PFS Cheat Sheet 2026

The 30 highest-yield PFS facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. The PFS (Personal Financial Specialist) credential is awarded exclusively by which organization? → American Institute of CPAs (AICPA)
2. How many hours of continuing professional education (CPE) must a PFS credential holder complete during each 3-year renewal cycle? → 60 hours
3. In Classroom Management & Support, what is the FIRST step a PFS professional should take when encountering a new case or situation? → Conduct a comprehensive assessment and gather all relevant information
4. When a conflict arises between standard procedures and a unique situation in Reading & Literacy Support, what should a PFS professional prioritize? → Safety and ethical obligations while seeking expert consultation
5. Which approach is most effective when a client with limited financial literacy must make an immediate retirement plan enrollment decision? → Present two or three clear options with simple pros and cons for each
6. In property and casualty insurance, 'subrogation' gives the insurer the right to: → Recover a paid loss from the negligent third party responsible
7. What is the primary objective of asset allocation in investment planning? → Balance risk and return
8. Which retirement plan type allows both employer and employee contributions and is commonly used by self-employed individuals? → Solo 401(k)
9. Which personal finance ratio measures the percentage of income directed toward savings and investments? → Savings ratio
10. UGMA/UTMA custodial accounts differ from 529 plans most significantly because UGMA/UTMA assets: → Become the minor's unrestricted property at the age of majority
11. In Student Learning & Development, what is the FIRST step a PFS professional should take when encountering a new case or situation? → Conduct a comprehensive assessment and gather all relevant information
12. Which tax strategy helps reduce taxable income by deferring it to a later year? → Tax deferral
13. Which of the following documents is most commonly used to transfer assets after death? → Will
14. Which ethical standard from the AICPA Code of Professional Conduct most directly governs a PFS professional's responsibility to maintain competence? → The due care principle
15. Which Monte Carlo simulation output metric is most commonly used to assess retirement plan sustainability? → Probability of success (not running out of money)
16. At what age can individuals begin taking required minimum distributions (RMDs) from most retirement accounts? → 73
17. The debt-to-income (DTI) ratio is primarily used in financial planning to evaluate a client's: → Ability to manage and service existing and new debt
18. Net Unrealized Appreciation (NUA) is a tax strategy applicable to which type of asset? → Employer stock distributed from a qualified plan
19. Which standard of practice is MOST important for ensuring quality in Instructional Strategies & Methods? → Following evidence-based protocols while adapting to specific circumstances
20. A 'shared care' rider on a long-term care (LTC) insurance policy allows: → Spouses to draw from a combined benefit pool if one exhausts their own benefits
21. A disability income policy with an 'own-occupation' definition pays benefits when the insured: → Cannot perform the material duties of their specific occupation
22. Which standard of practice is MOST important for ensuring quality in Special Education Support? → Following evidence-based protocols while adapting to specific circumstances
23. What is the primary advantage of a Cash Balance Plan over a traditional defined benefit plan for a high-earning business owner? → Much higher annual contribution limits than 401(k) alone
24. Which type of retirement plan is typically sponsored by employers and allows for employee salary deferrals? → 401(k)
25. Which standard of practice is MOST important for ensuring quality in Behavior Management Techniques? → Following evidence-based protocols while adapting to specific circumstances
26. What is the maximum annual elective deferral an employee can contribute to a 401(k) plan in 2024 (excluding catch-up contributions)? → $23,000
27. In Special Education Support, what is the FIRST step a PFS professional should take when encountering a new case or situation? → Conduct a comprehensive assessment and gather all relevant information
28. Under the FAFSA formula, student-owned assets are assessed at what rate versus parent-owned assets? → A higher rate—20% for student assets vs. up to 5.64% for parent assets
29. A PFS exam candidate is reviewing practice questions and repeatedly misses estate planning items. Which study strategy addresses this gap most effectively? → Focus additional review time on estate planning, then retest with targeted practice sets
30. What is the PRIMARY purpose of continuing education requirements in Behavior Management Techniques for PFS professionals? → Maintaining current knowledge and competency as the field evolves