[Mrs 300]

Hi Ninjas!

I was wondering if anyone was considering further torture and pursuing one of the other credentials? I’ve been doing taxes for 8 years in public accounting and I am really considering the CFP exam.

I mostly do tax returns for closely held companies and then I do the 1040s for the individual partners or shareholders. When they ask me about exercising options or any type of financial planning, I feel like a complete moron.

Has anyone experienced this? Are there any CFPs out there that can share their experience? Do you think I need anything additional to my CPA license since I’m a tax accountant? I really don’t know that I care so much about the letters after my name. It’s more to learn about financial planning and investments.

 

REG - 80 (Becker only)
BEC - 76 (Becker only)
AUD - 71, 76 (Becker only)
FAR - 65, 74, 81! (Becker, Wiley Test Bank, Ninja notes & Audio)

CPA Class of 2012 🙂

[Anonymous]

To be honest, I've never heard of the CFP, and I know a lot of people in finance and am going into a finance related field myself. If the CFA and CFP are similar and I assume since you are comparing the two they must have similar objectives, the CFA is much more respected. With that being said, it is an extremely demanding test and much more intellectually challenging than the CPA exam. It may be hard to pass it if you don't have any finance background at all.

[Anonymous]

To be honest, I've never heard of the CFP, and I know a lot of people in finance and am going into a finance related field myself. If the CFA and CFP are similar and I assume since you are comparing the two they must have similar objectives, the CFA is much more respected. With that being said, it is an extremely demanding test and much more intellectually challenging than the CPA exam. It may be hard to pass it if you don't have any finance background at all.

[Mr. Mini]

The CFP designation is much more well known than the CFA designation. It really depends on what you want to do as a career though. The CFP is more geared towards big picture financial planning, insurance, investments, etc. The CFP will allow you to offer the ancillary financial planning services. If you plan to continue doing just taxes, you don't need any additional designations.

[Mr. Mini]

The CFP designation is much more well known than the CFA designation. It really depends on what you want to do as a career though. The CFP is more geared towards big picture financial planning, insurance, investments, etc. The CFP will allow you to offer the ancillary financial planning services. If you plan to continue doing just taxes, you don't need any additional designations.

[jeff]

CGMA (for Mini)

A designation that would compliment the CPA certification well would be a CMA in my opinion.

[jeff]

CGMA (for Mini)

A designation that would compliment the CPA certification well would be a CMA in my opinion.

[Mr. Mini]

I'm not sure a CMA would be all that useful for someone preparing taxes.

I agree that the CMA can serve as a great compliment to the CPA license, it just depends on what you want your career path to look like.

[Mr. Mini]

I'm not sure a CMA would be all that useful for someone preparing taxes.

I agree that the CMA can serve as a great compliment to the CPA license, it just depends on what you want your career path to look like.

[Anonymous]

Mini's response made me curious about the CFP, so I looked it up.

https://sidoxia.com/files/CFA%20vs%20CFP%20Review.pdf

Here's a good report which compares the two. What I found interesting was that while 97% of individuals taking the CFA exam found it “extremely challenging”, only 13% of CFP takers found it “extremely challenging” regardless of which designation was earned first.

Regardless though, I think if you're just trying to take tests to add another designation. It's probably a big waste of your time. Unless you have a specific job or career in mind that requires such a designation, it's unlikely that earning it will affect your earning power much if at all.

[Anonymous]

Mini's response made me curious about the CFP, so I looked it up.

https://sidoxia.com/files/CFA%20vs%20CFP%20Review.pdf

Here's a good report which compares the two. What I found interesting was that while 97% of individuals taking the CFA exam found it “extremely challenging”, only 13% of CFP takers found it “extremely challenging” regardless of which designation was earned first.

Regardless though, I think if you're just trying to take tests to add another designation. It's probably a big waste of your time. Unless you have a specific job or career in mind that requires such a designation, it's unlikely that earning it will affect your earning power much if at all.

[Mr. Mini]

That looks interesting and I'll be sure to read it at some point.

No doubt the CFP is much easier than the CFA. It just seems more relevant to what Mrs 300 is doing and may look to do.

[Mr. Mini]

That looks interesting and I'll be sure to read it at some point.

No doubt the CFP is much easier than the CFA. It just seems more relevant to what Mrs 300 is doing and may look to do.

[Mr. Mini]

She stated her primary purpose was the knowledge, which I respect very much.

[Mr. Mini]

She stated her primary purpose was the knowledge, which I respect very much.

[Mayo]

I agree with previous posts. CFP is definitely more relevant to your interests than the CFA. Although knowledge-wise it's lighter than the CFA in terms of total knowledge one needs to know, you still learn the things that are most applicable to what you seem to be interested in.

Mayo, BBA, Macc

[Author]

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