Plan Financial Consulting-2 (PFC-2)
PFC-2 Syllabus
Course Overview
Exam Details
Required and Supplementary Reading
Exam Waivers and Grandfathering Rules
Study Guide References and Errata
Course Overview
This course will build on the material learned from RPF 1 & 2, as well as PFC-1. It concentrates on the fiduciary issues in the establishment and administration of a qualified retirement plan, including the selection of appropriate investment vehicles, and also concentrates on the timing and tax rules for the distribution of plan assets to plan participants and beneficiaries.
The subject matter of PFC-2:
- 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
It is presumed that a candidate sitting for the PFC-2 examination will have the knowledge of material covered in the Pension Administrator (PA) or Retirement Plan Fundamentals (RPF) series and Plan Financial Consulting-1 (PFC-1). Please refer to the PFC-2 syllabus for specific learning objectives, exam topic weightings, etc.
Exam Details
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 http://www.2test.com.
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.
Required and Supplementary Reading
All study materials can be ordered by using the online ASPPA Bookstore or downloading the Publications Order Form and following the instructions to phone, fax or mail your order form and payment.
The required reading for the PFC-2 exam is:
- 401(k) Fiduciary Governance: An Advisor’s Guide, 2nd Edition. Arlington, VA: ASPPA, 2009 by Pete Swisher, CPC, QPA: $269
Supplementary Study Tools - The study tools below are not required preparation for the PFC-2 examination. They are offered as additional study aids.
- 2009 PFC-2 Practice Exam – available for $35
- 2010 PFC-2 Practice Exam – available for $35 (use the publications order form to pre-order; practice exam will be available March 2010)
Note: The 2009 Textbook is the required text for the 2010 exam. The material in 2009 Practice Exam is valid and can be used as a study tool for the 2010 exam.
It is the candidate’s responsibility to review all of ASPPA’s exam policies and procedures which can be found in the ASPPA Program Catalog or on Candidate Corner.
Study Guide References & Errata
For updates to ASPPA’s publications and examinations please click here. Stop by regularly as new updates are posted.