CPFA - Certified Plan Fiduciary Advisor
Short Summary
CPFA – Certified Plan Fiduciary Advisor
The CPFA – Certified Plan Fiduciary Advisor designation is a specialized credential awarded by the National Association of Plan Advisors (NAPA), designed for financial professionals who advise on employer-sponsored retirement plans. It equips candidates with expertise in fiduciary oversight, ERISA compliance, investment selection, and plan governance. CPFA holders are trained to act as fiduciaries or support fiduciary clients in managing their legal and financial responsibilities under the Employee Retirement Income Security Act (ERISA).
The program includes four online modules covering fiduciary roles, investment management, plan design, and operational oversight. Candidates must pass a 70-question proctored exam within 2.5 hours and agree to the ARA Code of Conduct. No prior experience is required, though NAPA recommends its 401(k) Practice Builder for newcomers. Continuing education of 10 hours annually—including ethics—is required to maintain the credential. The CPFA may also be earned under the QPFC title for broker-dealers that restrict CPFA usage.
Earning the CPFA signals authoritative knowledge in retirement plan consulting and fiduciary best practices. Designees are often employed as plan advisors, consultants, or financial planners serving 401(k), 403(b), and other defined contribution plans. The CPFA complements broader credentials such as CFP®, CRC, or ChFC®, and is especially valued by plan sponsors seeking advisors who prioritize participant outcomes and regulatory alignment.
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Course Description
The Certified Plan Fiduciary Advisor (CPFA) designation is designed for financial professionals who specialize in fiduciary responsibilities and retirement plan advising. It demonstrates expertise in managing 401(k), 403(b), and other defined contribution plans while ensuring compliance with fiduciary standards.
Topics Covered
The CPFA certification program includes four modules that focus on:
- Fiduciary Management Under ERISA – Understanding fiduciary roles, responsibilities, and best practices.
- Plan Design & Administration – Evaluating plan structures, participant outcomes, and service provider selection.
- Investment Oversight & Compliance – Managing investment policies, diversification strategies, and regulatory requirements.
- Plan Governance & Operations – Coordinating service providers, retirement plan committees, and administrative duties.
Specialization Options
The CPFA designation is highly specialized in fiduciary responsibilities for retirement plans. While it does not offer formal specialization tracks, professionals can enhance their expertise by pursuing additional credentials such as:
- Certified Financial Planner (CFP®) – Broader financial planning certification.
- Chartered Financial Consultant (ChFC) – Covers investment, tax, and estate planning.
- Qualified Plan Financial Consultant (QPFC) – Advanced retirement plan advising.
Cost
- Course Enrollment: Required for CPFA certification
- Exam Fee: Proctored online exam $440.00
- Study Materials: Includes downloadable guides and interactive case studies
The total estimated cost varies based on study options and firm partnerships. You can find detailed pricing on the National Association of Plan Advisors (NAPA) website here.
Prerequisites
No prerequisites are required to pursue the Certified Plan Fiduciary Advisor (CPFA) designation. Candidates can enroll in the program without prior experience or qualifications.
Renewal Requirements
Continuing Education: 10 hours annually (if maintaining certification)
Average Time to Complete Course
The Certified Plan Fiduciary Advisor (CPFA) designation typically takes around two months to complete. The program consists of four modules, each covering key aspects of fiduciary responsibilities, plan design, investment oversight, and governance. Candidates must pass an assessment at the end of each module with a score of 75% or higher.
Exams
Number of Exams: One
- Format: 70 multiple-choice questions
- Duration: Candidates must achieve a passing score of 70% or higher
- Testing Window: Exams are available year-round and can be scheduled at the candidate’s convenience
Certifying Body
The Certified Plan Fiduciary Advisor (CPFA) designation is issued by the National Association of Plan Advisors (NAPA). This credential is designed for financial professionals specializing in fiduciary responsibilities and retirement plan advising.
