Financial Planning | Certification | Education | Books | Magazines | Professional Resources | Related Articles | Sample Business Plans | Start-up Issues
The number of designations and organizations in the financial services field is steadily increasing. This is not an indication that the original associations are not effective. Rather it is a sign of growth and diversification in the needs of the public.
Financial Designations
| AEP | Accredited Estate Planner | A credential awarded by the National Association of Estate Planners and Councils to professionals who meet stringent experience and education qualifications including two graduate level courses administered by The American College. |
| ABA | Accredited Business Accountant | A credential awarded by the Accreditation Council for Accountancy & Taxation to individuals who have demonstrated technical proficiency in financial accounting, compilation services, accounting, taxation, business law and ethics. |
| AFC | Accredited Financial Counselor | A designation awarded by the Association of Financial Counseling and Planning Education. Accredited Financial Counselors have certified skills to assist individuals and families in the complex process of financial decision making to: Educate clients in sound financial principles, assist clients in the process of overcoming their financial indebtedness, help clients identify and modify ineffective money management behaviors, guide clients in developing successful strategies for achieving their financial goals, support clients as they work through their financial challenges and help clients develop new perspectives on the dynamics of money in relation to family, friends, and individuals self-esteem. |
| ATA | Accredited Tax Advisor | The ATA designation is granted by the Accreditation Council for Accountancy and Taxation (ACAT). ATA is a voluntary credential for professionals who handle sophisticated tax planning issues, including ownership of closely held businesses, qualified retirement plans and complicated estates. Individuals seeking this designation must successfully complete course work administered by Surgent & Associates and subsequently register with ACAT. |
| ATP | Accredited Tax Preparer | The ATP designation is granted by the Accreditation Council for Accountancy and Taxation. Individuals who hold the ATP credential have a thorough knowledge of the concepts behind the existing tax code and the preparation of individual, corporate and partnership tax returns. Individuals seeking this designation must successfully complete course work administered by Surgent & Associates and subsequently register with ACAT. |
| CAIA | Chartered Alternative Investment analyst | A professional designation to promote and maintain professional standards for those engaged in the alternative investments industry. The CAIA is sponsored by the Alternative Investment Management Association (AIMA) and the Center for International Securities and Derivatives Markets (CISDM) - two organizations providing global leadership for alternative investment professionals by setting the highest standards in alternative. |
| CAP | Chartered Advisor In Philanthrophy | This new program is designed to meet the needs of those who serve charitable organizations and charitably-minded persons in the United States. The Chartered Advisor in Philanthropy program is composed of three graduate-level self-study courses. Covering both philanthropic and estate planning techniques and philosophical topics such as ethics of planned giving. The CAP designation is offered by The American College. |
| CCPS | Certified College Planning Specialist | The CCPS certification program is designed for financial advisors who actively assist families in preparing for financial cost of sending children to college. The purpose of the CCPS certification program is to provide candidates with the knowledge and resources necessary to start and manage a successful college planning advisory practice. CCPS must pass the comprehensive competency tests associated with each of the three self study modules. The CCPS designation is offered by National Institute of Certified College Planners. |
| CCRA | Certified Commercial Real Estate Appraiser | For the professional appraiser, state certified, who performs appraisal assignments including commercial, industrial, vacant land and residential. Requires a certified general level license. The CCRA is offered by the National Association of Real Estate Appraisers. |
| CDFA | Certified Divorce Financial Analyst | In order to receive the CDFA designation, you must complete 4 separate self-study Modules and then successfully pass an exam based on the material for each module. The CDFA is offered by the Institute for Divorce Financial Analysts. |
| CEA | Certified Estate Advisor | Currently 80 people have earned his designation. A designation awarded by the National Association of Financial and Estate Planning. Students must complete a home study course and pass an exam. |
| CEBS | Certified Employee Benefit Specialist | The CEBS program is a 10-course curriculum developed by the International Foundation of Employee Benefit Plans (IFEBP) and the Wharton School of the University of Pennsylvania. A Certified Employee Benefit Specialist is one who has achieved significant competence in employee benefits work, having passed a series of ten national exams. The CEBS is recognized nationally as the professional designation for the benefits industry. |
| CEP | Certified Estate Planner | A professional designation awarded by the National Institute of Certified Estate Planners to persons completing a comprehensive program of advanced study. The NICEP offers a six day intensive curriculum, separated into two three-day sessions, each followed by a comprehensive exam. Graduates are eligible for the CEP designation provided they agree to a standard of ethical performance and continuing education. |
| CFA | Chartered Financial Analyst | Has completed three comprehensive exams on ethics and professional conduct, securities and portfolio management and investment valuation offered by the Association for Investment Management and Research (AIMR). Candidates must also meet reference, ethics and work experience requirements. |
| CFG | Certified Financial Gerontologist | The American Institute of Financial Gerontology confers the Certified Financial Gerontologist (CFG) designation. The CFG will drastically differentiate you from your competition by providing you with in-depth knowledge of prospective clients - biology, psychology, sociology and demography - and help you understand the lifelong wealth span issues and aspirations of aging individuals. |
| CFM | Certified Financial Manager | A designation offered by the Institute of Management Accountants to measure skills, experience and knowledge of a corporate financial manager. |
| CFP | Certified Financial Planner | The U.S. a Certified Financial Planner professional who successfully completes the Certified Financial Planner Board of Standards' (CFP Board) initial and ongoing certification requirements. The CFP Board has authorized more than 36,000 individuals to use the CFP certification mark. The CFP's an internationally recognized designation held by over 55,000 people in 13 countries. The same description and criteria would apply, although there are some differences in the accreditation process in other countries. |
| CFS | Certified Fund Specialist | This designation is offered by the Institute of Business and Finance (IBF) to financial services professionals who successfully complete its course and pass the comprehensive exam. This designation focuses on mutual funds. |
| ChFC | Chartered Financial Consultant | Has completed an educational program offered by The American College, passed 8 exams covering financial planning, investments and insurance. Has also met experience and ethical standards and unless exempted, completes 30 hours of continuing education every two years. More than 32,000 have received the ChFC designation. |
| CIC | Chartered Investment Counselor | This designation is offered by the ICAA and requires candidates to be current holders of the CFA designation, demonstrate a minimum of five years' experience in a position where the majority of the person's time is spent in investment counseling and portfolio management activities, and provide various references and professional ethical information. |
| CIMC | Certified Investment Management Consultant | The Institute for Investment Management Consultants awards this credential to financial advisors who pass two levels of NASD-administered exams. The IIMC's self-study course is what the exam is based on, and it covers Investment Theory and the Management/Elements of Investment Consulting. 250 have received the CIMC designation while 250 are in the process of obtaining it. Moreover two-thirds of the IIMC consultants have or are getting this credential. |
| CLF | Chartered Leadership Fellow | Has completed an educational program offered jointly by The American College, LIMRA International, and GAMA International comprising of seven courses in management, leadership, creative problem solving, strategic planning and other areas. Also has met experience and ethics standards and, unless exempted, completes 30 hours of continuing education every two years. The first managerial leadership designation created for financial services professionals. |
| CLTC | Certified in Long-Term Care | A multidisciplinary curriculum covering topics in housing, tax-law, home care, government programs, financial planning and elder law. The CLTC is the first professional program focused solely on the sale of long-term care insurance. The designation is sponsored by the Corporation for Long-Term Care Certification and the National Academy of Elder Law Attorneys, Inc. It is awarded to those who complete an eight-part course, pass a test from the NAELA, and who submit letters of recommendation, an affidavit, and a certificate of good standing. This CE approved program receives 15-30 credits, with a renewal every two years. |
| CLU | Chartered Life Underwriter | Has completed an educational program offered by The American College comprising of 8 courses covering the application of life and health insurance in filling needs for survivor income, estate planning, business continuation and employee benefits. Also has also met experience and ethical standards and unless exempted, completes 30 hours of continuing education every two years. Approximately 85,000 have received the CLU designation. |
| CMA | Certified Management Accountant | A designation offered by the Institute of Management Accounts to measure competency of those individuals in management accounting. There are 23,100 professionals currently holding this designation. |
| CPA | Certified Public Accountant | Has met educational qualifications, such as a bachelors or masters degree in accounting, passed four state-certifying examinations and met experience qualifications in the area of public accounting. CPAs are licensed individually by state and can hold licenses for more than one state at a time. An approximate number of CPAs is 600,000 with 55% of them being AICPA members. |
| CPA/PFS | Certified Public Accountant - Personal Financial Specialist | A designation awarded by the AICPA to accountants who have completed additional study and examination requirements in personal financial planning. |
| CPC | Certified Pension Consultant | Awarded by the American Society of Pension Actuaries to benefits professionals employed in the fields of plan administration, pension actuarial administration, insurance and financial planning. CPCs work with employers to formulate, implement, administer, and maintain qualified retirement plans and other employee benefits programs. An individual who has at least three years of experience in pension-related matters and demonstrates competence in various aspects of pension and related employee benefits consulting through completion of the prescribed examination series may apply to the ASPA board of directors for the CPC designation. |
| CPCU | Chartered Property Casualty Underwriter | The AICPCU awards this property and liability insurance designation to those who passed a series of 10 national exams, met experience requirements and pledge to keep a code of professional ethics. There are more than 49,000 individuals with the CPCU designation. |
| CPhD | Certified Philanthropic Development | A professional designation awarded by the National Association of Charitable Estate Counselors. Participants must complete a course of study, examination, present a record of successful philanthropic activity and have a commitment to pursue philanthropic counseling. Several hundred CPhDs have been awarded this designation. |
| CRA | Certified Retirement Administrator | A designation granted by the International Foundation for Retirement Education to plan sponsors. Requirements are two letters of recommendation, an application fee, exam fee, and eight completed courses taking two years. Certificates can also be granted to those with 10 years experience, a letter of recommendation and a $150 exam fee. |
| CRC | Certified Retirement Counselor | A designation granted by the International Foundation for Retirement Education to human resources and benefits personnel. Participants can earn the certificate if they have ten years of professional experience, complete an application, and submit letter of recommendation. Otherwise, they must complete four courses and pay an application fee. Also required is holding to a code of ethics and maintaining this certificate with continuing education. |
| CREA | Certified Real Estate Appraiser | For the professional appraiser, state licensed or certified, who performs appraisal assignments on residential, condominiums, vacant land, small commercial and other similar properties. Requires a full level state appraisers license or higher. The CREA is offered by the National Association of Real Estate Appraisers. |
| CSA | Certified Senior Advisor | Participants can become certified in two ways: through a correspondence course or through an intensive 3-day educational program plus testing. This designation is offered through the Society of Certified Senior Advisors. All current 3,000 members of the SCSA hold the (required) CSA designation. Advisors are trained to establish a relationship with their clients, not just advise them on their medical or financial issues. There are annual continuing education requirements CSAs meet to ensure they are current on senior issues. |
| CSTSA | Certified Specialist in Tax Sheltered Accounts | A professional designation awarded by the National Tax Sheltered Annuity Association. Granted to persons completing six examinations, meeting experience requirements and agreeing to a Code of Ethics. |
| EA | Enrolled Agent | A designation awarded by the Internal Revenue Service to individuals who wish to represent persons before the IRS. Persons must pass a comprehensive, IRS two-day exam on all aspects of tax law, including tax filing procedures. |
| EA | Enrolled Actuary | An individual who has satisfied the standards and qualifications as set forth in the regulations of the Joint Board for the Enrollment of Actuaries and who has been approved by the Joint Board to perform actuarial services required under the Employee Retirement Income Security Act of 1974 (ERISA). A candidate for enrollment must fulfill certain knowledge and experience requirements, which are set forth in the Joint Board Regulations. |
| FFSI | Fellow, Financial Services Institute | A credential designed for back office support personnel who work with sales personnel or in other administrative positions. The curriculum will consist of ten parts. Seven required completion through self-study of a 400-600 page manual, followed by a 75 question exam. Three parts require demonstrated financial achievement (education) in one of more areas of financial services, including annuities, mutual funds, stock brokerage, retirement and banking. The designation is offered by LOMA - Life Office Management Association. |
| FLMI | Fellow Life Management Institute | The Fellow, Life Management Institute (FLMI) Program is a rigorous, ten-course, professional development program that provides a comprehensive business education in the context of the insurance and financial services industry. The FLMI Program is from the Life Office Management Association, Inc. (LOMA). |
| MSFS | Master of Science in Financial Services | Offered by the American College, this is an educational degree, similar to an MBA, with concentration on personal financial planning, investments and taxation. The MSFS program requires completion of 36 course credits to graduate. The sequence of courses is designed to provide maximum flexibility for the student through self-study and two, one-week residency sessions on the College's campus. |
| PFS | Personal Financial Specialists | The Personal Financial Specialist is the financial planning specialty accreditation held exclusively by Certified Public Accountants (CPAs) who are members of the American Institute of Certified Public Accountants (AICPA). |
| QFP | Qualified Financial Planner | A designation granted by the IAQFP, International Association of Qualified Financial Planners, a small organization which confers this designation on those already having either the CFP, ChFC or CPA/PFS. |
| QPA | Qualified Pension Administrator | A designation awarded by the American Society of Pension Actuaries after the completion of a six-part exam process. |
| REBC | Registered Employee Benefits Consultant | Persons have completed five courses on the employee benefits and retirement plans. Also has met experience and ethics standards, and unless exempted, completes 30 hours of continuing education every two years. This is offered by the American College. |
| RFA | Registered Financial Associate | Has completed an undergraduate curriculum in financial planning and counseling from an accredited institution. The RFA must meet requirements of ethics and a significant annual continuing education of 40 hours yearly. After four years, an RFA may apply for conversion to RFC. This designation is awarded by the International Association of Registered Financial Consultants. |
| RFC | Registered Financial Consultant | Has a professional financial planning designation or has passed a comprehensive RFC examination. Each RFC must meet requirements of experience, education, examination, ethics, licenses, business conduct and maintain significant annual continuing education of 40 hours yearly. This designation is awarded by the International Association of Registered Financial Consultants. |
| RFP | Registered Financial Planner | Awarded by the Registered Financial Planners Institute. The members must have a degree, license, or a minimum of 75 classroom hours of financial planning education from a college, university or preparatory school, with passing of an exam and a minimum of 2 years experience in their respective field. CEU education is required every three years of 15 hours to keep the RFP designation. |
| RHU | Registered Health Underwriter | Applicants have completed three courses on the use and application of disability, health, medical and long-term-care insurance. Also the person has met experience and ethics standards and, unless exempted, completes 30 hours of continuing education every two years. This designation is offered by the American College. |
| RIA | Registered Investment Adviser | A Registered Investment Adviser is a person or firm that has filed with the Federal Securities and Exchange Commission or State Securities Commission and adheres to certain disclosure requirements. This qualification is necessary for the rendering of investment advice. Investment Advisers who manage less than $25 million are generally state registered. |
| RMU | Registered Mortgage Underwriter | An applicant must be active in the field of Mortgage Underwriting. Applicants submit a resume to join membership, and it is accepted or rejected according to the experience level of that person. This designation is awarded by the National Association of Review Appraisers & Mortgage Underwriters (NARA/MU). |
| RPM | Registered Professional Member | For the individual in the real estate industry (salesperson, broker, review appraiser, underwriter, etc...) wanting to stay abreast of the latest developments in the Appraisal industry. The RPM is offered by the National Association of Real Estate Appraisers. |
| RPP | Registered Paraplanner | A designation presented by the International Association of Registered Financial Consultants. The IARFC has developed this program for members of the service staff of financial Advisors. |
Board Certified Programs
Most individuals who earn the following four designations may have a CFP or insurance license already. These programs are available from the Institute of Business and Finance to those who want to have a specialty in a certain financial discipline. The CE units individuals earn from Board Certified programs may also be applied towards other designations.
| BCE | Board Certified in Estate Planning | Students learn about liquidity, business and postmortem planning, along with property and lifetime transfers, federal taxation and constraints and techniques of planning. |
| BCI | Board Certified in Insurance | Students become fluent in the health and life insurance arenas, while learning about financial planning, employee benefits, insurance taxation and annuities. |
| BCM | Board Certified In Mutual Funds | This seven-module course deals with issues like annuities, wealth management, planning cycles, strategies, asset allocation and investor relations. After successfully completing the CFS program, students may apply for the BCM designation. |
| BCS | Board Certified in Securities | Students learn to do Financial and Risk Factor Analyses, while learning about different investment opportunities, the quirks of the marketplace and principles of diversification. |
Trust and Investment Certifications
| CCTS | Certified Corporate Trust Specialist | Applicable to financial services professionals whose primary function and expertise focus on the provision of corporate trust services. Offered by Institute of Certified Bankers. |
| CRSP | Certified Retirement Services Professional | Applicable to financial services professionals whose primary function and expertise focus on the provision of employee benefit and/or retirement plan services. Offered by Institute of Certified Bankers. |
| CSOP | Certified Securities Operations Professionals | Applicable to financial services professionals whose primary function and expertise focus on the execution of processing operations related to all manner of securities. Offered by Institute of Certified Bankers. |
| CTFA | Certified Trust and Financial Advisor | Applicable to financial services professionals whose primary function and expertise focus on the provision of fiduciary services related to trusts, estates, guardianships and individual asset management accounts. Offered by Institute of Certified Bankers. |
Regulatory Compliance Certification
| CRCM | Certified Regulatory Compliance Manager | Applicable to financial services professionals whose primary function and expertise focus on the application, implementation and maintenance of relevant federal and state regulatory requirements as they relate to a financial services organization's business. Offered by Institute of Certified Bankers. |
Lending Certification
| CLBB | Certified Lender Business Banker | Applicable to financial services professionals whose primary function and expertise focuses on the provision of credit and financial transaction services to businesses and/or corporations. Offered by Institute of Certified Bankers. |
Financial Institution Security Certification
| CFSSP | Certified Financial Services Security Professional | Applicable to financial services professionals whose primary function and expertise focuses on management and/or execution of physical safety and security for a financial services organization's facilities, staff, systems, and/or customers. Offered by Institute of Certified Bankers. |
IRA Certification
| CISP | Certified IRA Services Professional | Applicable to financial services professionals who have dedicated IRA operational and technical experience. Offered by Institute of Certified Bankers. |
Financial Services Marketing Certification
| CFMP | Certified Financial Marketing Professional | Applicable to financial services professionals whose primary function and expertise focus on financial services marketing. Offered by Institute of Certified Bankers. |
ICB Associate Member Program
The Institute of Certified Bankers offers an associate membership program that is open to all financial services professionals with six months or more experience in the financial services industry. This program is specifically designed for the professional who wishes to manage his/her career toward earning one of ICB's professional certification designations, but who does not yet possess the pre-requisites required to be eligible for a desired designation.
