed at http://pfs.aicpa.org.

Business experience is drawn from six financial planning disciplines: goal setting, personal income tax planning, risk management planning, investment planning, retirement planning and estate planning. And business experience includes the teaching of college-level personal financial planning courses.

Lifelong learning includes both standard continuing professional education courses and self-directed reading and research. Conference presentations and professional writing credits are also included, said the AICPA. Advanced degrees are considered, as well as participation on the committees of nationally renowned personal financial planning associations.

PFS candidates must also pass the Comprehensive PFS Exam. Other certification exams, such as Certified Financial Planner, Chartered Financial Consultant and Chartered Financial Analyst, are also eligible for points toward accreditation, the organization added. However, some of these additional exams will require the applicant to obtain a greater number of points in business experience and lifelong learning.

The AICPA established the PFS credential in 1987 for CPAs who are committed to personal financial planning as a practice discipline. Today, there are about 3,000 CPAs who hold the PFS designation, according to the AICPA.

-- SmartPros News Staff

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