BETHESDA, February 2021.
The Association for Financial Professionals (AFP) announced that current holders of the Chartered Financial Analyst (CFA) and Chartered Certified Accountant (ACCA and FCCA) credentials are both eligible to waive Part I of the Certified Corporate Financial Planning and Analysis Professional (FPAC) exam.
Part I of the FPAC exam focuses on fundamental knowledge in finance, accounting and forecasting—knowledge also tested in the exams for the CFA and Chartered Certified Accountant exams. As such, holding these certifications is sufficiently comparable to passing Part I of the FPAC exam. AFP had previously announced that holders of the Certified Public Accountant (CPA), Certified Management Accountant (CMA) and Certified Treasury Professional (CTP) credentials were eligible for this waiver.
The FPAC credential establishes a set of core competencies for the corporate financial planning and analysis profession and addresses areas that are not necessarily covered by a traditional degree. It is the only credential that is specific to FP&A; it is forward-looking and assesses the ability to see the big picture. FPAC credential holders are specially equipped to mitigate uncertainty and see beyond the numbers; they strive to make the numbers work to determine holistic strategic planning, budgeting, and forecasting that ties into the goals of the business.
“The CFA and Chartered Certified Accountant credentials are incredibly thorough, testing individuals on key elements that are fundamental to the finance profession,” said Jim Kaitz, president and CEO of AFP. “As such, we see no need to retest these credential holders on those areas and are proud to announce that they can waive the first part of our exam.”
The full list of the credentials that are eligible to waive Part 1 is below: • Certified Management Accountant (CMA)• Certified Practising Accountant (CPA)(Australia)• Certified Public Accountant (CPA)(US)• Certified Treasury Professional (CTP)• Chartered Certified Accountant (ACCA or FCCA)• Chartered Financial Analyst (CFA)• Chartered Professional Accountant (CPA)(Canada)• CIMA Professional Qualification (ACMA or FCMA)