From CPA or accountant to financial advisor

O*NET OnLine rates how important each kind of knowledge and work activity is to a job, from 1 (Not Important) to 5 (Extremely Important)⁶¹. On these rows accountants and auditors (13-2011.00) rate at or close to personal financial advisors (13-2052.00).

Accountants rate at or above advisors on the first three rows, with the widest lead on law and government. On the other four, advisors rate higher, including on providing consultation and advice.

Advisors rate higher than accountants on every row below, by the widest margins on the first four, and every row is about people, not numbers.

O*NET OnLine shows the same ratings on a 0 to 100⁶¹ scale, so its numbers look different from these tables. The order between the two jobs is the same.

These are the four routes the rules allow, side by side and not ranked.

The PFS and CFP® certification are awarded only after the planning experience, so they replace the Series 65 for a CPA who already has that experience or earns it first. The AICPA lets you sit the PFS exam before you meet its requirements, but not apply for the credential. Exam fees are as FINRA, NASAA and CFP Board listed them in October 2026^53-57, before state registration and fingerprint fees, and they can change. The licensing cost and time tool adds them up for your route, and the roadmap builder lays out the full sequence.

Does the PFS waive the Series 65 in your state?

In most states, yes. NASAA reviewed what each designation requires and found that the PFS met its criteria but the CPA alone did not. Of the 50^2-51 state and District of Columbia rules read for this page, 49^2-50 name the PFS. The lists still differ, as these four show.

Most state rules require the designation to be current and in good standing when you apply, so a lapsed PFS or CFP® certification does not count. Confirm the list with your state securities regulator before you skip the exam, and see your state's page in licensing rules by state.

CPA to financial planner, does the CPA count toward CFP® certification?

Partly. The CPA is on CFP Board's list of credentials that qualify for its Accelerated Path, which skips most of the certification coursework but not all of it. CFP Board's education requirement has two parts, that coursework and a bachelor's degree. On the Accelerated Path you still complete the Capstone course or the Capstone Alternative, then pass the exam, meet the experience requirement and complete the ethics requirement, which includes a background check. Some pages and AI answers say a CPA can sit the CFP® exam directly or has already met the education requirement, and older pages call the route Challenge Status. CFP Board's current page still requires the Capstone.

PFS vs CFP® certification, what is the difference for a CPA?

Both are on the NASAA list and stand in for the Series 65 in most states. These are the differences as the AICPA and CFP Board set them.

BLS says accountants and auditors typically work longer periods at certain times of the year, such as quarterly audits and tax season. If you are still in an accounting job, these are the licensing rules that decide how much room you have around those months.

CPA license renewal and continuing education rules are set by your state board of accountancy, so check them before you let a license go inactive.

Yes. Two sets of rules then apply, the securities rules and your state's accountancy rules.

Can a CPA give investment advice without a securities license?

Federal law has an exclusion for accountants. The Investment Advisers Act defines an investment adviser as anyone who, for compensation, is in the business of advising others about securities. Section 202(a)(11)(B) then excludes "any lawyer, accountant, engineer, or teacher" whose "performance of such services is solely incidental to the practice of his profession." Advice the exclusion does not cover falls under adviser registration, which for an individual normally means the Series 65 or a waiver. State securities laws apply too. Whether a given practice falls inside the exclusion, under federal or state law, is a question for your own counsel or your state securities regulator, not this page.

Do state boards of accountancy limit commissions for CPAs?

They can. State boards of accountancy and the AICPA Code of Professional Conduct have their own rules on commissions and contingent fees, separate from the securities rules. Three examples:

• Texas, commissions. 22 TAC 501.71 bars a CPA from taking a commission or other pay for recommending or referring a product or service to a client for whom they perform services that require independence. Where a commission is allowed, the CPA must disclose its nature, source and amount, or an estimate of the amount, to the client in writing.
• Texas, contingent fees. 22 TAC 501.72 bars contingent fees from clients for whom the CPA performs services that require independence, and contingent-fee tax returns for those clients.
• New York, contingent fees. Regents Rules section 29.10 bars contingent fees for a client whose financial statements the licensee audits or reviews, for whom the licensee does certain compilations or examines prospective financial information, and for preparing an original or amended tax return or refund claim.

Rules differ by state. Check your state board of accountancy before you take any commission or contingent fee. This page does not say whether any arrangement is allowed.

How do CPAs add investment advice to a practice?

These structures exist. They are listed as facts, not a recommendation.

• Register as an investment adviser representative of an existing adviser firm.
• Register your own investment adviser firm, with your state below $100,000,000⁶⁸ in assets under management or with the SEC at or above it (NASAA).
• Refer clients to an adviser. Referral pay falls under the accountancy rules above, and securities rules can apply as well. North Carolina, for example, requires solicitors to register as investment adviser representatives with the adviser they solicit for.

A registered person also discloses outside business on Form U4, in its Other Business question (FINRA). An accounting practice run alongside advisory work is the kind of activity it asks about.

Day to day, BLS says advisors meet clients to discuss their financial goals, explain their services to potential clients, answer questions about investment options and risks, recommend or select investments, help clients plan for things such as education or retirement, and monitor accounts to see whether changes are needed.

In the first year, BLS says new advisors work under the supervision of senior advisors and learn how to build a client network, and that this training usually lasts more than a year⁶⁹. Entry roles include associate financial advisor, client service associate and paraplanner. See jobs at a financial advisory firm for each one.

Two things change from accounting.

• The calendar. BLS notes advisors may meet clients on evenings and weekends.
• How you are paid. BLS says advisors may be paid a salary plus bonuses, charge a flat fee or earn commissions on products they sell, depending on where they work. The accountancy fee rules above still apply while you hold a CPA license.