[Mrs 300]

Hi Ninjas!

I was wondering if anyone was considering further torture and pursuing one of the other credentials? I’ve been doing taxes for 8 years in public accounting and I am really considering the CFP exam.

I mostly do tax returns for closely held companies and then I do the 1040s for the individual partners or shareholders. When they ask me about exercising options or any type of financial planning, I feel like a complete moron.

Has anyone experienced this? Are there any CFPs out there that can share their experience? Do you think I need anything additional to my CPA license since I’m a tax accountant? I really don’t know that I care so much about the letters after my name. It’s more to learn about financial planning and investments.

 

REG - 80 (Becker only)
BEC - 76 (Becker only)
AUD - 71, 76 (Becker only)
FAR - 65, 74, 81! (Becker, Wiley Test Bank, Ninja notes & Audio)

CPA Class of 2012 🙂

[Mayo]

I agree with previous posts. CFP is definitely more relevant to your interests than the CFA. Although knowledge-wise it's lighter than the CFA in terms of total knowledge one needs to know, you still learn the things that are most applicable to what you seem to be interested in.

Mayo, BBA, Macc

[Mrs 300]

Thanks for the feedback everyone! I know that I would struggle with the CFP because my finance background is lacking.

It's not to get the letters after my name. I am going to spend the time researching certain investment issues on my own so that I can become more of a trusted advisor to my clients. So my mindset would be, if I'm going to put the time in to learn these additional things, why not get another designation? Also, it would force me to be accountable if I was tested on these concepts. We have a private wealth group at my firm and they have both designations (CPA and CFP).

REG - 80 (Becker only)
BEC - 76 (Becker only)
AUD - 71, 76 (Becker only)
FAR - 65, 74, 81! (Becker, Wiley Test Bank, Ninja notes & Audio)

CPA Class of 2012 🙂

[Mrs 300]

Thanks for the feedback everyone! I know that I would struggle with the CFP because my finance background is lacking.

It's not to get the letters after my name. I am going to spend the time researching certain investment issues on my own so that I can become more of a trusted advisor to my clients. So my mindset would be, if I'm going to put the time in to learn these additional things, why not get another designation? Also, it would force me to be accountable if I was tested on these concepts. We have a private wealth group at my firm and they have both designations (CPA and CFP).

REG - 80 (Becker only)
BEC - 76 (Becker only)
AUD - 71, 76 (Becker only)
FAR - 65, 74, 81! (Becker, Wiley Test Bank, Ninja notes & Audio)

CPA Class of 2012 🙂

[Anonymous]

@Mrs 300…I have a similar situation as well. After passing my CPA, I have couple coworkers showing interests to become my clients (tax). However, most asked questions are more related to financial planning. Even though WE know the difference between CPA, CFA, and CFP, most public don't really know that…they were like, so you are a CPA, you must know everything about making more $ with my $…After researching CFA and CFP, I finally decided to settle down on books like “financial planning for dummy.” (if there is one) instead of obtaining another title. I personally think if I can be knowledgable enough to answer most financial questions, a CPA title will suffice…just my two cents..and I am open to other suggestion. I am seriously looking for a side job right now as a CPA, and I just don't know where to start…

[Anonymous]

@Mrs 300…I have a similar situation as well. After passing my CPA, I have couple coworkers showing interests to become my clients (tax). However, most asked questions are more related to financial planning. Even though WE know the difference between CPA, CFA, and CFP, most public don't really know that…they were like, so you are a CPA, you must know everything about making more $ with my $…After researching CFA and CFP, I finally decided to settle down on books like “financial planning for dummy.” (if there is one) instead of obtaining another title. I personally think if I can be knowledgable enough to answer most financial questions, a CPA title will suffice…just my two cents..and I am open to other suggestion. I am seriously looking for a side job right now as a CPA, and I just don't know where to start…

[Anonymous]

My apologies for reviving an old-ish thread, but just wanted to add my $.02. I'm an auditor and am a licensed CPA in the State of MN. Although I am not in the financial planning line of work, I do work for a mid-sized firm that has a separate financial advisory branch. Most of our financial advisory partners are CFPs, CPAs (they do some tax planning), and are also PFS (Personal Financial Specialists), which is an additional certification administered by the AICPA that is only available to licensed CPAs. I'm surprised the PFS designation has not been mentioned with the above certifications. It might be worth looking into, as it seems to be aligned with Mrs 300's goals. Here's a link to the AICPA's overview/benefits of the PFS certification:

https://www.aicpa.org/InterestAreas/PersonalFinancialPlanning/Membership/Pages/BenefitsofBecomingaPFS.aspx

As someone stated above, don't bother with the CFA. It's a credential that will take upwards of 3+ years (if you pass all three exams on the first shot–which, as I understand, is very difficult), plus the 4 year (I think) experience requirement to actually become a Chartered member. It's very specialized and will really only be of benefit to someone pursuing an investment management/analysis career (i.e. the “Wall Street” investment banker-type or a hedge fund manager, for instance).

In short, the CFP and PFS certifications seem to be most applicable to Mrs 300's aspirations. Good luck!

[Anonymous]

My apologies for reviving an old-ish thread, but just wanted to add my $.02. I'm an auditor and am a licensed CPA in the State of MN. Although I am not in the financial planning line of work, I do work for a mid-sized firm that has a separate financial advisory branch. Most of our financial advisory partners are CFPs, CPAs (they do some tax planning), and are also PFS (Personal Financial Specialists), which is an additional certification administered by the AICPA that is only available to licensed CPAs. I'm surprised the PFS designation has not been mentioned with the above certifications. It might be worth looking into, as it seems to be aligned with Mrs 300's goals. Here's a link to the AICPA's overview/benefits of the PFS certification:

https://www.aicpa.org/InterestAreas/PersonalFinancialPlanning/Membership/Pages/BenefitsofBecomingaPFS.aspx

As someone stated above, don't bother with the CFA. It's a credential that will take upwards of 3+ years (if you pass all three exams on the first shot–which, as I understand, is very difficult), plus the 4 year (I think) experience requirement to actually become a Chartered member. It's very specialized and will really only be of benefit to someone pursuing an investment management/analysis career (i.e. the “Wall Street” investment banker-type or a hedge fund manager, for instance).

In short, the CFP and PFS certifications seem to be most applicable to Mrs 300's aspirations. Good luck!

[Greenman72]

I am a CPA, and I am currently studying for Level 3 of the CFA exam. For those who say the CFA is harder than CPA, you have absolutely no idea.

Just so you know, I did not major in accounting. I have neither a Bachelor's nor a Master's. I took the minimum number of hours that I could in order to be eligible for the CPA exam. I never took Advanced Accounting, Business Combinations, or Business Tax. (I did take Individual Tax.) Even without those classes, I passed the CPA after only studying about 200 hours, for all four parts of CPA combined.

I do have a Master of Science in Finance. I have taken about 60 hours of finance, statistics, and econ, compared to only 30 hours of accounting. Here's how much I studied for the CFA exam:

Level 1 – 200 hours (the same amount of time as all 4 parts of CPA combined)

Level 2 – 250 hours. Failed, then studied another 400 hours.

Level 3 – about 300 hours so far. I hope to get in another 200 before test day.

If you add it all up, I will study about 1400 hours for CFA. That's seven times as much as I studied for all four parts of the CFA exam combined.

I'm not trying to dissuade anybody from doing it, but I want you to know that the CPA exam is a cake walk compared to the CFA exam. The CPA exam is four little bite-size pieces. The CFA exam is a monster that will consume your life for several years.

[Greenman72]

I am a CPA, and I am currently studying for Level 3 of the CFA exam. For those who say the CFA is harder than CPA, you have absolutely no idea.

Just so you know, I did not major in accounting. I have neither a Bachelor's nor a Master's. I took the minimum number of hours that I could in order to be eligible for the CPA exam. I never took Advanced Accounting, Business Combinations, or Business Tax. (I did take Individual Tax.) Even without those classes, I passed the CPA after only studying about 200 hours, for all four parts of CPA combined.

I do have a Master of Science in Finance. I have taken about 60 hours of finance, statistics, and econ, compared to only 30 hours of accounting. Here's how much I studied for the CFA exam:

Level 1 – 200 hours (the same amount of time as all 4 parts of CPA combined)

Level 2 – 250 hours. Failed, then studied another 400 hours.

Level 3 – about 300 hours so far. I hope to get in another 200 before test day.

If you add it all up, I will study about 1400 hours for CFA. That's seven times as much as I studied for all four parts of the CFA exam combined.

I'm not trying to dissuade anybody from doing it, but I want you to know that the CPA exam is a cake walk compared to the CFA exam. The CPA exam is four little bite-size pieces. The CFA exam is a monster that will consume your life for several years.

[Tncincy]

I am wondering if the CPA will be kinda of played down because there are so many other certified designations. Does the CPA stand alone at the top of the professional board or does these other designations supercede it. After the cpa, what next or the next best to follow.

It begins with a 75
Been here too long as a cheerleader.....time to pass

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

I am wondering if the CPA will be kinda of played down because there are so many other certified designations. Does the CPA stand alone at the top of the professional board or does these other designations supercede it. After the cpa, what next or the next best to follow.

It begins with a 75
Been here too long as a cheerleader.....time to pass

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

I am wondering if the CPA will be kinda of played down because there are so many other certified designations. Does the CPA stand alone at the top of the professional board or does these other designations supercede it. After the cpa, what next or the next best to follow.

It begins with a 75
Been here too long as a cheerleader.....time to pass

It begins with a 75
Been here too long as a cheerleader....ready to pass

[Tncincy]

I am wondering if the CPA will be kinda of played down because there are so many other certified designations. Does the CPA stand alone at the top of the professional board or does these other designations supercede it. After the cpa, what next or the next best to follow.

It begins with a 75
Been here too long as a cheerleader.....time to pass

It begins with a 75
Been here too long as a cheerleader....ready to pass

[miles1629]

I actually have my CFA and CFP designations. I have passed BEC and FAR so far in CPA program. Through people who are knowledgeable on all three the CFA designation is most respected followed by the CPA and then way down the road the CFP. Two good buddies of mine earned their CFP, then CPA and now have failed level 2 of CFA twice and don't think they can pass.

The CFA is the gold standard in the investment industry for finance professionals. If you didn't go to a top notch business school it becomes very helpful to bring you to same level. If you get through the CFA program other charter holders give you respect because it is the toughest series of exams I know of (quickest you can get through is 2 years), but averages about 5 years to earn (3 levels and can only take level 2 and 3 once a year) the designation. It took me 5 years to earn my CFA designation. Failed level 1 once, level 2 twice and through level 3 on first try. Total hours studying maybe 1,200 hours.

CFP is better known and generally thought of more as a financial planner / sales designation. It goes over a larger area of generally financial planning, but isn't a game changer. If you have a CPA, CFA or JD you do not need to take the 6 classes and now only take a capstone class and then sit for it. I studied for 2 months and passed on first try (maybe 100 hours of studying).

CPA- you know what it is, but after the CFA the FAR section is a breeze (got a 93% after 2 weeks of debit / credit review). BEC information is covered through parts of CFA and CFP (got a 90% with another 2 weeks of review). Now I just have to pass Auditing and Regulation.

[miles1629]

I actually have my CFA and CFP designations. I have passed BEC and FAR so far in CPA program. Through people who are knowledgeable on all three the CFA designation is most respected followed by the CPA and then way down the road the CFP. Two good buddies of mine earned their CFP, then CPA and now have failed level 2 of CFA twice and don't think they can pass.

The CFA is the gold standard in the investment industry for finance professionals. If you didn't go to a top notch business school it becomes very helpful to bring you to same level. If you get through the CFA program other charter holders give you respect because it is the toughest series of exams I know of (quickest you can get through is 2 years), but averages about 5 years to earn (3 levels and can only take level 2 and 3 once a year) the designation. It took me 5 years to earn my CFA designation. Failed level 1 once, level 2 twice and through level 3 on first try. Total hours studying maybe 1,200 hours.

CFP is better known and generally thought of more as a financial planner / sales designation. It goes over a larger area of generally financial planning, but isn't a game changer. If you have a CPA, CFA or JD you do not need to take the 6 classes and now only take a capstone class and then sit for it. I studied for 2 months and passed on first try (maybe 100 hours of studying).

CPA- you know what it is, but after the CFA the FAR section is a breeze (got a 93% after 2 weeks of debit / credit review). BEC information is covered through parts of CFA and CFP (got a 90% with another 2 weeks of review). Now I just have to pass Auditing and Regulation.

[Author]

Replies