PFC-1: Plan Financial Consulting 1

*Registration Fee includes access to the course, the 2010 PFC-1 Practice Exam and registration for the Fall 2010 ASPPA PFC-1 proctored examination. The fee does not include Required Readings, which must be purchased separately.

Course Overview:

The course runs six weeks with two online lectures per week. Each lecture will run two hours and fifteen minutes. Students will have the capabilities to raise their hands, ask questions, and actively participate and interact in classroom discussion (see system requirements). All lectures will be recorded and available for up to four weeks after the last day of classes. The course focuses on content that appears on ASPPA's Plan Financial Consulting 1 (PFC-1) examination. 

The subject matter of PFC-1:

• Focuses on the administrative and consulting issues commonly encountered by financial consultants who service the retirement plans market.
• Covers all types of defined contribution and defined benefit plans including nonqualified SERPs, cash balance plans, ESOPs and also the Roth 401(k).
• Discusses plan design issues such as eligibility, vesting, nondiscrimination testing, plan documents, top-heavy and the deductibility of contributions.
• Examines the role played by the type of business sponsoring the plan, controlled group issues and the impact that leased employees, independent contractors and Professional Employer Organizations (PEOs) have on qualified plans.
• Addresses the ethical responsibilities of the financial consultant.

PFC-1 Required & Recommended Texts:

Required Text:

• Simoneaux, S.E. Retirement Plan Consulting for Financial Professionals. Arlington, VA: ASPPA, 2009.
• 2010 PFC-1 Practice Exam (included with registration)

Recommended:

• Retirement Plan Fundamentals: Part 1. Arlington, VA: ASPPA, 2010. Available from the ASPPA Bookstore in PDF or print format.
• Retirement Plan Fundamentals: Part 2. Arlington, VA: ASPPA, 2010. Available from the ASPPA Bookstore in PDF or print format.  

The RPF study guides are also available as a set (RPF-1 & RPF-2) in PDF format from the ASPPA Bookstore.

Required and recommended materials, except for the PFC-1 Practice Exam, must be purchased separately and are not included in the course registration fee.

To view our other publications, visit the ASPPA Bookstore.

PFC-1 Examination

The PFC-1 exam consists of 75 multiple choice question and candidates have three (3) hours to complete it. Candidates will receive a grade immediately upon completing the exam. Exams are given at Prometric Testing Centers during the examination window, please refer to the Education calendar for dates.

To register, a candidate must have an account with ASPPA, to create an account please click here. Candidates can  register online or download the registration form and send via mail or fax to 703.516.9308.

Once registered, eligibility e-mails will be sent to candidates beginning approximately eight weeks prior to the opening of an exam window. The eligibility e-mail has detailed instructions on scheduling your appointment with Prometric. It is the candidate’s responsibility to schedule an exam. We strongly recommend you schedule an appointment upon receipt of the confirmation letter as testing centers fill up quickly. To find a Prometric Testing Center visit www.prometric.com/asppa.

Exam Fees - The registration fee is non-refundable.

• To qualify for early registration, registration forms accompanied by the early registration fee of $199 for members and $230 for non-members must reach the ASPPA office no later than April 19 for the spring examinations and September 27 for the fall examinations.
• To qualify for final registration, registration forms accompanied by the final registration fee of $269 for members and $295 for non-members must reach the ASPPA office no later than May 12 for the spring examinations and October 29 for the fall examinations.

For more information visit the Exam Schedule & Fees page.

Estimated hours needed to study - Study time depends greatly on the experience level of the student. The average candidate reports it takes 40-60 hours study time per examination.

Note: Unless otherwise noted, a candidate will not be tested on governmental rules and regulations promulgated on or after August 1 for all of the examinations and modules administered for the following calendar year. For the 2010 program year, all references on the modules and examination(s) will cover law and regulatory changes as amended through August 1, 2009.

PFC-2: Plan Financial Consulting 2

*Registration Fee includes access to the course, the 2010 PFC-2 Practice Exam and registration for the Fall 2010 ASPPA PFC-2 proctored examination. The fee does not include Required Readings, which must be purchased separately.

Course Overview:

The course runs six weeks with two online lectures per week. Each lecture will run two hours and fifteen minutes. Students will have the capabilities to raise their hands, ask questions, and actively participate and interact in classroom discussion (see system requirements). All lectures will be recorded and available for up to four weeks after the last day of classes. The course focuses on content that appears on ASPPA's Plan Financial Consulting 1 (PFC-2) examination. 

• Concentrates on fiduciary issues, investments, fees and vendor platforms.
• Explores important topics relevant to plan investments. This includes the types of asset classes and investment vehicles that are appropriate for use inside retirement plans.
• Covers the historical decision made by the DOL in the most recent PPA legislation regarding Qualified Default Investment Alternatives (QDIAs) and their use in retirement plans.
• Discusses the basics of participant education as well as participant attitudes toward investing.
• Emphasizes plan and investment level fees including their discovery, analysis, and disclosure to plan participants and plan fiduciaries.
• Compares the advantages and disadvantages of different vendor platforms.
• Addresses the ethical responsibilities of the financial consultant and ASPPA Code of Professional Conduct.

PFC-2 Required & Recommended Texts:

Required Text:

• Swisher, P. 401(k) Fiduciary Governance: An Advisor's Guide. Arlington, VA: ASPPA, 2009.
• 2010 PFC-2 Practice Exam (included with registration)

Recommended:

• Retirement Plan Fundamentals: Part 1. Arlington, VA: ASPPA, 2010. Available from the ASPPA Bookstore in PDF or print format.
• Retirement Plan Fundamentals: Part 2. Arlington, VA: ASPPA, 2010. Available from the ASPPA Bookstore in PDF or print format.  

The RPF study guides are also available as a set (RPF-1 & RPF-2) in PDF format from the ASPPA Bookstore.

Required and recommended materials, except for the PFC-2 Practice Exam, must be purchased separately and are not included in the course registration fee.

To view our other publications, visit the ASPPA Bookstore.

PFC-2 Examination

The PFC-2 exam consists of 75 multiple choice question and candidates have three (3) hours to complete it. Candidates will receive a grade immediately upon completing the exam. Exams are given at Prometric Testing Centers during the examination window, please refer to the Education calendar for dates.

To register, a candidate must have an account with ASPPA, to create an account please click here. Candidates can  register online or download the registration form and send via mail or fax to 703.516.9308.

Once registered, eligibility e-mails will be sent to candidates beginning approximately eight weeks prior to the opening of an exam window. The eligibility e-mail has detailed instructions on scheduling your appointment with Prometric. It is the candidate’s responsibility to schedule an exam. We strongly recommend you schedule an appointment upon receipt of the confirmation letter as testing centers fill up quickly. To find a Prometric Testing Center visit www.prometric.com/asppa.

Exam Fees - The registration fee is non-refundable.

• To qualify for early registration, registration forms accompanied by the early registration fee of $199 for members and $230 for non-members must reach the ASPPA office no later than April 19 for the spring examinations and September 27 for the fall examinations.
• To qualify for final registration, registration forms accompanied by the final registration fee of $269 for members and $295 for non-members must reach the ASPPA office no later than May 12 for the spring examinations and October 29 for the fall examinations.

For more information visit the Exam Schedule & Fees page.

Estimated hours needed to study - Study time depends greatly on the experience level of the student. The average candidate reports it takes 40-60 hours study time per examination.

Note: Unless otherwise noted, a candidate will not be tested on governmental rules and regulations promulgated on or after August 1 for all of the examinations and modules administered for the following calendar year. For the 2010 program year, all references on the modules and examination(s) will cover law and regulatory changes as amended through August 1, 2009.