PFS Classroom Management & Support 2 — Questions and Answers
Question 1: How many hours of continuing professional education (CPE) must a PFS credential holder complete during each 3-year renewal cycle?
- 60 hours (Correct answer)
- 40 hours
- 80 hours
- 120 hours
Correct answer: 60 hours
AICPA requires PFS holders to complete 60 CPE hours per 3-year renewal cycle, with a minimum of 60 of those hours in personal financial planning topics.
Question 2: Which organization administers and awards the Personal Financial Specialist (PFS) credential?
- AICPA (Correct answer)
- CFP Board
- FINRA
- NAPFA
Correct answer: AICPA
The AICPA (American Institute of CPAs) exclusively administers the PFS credential, which is available only to licensed CPAs.
Question 3: A PFS candidate must have a minimum of how many hours of personal financial planning experience to qualify for the credential?
- 3,000 hours (Correct answer)
- 1,000 hours
- 5,000 hours
- 2,500 hours
Correct answer: 3,000 hours
Candidates must document at least 3,000 hours of personal financial planning experience within the 5 years preceding the application.
Question 4: Which of the following CPE formats is generally NOT accepted for PFS credential renewal?
- Self-study courses completed without an assessment (Correct answer)
- AICPA webinars with a passing quiz
- Live group seminars
- University courses in financial planning
Correct answer: Self-study courses completed without an assessment
Self-study CPE must include a qualifying assessment (quiz or exam) to count; passive reading or viewing without assessment typically does not qualify.
Question 5: Which of the following best describes the educational prerequisite for applying for the PFS credential?
- Active CPA license in good standing (Correct answer)
- Bachelor's degree in finance
- Series 65 registration
- Completion of a CFP Board-registered program
Correct answer: Active CPA license in good standing
The PFS credential is open only to CPAs who hold an active, unrevoked CPA license in good standing—no separate degree or registration is required.
Question 6: A PFS renewal applicant who fails to meet the CPE requirement by the deadline is most likely subject to which consequence?
- Credential suspension until requirements are met (Correct answer)
- Permanent revocation
- A $500 fine with no credential impact
- Automatic 6-month extension with no penalty
Correct answer: Credential suspension until requirements are met
Failure to complete CPE requirements by the renewal deadline typically results in credential suspension; the holder must fulfill requirements to reinstate the credential.
Question 7: Which topic area is explicitly required within the PFS CPE hours to ensure ongoing competency?
- Personal financial planning (Correct answer)
- General auditing standards
- Public accounting ethics
- Business valuation
Correct answer: Personal financial planning
All 60 CPE hours in the PFS renewal cycle must be in personal financial planning topics, ensuring holders maintain direct competency in the field.
PFS Classroom Management & Support 2
How many hours of continuing professional education (CPE) must a PFS credential holder complete during each 3-year renewal cycle?