Financial Planning Acronyms

Posted By: Dr. Frugal in Saving on 08/20/2007 at 07:46:18

CFP: Certified Financial Planner; this is the top professional designation for financial planners. The Certified Planning Board of Standards sets the standards for this designation. CFPs have knowledge of investments, estate and retirement planning, and insurance and taxes. Candidates must complete extensive course work and pass qualifying exams.

ChFC: Chartered Financial Consultants must complete course work and pass exams on financial planning, investing, insurance, taxes, and estate planning. They must also have completed three years of work experience in financial planning.

CPA/PFS: Certified Public Accounts and Personal Financial Specialists have taken additional coursework that is specialized in financial planning.

CLU: Charter Life Underwriters work for life insurance companies and take the same financial planning topics as the Chartered Financial Consultants.

CFA: Chartered Financial Analysts take a three-years independent study to earn this designation. They must have three years of work experience and pass several exams on accounting, ethical standards, and portfolio management. Most CFAs work for mutual funds and large pension funds.

CIC: Chartered Investment Counselors is the next step up from CFAs who have completed more study in particular portfolio management.

CFS: A Certified Fund Specialist studies mutual funds and advises clients on which funds to buy. If the CFS holds the correct license, he can buy and sell funds for you. Most CFSs work for mutual fund companies.

CIMA: Certified Investment Management Analysts are investment consultants with at least three years of experience and focus on risk management, performance measurement, and asset allocation. They are required to take extensive continuing education courses.

Hope that helps clear up some confusion.


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