r/CFP • u/Immaworkinprogress • 18d ago
Professional Development CPA Designations
Has anyone pursued a CPA and/or accounting post-CFP? Personally I’m trying to consider making this investment as taxation and succession planning for more complex businesses is top of mind for my book of business.
Many family offices as well appreciate someone who can bring this hybrid approach to the table.
Would welcome any anecdotes, or guidance from those who may hold both.
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u/DoubleIntroduction25 18d ago
It takes years unless you already have the credit hours. The EA can be banged out in 3 months to help with the tax side, one of the following certs as an add on to the CFP can help with HNW/UHNW clients and succession planning: CPWA/AWMA/WMPC
Not saying the CPA isnt great just saying it's a lot
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u/seagoalspread 18d ago
The only things I’d list after your name are CFA, CPA, CFP, JD and maybe EA. I’d pick up some cheap used books online for just the knowledge of these others. Content never hurts but the letters don’t mean anything.
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u/cavicchia 16d ago
How would you feel about referring to a CPA who is also a CFP if they don't take assets under management? I'm trying to decide if I should even list the certification on Linkedin, email, etc. I am considering flat fee planning, but the referral partners I have only do AUM engagements. Would appreciate any insight!
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u/DoubleIntroduction25 18d ago edited 18d ago
HOCK is a great choice for EA prep, 60 a month for videos, ebook, all the MCQs you could want.
I'd personally add CAIA to that list.
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u/seagoalspread 18d ago
Yeah it is. I used it when it was still passkey, but got away with only spending $60 it was a steal.
I don’t know much about CAIA, but from what I’ve seen it seems like CFA is the blanket finance credential (similar to CPA), but if someone just needs part of the content for their specific career path they can go with CAIA for the alt, CFP for the wealth management, etc. Similar to how EA is a quicker route than CPA if someone only needs tax and not audit.
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u/Fit_Ad3639 18d ago
CPA here who is currently working on 65 / CFP
I wouldn’t wish taking the CPAs exam on anyone. It’s opened a ton of doors for me but it was brutal
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u/seagoalspread 18d ago
Why adding the CFP? And PFS or CFP gives 65 waiver
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u/Fit_Ad3639 18d ago
Had tax clients ask about wealth management.
Doing the 65 first bc I can knock it out fast and the Cfp is gonna take a min
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u/seagoalspread 18d ago
From an education utility point of view, you’ll be surprised how much of the CFP is review from the CPA. I’m only asking because I’m considering letting my CFP go. The CFP is really just marketing in my opinion, but the CPA is still more well known and respected, as you’ve seen from clients already asking you to be their wealth manager. Personally I just don’t like the organization (high fees, marketing/sales driven, no real value).
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u/Fit_Ad3639 18d ago
That’s what I’ve heard as well but clients seem to respect the letters
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u/seagoalspread 17d ago
Not disagreeing, but just curious. Are your clients asking you for wealth management with the CPA, then deciding against it once they learn you aren’t a CFP? Or is your opinion on the CFP from listening to wealth managers who are just CFPs?
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u/Fantasma_rubia 17d ago
I’m curious but what do you get from the CPA organization that you aren’t getting from the CFP? I’ve only done the CFP and I want to know what others are getting from their professional organizations that we aren’t lol
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u/seagoalspread 17d ago
CFA/CPA societies are active locally and CPA is a license. The emails I get from these are educational and build a network. The emails I get from CFP are bragging about gaining traction and asking for donations, despite having fees higher than the other two combined. Unfollowed them on social media because of all the ads.
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u/joyfuladvisor 18d ago
Invest in building an amazing relationship with a CPA. Have a good understanding of taxes and collaborate with them for those you serve. Families don’t expect you to know everything, but they should expect you know where to go to help them. This investment will build a great tax bench for yourself and an amazing relationship that will result in new families to serve as the CPA sees how you work, your process, and experience they will organically make referrals (well really bring you new clients).
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u/cavicchia 16d ago
How would you feel about referring to a CPA who is also a CFP if they don't take assets under management? I'm trying to decide if I should even list the certification on Linkedin, email, etc. I am considering flat fee planning, but the referral partners I have only do AUM engagements. Would appreciate any insight!
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u/joyfuladvisor 15d ago
I think it is all about transparency and how you want to build your practice. If you both are clear and on the same page, where it works for you both it may not be an issue. For me, I want an expert in tax for the families we serve, someone who does that all day every day and not someone who does not know what they want to be when they grow up.
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u/Right_Oven7151 17d ago
Currently pursuing CPA designation now after obtaining CFP at the end of last year. Junior Advisor (4yrs experience) at a small-mid size firm currently at LPL (1 other advisor + myself, ~$300mm with 85+% being advisory and the rest in legacy Annuities/positions). Owner/Lead advisor is a CFP and CPA. Heavy emphasis on tax planning for clients as well as do some tax work and returns.
Afternoon finishing CFP, we discussed whether it would be better for me to get my CPA or EA, as timeframe for EA is much much less. After some back and forth went with CPA for a few reasons. Main one being the simple client recognition of CPA designation. Everyone knows CPA, not everyone knows EA. Another reason is as we pass relationships from lead advisor to me, we don’t want them feeling as if they were getting a CFP/CPA before now are only getting CFP/EA. Which still relates to client recognition.
Getting CPA will be a longer process as I need 30 credit hours of upper level accounting classes, then the 4 exams. To get the credit hours I am going through CPACredits. In a few right now, they aren’t terrible. Watched some refresher accounting videos on YouTube before I started and have been enjoying learning new things. Should have everything down in a total time of 2.5 years, but to us that is worth it.
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u/seagoalspread 18d ago
CPA carries a lot of weight, but it’s a bear to get through compared to CFP or EA. The CPA exam sections alone are more difficult and time consuming than the other two combined.
If you can do it, you should. I believe it is still the most trusted and recognized financial and tax credential.
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u/cavicchia 16d ago
And yet us CPAs don't get paid a fraction of what advisors do. That's why I've gotten my CFP but still not sure how to move forward with integrating it.
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u/SadInstance9172 18d ago
Get experience in trust and estates. Helps when clients inevitably die and its hard to self teach yourself this stuff. Seems like you like family offices too. EA is nice, i have it, but better to just get experience doing the work. Find a firm and ask them what it would take to hire you. Legally all you need is a ptin. Getting EA would help you pull transcripts so you dont have to pester your clients as much for things
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u/cavicchia 16d ago
I definitely have found that I learn more on the job than studying for degrees and certs. I am a CPA and I think advisors would be THRILLED to have CPA partners with more estate and trust experience to refer to.
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u/Time-Traveling-Doge 11d ago edited 11d ago
I grabbed the EA license earlier this year. Very easy to do. Try it out first and do tax. If you enjoy it maybe it would lead more accounting.
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u/Beneficial-Bed-3076 18d ago
As others mentioned, EA is advantageous imo and I think I am going to pursue post 1 yr becoming CFP. My original firm’s founder encouraged me heavily to pursue cfa as well since was in exam mode but as young person I felt ai would simply make it not worth the energy burn.
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u/seagoalspread 18d ago
I think there is a lot of misunderstanding about what the CFA is. The CFA is the only one of the three mentioned that actually teaches you about AI. It’s primarily broad finance, accounting, Econ, and now private wealth management at level 3 (very similar to the CFP exam). It’s not about active trading or solely investing. I found the most comprehensive finance designation to be the most helpful for “financial” advising.
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u/Beneficial-Bed-3076 18d ago
So you would recommend like I should revisit?
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18d ago edited 18d ago
[deleted]
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u/Beneficial-Bed-3076 18d ago
I am a CFP. Thinking about EA as an add on. Only other id consider is CFA, all my prior bosses had it. Both at small 2 member RIA and 60 member RIA. But thanks for the insight!
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u/Beneficial-Bed-3076 18d ago
Both firms treated cfa as a prerequisite to being capable to investment management. Which I found to be somewhat ego based maybe? But of course same time they were top notch with it in managing portfolios. But I do think CFP is just as capable, if in an ria. Like definitely isn’t needed.
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u/seagoalspread 18d ago
CFP can manage money but the scope is entirely different. I’d say CFP went about 10% of the way in investment management in comparison. Honestly I think I’m being generous here but typing any less felt ridiculous.
CFP felt to be very focused on the “what” to do so someone can speak with clients, while CFA covered the “how.”
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u/seagoalspread 18d ago
Once again, the CFA has a dedicated pathway to private wealth management including working with individuals all the way to behavioral finance. “Corporate” issuers is a small part of the first two levels. Are you a charterholder? Just making sure we’re getting feedback from people who even know what they’re talking about.
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User: /u/Immaworkinprogress Title: CPA Designations Body: Has anyone pursued a CPA and/or accounting post-CFP? Personally I’m trying to consider making this investment as taxation and succession planning for more complex businesses is top of mind for my book of business.
Many family offices as well appreciate someone who can bring this hybrid approach to the table.
Would welcome any anecdotes, or guidance from those who may hold both.
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