Local CPA Earns Exclusive Personal Financial Specialist Credential

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A Local CPA recently earned the Personal Financial Specialist Credential. The Designation certifies advanced education, training and experience in financial planning.

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Currently, more than 5,000 CPAs hold the PFS credential nationwide and many regularly appear on lists of top financial planners

Gaurangkumar Patel, a CPA financial planner with South Loop CPA LLC in Chicago has been awarded the Personal Financial Specialist (PFS) credential by the American Institute of Certified Public Accountants, joining an elite group of professionals who have demonstrated advanced knowledge of tax, estate, retirement, investment and insurance planning.

The PFS credential, established in 1987 by the AICPA, is awarded only to CPAs with extensive training and experience in financial planning. To earn the credential, CPAs must have at least 80 hours of personal financial planning education and 3,000 hours of planning experience within the previous five year period. They also must pass a comprehensive exam covering nine topic areas and be a member in good standing with the AICPA, binding them to the AICPA Code of Professional Conduct.

“Given their formal education and technical training in the areas of accountancy and taxation, CPAs are the most qualified, knowledgeable and objective financial planning professionals,” said Jeannette Koger, the AICPA’s director of specialized communities. “Supplementing this background with the PFS credential demonstrates a CPA’s commitment to providing the highest level of expert financial planning services. For clients, that translates to financial planning that is CPA strong -- comprehensive financial strategies that put their needs and interests first.”

Currently, more than 5,000 CPAs hold the PFS credential nationwide and many regularly appear on lists of top financial planners. In addition to meeting rigorous requirements to join this elite group, Patel must meet recertification requirements every three years to maintain the credential.

Gaurangkumar Patel, CPA/PFS, MSA, is a licensed Certified Public Accountant in Illinois. Prior to founding South Loop CPA, he worked in the Forensic Accounting department at KPMG and a middle market CPA firm, where he worked on a number of high profile accounting fraud investigations. He has also worked at Mercer Investment Consulting where he assisted institutional investors identify operational risks of hedge fund businesses. Gaurang has graduated from the prestigious London School of Economics in Accounting and Finance, and has a Master’s degree in Accounting from the University of Notre Dame.

About South Loop CPA LLC
South Loop CPA LLC is a boutique CPA firm that provides accounting, tax, forensic accounting and financial planning services to families and closely held businesses. South Loop CPA LLC believes in providing its clients a holistic approach to financial strategies. To learn more about South Loop CPA’s service offerings, please visit http://www.southloopcpa.com/.

About the AICPA
The American Institute of Certified Public Accountants (http://www.aicpa.org), founded in 1887, is the world’s largest association representing the accounting profession, with nearly 370,000 members in 128 countries. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting; membership is also available to accounting students and CPA candidates. The AICPA sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination.

The AICPA maintains offices in New York, Washington, DC, Durham, N.C., Ewing, N.J. and Lewisville, Texas.

Media representatives are invited to visit the AICPA Press Center at http://www.aicpa.org/press.

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