Rainmakr
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- 13
That's correct. Plus, you have to have at least 150 credit hrs to sit for the exam which a lot of CPA's that are sitting are already in the process of either getting a dual BA or pursing a Master/MBA.
Should Life Insurance Agents Become Financial Planners?
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That's correct. Plus, you have to have at least 150 credit hrs to sit for the exam which a lot of CPA's that are sitting are already in the process of either getting a dual BA or pursing a Master/MBA.
- 284
I'll take these one at a time :
Like the current CFP requirements the college degree for CPA does NOT have to be in accounting. There are however required accounting credits between 18-45 (all states have different requirements)....wheras the CFP has 6 classes required in addition to your degree.
Yes you can hold yourself out as a accountant to the public without being a CPA. What you can not do is audit publicly traded companies w/o CPA.
The "brutal" CPA exam is 4 parts over 18 hrs. these can be taken individually over a 2 year period unlike the CFP which is one shot.There was a time when the CPA exam was Brutal but "conditioning" rules have been eased dramatically.
The experience requirement CAN be significant as it varies from state to state accountancy boards. Some state require direct supervision by an active CPA some do not. Some demand 2 years some only 1.
The CFP requires 3 years experience. However is far less rigorous as what the experience is.
The point of my post is not to puff up the CFP as I'm unimpressed, but rather to let you know that unless you intend to audit public firms the CPA means no more. Note that many controllers of large private firms didn't bother.
Also, the comment about how the ChFC has 3 more classes and the "only" difference is the test is correct. However, having gone through the endurance contest that a ten hour 2-day test is, I can tell you it is not a small "only". Those 100 question American College tests are a joke in a relative way. If you think the CFP is unimportant you are probably right. But anyone who claims that AND THEN goes on to puff the chest over CLU or ChFC...well you're kidding yourself.
best,
Jim
Like the current CFP requirements the college degree for CPA does NOT have to be in accounting. There are however required accounting credits between 18-45 (all states have different requirements)....wheras the CFP has 6 classes required in addition to your degree.
Yes you can hold yourself out as a accountant to the public without being a CPA. What you can not do is audit publicly traded companies w/o CPA.
The "brutal" CPA exam is 4 parts over 18 hrs. these can be taken individually over a 2 year period unlike the CFP which is one shot.There was a time when the CPA exam was Brutal but "conditioning" rules have been eased dramatically.
The experience requirement CAN be significant as it varies from state to state accountancy boards. Some state require direct supervision by an active CPA some do not. Some demand 2 years some only 1.
The CFP requires 3 years experience. However is far less rigorous as what the experience is.
The point of my post is not to puff up the CFP as I'm unimpressed, but rather to let you know that unless you intend to audit public firms the CPA means no more. Note that many controllers of large private firms didn't bother.
Also, the comment about how the ChFC has 3 more classes and the "only" difference is the test is correct. However, having gone through the endurance contest that a ten hour 2-day test is, I can tell you it is not a small "only". Those 100 question American College tests are a joke in a relative way. If you think the CFP is unimportant you are probably right. But anyone who claims that AND THEN goes on to puff the chest over CLU or ChFC...well you're kidding yourself.
best,
Jim
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- 284
CFA= Gold Standard
Among the highest salaried employees in the world....
Among the highest salaried employees in the world....
- 11,275
CFA has almost nothing to do with financial planning. Great if you manage a mutual fund or work in securities trading.
The CIMA is another credential oriented towards investment planning that the public has no idea about, but it is geared towards managing investment managers.
The CIMA is another credential oriented towards investment planning that the public has no idea about, but it is geared towards managing investment managers.
- 901
Always seems like this issue needs clarification for some reason, so here goes.
Of all the "designations" mentioned here, only ONE truly is regulatory in nature: CPA. A Certified Public Accountant is *licensed* by a particular state, or states, to practice public accounting. As such, the *licensee* actually is subject to regulatory authority of a state (or states).
Everything else is a mere "designation," including the much vaulted CFP designation. There is absolutely NO regulatory authority whatsoever affiliated w/ the CFP Board, period. Likewise for ChFC, et. al.
Is CFP overblown?
Does the Pope aspire to Sainthood?
Of all the "designations" mentioned here, only ONE truly is regulatory in nature: CPA. A Certified Public Accountant is *licensed* by a particular state, or states, to practice public accounting. As such, the *licensee* actually is subject to regulatory authority of a state (or states).
Everything else is a mere "designation," including the much vaulted CFP designation. There is absolutely NO regulatory authority whatsoever affiliated w/ the CFP Board, period. Likewise for ChFC, et. al.
Is CFP overblown?
Does the Pope aspire to Sainthood?
- 284
jbage, agreed. The CPA like say the S65 actually confers certain powers. However, very few CPA's actually practice public accounting. If you are not the signatory on either the return of a publicly traded co. nor an audit report of a publicly traded company you are not practicing public accounting.
When the bookkeeper at the company go's out and gets asked what he or she does for a living, they say they are an accountant....if you don't work with publicly traded companies there is NO standard.
I'm an accountant..er I mean an advisor..er, I mean a analyst...or whatever you want to put on your business card.....all BS
When the bookkeeper at the company go's out and gets asked what he or she does for a living, they say they are an accountant....if you don't work with publicly traded companies there is NO standard.
I'm an accountant..er I mean an advisor..er, I mean a analyst...or whatever you want to put on your business card.....all BS
learninsurance
Super Genius
- 108
I guess. But then, if you switch from a life insurance agent to a financial planner, you will need to take another licensing exam for you to become a Certified Financial Planner or CFP.
Since when do states license CFPs? .. it is no more than an acknowledgement that you have completed a certain course of independent study and is not regulated by the state.. The same as a CLU..
- 15,041
It really makes you wonder about the quality of his CE courses.
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