Become Recognized as an NCPERS Advanced Fiduciary (AF)
The Advanced Fiduciary (AF) credential is the highest professional designation offered by NCPERS.
Designed for public pension trustees, plan administrators, and investment and operations staff with fiduciary oversight responsibilities, the Advanced Fiduciary (AF) credential provides a competitive edge when serving on committees, working with boards, or pursuing leadership opportunities.
Click below for more information on how to earn and maintain your Advanced Fiduciary credential.
Please note that in 2026, the name changed from “Accredited Fiduciary” to “Advanced Fiduciary,” but credentials and learning completed remain valid.
Obtaining NCPERS Advanced Fiduciary (AF) Credential
To earn the Advanced Fiduciary (AF), you must complete all four modules in NCPERS Advanced Fiduciary Institute (Governance, Finance, Risk Management, and Human Capital). Participants are encouraged to have at least two years of experience in pension governance or administration or complete the Trustee Essentials Training before beginning the program.
After completing all components (Modules 1-4), in any order, you will be eligible to sit for the final exam. Upon passing, you will earn your AF credential.
We encourage you to familiarize yourself with the session offerings below.
NAF Modules 1 & 2: Governance and Finance
Module 1 - Governance: Participants explore the foundational responsibilities, accountabilities, and governance models that guide a public pension board. This module emphasizes the importance of a high-functioning board culture and addresses key questions about the proper level of board activity, the board’s role in setting strategy and direction, and best practices for attracting and retaining top board talent. By clarifying how board culture directly impacts governance outcomes, Module 1 empowers participants to navigate complex oversight challenges while steering their organizations toward long-term success
Module 2 - Finance: Building on these governance principles, Module 2 – Finance focuses on the financial expertise required for prudent fund management. Attendees learn how to access and interpret the essential information needed to make informed financial decisions, ensuring their funds remain compliant with investment policies, performance benchmarks, and disclosure standards. Participants also delve into the board’s responsibilities for setting investment policies, allocating assets, mitigating risk, and overseeing transparent financial reporting. Through these two modules, attendees develop a holistic view of how strong governance structures and strategic financial oversight work hand in hand, enabling them to serve confidently, protect stakeholders’ interests, and foster the growth and stability of their public pension funds.
NAF Modules 3 & 4: Risk Management and Human Capital
Module 3 - Risk Management: In Module 3: Risk Management, participants deepen their understanding of the legal and risk oversight duties expected of both their board and themselves as individual trustees. This module examines the board’s fiduciary responsibilities, including how to detect and protect against fraudulent behavior, manage relationships with external parties, and effectively communicate with a diverse range of stakeholders such as management, pensioners, and employees. Additionally, it highlights the audit committee’s essential roles and provides strategies for responding to media inquiries while preserving your organization’s corporate reputation.
Module 4 - Human Capital: In Module 4, focus shifts to building and sustaining leadership through sound compensation practices and strategic human resource management. This module guides participants through the fundamentals of total executive compensation design, including the creation of defensible compensation programs and the establishment of a pay-for-performance culture that maximizes fund performance. Participants will learn how to craft executive employment contracts and personal service agreements that avoid pitfalls and support positive growth transitions. Moreover, Module 4 offers insights into developing and maintaining a skilled executive pipeline, ensuring that your board is well-equipped to lead the organization into the future.
Scheduling & Final Exam
NCPERS Advanced Fiduciary Institute courses are offered twice per year: NCPERS Advanced Fiduciary Institute is held every spring, coinciding with the NCPERS Annual Conference and Exhibition (ACE). In the fall, the program coincides with NCPERS Public Safety Conference or NCPERS Fall Conference, (which alternate each year).
- Modules may be taken in any order.
- There is no time limit to complete the sequence.
Final Exam: After completing all four modules, participants must pass an online exam to demonstrate their understanding of the course material. The open-book exam includes 100 multiple-choice questions and must be completed within a 2.5-hour time limit. Participants must score 80% or higher to pass the exam and earn their Advanced Fiduciary credential.
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Maintaining Your Advanced Fiduciary (AF) Credential
The AF credential is valid for three years. To maintain active status, credential holders must:
Recertification Requirements
- Earn 45 Continuing Education (CE) hours within each three-year cycle (NOTE: At least 30 hours must come from NCPERS-sponsored events)
- Submit a renewal application with CE documentation
- Pay a $100 renewal fee
AF Recertification Process: Step-by-Step
To maintain your Advanced Fiduciary (AF) credential, be sure to follow our step-by-step list on how to recertify. The NCPERS team is help you through this process should you have any questions (education@ncpers.org).
Step 1: Track Your CE Hours
Keep a record of CE activities you complete during your three-year cycle.
You may track NCPERS hours through your membership portal and maintain certificates or proof from external providers.
Step 2: Verify Provider Eligibility (If Applicable)
If the CE was earned outside NCPERS, confirm that the provider is on the Approved CE Provider List below. There are cases where CE is earned that may be applicable and NOT on the approved provider list. The NCPERS education team is here to help, please email education@ncpers.org for verification.
Step 3: Complete the Renewal Application
At the end of your cycle:
- Input all CE hours completed
- List the awarding organization for each activity
- Upload any required documentation
Step 4: Submit the $100 Renewal Fee
Payment is required at the time of renewal submission.
Step 5: NCPERS Review
NCPERS staff will review your application and CE documentation. If clarification is needed, you will be contacted directly before approval.
NCPERS CE Approved Providers
A NCPERS CE Approved Provider is an organization committed to providing education that meets NCPERS standards for helping individuals earn and maintain the NCPERS Advanced Fiduciary (AF) credential.
The NCPERS Advanced Fiduciary Institute encourages candidates, and current Advanced Fiduciaries, to consider qualifying courses from the NCPERS CE Approved Providers list to meet the professional development requirements to earn and maintain the AF credential.
If your organization is interested in being listed as an NCPERS CE Approved Provider please contact NCPERS at 202-601-2447 or email education@ncpers.org.
NCPERS Advanced Fiduciary (AF) Frequently Asked Questions
The timeline depends on your schedule. To earn the NCPERS Advanced Fiduciary (AF) designation, you need to complete both required courses — NAF 1 & 2: Governance and Finance and NAF 3 & 4: Risk Management and Human Capital. The courses are offered twice a year in the spring and fall, and you can take them in any order.
There is no time limit to finish the sequence. Once both courses are completed, you’ll take an online exam to demonstrate your mastery of the material.
Pension trustees and plan staff are encouraged to have at least two years of experience in pension plan administration or governance before enrolling in NAF. Those newer to the pension industry are advised to complete the NCPERS Trustee Essentials Training (formerly known as the Trustee Educational Seminar, or TEDS) first, to establish a solid foundation in fiduciary responsibilities.
The certification is valid for three years.
No. The name change does not affect your status, and you will not need to retake the course. Your credentials and completed learning remain valid.
To keep your certification active, you must:
- Earn 45 continuing education hours within your three-year cycle, with at least 30 hours from NCPERS-sponsored events.
- Submit your renewal application and documentation of your CE hours at the end of the cycle.
- Submit the $100 renewal fee.
If you earned CE hours from an approved provider, when you submit your AF Renewal Application you will input the hours earned and the awarding organization. We’ll review it and count those hours toward your 45 CE requirement.