Using either a stand mixer, or a medium-sized mixing bowl with a handheld mixer on medium-high speed, beat the cream cheese and butter for 1 to 1½ minutes.
Lower the mixer speed to medium, and add in the powdered sugar and vanilla. Mix until the frosting is completely smooth.
Once the cakes are completely cooled, place the bottom cake layer onto a serving plate.
Using an offset spatula, spread a thick layer of frosting over the top of the bottom cake layer.
Carefully place the top layer of cake on top of the bottom frosted layer.
Using an offset spatula, spread a thick layer of frosting on the top of the cake layer. Frost the sides of the cake as well.
Sprinkle the optional chopped pecans over the very center of the cake. Evenly slice 12 slices when you are ready to serve.