Budgeting is a hard task. Knowing where to invest your money is an even harder thing to do. That is why some people have taken on the responsibility to help others discover how to stretch their savings. These people are called financial planners.
But what is financial planning? In these times of computers and technology, is there a future for those students who want to pursue such a career?
A financial planner, also known as a money manager or a wealth manager, knows about taxes, estate financial issues, and knows how to listen. For instance, if a person has little money, the financial planner works his way around it so that this person can spend, save, and invest his money all at the same time.
In short, he is involved not only with the money-making scheme of his client, but is also involved in building up the client’s confidence. This is an especially challenging task in these times of economic crises.
The good thing about this job is that a student can choose to work alone or with a company.
Financial Planning Training and Requirements
Since a financial planner deals in, or has many different responsibilities, he must have these following traits: sales skills, communication skills, analytical skills, creative thinking, and the initiative to deal with lots of people. The work hours are 25-65 hours a week.
A student who is considering this profession needs to have a college degree, preferably one in management. An MBA is an advantage, but not necessary. If a student is really persistent, he can read books on financial planning and talk to people who are knowledgeable about the subject. He can also try attending meetings of local financial planning organizations. He can find these meetings by searching the Internet for information, or looking at company profiles in social networking sites.
There is also an exam to become a licensed financial planner. It’s called the CFP or the Certified Financial Planner, which covers topics on financial planning and investing.
Aside from the education, to make it big in the industry, a student also needs to know how to listen and observe. He needs to pay attention to the smallest details and be well versed in tax law, investments, estate planning methods, and other elements involved in the business. But more importantly, he needs to have a broad understanding of business. That can’t be taught overnight; it should be developed early in his years. That’s why those who want to become financial planners need to start at a very young age.
Financial Planning Careers
With so many companies having financial trouble and many more businesses suffering losses, financial planners are most needed. In fact, the Consumer Federation of America claims that there are over 250,000 financial planners; most of them are working for American Express.
In the near future, there will be a great need for financial planners. Most people in financial planning careers have to smart small but gradually expand their business. The key is to get a good education, good training, and get into the industry while it’s hot.