When the IRS first began discussing whether another category of individuals permitted to practice before the IRS was needed in the qualifed pension and retirement plan arena, the big question was how many individuals would be interested in applying for the new category if it was created. Well, the IRS created the new category and earlier this year, the first qualifying exam was given.
In the Spring 2009 edition of Employee Plan News, the IRS shares some ERPA statistics.
- - Over 500 examinations were given in early 2009 for the first Special Enrollment Examination for the new Enrolled Retirement Plan Agent (ERPA) designation.
- The IRS received 450 responses from a survey which the applicants completed after the examination.
- 71% of those who completed the survey stated their primary motivation for taking the examination was to represent clients before the IRS.
- 16% of those who completed the survey stated that their primary motivation for taking the examination was to increase their pension knowledge
- about half of the applicants indicated that they spent 40 hours or less studying for the exam.
- 41% of the applicants stated that the test was of average difficulty.
- 41% of the applicants thought the test was a little more difficult.
- the average time to take each part of the 2-part exam was 2 to 2.5 hours.
Applicants taking the test were initially told that their results would be mailed to them by April 30, 2009. No word from the IRS (yet) on the number of applicants who passed the exam. The next examination period is scheduled to take place from July 7, 2009 to August 31, 2009.
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