The ACCREDITED INVESTMENT FIDUCIARY® (AIF®) designation certifies that the recipient has specialized knowledge of fiduciary standards of care and their application to the investment management process. To receive the AIF Designation, the individual must meet prerequisite criteria based on a combination of education, relevant industry experience, and/or ongoing professional development, complete a training program, successfully pass a comprehensive, closed-book final examination under the supervision of a proctor and agree to abide by the Code of Ethics and Conduct Standards. In order to maintain the AIF Designation, the individual must annually attest to the Code of Ethics and Conduct Standards and accrue and report a minimum of six hours of continuing education. The Designation is administered by the Center for Fiduciary Studies, the standards-setting body of fi360. Visit https://www.fi360.com/ for more information about this designation.
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The Certified Business Exit Consultant™ (CBEC®) designation is an exit planning certification available in the marketplace today. Exit planners help business-owning clients prepare for the eventual transfer of their ownership in their largest asset – their privately held business. The prerequisites for this certification include approximately 30 hours of Pinnacle-developed coursework. Education requirements consist of a five-day certification course and submission of an exit plan. To receive the CBEC certification, each candidate must successfully pass an open-book final exam under the supervision of a proctor. Visit http://pinnacleequitysolutions.com/ for more information about this designation.
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The Certified Exit Planning Advisor (CEPA) Program is taught by nationally recognized experts in the field of exit planning; this 5-day executive MBA style program includes a final examination. The CEPA Program offers professionals an innovative learning experience, performance-enhancing resources, and the strategic tools to help them advance their exit planning practice, including value enhancement. The CEPA Program process integrates exit strategy into business, personal and financial goals of the business owner. The process consists of three major components: 1) Maximizing Business Value or Value Enhancement, 2) Personal Financial Planning, and 3) Life After Business Planning. The process teaches that exit strategy is business strategy. It is about building, harvesting, and preserving wealth and integrating best business practices into daily operations. The Methodology focuses on enterprise value and is a revenue producing model for professional advisors that is justifiable with growth of overall enterprise value.
Certification process elevates professional standards, enhances individual performance, and differentiates CEPA professionals from those who do not have the knowledge needed to provide high quality exit planning services to business owners. Continuing Education Credits are offered for six major professionals associations, including CPA and CFP®, making the CEPA Program the most widely accepted and endorsed professional exit planning program in the world. Visit https://exit-planning-institute.org/ for more information about this designation.
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The Chartered Financial Analyst (CFA) designation is issued by the CFA Institute. CFA candidates must meet one of the following requirements: (1) undergraduate degree and four years of professional experience involving investment decision-making, or (2) four years qualified work experience (full time, but not necessarily investment- related). To receive the CFA designation, candidates must complete the CFA Program which is organized into three levels, each requiring 250 hours of self-study and each culminating in a six-hour exam. There are no ongoing continuing education or experience thresholds necessary to maintain the CFA designation. Visit https://www.cfainstitute.org for more information about this designation.
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The CERTIFIED FINANCIAL PLANNER™, CFP® and federally registered CFP (collectively, the “CFP® marks”) are professional certification marks granted in the United States by Certified Financial Planner Board of Standards, Inc. (“CFP Board”).
The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. Currently, more than 79,000 individuals have obtained CFP® certification in the United States.
To attain the right to use the CFP® marks, an individual must currently satisfactorily fulfill the following requirements:
- Education – Complete an advanced college-level course of study addressing the financial planning subject areas that CFP Board’s studies have determined as necessary for the competent and professional delivery of financial planning services and attain a bachelor’s degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning;
- Examination – Pass the comprehensive CFP® Certification Examination. The examination, administered in 6 hours, includes case studies and client scenarios designed to test one’s ability to correctly diagnose financial planning issues and apply one’s knowledge of financial planning to real world circumstances;
- Experience – Complete at least three years of full-time financial planning-related experience (or the equivalent, measured as 2,000 hours per year); and
- Ethics – Agree to be bound by CFP Board’s Standards of Professional Conduct, a set of documents outlining the ethical and practice standards for CFP® professionals.
Individuals who become certified must currently complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks:
- Continuing Education – Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field; and
- Ethics – Renew an agreement to be bound by the Standards of Professional Conduct. The Standards prominently require that CFP® professionals provide financial planning services at a fiduciary standard of care. This means CFP® professionals must provide financial planning services in the best interests of their clients.
CFP® professionals who fail to comply with the above standards and requirements may be subject to CFP Board’s enforcement process, which could result in suspension or permanent revocation of their CFP® certification. Visit https://www.cfp.net/ for more information about this designation.
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The Certified Investment Management Analyst (CIMA®) certification signifies that an individual has met initial and on-going experience, ethical, education, and examination requirements for investment management consulting, including advanced investment management theory and application. Prerequisites for the CIMA® certification are three years of financial services experience and an acceptable regulatory history. To obtain the CIMA® certification, candidates must pass an online Qualification Examination, successfully complete a one-week classroom education program provided by a Registered Education Provider at an AACSB accredited university business school and pass an online Certification Examination. CIMA® designees are required to adhere to IMCA’s Code of Professional Responsibility, Standards of Practice, and Rules and Guidelines for Use of the Marks. CIMA® designees must report 40 hours of continuing education credits, including two ethics hours, every two years to maintain the certification. The designation is administered through Investment Management Consultants Association (IMCA®). Visit https://investmentsandwealth.org/home for more information about this designation.
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Certified Plan Fiduciary Advisor (CPFA): Federal law regulates standards of conduct for those who manage qualified retirement plans. Plan advisers who sell and service these plans must act in accordance with these basic fiduciary principles. The CPFA credential demonstrates an adviser’s knowledge of, expertise in, and commitment to working with retirement plans. Plan advisers who earn their CPFA demonstrate the expertise required to act as a plan fiduciary or help plan fiduciaries manage their roles and responsibilities. The following requirements apply to the attainment and retention of CPFA: (1) Education – the CPFA Coursework covers four key areas: (a) ERISA Fiduciary Roles and Responsibilities, (b) ERISA Fiduciary Oversight, (c) ERISA Plan Investment Management, and (d) ERISA Plan Management; (2) Examination – the CPFA exam includes 75 multiple choice questions for which a candidate will have 3 hours to complete; and (3) Continuing Education – the candidate must earn 20 CE credits every two-year cycle, with two of the 20 CE credits covering ethics and professionalism topics.
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The Certified Private Wealth Advisor® (CPWA®) designation signifies that an individual has met initial and on-going experience, ethical, education, and examination requirements for the professional designation, which is centered on private wealth management topics and strategies for high-net-worth clients. The designation is administered through The Investments & Wealth Institute (“IWI”) formerly known as the Investment Management Consultants Association. Prerequisites for the CPWA® designation are a Bachelor’s degree from an accredited college or university or one of the following designations or licenses: CIMA®, CIMC®, CFA®, CFP®, ChFC®, or CPA license; have an acceptable regulatory history as evidenced by FINRA Form U-4 or other regulatory requirements and five years of professional client-centered experience in financial services or a related industry. CPWA® designees have completed a rigorous educational process that includes self-study requirements, an in-class education component, and successful completion of a comprehensive examination. CPWA® designees are required to adhere to the institute’s Code of Professional Responsibility and Rules and Guidelines for Use of the Marks. CPWA® designees must report 40 hours of continuing education credits, including two ethics hours, every 2 years to maintain the certification.
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The College of Financial Planning® awards the Chartered Retirement Planning Counselor (CRPC®) designation to applicants who complete the CRPC® professional education program, pass a final examination, commit to a code of ethics, and agree to pursue continuing education. Continued use of the CRPC® designation is subject to ongoing renewal requirements. Every two (2) years the designee must renew their right to continue using the CRPC® designation by completing 16 hours of continuing education and reaffirming to abide by the Standards of Professional Conduct. Visit https://www.cffp.edu/ for more information about this designation.
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Individuals who hold the Chartered SRI Counselor™ (CSRIC™) designation have completed study and coursework in the field of sustainable, responsible and impact investing (SRI). It provides financial advisors and investment professionals with information about the history, definitions, trends, portfolio construction principles, fiduciary responsibilities, and best practices for sustainable investments. The CSRIC™ Professional Education Program is a 3-semester credit graduate level course. Students spend approximately 90-135 hours in course-related activities in order to study and prepare adequately for the course examination. To attain the right to use the CSRIC™ marks, an individual has completed a graduate-level course of study addressing the history, fundamentals and analysis of ESG/SRI; passed the comprehensive CSRIC™ Certification Examination; and completed 16 hours of continuing education hours every two years.
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A Certified Merger and Acquisitions Advisor (CM&AA) is achieved through the Alliance of Merger and Acquisitions Advisors (AM&AA) after attending a multi-day seminar (40 hours) and passing a rigorous written exam. CM&AA candidates are currently eligible for certification if they hold an academic degree such as a Bachelor’s Degree, MBA, J.D. or Ph.D and/or one or more professional designations, such as CPA, CFA, CVGA, CEPA, or equivalent. Other professional credentials may also qualify. An active AM&AA membership in good standing is required to earn and hold CM&AA® certification and to participate in the mandatory continuing professional education (CPE) and development activities needed to maintain the certification. Within the first three years of earning the initial CM&AA® certification and then each three-year period thereafter, the CM&AA® holder (a) attend at least one AM&AA annual conference within each three-year certification period, (b) earn at least 12 additional credits each year by participating in approved activities, and (c) pay an annual CM&AA® continuation fee. Visit https://amaaonline.com/ for more information about this designation.
