If you want to become a financial planner, you need to be aware of the studies and training that you need to meet the qualifications for this profession. Here are the things that you should know if you want to be a successful financial planner in the future:
Financial Planner Training Programs
A financial planner helps their clients to plan personal budgets, control expenses, set realistic goals in saving money, and apply strategies to accumulate wealth. The profession requires one to stay updated regarding developments in tax laws and watch for the latest financial products. A good sense of management approaches is especially useful when it comes to estates and retirement plans.
In general, you need to finish a minimum of a four-year bachelor’s degree program, preferably in a business-related or analytical field. This will make you more attractive in the eyes of companies, especially big ones who only hire individuals that have a bachelor’s degree in business or finance.
Financial Planning Undergraduate Programs
The Bureau of Labor Statistics or BLS notes that to become a financial planner, one can major in different fields like mathematics, finance and accounting. The important thing is that the coursework covers topics about financial management, basics of finance, and managerial economics. If you want to become a specialist, there are degree programs that provide a student the opportunity to major in fields like investment management, actuarial science, and private wealth management. Courses may also focus in developing technical skills such as economic forecasting.
Graduate Programs in Financial Planning
Students who seek advanced training can take a master’s degree in Business Administration or in Finance. Such programs usually need at least 30 proficiencies hours aside from finishing a bachelor’s degree. Through case studies, a student learns concepts that range from business to international finance. Coursework includes business law, financial modeling, global economics and leadership.
Financial Planner License Requirements
An individual who wants to become a financial planner needs to get the proper license, usually through completing comprehensive exams. An example is the Series 7 exam which allows anyone who passes to sell all kinds of securities. However, even if a person becomes licensed, a financial planner still has to complete requirements for continuing education in order to maintain his license.
Financial Planner Certification Options
After becoming licensed, a financial planner may opt to get voluntary certification from the Certified Financial Planner Board of Standards. To qualify as a Certified Financial Planner, you need to meet the minimum education requirements and requirements, show that you follow ethical standards in the industry, and pass an examination.
Career Outlook for Financial Planners
Financial Planning Magazine says that a financial planner that has been in the industry for one to four years receives an average yearly income of $59,000. The ones that have five to nine years of experience earn an average of $112,000 a year. Financial planners with more than 15 years of experience may expect to earn more than $300,000 annually. Based on those numbers you can see that this is a financially rewarding career. More than 15% of financial management professionals are now middle-class millionaires with a net worth that ranges from $1 million up to $10 million.
If you want to become a financial planner, then use this information as a guide to fulfill your goals.