PFS case studies
PFS · Put your knowledge to work in context.
The Personal Financial Specialist (PFS) is a credential offered by the American Institute of Certified Public Accountants (AICPA) for CPAs who provide personal financial planning services. It signals advanced expertise in integrated planning-cash flow, risk management, investments, taxes, retirement, estates, and business owner planning-within a CPA's fiduciary and ethical framework. The exam is for licensed CPAs with relevant experience who want to deepen and validate their planning knowledge. It is not an entry-level certification; candidates are expected to already understand tax and accounting fundamentals and to apply them to client situations. The PFS case studies are 5 cases and about 3,131 words.
1The Two-Hour Second Opinion and the Lender Letter
Dana and Miguel, ages 54 and 51, bring a 42-page financial plan prepared by a commission-based advisor to a CPA/PFS. They ask for a two-hour second opinion for 600, saying they cannot afford a full engagement.
710 words, about 4 min2Physician Cash Flow, Debt Priority, and the Upgraded House
Priya, 38, is a hospital-employed physician with a 310,000 salary and a 6% 401(k) match. She has 180,000 in federal student loans at 6.8%, a 520,000 mortgage at 6.25% with a 4,850 monthly payment, 22,000 in credit-card balances at 24.99%, and 2,400 monthly childcare for two children.
616 words, about 3 min3Business Owner With a Stale Buy-Sell and Thin Disability Coverage
Owen, 52, owns 45% of a specialty contractor with his partner, Ken, who owns 55%. The company is valued at 6.2 million.
620 words, about 3 min4Concentrated Employer Stock at Age 58
Sofia, 58, is a division president at a public company. Her compensation includes 2.1 million of employer stock with a 300,000 basis, a 700,000 401(k) invested 80% in company stock, and a 250,000 taxable brokerage account.
597 words, about 3 min5Blended Family, Old Beneficiary Forms, and an Illiquid Business
Harold, 68, and Beatrice, 66, have been married four years. It is a second marriage for both.
588 words, about 3 min