Top 11 Retirement Specialist Certifications

Certifications are essential for retirement specialists to prove their knowledge and expertise in the field. They demonstrate a commitment to professional development and provide credibility to potential employers, clients, and other stakeholders. Certifications also allow retirement specialists to stay up-to-date on the latest trends in the industry, giving them an edge over non-certified competitors. Certification can help retirement specialists stand out from the competition, increase their earning potential, and open doors to new job opportunities.

This article reviews some of the top certifications for Retirement Specialists and explains how they can help enhance a retirement specialist's career.

What are Retirement Specialist Certifications?

Retirement specialist certification is a professional designation that recognizes individuals who have developed the skills and knowledge necessary to provide comprehensive retirement planning services. This certification is offered by various organizations, such as the American Society of Pension Professionals & Actuaries (ASPPA), the Certified Financial Planner Board of Standards (CFP Board) and the National Association of Retirement Plan Specialists (NARPS).

The primary benefit of obtaining retirement specialist certification is that it sets you apart from other financial professionals who may not have this specialized knowledge. It also serves as an assurance to clients that you are knowledgeable and experienced in providing retirement planning services.

The courses required for certification cover topics such as retirement plan design, administration, compliance issues, investment strategies, taxation, and estate planning. After completing these courses, candidates must pass an exam to become certified. Once certified, individuals are expected to stay up-to-date on best practices in the field and adhere to professional standards set forth by the organization offering the certification.

Overall, earning a retirement specialist certification can help financial advisors demonstrate their commitment to helping clients meet their retirement goals and give them an edge over those without this credential.

Pro Tip: Consider obtaining a retirement specialist certification to demonstrate your knowledge and expertise in the field of retirement planning. Certification can help you stand out from the competition, expand your network, and increase your earning potential.

Related: What does a Retirement Specialist do?

Top 11 Retirement Specialist Certifications

Here’s our list of the best certifications available to Retirement Specialists today.

1. Certified Retirement Counselor (CRC)

A Certified Retirement Counselor (CRC) is a professional designation that recognizes individuals who have achieved a high level of knowledge and expertise in retirement planning. The CRC designation is offered by the College for Financial Planning and is designed to help financial advisors, insurance agents, and other professionals better serve their clients in the area of retirement planning.

The program requires applicants to complete six courses plus an ethics course. Each course requires approximately 30 hours of study time and can be completed online or through self-study materials. The courses cover topics such as retirement income planning, Social Security, pension plans, investments, taxation, estate planning, and more.

To become a Certified Retirement Counselor (CRC), you must meet the following eligibility requirements:

• Have at least three years of experience providing advice on retirement planning issues
• Hold a valid license or certification from an approved organization
• Pass all seven exams with a score of 70% or higher
• Complete an ethics course
• Agree to abide by the CRC Code of Professional Conduct
• Pay applicable fees

The cost for the program varies depending on how many courses you take at once. If you take all seven courses at once, it will cost $2,995. If you choose to spread out your studies over time, each individual course costs $495. There are also additional fees associated with taking the exams ($125 per exam) and registering as a CRC ($100).

2. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional certification for financial advisors. It is the most widely recognized and respected certification in the financial planning field. CFPs provide comprehensive advice on a wide range of financial topics, including investments, retirement planning, insurance, taxes, estate planning and more.

To become a CFP, you must complete an educational program that meets the standards established by the Certified Financial Planner Board of Standards (CFP Board). This includes completing a bachelor's degree from an accredited college or university; completing coursework covering topics such as investments, insurance, tax planning, retirement planning and estate planning; passing the CFP exam; and meeting experience requirements. The entire process typically takes three to five years to complete.

The cost of becoming a CFP varies depending on where you live and which educational program you choose. Generally speaking, it can cost anywhere from $2,000 to $5,000 for tuition alone. Additional costs may include books and materials as well as fees associated with taking the CFP exam.

3. Chartered Retirement Planning Counselor (CRPC)

Chartered Retirement Planning Counselor (CRPC) is a professional designation awarded by the College for Financial Planning to financial advisors who have met certain educational, experience, and ethical requirements. The CRPC designation is designed to help advisors gain expertise in retirement planning and provide clients with comprehensive retirement planning advice.

The CRPC program includes two courses: Retirement Income Planning Process (RIP) and Retirement Plan Investment Advisory Process (RPIA). The RIP course focuses on the principles of retirement income planning, while the RPIA course covers investment strategies for various types of retirement plans. To receive the CRPC designation, candidates must complete both courses and pass an exam.

It typically takes six months to one year to complete both courses and pass the exam. Candidates can take the courses online or in-person at a College for Financial Planning campus. Online courses are self-paced, so students can complete them at their own pace.

The cost of obtaining the CRPC designation varies depending on whether you take the classes online or in-person. The total cost of taking both courses online is approximately $1,400 USD plus any applicable taxes. If you choose to take the classes in-person, it will cost approximately $2,200 USD plus any applicable taxes.

4. Certified Retirement Financial Advisor (CRFA)

A Certified Retirement Financial Advisor (CRFA) is a professional who specializes in helping individuals plan for retirement. This designation is offered by the International Association of Registered Financial Consultants (IARFC). To become a CRFA, an individual must have a minimum of three years experience in the financial services industry and complete the IARFC’s rigorous curriculum.

The curriculum includes courses on topics such as retirement planning, estate planning, investment strategies, taxation, insurance, and risk management. It also includes an exam that tests the candidate's knowledge and understanding of these concepts. The exam consists of multiple-choice questions and takes approximately two hours to complete.

In order to become a CRFA, individuals must first join the IARFC as members. Membership costs $150 per year and provides access to additional resources such as webinars and conferences. Once membership is obtained, candidates can register for the CRFA program at a cost of $295. After successfully completing all coursework and passing the exam, individuals will receive their official CRFA designation from the IARFC.

Overall, it typically takes between six months to one year to become a Certified Retirement Financial Advisor (CRFA). The cost for this designation is approximately $445 ($150 for membership plus $295 for registration).

5. Chartered Retirement Plans Specialist (CRPS)

A Chartered Retirement Plans Specialist (CRPS) is a professional designation offered by the College for Financial Planning. It is designed to provide financial advisors with the knowledge and skills necessary to help clients plan for retirement.

To become a CRPS, individuals must complete an approved program of study, pass a comprehensive examination, and meet other requirements set by the College for Financial Planning. The program of study typically takes about nine months to complete and includes courses in retirement planning, tax law, investments, estate planning, insurance and more.

In order to get the CRPS designation, individuals must first meet certain eligibility requirements such as having at least three years of experience in the financial services industry or completing an approved college degree program in finance or related field. Once these requirements are met, applicants can register for the CRPS exam through the College for Financial Planning website.

The cost of taking the CRPS exam varies depending on where you live but typically ranges from $500-$1000 USD. Additionally, there may be additional fees associated with registering for and taking the exam such as application fees and proctoring fees.

6. Accredited Investment Fiduciary (AIF)

Accredited Investment Fiduciary (AIF) is a professional designation that recognizes individuals who have met certain standards of knowledge, experience, and competency in the field of investment management. The AIF designation is awarded by the Center for Fiduciary Studies, which is affiliated with the University of Pittsburgh’s Joseph M. Katz Graduate School of Business.

The AIF designation requires successful completion of an intensive course on fiduciary responsibility and a comprehensive exam. The course covers topics such as fiduciary law, ethics, risk management and asset allocation. It typically takes about two to three months to complete the course and pass the exam.

To get the AIF designation, you must first register for the course through the Center for Fiduciary Studies website. You will then be required to pay a registration fee, which varies depending on whether you are taking the course online or in-person. After registering for the course, you will need to complete all required readings and assignments before taking the exam.

Once you have successfully passed the exam, you will be awarded your AIF designation and receive a certificate from the Center for Fiduciary Studies recognizing your achievement. The cost of obtaining an AIF designation can range from $2,000 - $3,000 USD depending on where you take it and how much time it takes to complete it.

7. Certified Pension Consultant (CPC)

A Certified Pension Consultant (CPC) is a professional designation awarded by the American Society of Pension Professionals & Actuaries (ASPPA). The CPC designation is designed to recognize individuals who have achieved a high level of knowledge and expertise in pension consulting, plan design, and administration.

It typically takes about two years to complete the requirements for the CPC designation. The process involves completing an extensive course of study that covers topics such as pension plan design, retirement planning, investment strategies, ERISA regulations, and more. Once the coursework is completed, candidates must pass a comprehensive exam administered by ASPPA.

The cost of obtaining the CPC designation varies depending on the program chosen. Generally speaking, it can range from $1,000-$2,500 for all materials and fees associated with the program.

In addition to passing the exam and completing coursework, applicants must also meet certain professional experience requirements in order to be eligible for certification. These include having at least three years of experience in pension consulting or administration and being employed by an ASPPA-member firm or organization.

8. Certified Retirement Administrator (CRA)

Certified Retirement Administrator (CRA) is a professional designation offered by the International Foundation of Employee Benefit Plans (IFEBP). The CRA certification is designed to provide retirement plan professionals with the knowledge and skills necessary to effectively administer, manage, and communicate about retirement plans. The CRA program consists of two levels: Level 1 and Level 2.

Level 1 focuses on basic concepts related to retirement plan design, administration, and communication. It requires passing a three-hour exam that tests knowledge in areas such as fiduciary responsibility, investments, compliance testing, plan documents, and more.

Level 2 builds on the knowledge gained in Level 1 by providing an in-depth look at complex topics such as nondiscrimination testing, required minimum distributions, qualified joint and survivor annuities, and other advanced topics. It also requires passing a three-hour exam.

In order to be eligible for the CRA designation, individuals must have three years of experience working with retirement plans or have completed a college degree in business or finance. Additionally, they must complete both Level 1 and Level 2 exams within five years of each other.

The cost for taking the CRA exams varies depending on whether you are an IFEBP member or nonmember. For members it is $295 per level while nonmembers pay $395 per level.

9. Qualified 401(k) Administrator (QKA)

A Qualified 401(k) Administrator (QKA) is an individual who has received specialized training and passed a certification exam in order to become qualified to administer 401(k) plans. The QKA is responsible for ensuring that the plan meets all of the requirements set forth by the Internal Revenue Service (IRS).

It typically takes several months to complete the training and pass the certification exam. To become a QKA, you must have a bachelor’s degree or higher in accounting, finance, or law, as well as at least three years of experience working with qualified retirement plans. You must also pass an examination administered by either the American Society of Pension Professionals & Actuaries (ASPPA) or the National Association of Plan Advisors (NAPA).

The cost of becoming a QKA varies depending on which organization administers your exam. The ASPPA charges $595 for their exam, while NAPA charges $750. Additionally, you may need to purchase study materials from either organization in order to prepare for your exam.

Once certified, you will be able to provide consulting services and advice on 401(k) plans for employers and employees alike.

10. Qualified Pension Administrator (QPA)

A Qualified Pension Administrator (QPA) is a professional designation earned by individuals who have completed the necessary qualifications and training to become an expert in pension plan administration. This includes knowledge of the laws, regulations, and requirements related to pension plans. QPAs are responsible for ensuring that all aspects of a pension plan are properly managed and administered in accordance with applicable laws, regulations, and requirements.

To become a QPA, an individual must complete a program approved by the American Society of Pension Professionals & Actuaries (ASPPA). The program consists of five courses: Fundamentals of Retirement Plans; Advanced Retirement Plan Design; Retirement Plan Administration; Retirement Plan Investments; and Retirement Plan Taxation. The courses can be taken online or in-person at an ASPPA-approved educational institution.

The cost of the program varies depending on the institution offering it. Generally, it costs between $2,000 and $3,000 for all five courses. It typically takes between six months to one year to complete the program.

Once an individual has successfully completed the program, they will receive their QPA designation from ASPPA. They will then be qualified to administer retirement plans and provide consulting services related to retirement plans.

11. Registered Employee Benefits Consultant (REBC).

A Registered Employee Benefits Consultant (REBC) is a professional who provides advice and guidance to employers on employee benefit plans. REBCs have expertise in areas such as retirement planning, health insurance, disability insurance, life insurance, long-term care insurance, and other employee benefits. They are knowledgeable about the laws and regulations that govern these plans and can help employers design a plan that meets their needs.

It typically takes between 6-12 months to become an REBC. To get started, you must first complete the American Society of Pension Professionals & Actuaries (ASPPA) Certified Pension Consultant (CPC) program or the International Foundation of Employee Benefit Plans’ (IFEBP) Certified Employee Benefits Specialist (CEBS) program. After completing either program, you must pass the ASPPA/IFEBP exam to become certified as an REBC.

The cost of becoming an REBC varies depending on which certification program you choose to pursue. The ASPPA CPC program costs around $2,500 while the IFEBP CEBS program costs around $3,500. In addition to these fees, there are also exam fees associated with each certification that range from $200-$400.

Once certified as an REBC, you will need to keep up with continuing education requirements in order to maintain your certification status. This usually involves attending seminars or workshops related to employee benefits every few years in order to stay current on changes in laws and regulations regarding employee benefits plans.

Do You Really Need a Retirement Specialist Certificate?

The answer to whether or not you need a retirement specialist certificate is ultimately up to you and your individual circumstances. Depending on the type of job you are looking for, having a retirement specialist certificate may be beneficial.

For those looking for a career in managing retirement accounts or advising clients on their retirement investments, having a retirement specialist certificate can demonstrate that you have the knowledge and expertise to handle such tasks. The certificate shows potential employers that you have been trained in the specific areas related to retirement planning and investing, such as tax laws, investing strategies and estate planning. Having the certification may also provide access to additional resources and networking opportunities which can help advance your career.

On the other hand, if you are not looking for a career in managing or advising on retirement accounts, then having a retirement specialist certificate may not be necessary. It really depends on what type of job you are seeking and how much knowledge or experience you already have in this area. For example, if you are just starting out in your career with little knowledge of financial planning or investing then it may be worthwhile to pursue the certification. But if you already have many years of experience working with financial products then it may not be necessary.

Ultimately, it is up to you to decide whether or not pursuing a retirement specialist certificate is worth it for your particular situation. Consider all factors carefully before making your decision.

Related: Retirement Specialist Resume Examples

FAQs About Retirement Specialist Certifications

1. What is a Retirement Specialist Certification?

Answer: A Retirement Specialist Certification is a professional credential that demonstrates knowledge and expertise in the area of retirement planning. It is offered by various organizations, such as the American Society of Pension Professionals & Actuaries (ASPPA) and the International Foundation of Employee Benefit Plans (IFEBP).

2. What are the benefits of becoming certified as a Retirement Specialist?

Answer: Becoming certified as a Retirement Specialist can provide a number of benefits, including increased credibility in the field, job opportunities with employers who value certification, access to networking opportunities, and enhanced knowledge about retirement planning topics.

3. How do I become certified as a Retirement Specialist?

Answer: To become certified as a Retirement Specialist, you must complete an approved certification program. These programs typically include courses on topics such as retirement plan design and administration, investments, tax planning, estate planning, legal issues related to retirement plans, and more. You may also be required to pass an exam to demonstrate your understanding of these topics.

4. Are there any prerequisites for becoming certified as a Retirement Specialist?

Answer: Yes - most certification programs require applicants to have at least three years' experience working in the area of retirement planning or related fields before they can apply for certification. In addition, some programs may require applicants to hold certain educational degrees or certifications prior to applying for certification.

5. How long does it take to become certified?

Answer: The amount of time it takes to become certified depends on the specific program you choose and how quickly you are able to complete all requirements for certification. On average, most programs can be completed within one year or less if you are able to dedicate sufficient time and effort towards completing all necessary coursework and exams.