Educational Requirement & Salary Outlook of a Financial Planner

If everything about finances and money really excites you, a career as a financial planner must have crossed your mind.

What Financial Planners Do

From savings to investment strategies, tax management to estate planning and insurance to retirement planning, financial planners manage all aspects of financial planning for their clients.

This is a very people-oriented career since a financial planner has to clearly understand the requirements of his/her clients and develop a sound financial plan accordingly. In fact, in the initial years these guys have to work hard pumping up their sales skills to build up a strong clientele.

Many financial planners start off their careers working for investment or insurance companies, banks and brokerage houses. They may later go on to establish their own small businesses.

Educational Requirements

Typically, you can start off with a Bachelor’s Degree In Business, Economics, Finance, Mathematics or Accounting. Career prospects improve with a master’s degree and additional certification.

Certification and Licenses

The Certified Financial Planner (CFP) certification is the most common credential amongst financial planners, for which, three years of relevant work experience besides a bachelor’s degree are required.

Financial planners who give investment advice should also be registered with the Securities and Exchange Commission (SEC) or the appropriate state securities regulator. They may also need additional licensing if they specialize in particular products such as insurance.

Job and Salary Outlook

The Bureau of Labor Statistics’ median pay for this occupation stood at $64,750 annually, a fairly decent income. Bright job prospects with an over 30% growth in employment between 2010 and 2020 make this a further rewarding profession.

So, would you like to become a financial planner?

How to be a Financial Planner

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