If your work is mostly tax, the EA (Enrolled Agent) is the better fit. It's for IRS tax representation and independent tax practice: three SEE exam parts at $317 each, no degree required, then an enrollment application and an IRS suitability check. If your work is financial planning and wealth management, go for the CFP (Certified Financial Planner): registered coursework to sit one board exam ($925 at the standard deadline), plus a bachelor's degree and 6,000 hours of experience (or a 4,000-hour apprenticeship) to certify, both of which can come before or after the exam.
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| EA (Enrolled Agent) | CFP (Certified Financial Planner) | |
|---|---|---|
| Type | Federal license to represent taxpayers before the IRS | Professional mark for financial planning |
| Exams | 3 parts (SEE): Individuals, Businesses, Representation | 1 comprehensive board exam (6 hours) |
| Exam fees | $317 per part, three parts | $925 standard registration |
| Other fees to earn it | PTIN fee, then the IRS enrollment fee | $250 certification application plus a prorated initial certification fee |
| Degree required | None | Bachelor's degree to certify (before passing or within 5 years after) |
| Coursework | None | Registered program before the exam; the accelerated path skips most of it for CPAs, CFA charterholders and some others |
| Experience | None to sit; IRS suitability check to enroll | 6,000 hours (or 4,000-hour apprenticeship) to certify, before or after the exam |
| Study time | ~80 hr for Part 1, ~100 hr for Part 2, ~50 hr for Part 3 | ~300 hr |
| Pass rate | 58% to 71% by part (Gleim's estimates) | 66% overall in July 2026 |
| Upkeep | PTIN renewal every year; enrollment renewal and 72 CE hours every 3 years | $575 annual certification fee; CE reported every 2 years |
When the EA makes sense
The EA fits if your work is tax first: you prepare returns and want unlimited rights to represent clients before the IRS in audits, appeals and collections, or you want to run your own tax or tax-resolution practice without needing a degree. Bookkeepers and accountants add it for more authority on the tax side of their work. Anyone can sit for it, and the credential comes from the IRS itself. You get a PTIN, pay $317 for each exam part, and within a year of passing the third part you apply for enrollment, pay the IRS enrollment fee and clear a suitability check of your tax filings and criminal background.
When the CFP makes sense
The CFP fits if your work is planning first and you advise clients on the whole picture: retirement, investments, insurance, estate and tax planning together. It's the expected credential at RIAs, wirehouses and family offices, and it tells clients you've committed to the CFP Board's fiduciary standard. The mark isn't a license. Charging for investment advice still means investment-adviser registration, and selling securities or insurance needs those licenses. You'll need to meet the degree and experience requirements to certify.
Holding both
The two seldom compete, and plenty of practitioners hold both. The EA is for dealing with the IRS on a client's behalf, and the CFP is for planning a client's whole financial life. A planner who adds the EA can resolve a client's tax notice in-house instead of referring it out, and a tax practitioner who adds the CFP can move from seasonal returns into year-round, fee-based planning.
If you're choosing a first credential and want speed and independence, start with the EA. If you're building a planning practice and meet the prerequisites, make the CFP your main credential.
FreeFellow's Enrolled Agent practice questions cover all three SEE parts, and its CFP practice questions cover the full board exam blueprint. Both come with written solutions, free with an account, and you can try sample questions without one. For the full economics of every finance credential, with sources, see the finance credential ROI map. CPA vs EA vs CMA compares the accounting-side options.