FINANCIAL PLANNING DEFINITIONS

Description of Accreditations

AAMS (Accredited Asset Management Specialist)

Awarded by the College for Financial Planning to investment professionals who complete its 12-module AAMS® Professional Education Program, pass an examination, commit to a code of ethics and agree to pursue continuing education.

AEP (Accredited Estate Planner)

Awarded by the National Association of Estate Planners & Councils to estate planners who have completed two graduate-level courses administered by The American College, meet specific professional requirements and who practice as one of the following: attorney, CPA, trust officer, CLU, CFP certificant or ChFC.

AFC (Accredited Financial Counselor)

Awarded by the Association for Financial Counseling and Planning Education (AFCPE) to individuals who pass AFCPE courses, meet experience and ethics requirements and submit three letters of reference.

ATA (Accredited Tax Advisor)

Awarded by the Accreditation Council for Accountancy and Taxation (ACAT) to individuals who complete six educational courses and pass corresponding exams, fulfill experience, ethics and continuing education requirements, and pay an annual registration fee.

CEBS (Certified Employee Benefit Specialist)

A 10-course, college-level curriculum that provides a comprehensive understanding of benefit concepts and principles.  The CEBS designation is cosponsored by the International Foundation of Employee Benefit Plans (IFEBP) and the Wharton School, University of Pennsylvania.

CFA (Chartered Financial Analyst)

Awarded by the Association for Investment Management and Research (AIMR) to experienced financial analysts who successfully pass three annual examinations covering economics, financial accounting, portfolio management, securities analysis and ethics, have approved work experience and meet other requirements. CFA chartholders are annually required to affirm their commitment to high ethical standards.

CFP (Certified Financial Planner)

Financial planning credentials awarded by the Certified Financial Planner Board of Standards (CFP Board).

CFS (Certified Fund Specialist)

The Institute of Business and Finance (IBF) offers this designation to financial services professionals who successfully complete its 60-hour course, pass a comprehensive exam, adhere to the IBF's code of ethics and complete 15 hours of continuing education courses each year.

CIMA (Certified Investment Management Analyst)

Awarded by the Investment Management Consultants Association to professionals who pass a pre-qualifying and a certifying exam, complete coursework at the Wharton School, University of Pennsylvania, have a minimum of three years experience in investment consulting and fulfill continuing education requirements.

CIMC (Certified Investment Management Consultant)

Awarded by the Institute for Certified Investment Management Consultants (ICIMC) to financial consultants who meet its ethical, experience and continuing education requirements, and who pass two levels of NASD-administered examinations based on the ICIMC's self-study course in Investment Theory and Management/Elements of Investment Management Consulting.

ChFC (Chartered Financial Consultant)

Financial planning designation awarded by The American College.

CLU (Chartered Life Underwriter)

Awarded by The American College to insurance and financial services professionals who have met the College's three-year business experience requirement, passed its eight college-level education courses and agreed to abide by its code of ethics.

CMA (Certified Management Accountant)

Awarded by the Institute of Certified Management Accountants (ICMA) to management accountants who pass a four-part exam, meet certain work requirements, comply with the ICMA's Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management and who are members of the Institute of Management Accountants (IMA).

CMFC (Chartered Mutual Fund Counselor)

The College for Financial Planning awards this designation to investment practitioners who complete its nine-module CMFC Professional Education Program jointly sponsored by the College and the Investment Company Institute, pass an examination, commit to a code of ethics and agree to pursue continuing education.

CPA (Certified Public Accountant)

Awarded by the American Institute of Certified Public Accountants (AICPA) to accountants who pass the AICPA's Uniform CPA Examination and satisfy the work experience and statutory and licensing requirements of the state(s) in which they practice.

CPCU (Chartered Property Casualty Underwriter)

The American Institute for Chartered Property Casualty Underwriters (AICPCU) confers the CPCU insurance designation on those who complete its nine courses and national essay examinations, meet experience requirements and agree to abide by the AICPCU’s Code of Professional Ethics.

CTFA (Certified Trust and Financial Adviser)

The Institute of Certified Bankers (ICB) awards the CTFA designation to individuals who meet personal trust experience and education requirements, pass an examination on tax law, investment management, personal finance, insurance and estate planning, fiduciary and trust activities, and agree to meet ICB’s continuing education requirements.

EA (Enrolled Agent)

The Internal Revenue Service (IRS) offers this designation to individuals who wish to represent taxpayers before the IRS at all levels of examination, appeal and collection. To attain EA status, an individual must pass the IRS's comprehensive two-day Special Enrollment Examination on all aspects of tax law (or have five years of qualifying employment with the IRS) and have his or her enrolled agent application approved by the IRS.

PFS (Personal Financial Specialist)

A financial planning designation awarded by the American Institute of Certified Public Accountants (AICPA).

REBC (Registered Employee Benefits Consultant)

Awarded by The American College to professionals working in the employee benefits field who have successfully completed the College's five-course curriculum and met experience, ethics and continuing education requirements.

RFC (Registered Financial Consultant)

Awarded by the International Association of Registered Financial Consultants (IARFC) to members who have met education, experience and membership requirements, agreed to abide by its code of ethics and previously earned either a securities/insurance license, or one of the following: CPA, CFA , CFP, CLU, ChFC, JD, EA or RHU.

RHU (Registered Health Underwriter)

The American College awards this designation to individuals involved in traditional health insurance or managed care who have successfully completed the College's three-course curriculum and met experience, ethics and continuing education requirements.