The American Institute of Certified Public Accountants announced Tuesday that its University Program in Personal Financial Planning (PFP Program) coursework has been integrated into 11 universities’ curriculums.
The coursework focuses on estate, retirement, risk management/insurance, investment and tax planning and targets accounting majors who are earning CPA licenses.
The AICPA said that it has worked with multiple colleges and universities to launch the coursework on campus as well as with several schools whose new or existing coursework aligns with the PFP Body of Knowledge and the PFS (Personal Financial Specialist) credential exam.
To date, the program has been implemented and coursework aligned with the PFP Body of Knowledge and PFS credential exam at the following universities:
- Albertus Magnus College
- Arizona State University
- Chapman University
- East Central University, Oklahoma
- Long Island University
- North Carolina State University
- University of Georgia
- University of Kentucky
- University of Southern California
- University of Texas at Austin
- Washington University in St. Louis
AICPA said it plans to expand the program to other universities in the coming year.
Employment of personal financial planners is projected to grow 30% from 2014 to 2024, much faster than the average for all occupations, primarily due to an aging population with a longer life expectancy, according to a Bureau of Labor Statistics report cited by the accounting body.
The trillions of dollars that will be transferred from one generation to the next in the coming decades also increases the need for “a strong pipeline of CPA financial planners,” AICPA said.
“The PFP Program is a way for universities to help their accounting students position themselves to meet this rising demand.”
Jeannette Koger, vice president of Advisory Services and Credentialing at AICPA, said in a statement that “CPAs, with their foundational understanding of tax and well-earned reputation as trusted advisors, are extremely well positioned to offer their clients integrated tax and financial planning services. We know that approximately 120,000 CPAs currently provide financial planning services to some degree. The PFP Program will play a central role in providing the next generation of students with a path to become CPA financial planners and CPA/PFS credential holders.”
Courses in the PFP Program help students satisfy the accounting hours needed to meet the CPA education requirement. Students enrolled in the PFP Program and their professors are also eligible to take the PFS exam for free.
More information about the program is available at www.aicpa.org/pfp/professor.
— Check out AICPA Releases Cybersecurity Guidance on ThinkAdvisor.