AICPA, Texas Tech to develop path for PFS credential

NEW YORK, Aug. 13, 2008 – The American Institute of Certified Public Accountants and Texas Tech University’s Division of Personal Financial Planning have announced a joint agreement to develop a new educational program that will lead to the AICPA’s Personal Financial Specialist credential.

The new program, called PFS Pathway, will officially launch in June 2009. The AICPA and Texas Tech are designing it specifically for CPA planners who want to attain a financial planning credential.

“The PFS Pathway reinforces the AICPA’s commitment to this important credential,” said Steve Winters, the Institute’s Director of Specialized Communities and Practice Management. “As our personal financial planning community continues to grow, we want to support those seeking to obtain the PFS by providing them with a strong educational path specific to their needs as CPA financial planners. We’re very excited about working with Texas Tech, which is widely recognized for its financial planning education.”

In advance of the 2009 rollout, the AICPA and Texas Tech will conduct a PFS Pathway pilot program -- referred to as beta -- on Nov. 10-14, 2008 at the AICPA offices in Dallas. The five-day program will consist of a four-day, hands-on financial planning case study and an eight-hour multiple-choice exam of approximately 200 questions.

The beta content will comprise 12 technical areas, including estate planning, employee benefits, investment planning, financial independence and income tax planning.

For further information about the PFS Pathway beta, visit pfp.aicpa.org/Memberships/BetaProgram.htm. Applications to participate in the beta program will be accepted until Aug. 31.

Participants in the beta will receive approximately 32 continuing professional education credits.

The AICPA introduced the PFS credential in 1987. It is the only financial planning credential available exclusively to CPAs.

A 2007 study by the AICPA and Moss Adams LLP found that CPA financial planning and investment advisory practices are expanding at a faster rate than their non-CPA competitors. Average revenue for these practices grew by nearly 35 percent annually between 2004 and 2006.

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