The PFS is a financial planning credential that the AICPA awards only to CPAs, so an advisor who lists CPA/PFS is a licensed accountant who has also qualified in personal financial planning.
To earn it, a candidate needs a valid CPA license, AICPA membership in good standing, personal financial planning education and experience from the previous five years, and a passing score on a planning exam. The standard PFS exam takes five hours and has 160 questions; holders of the CFP or ChFC are treated as having met the exam requirement.
To keep it, holders complete 120 hours of continuing education every three years, including 20 hours a year in personal financial planning, and stay AICPA members. NASAA's model rule lists the PFS among the designations states can accept in place of the Series 65 exam.
The PFS puts tax and planning expertise in one person, which helps when tax drives the plan. It doesn't say how someone is paid or whether they act as a fiduciary. In the public graph, 355 fee-only advisors list PFS and 74 list CPA/PFS, two ways of writing the same credential.
How to check
Search the AICPA's member directories at aicpa-cima.com/directories, and confirm the underlying CPA license on CPAverify or your state board of accountancy's lookup.
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