What's the difference between a CFP and a PFS?

Question

What is the difference between a Certified Financial Planner and a Personal Financial Specialist? Besides the difference in requirements, which one do people usually go for? The benefits and cons of both? The money difference? Which one has the better job opportunity? Do most finance major go for the CFP? And accounting major go for the PFS? And any other differences? I would really appreciate the help. Thanks.

Answer 1

The difference between the CFP and PFS is the following:

The CFP designation is issued by the Certified Financial Planners Board and PFS designation is issued by the AICPA.  PFSs need to be CPAs --and meet their individual state board of accountancy's education, exam, experience, and licensing requirements-- before they are issued PFS designations, which have their own particular education, training, and exam requirements.  CFPs do not need to be CPAs nor are they licensed with any state boards; the designation is issued exclusively by the Certified Financial Planners Board which has its own education, exam, experience, and ethics requirements.  

Both designations are difficult to obtain, but in my opinion, the PFS designation holds more weight simply because PFSs education requirements are far more rigorous than CFPs.

Career opportunities abound with both designations; however, the money differences based on designations are negligible because individual salary and income potential is usually dependent on individual ambitions and strategic career planning.