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Posted

Recently I was lucky enough to receive the PenChecks NIPA scholarship to go for either a AKS or APA designation. I don't currently have any official designations so it's a very exciting thing. I know NIPA and ASPPA both do similar things but in different ways. My firm has never really invested in continuing education but I've convinced by boss to invest in it as I really would like to start getting official recognition. That said, memberships to ASPPA and NIPA are expensive and required to keep a certification, and I'd hate to end up in a sunk cost fallacy sticking with NIPA if ASPPA might be more useful. A couple questions:

  • I know NIPA offers a kind of equivalency system for designations from some other institutions (for example, ERPA qualifies you for AKS 1, 2, APA 1-4). Does ASPPA have anything like this where a AKS or APA designation would be able to be converted to an ASPPA designation in the case we chose to switch?
  • What's the cost difference look like between being a NIPA member and obtaining CE credits each year for their qualifications vs at ASPPA? We're a relatively small firm and it'd be at least somewhat of a consideration.

Any insights would be very helpful, thank you.

Posted

I prefer ASPPA.  I have looked at NIPA a few times, but it doesn't offer as much as ASPPA does (my opinion).  From an advocacy standpoint, ASPPA/ARA is much stronger.  NIPA is less expensive, but I cant speak to the CE requirement cost.  If you don't need CE to be IRS approved, you can easily get enough credits for ASPPA credential renewal with free webinars (I imagine NIPA can be satisfied free or close to it as well)

What do you want to get out of it?  Is it just to have a credential?  Access to education and continuing education?  A voice in the industry?

 

 

Posted

Congrats on the scholarship, but more so on the decision to further your professional education. Wish more practitioners took that approach and more bosses supported such, evidenced by some of the questions we see on this forum.

Even if you do not get that support, attaining a designation (and having a bit of experience) will only serve to improve your personal marketability and, with modern technology and the proliferation of remote work, enable to find the right place to practice and continue to learn and develop with organizational support.

I can't opine on either organization's designations but over the years have found ASPPA and it's related entities to be a great resource. I have had less exposure to NIPA.

Good luck with your continuing education and your career!

Kenneth M. Prell, CEBS, ERPA

Vice President, BPAS Actuarial & Pension Services

kprell@bpas.com

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