exPCM

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The ABFM took in about 20 million bucks in one year on exam and recert fees
see page 9 of pdf: http://www.guidestar.org/FinDocuments/2008/430/921/2008-430921226-0566781a-9O.pdf
So while many FPs are struggling the ABFM is rolling in dough.
Does anyone think Dr. Puffer could get 700K in total compensation per year in private practice? (see page 7).
They are even paying a CPA almost 400K in total compensation.
 

JackADeli

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The ABFM took in about 20 million bucks in one year on exam and recert fees....

...Does anyone think Dr. Puffer could get 700K in total compensation per year in private practice? (see page 7).
They are even paying a CPA almost 400K in total compensation.
I am not very knowledgeable on the ABFM...
I would ask a couple of questions... is the board exam on computer? what is the actual costs of administering exam? I would also be interested in knowing what Dr. Puffer actually does to earn the $700k if that truely is what he is compensated? Does he practice? etc?

very interesting post.
 

JackADeli

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Unless this differs significantly from any other ABMS certifying board, who cares?
I don't particularly care.... It is interesting though to see the figures as such. I am not opposed to a business making money. What one wonders is how much money a business makes particularly if the clients are pretty much obligated to buy the product. Each specialty board is effectively a island monopoly.


Relative to other specialties, the difference would be if the examinations are are all computer based. I know the ABS has the oral component given several times a year and at significant expense in order to have examiners perform exam, etc...
 

Blue Dog

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The FM board exams are all computer-based these days. I thought pretty much everything was.
 

JackADeli

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... It is interesting though to see the figures as such. ...how much money a business makes particularly if the clients are pretty much obligated to buy the product. Each specialty board is effectively a island monopoly...
Yeh, I know the written for ABS certification is computerized. The certifying/oral component is more labor intensive... It does require the examiners to be trained, then flown in, hotel/housed, etc... The examiners themselves, I believe, are not paid.

Again, I think the most important thing for ALL specialties is to be aware of what their board does and how its business is run. We should all be aware of what is going on at the board level. History shows numerous well intentioned organizations presumably representing a group subsequently becoming a self-serving business unto itself ....(i.e. AARP?) The ABMS boards are individual monopolies. In todays climate, board certification is not really an optional choice.