Combine cream cheese and butter in the bowl of a stand mixer fitted with the dough roller blade (for Ankarsrum) or the paddle attachment (for KitchenAid or similar), or you can use a hand mixer.
Beat until smooth, about 1-2 minutes.
Add half the powdered sugar.
Beat until well combined, about 1 minute.
Add the other half of the powdered sugar.
Beat until light and fluffy, about 2-3 minutes.
Stir in vanilla.
Notes
You can make this recipe with a hand mixer or a stand mixer.
Make sure the butter is at room temperature.
Sift your powdered sugar to ensure there won't be any lumps in your frosting!
You can make this recipe ahead of time! Just keep in an airtight container in the fridge.
If you have left over frosting, you can store it in the freezer. Just make sure to get it out an hour or so before you need it! You will probably need to re-whip it before using.