"So, how many G's are you pulling in these days? How are your investments shaping up?" Not typical dinner conversation, that's for sure. That's because nobody wants to share the truth about their personal finance with friends. But if you want to be able to ask these kinds of questions and help people determine their best personal finance solutions, a financial planning career may be right for you. The Financial Planner
Financial planners provide analysis and guidance to help people with their investment decisions. After a client consultation, the planner develops a comprehensive financial plan based on knowledge of investments, tax laws, and insurance. The plan identifies problem areas, makes recommendations for improvement, and selects investments compatible with the client's goals, attitude toward risk, and need for a return on the investment. Planners may address issues of retirement and estate planning, funding for college, risk management, and general investment options. Some planners also buy and sell products such as mutual funds or insurance, or refer clients to other companies for services such as tax and will preparation. The Financial Planning Plan
A bachelor's degree in accounting, business, economics, finance, financial planning, law, or math provides good preparation for a financial planning career. Courses in estate planning, investments, risk management, and taxes are also helpful. Once you've completed your schooling in financial planning, you may pursue the certified financial planner certification, or CFP certification, issued by the Certified Financial Planner Board of Standards Inc. The 10-hour certification exam tests your knowledge of the financial planning process, insurance and risk management, employee benefits planning, taxes and retirement planning, investment and estate planning, debt management, planning liability, emergency fund reserves, and statistical modeling. To advance your financial planning career, you may also choose to pursue the Chartered Financial Consultant (ChFC) designation, issued by the American College (Bryn Mawr, PA). This financial planning designation requires experience, the completion of an eight-course program of study, and continuing education. The Financial Planning Payoff
According to the U.S. Bureau of Labor Statistics, in 2004, financial planners made an average annual salary of $62,700, and held 158,000 jobs. More than half of all financial planners work for finance and insurance industries such as securities and commodity brokers, banks, insurance carriers, and financial investment firms. Four out of 10 financial planners are self-employed. Overall employment in financial planning is expected to increase faster than average for all occupations through 2014 due to increased investment by individuals. In addition, people are living longer and therefore need to finance more years of retirement. Be sure to save the awkward dinner conversations for a session in your financial planning career.
About the author:
Robyn Tellefsen is a frequent contributor to The CollegeBound Network. Learn more about finding a school that's right for you.
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