PFS update: PFS designation and MEP system.

• Author: Phelan, Sarah
• Position: American Institute of Certified Public Accountants - Personal Financial Specialist; multiple entry points

The AICPA PFP Executive Committee and the PFS Credential & Exam Committee, along with the National Accreditation Commission, developed and implemented new guidelines for the Personal Financial Specialist (PFS) designation, effective Jan. 1, 2001. Candidates are using the new PFS Application/Assessment Tool, an online tool posted at pfs.aicpa.org. This tool, the latest step in implementing the multiple entry points (MEP) system, has been successfully used by more than 100 new applicants. The tool, along with instructions on how to complete it, can be downloaded from the Website.

Under the MEP system, candidates for the PFS are evaluated on a point system, with a total of 100 points required to attain the PFS credential.

The system covers three areas:

* Business experience. This can include experience in some or all of six financial planning disciplines: personal financial planning (PFP) process, personal income tax planning, risk management planning, investment planning, retirement planning and estate planning. It also has been broadened to include the teaching of college-level PFP courses.

* Lifelong learning. This embraces both traditional (standard CPE courses) and...