Does AICPA accredition of nonaudit services add value? The case of personal financial planning

The AICPA has taken the position that accreditation of CPAs in specific areas of practice is an important aspect of repositioning the CPA profession for the future. The AICPA currently offers 2 designations exclusively to CPAs, one of which is the Personal Financial Specialist designation. However, the issue of accrediting CPAs by granting official AICPA designations is a complex and highly debated issue. CPAs and other professionals specializing in personal financial planning have opportunities to obtain designations other than the PFS. This paper examines the relative value of these alternative options for financial planners. Specifically, it examines the differential effects of alternative financial-planning accreditations on users' perceptions. Results show that the CPA designation used in conjunction with the PFS designation is generally perceived to signal a higher level of professional attributes than the other designations examined.