AICPA Board Recommends Retaining Specialty Credentials | AccountingWEB

AICPA Board Recommends Retaining Specialty Credentials

A six month review of the options of what to do with the AICPA specialty credentials has resulted in a recommendation to the governing council to retain the specialties inside the AICPA.

The credentials in question - Personal Financial Specialist (PFS), Certified Information Technology Professional (CITP), and Accredited in Business Valuation (ABV) - have been supported by the AICPA but were questioned as to the ongoing merit of financially promoting the credentials due to the relatively low number of credential holders. The PFS designation currently has 3,188 holders. ABV has 1,536, and CITP has 527.

The Board concluded that support of the three underlying disciplines would benefit all AICPA members who either practice or have an interest in those areas.

"After studying the issue from a variety of perspectives, we determined we could retain the credentials if we shifted our focus from trying to achieve national market recognition to supporting the underlying disciplines," said Bruce Harper, Chair of the National Accreditation Commission.

Details of the recommendation include:

  • PFS Designation: Will be subsidized up to $4.6 million through 2006, and must break even by July 31, 2006

  • CITP Designation: Will be subsidized up to $5.6 million through 2008, with a requirement to break even by July 31, 2008

  • ABV Designation: Will be subsidized up to $5.75 million with a requirement to break even by July 31, 2008.

The AICPA Governing Council will now vote on the Board’s recommendation at its Fall meeting in New Orleans on Oct. 20 and 21, 2003.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.