As you begin to seek advice regarding your savings and investments, you may come across professionals that have designations after their names – some might even have a can of alphabet soup! Here are some common designations you’ll encounter when seeking out a professional. Your advisor should have a qualified designation as a minimum requirement before you start working with him or her.
CFP® – CERTIFIED FINANCIAL PLANNER™. This designation is considered the “gold standard” in the financial services industry. Holders of this designation are required to take college-level financial planning courses, have three years’ experience in financial planning, and must pass a rigorous 10 hour, 2 day examination. The designation is owned and awarded by the CFP Board of Standards. www.cfp.net
ChFC® – Chartered Financial Consultant™. This designation is right in line with the CFP® with regards to the knowledge needed and required to earn the designation. Professionals that earn this mark must undertake 9 college courses in financial planning and endure 18 hours of total examination time. The designation is owned and awarded by The American College. www.chfchigheststandard.com
CPA – Certified Public Accountant. This designation is awarded to individuals that pass the rigorous Uniform Certified Public Accountant exam given by the American Institute of Certified Public Accountants. CPAs may be qualified to prepare tax returns and provide auditing services for companies. CPAs may also represent their clients in proceedings before the IRS. www.aicpa.org
CFA® – Chartered Financial Analyst™. This designation is pursued by individuals who have undertaken studies in security analysis, stocks, bonds, investment management and corporate finance. Individuals must endure three levels of examinations before the designation is awarded. Many mutual fund managers, pension fund managers and endowment managers have this credential. www.cfainstitute.org
EA – Enrolled Agent. The enrolled agent designation is awarded to individuals who pass three different IRS exams involving personal taxation, business taxation and general tax principles. Like CPAs, enrolled agents may also represent their clients in in tax proceedings before the IRS. www.irs.gov/Tax-Professionals/Enrolled-Agents
Sterling Raskie, MSFS, CFP®, ChFC®
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And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.
I was thinking about trying to convince my brother to be “An Enrolled Agent”. Thnx!