In the bowl of an electric mixer fitted with the paddle attachment, beat cream cheese on medium-low speed until smooth, about 1 minute. Add butter, and cream until smooth, about 2 minutes. Add confectioners' sugar on low speed, and mix until completely combined.
Beat frosting on medium speed until smooth and fluffy, about 1 minute. Transfer to an airtight container, and chill until firm, 3 hours or overnight.