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Most professional designations, degrees or memberships indicate that the financial advisor has met educational, experience and ethical qualifications. Many organizations are continuing to expand and enhance their qualification standards for the two-fold purpose of elevating their profession and assuring the public of more qualified professional advisors.
Possession of a financial designation is not an assurance that the client will receive excellent service, but the leaders of the financial services industry all possess one or more designations. Membership in a professional association likewise does not guarantee performance, but the most highly respected practitioners tend to be members of professional associations, and are frequently local or national officers.
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. As of July 2004, in the financial services industry/profession, there are at least:
87 Designations, Certifications and Degrees
85 Financial Services Associations and Professional Institutions
The following information is presented in several categories and is provided as a service to the financial community by Financial Planning Consultants, Inc. developer of the financial Practice Builder Financial.
1. Designations, Certifications, Degrees
2. Financial Organizations and Associations
3. Contact, Address and Website Information
Financial Designations
AAMS Accredited Asset Management Specialist. A designation awarded by the College for Financial Planning to investment professionals who complete a 12-module education curriculum with examination requirements. This program can earn professionals CE credits.
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.
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.
AFC Accredited Financial Counselor. A designation awarded by the Association for Financial Counseling and Planning Education. AFCs have certified skills to assist individuals and families in the complex process of financial decision making to: educate clients in sound financial principles, assist in the process of overcoming their financial indebtedness, help identify and modify ineffective money management behaviors, guide in developing successful strategies for achieving financial goals and help clients develop new perspectives on the dynamics of money in relation to family, friends and individual self-esteem.
ATA Accredited Tax Advisor. The ATA designation is granted by the Accreditation Council for Accountancy and Taxation (ACAT). ATA is a 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 six courses registered 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 coursework registered with ACAT.
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 La Jolla - based 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.
CAA Certified Annuity Advisor. Graduates of the Annuity National Brokerage Corporation (ANBC), Certified Annuity Advisor program are awarded the CAA professional designation. The CEC Accredited Annuity course was established in 2001 to qualify agents to represent annuities to the public including: Tax Deferred Annuities; Equity Indexed Annuities; Income Annuities; Retirement Annuities; Roth IRA Annuities. CAAs are entitled to utilize the ANBC Website.
CAIA Chartered Alternative Investment AnalystSM. 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) - organizations providing global leadership for alternative investment professionals by setting the highest standards in alternative.
CAP Chartered Advisor in Philanthropy. This program is designed to meet the needs of those who serve charitable organizations and charitably-minded persons in the United States. The CAP program, offered by the American College, 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.
CASL Certified Advisor in Senior Living. This designation is awarded by the American College to persons completing a five course curriculum and examinations.
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 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.
CDFA Certified Divorce Financial Analyst. A program that consists of four courses and exams in the divorce administered by the Certified Divorce Financial Analyst, LLC.
CDP Certified Divorce Planner. Participants must be financial planners, CPAs, or have a strong financial background. The Institute of Certified Divorce Planners offers with audio tapes, books, software, handouts and other materials, a 20-hour seminar that qualifies attendees to earn this designation. After passing an exam, graduates have other benefits such as: a free consultation on first case, membership to ICDP and participation in referral system.
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 CEBS 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. The interest in the program has grown rapidly with over 8,500 graduates.
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 CFA Institute (formerly Association for Investment Management and Research - AIMR). Candidates must also meet reference, ethics and work experience requirements. There are over 30,000 CFA charter holders worldwide.
CFM Certified in Financial Management. A designation offered by the Institute of Management Accounting to measure skills, experience and knowledge of a corporate financial manger. Currently 1,900 hold this certificate.
CFG Certified Financial Gerontologist. The American Institute of Financial Gerontology confers the Certified Financial Gerontologist (CFG) designation. The CFG differentiates the CFG by providing an in-depth knowledge of prospective clients - biology, psychology, sociology and demography - and help understand the lifelong wealth span issues and aspirations of aging individuals. Appropriate for financial professionals in a wide variety of fields who are interested in specializing in the practice of wealth span planning for older consumers and their families.
CFP Certified Financial Planner™. In the U.S. a Certified Financial Planner professional who successfully completes the CFP Board of Standards comprehensive examinations and meets ongoing certification requirements. CFP is an internationally recognized designation held by over 55,000 people in 13 countries, although there are some differences in the accreditation process outside of the U.S..
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 and educational program 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 IAA 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.
CIMA Certified Investment Management Analyst. Awarded to investment consultants who complete education and examination and experience requirements. Presented by the Investment Management Consultants Association.
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 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.
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 focuses 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 designation requires a renewal every two years.
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.
CLU Chartered Life Underwriter. Has completed an educational program offered by The American College comprising 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 Certified Management Accountants (ICMA) to measure competency of those individuals in management accounting. There is a four-part course and exams.
CMFC Chartered Mutual Fund Counselor. A nine-module program must be completed by graduates, with an examination given by the College for Financial Planning under the supervision of the Investment Company Institute. A code of ethics must be followed. Taking this course qualifies for CE credits.
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.
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. The CPC requires at least three years of experience in pension-related matters, demonstrated competence in various aspects of pension and related employee benefits consulting and completion of the prescribed examination series.
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.
CRA Certified Retirement Administration. 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.
CRA Certified Review Appraiser. Applicant must be currently active in the Review of Real Estate. Applicants submit a resume to join membership, and it is accepted or rejected according to the experience level of that person. There are currently 800-900 professional with this designation, awarded by NARA/MU National Association of Review Appraisers & Mortgage Underwrites.
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.
CRFA Certified Retirement Financial Advisor. A designation granted by the Society of Certified Retirement Financial Advisors (NF Communications) after a 3 1/2 day educational program and examination.
CRPC Chartered Retirement Planning Counselor. A person who has completed an 11-module course from the College for Financial Planning, which culminates in a comprehensive final exam. The course focuses on assisting individuals with selecting and using retirement plans effectively.
CRPS Chartered Retirement Plans Specialist. A person who has completed a 10-module course from the College for Financial Planning culminating with a final exam. The course focuses on plan design and features.
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. 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 must meet to ensure they are current on senior issues.
CSS Certified Senior Specialist. The Certified Senior Specialist designation is awarded through the Center for Senior Studies, Inc. after successful completion of their courses in Self-Study and Internet formats. The CSS designation ties together all the elements of senior planning in a comprehensive program, providing financial advisors with understanding of the differences between assisting an individual age 50 with their planning versus someone age 60, 70 or 80.
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 is awarded by the Internal Revenue Service (202 662 5000) 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.
ELS Estate Law Specialist. This specialization program for attorneys has been approved by the American Bar Association and is only two years old. Participants must pass an exam, present CLE credits, have documentation of education, have work experience and must have references from other attorneys in the financial planning field.
FFSI Fellow, Financial Services Institute. A credential for back office support personnel who work with sales personnel or in other administrative positions. The credential consists of ten parts. Seven required completion through self-study of a 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.
FIC Fraternal Insurance Counselor. A designation awarded to agents who sell and service fraternal insurance and benefits, based on the completion of a study program.
FLMI Fellow Life Management Institute. The 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. Established in 1932, the FLMI is the world's largest university-level education program in insurance and financial services. More than 76,000 students throughout the world have earned the FLMI designation, from LOMA.
ICB Institute of Certified Bankers. Offers nine professional certification programs in the areas of trust and investments, regulatory compliance, lending, retail, and security, and an Associate Member Program for those beginning to chart their professional course in financial services.
Certified Trust and Financial Advisor© (CTFA): 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.
Certified Retirement Services Professional© (CRSP): applicable to financial services professionals whose primary function and expertise focus on the provision of employee benefit and/or retirement plan services.
Certified Securities Operations Professionals© (CSOP): applicable to financial services professionals whose primary function and expertise focus on the execution of processing operations related to all manner of securities.
Certified Corporate Trust Specialist© (CCTS): applicable to financial services professionals whose primary function and expertise focus on the provision of corporate trust services.
Certified Regulatory Compliance Manager© (CRCM): 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.
Certified Lender Business Banker© (CLBB): 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.
Certified Financial Services Security Professional© (CFSSP): 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.
Certified IRA Services Professional© (CISP): applicable to financial services professionals who have dedicated IRA operational and technical experience.
Certified Financial Marketing Professional© (CFMP): applicable to financial services professionals whose primary function and expertise focus on financial services marketing.
Accredited Continuing Education Provider (ACEP): applicable to financial services institutions, associations and suppliers who provide training and continuing education that directly meets the professional development needs of ICB's certified members.
ICB Associate Member Program. The Institute of Certified Bankers offers an associate membership program open to all financial services professionals with six months or more experience in the financial services industry. This program is 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.
JD Juris Doctor. An attorney licensed to practice law. Some state Bar Associations have authorized legal specialties, but none of them have unique designations.
LLM Masters in Law. Normally in taxation or estate planning. This is awarded to attorneys and accountants that have completed additional schooling at an accredited graduate school.
LUTCF Life Underwriter Training Council Fellow. The LUTCF is awarded to those completing educational programs with a practice orientation in the fields of life insurance and financial services. Over 60,000 have been granted to persons who complete five courses and an ethics program. Originally granted by the LUTC, this program was merged into the American College in 2002.
MS Master of Science. The College of Financial Planning offers an MS degree with an academic emphasis in financial planning. The curriculum focuses on Financial Planning, Wealth Management, Tax, Retirement and Estate Planning. The financial planning concentration fulfills the educational requirement for the CFP designation.
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. Twelve of the 36 credits are earned by attending the two residencies. The remaining 24 credits are earned through distance courses. More than 2,000 students have received the MSFS degree.
PFS Personal Financial Specialist. About 2,500 CPAs have also taken additional financial planning study and are accredited as Personal Financial Specialists. Participants must pass an exam and already be a CPA. Also, they must have experience in financial planning before being allowed to take the examination.
QPA Qualified Pension Administrator. A designation awarded by the American Society of Pension Actuaries after the completion of a six-part exam process. There are about 1,500 QPAs.
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 who already have either the CFP, ChFC or CPA/PFS.
REBC Registered Employee Benefits Consultant. Persons have completed five courses on the employee benefits and retirement plans and met experience and ethics standards. Unless exempted, an REBC must complete 30 hours of continuing education every two years. This designation, instituted by National Association of Health Underwriters, has been owned and administered by the American College since 1995. More than 700 hold this designation.
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 of experience and continuing education, an RFA may apply for conversion to RFC. The RFA is in no way affiliated with the CFA - Chartered Financial Analyst.
RFC Registered Financial Consultant. Has a professional financial planning designation or has passed a comprehensive RFC examination. Each RFC must meet seven membership requirements, including: experience, education, examination, ethics, licenses, business conduct and maintain significant annual continuing education of 40 hours yearly. Over 3,700 have received this designation from the International Association of Registered Financial Consultants.
RFE Registered Financial Engineer. A designation awarded by the Institute of Financial Engineering. Applicants must complete a two day Comprehensive School and 20 hours per year continuing education within the financial planning disciplines. Part or all of the 20 hour requirements can be comprised from scheduled Financial Engineering Design Schools or Strategy Sessions.
RFP Registered Financial Planner. Awarded by the Registered Financial Planners Institute since 1983. 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. 15 hours of CEU education is required every three years. There are about 300 RFP designees.
RHU Registered Health Underwriter. Applicants have completed three courses on the use and application of disability, health, medical and long-term-care insurance, and met experience and ethics standards. Must, unless exempted, complete 30 hours of continuing education every two years. This designation, instituted by National Association of Health Underwriters, has been administered by the American College since 1995. More than 6,000 hold the RHU designation.
RIA Registered Investment Adviser (sic) 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. The RIA is not a professional designation. 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. There are currently over 400 professionals with this designation.
RP Registered Paraplanner. A designation awarded by the College for Financial Planning to staff persons completing a course of study in the basics of personal financial planning.
Note: the IARFC and its RFA - Registered Financial Associate certification are in no way affiliated with, sponsored by or related to the CFA - Chartered Financial Analyst certification governed by the CFA Institute.
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