2013 PFC-2 Syllabus
Course Overview
Exam Details
Required and Supplementary Reading
Supplementary Study Tools
Exam Waivers and Grandfathering Rules
Exam & Publication References and Errata
Earn College Credit for ASPPA Examinations
Continuing Education (CE) Credits
Course Overview
This course builds on the material learned from 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 knowledge of the 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 and exam topic weightings.
Exam Details
The PFC-2 exam consists of 75 multiple choice question and candidates have 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 emails will be sent to candidates beginning approximately eight weeks prior to the opening of an exam window. The eligibility email has detailed instructions on scheduling an appointment with Prometric. It is the candidate’s responsibility to schedule an exam. We strongly recommend scheduling 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.
2013 Exam Fees - The registration fee is non-refundable.
- To qualify for early registration, registration forms accompanied by the early registration fee of $225 for members and $249 for non-members must reach the ASPPA office no later than April 4 for the spring examinations and September 12 for the fall examinations.
- To qualify for final registration, registration forms accompanied by the final registration fee of $299 for members and $325 for non-members must reach the ASPPA office no later than May 16 for the spring examinations and October 24 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 that it takes 40-60 hours study time per examination.
Grading Process - Notification for examinations will include a score of 9, 8 or 7 (passing grade) or 6, 5 or 3 (failing grade). A score of 3 indicates that no points were credited; rather, the candidate’s performance was below the minimum acceptable standards. The score report contains a topic listing which indicates “needs work” for any topic where the candidate scored less than 70% correct. Raw scores, spreads between scores, pass marks, pass percentages and copies of questions are not released. The ASPPA Office is permitted to provide grade information only in writing; grades will not be provided by telephone, email or fax. Candidates who wish to have their grades sent to anyone other than themselves must fill out a Grade Release Form.
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 readings for the 2013 PFC-2 exam are:
- Plan Financial Consulting Part 2 Study Guide, 1st Edition. Arlington, VA: ASPPA, 2012. Available in the ASPPA Bookstore for $260 list price or $236 member discount price.
- Elegant Ethical Solutions by Lauren Bloom [order online or download the publications order form.]
Additional required reading (provided in the PFC-2 syllabus):
- Kmak, Tom. Should You Rely on Your B/D or RIA to Disclose Your Fees? NAPA Newsletter. January 2012 Issue. NAPA.
- fyi: DOL Issues Final Regulations on Participant Investment Advice, Volume 34: Issue 89, November 18, 2011. Buck Consultants, an ACS company.
Recommended Reading:
- 401(k) Fiduciary Governance: An Advisor’s Guide, 3rd Edition. Arlington, VA: ASPPA, 2012 by Pete Swisher, CPC, QPA. Available in the ASPPA Bookstore for $271 list price or a member discount price of $247.
Supplementary Study Tools
The study tools below are not required preparation for the PFC-2 examination. They are offered as additional study aids.
Note: The material in 2011 and 2012 Practice Exams is valid and can be used as a study tool for the 2013 exam.
It is the candidate’s responsibility to review all of ASPPA’s exam policies and procedures which can be found on Candidate Corner.
Exam & Publication References & Errata
For updates to ASPPA’s publications and examinations please click here. Stop by regularly as new updates are posted. It is recommended that the candidate check the errata before preparing for and sitting for an ASPPA examination.
Earn College Credit for ASPPA Examinations
The American Council on Education’s College Credit Recommendation Service (ACE CREDIT) has evaluated and recommended college credit for most of ASPPA’s examination programs. Candidates may be able to receive college credit for successful completion of most ASPPA examinations, including current and previous (no longer offered) examinations. For more information, such as for which exams credit is awarded and how to obtain credit, please click here.
Continuing Education (CE) Credits
Candidates who have successfully completed an ASPPA proctored examination can earn up to 20 CE credits depending on the score received. Credits will be applied to the CE cycle in which the score is issued. For more information on ASPPA examination CE credit click here.