Become a Certified Financial Planner!

Finance is big business in America, whether you are an investor, a banker, an accountant, or simply a consultant for other people or businesses that need help managing their finances. You will find many people, from bankers to insurance agents who may refer to themselves as a “financial advisor” or “financial planner.” You can become a financial planner with little more than some courses in finance and a securities license. A series 63 license, for example, allows a person to give advice on bonds and mutual funds. To give advice on stocks, options, futures, and other complex investments, a Series 7 license is required.

Schools offering a certified financial planners course:

Becoming a “certified financial planner” is a different matter. The CFP designation is tightly regulated and requires an 8 hour test before an individual is permitted to use it. While there are numerous crash courses that promise to enable you to become certified after only a week or two of study, your best bet is to enroll in a certified financial planners’ program. These programs are offered through numerous online business schools. Some schools actually guarantee that you will pass the national test, or they will allow you to retake courses at not cost.

The CFP study program can be completed in 6 to 12 months, depending on the time you can put into it. You will study general finance, tax law, insurance, estate preparation, preparation of wills, and more. You will take 4 to 6 separate courses, and usually must complete them sequentially.

How much does a certified financial planner earn?

In deciding to pursue this very challenging program of study, you may be asking yourself, what is the average salary of a financial planner. The answer varies according to area and the type of business you work in . If you develop a reputation for highly accurate advice and planning that people trust, you could find yourself making six figures in just a few years, even if you decide to simply hang out your shingle and establish your own agency. When you have the CFP designation, you can not only sell investment products, for which you will receive a commission, but you can also charge for your services. It is not uncommon for a CFP holder to receive $750 to $1500 for a two or three hour appointment in which you provide planning advice to a retiree. Once you have a clients, you will usually collect annual fees for maintaining and update their financial plans.

If you work through a brokerage or other financial institution, your salary will depend on your exact position and on your years of experience. Everyone knows that the CFP designation is not easy to earn, and they are willing to pay for those who have it. However, the Career Research Center reports the median salary of a certified financial planner at just under $60,000.