A new alpha order: AICPA specialty credentials get extended lease on life.

AuthorWilder, Brent

The continuing debate over the value of specialization by CPAs is at a critical juncture. The AICPA has repositioned its three specialty credentials to generate increased interest and participation, while setting clear goals and deadlines each credential must meet to avoid discontinuation. Advocates of the Personal Financial Specialist (PFS), Accredited in Business Valuation (ABV) and Certified Information Technology Professional (CITP) credentials report enhanced levels of benefits and organizational support will go a long way toward increasing membership and self-sufficiency, but that dramatically more CPAs must buy in to the specialization designations to assure their continued presence and future success. Fortunately for those who currently hold PFS, ABV and CITP credentials, efforts are in motion to provide a fighting chance for an increased and more active constituency in the months and years to come.

Numbers Game

In the face of nationwide input against phasing out the specialty credentials, the AICPA Governing Council issued financial and membership requirements to be met by July 31, 2006 for the PFS credential and July 31, 2008 for the ABV and CITP credentials. Discontinuation will not be automatic but discretionary if PFS does not financially break even and meet a minimum number of 3,600 members by July 31, 2006. As of the resolution, 3,188 CPAs held the PFS credential. Membership requirements for ABV are 2,700 members; for CITP, 1,700 members. The AICPA reported 1,536 ABV and 527 CITP credential holders as of the resolution.

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Thankfully, the numbers don't exist in a vacuum. The AICPA noted its long-term goal is for the credentials to break even financially. AICPA Council authorized increased funding for specialty areas, and the resources will be divided between increasing benefits to credential holders, section members, and the entire discipline infrastructure rather than embarking on national marketing efforts to the general public. The board encourages members to pursue marketing efforts in local grassroots promotions. The change is designed to increase value to membership rather than pushing consumers to one more set of initials, says Ken A. Dodson, CPA, PFS, a member of the AICPA's National Accreditation Commission (NAC) and Personal Financial Planning Executive Committee member, as well as a former PFS Credential Committee member. "Right now we're spending all of our time to make sure the existing three credentials survive and can actually grow," says the Columbus-based Dodson, principal of King/Dodson Financial Advisors, Inc. and a past chair of The Ohio Society of CPAs' Personal Financial Planning Committee. "The AICPA is now looking to make the credentials successful."

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