In the past couple of days, I have covered some of the 210 different professional designations for financial advisers. The topic continues today.
CSFP (Chartered Senior Financial Planner) Requires minimum of 2 years experience directly or indirectly within the insurance, security or banking industry OR 2 years having been licensed within the insurance or security industry. Experience requirement is waived if you are an attorney or CPA. Three day review course and two-hour exam.
EA (Enrolled Agent) A tax professional licensed by the Federal government, who can represent a taxpayer before the IRS. Must pass a two-day exam and clear the IRS background check OR be employed by the IRS for 5 years in a position that required the application and interpretation of the Internal Revenue Code and regulations.
CWM (Certified Chartered Wealth Manager) Granted from by the American Academy of Financial Management (AAFM), which grants no less than 18 designations. According to the website no exam is required for any of the 18 designations. Let’s save some space here and I’ll just list the other 17 designations:
CAM (Chartered Certified Asset Manager)
MFP (Master Financial Planner)
AFA (Accredited Financial Analyst)
CPM (Certified Chartered Portfolio Manager)
CRA (Chartered Certified Risk Analyst)
CTEP (Chartered Trust and Estate Planner)
RFS (Registered Financial Specialist)
CMA (Chartered Market Analyst)
CCA (Chartered Compliance Analyst)
CAMC (Certified Anti-Money Laundering Consultant)
CAPA (Certified Asset Protection Analyst)
CEC (Certified E-Commerce Consultant)
MCP (Management Consultant Professional)
CTS (Certified Transfer Pricing Specialist)
MPM (Master Project Manager)
CITA (Certified International Tax Analyst)
RBA (Registered Business Analyst)
I think this is probably enough to give you an idea of how many light weight credentials are out there. You can check on the credentials of any financial advisor at FINRA. Click on “Please select a record” and you will see a drop down list of credentials. Or enter the initials in the search field. Easy peasy.