In financial planning, certification is one
of the most widely recognized credentials. Though no education is
explicitly required, passage of the Certified Financial Planner exam is
aided by diploma or master's programs in financial advising.
Certificate Programs for Certified Financial Planners
A personal financial advisor can earn the
Certified Financial Planner
(CFP) credential, one of the most recognized credentials for financial
planners. with three years of relevant experience and the passage of the
exam. Short certificate and degree programs which focus on preparation
for the CFP exam are common, and deal primarily with concepts, law,
mathematics and paperwork suited for online delivery.
Certificate programs for certified
financial planning
generally require little to no background in finance for entry;
however, most programs are recommended for college graduates or working
professionals. Programs focus their curricula almost solely on the
skills needed to take and pass the financial planner certification exam.
In addition to a computer and high-speed Internet connection, students may be required to purchase a financial calculator.
List of Common CFP Courses
Certificate programs generally cover topics found on the CFP exam, ranging from investment planning to income tax estimates.
Introduction to Financial Planning
This introductory course gives students an overview of the many
facets of financial planning. Student learn how clients' goals can be
achieved through saving and investments, while managing risk factors.
Investment Planning Course
The investment planning course covers the fundamentals of building
portfolios, allocating assets, and planning for clients' financial
futures. Additional financial planning topics include bond valuation,
derivative instruments and pooled investments.
This financial planning course provides an overview of the impact
that taxes have on financial future. Topics cover tax laws, tax
calculation methods, exclusions, deductions and credits. Student also
look at the levels of taxation as they apply to S corporations, limited
liability companies, C corporations, proprietorships and individuals.
Retirement Planning Course
This course covers skills in managing clients' retirement goals.
Lessons cover how to analyze retirement goals, types of retirement plans
and Social Security.
Nearly 62,000 personal financial advisors held the CFP designation in
2010, according to the Certified Financial Planner Board of Standards (
www.cfp.net).
Passage of this certification exam is generally what these smaller
certificate courses are focused on. The U.S. Bureau of Labor Statistics
recorded almost 150,000 personal financial advisors in 2009 and expected
to see over 30% growth in the financial planning industry from 2008 to
2018, a figure well beyond the average of all industries (
www.bls.gov). The average salary for financial advisors was $69,050 as of 2008, but this did not include bonuses typical of the industry.
Master's Degrees in Financial Planning
Many master's-level programs offered online provide emphasis in
financial planning as well as preparation for the CFP exam. Though not
as common as a bachelor's degrees, the master's degree can provide a
gateway to employment as a manager of financial practices.
As a master's degree, the online program requires students to have an
accredited bachelor's degree. This program entails a full
graduate-level curriculum with approximately 40-50 credits of
instruction
CFP Courses at the Master's Level
Master's-level financial planning programs are typically founded on a
business or economics curriculum. As such, the financial curriculum is
augmented by graduate-level classes in research and management.
Estate Planning Course
This class covers all financial aspect of estates, including
ownership, transfer, settlement and taxes. In addition to practical
study, students also look at ethical issues in the field of estate
planning.
Insurance and Risk Management Course
In addition to monetary growth, financial planners must also learn to
manage the risks clients encounter. Topics in personal, property,
disability and other insurance help students learn about options for
individuals or families.
Financial Planning Practicum
At the graduate level, students take one or more of these 3-credit
courses which study financial planning cases. Student may be required to
arrange these cases with a local financial firm, but most often the
case study analysis is set up by the school.
Despite the fast growth in financial planning, the U.S. Bureau of
Labor Statistics expected a highly competitive market for personal
financial advisors (
www.bls.gov). Though a master's degree is not
required for employment as a CFP, students with these degrees may stand
out among a growing pool of applicants. Master's degree-holders may
also be eligible for positions managing a group of financial experts.
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