A financial planning degree is an internationally recognized qualification, requiring completion of a formal program of study. Holders of related business degrees can also work as financial planners. Admission requirements vary, but high grades in English and math are typically expected. Financial planners work with individual clients to manage and generate wealth. Success depends on the company and clients, with experience and achievement often valued over education. Degree length varies, and certification through professional associations is common, such as the US Certified Financial Planner (CFP) certification.
A financial planning degree is the most internationally recognized qualification in the field. To earn an accredited degree, a candidate must complete a formal program of study at an institute of higher learning. Holders of a bachelor’s degree in related business disciplines such as finance, economics and accounting can also find work as financial planners. Many institutions at both the undergraduate and graduate levels offer degree programs in financial planning.
While the exact admission requirements depend on the institution, a good financial planning degree program will typically expect applicants to have high grades in high school in both English and math. Students need to have completed a bachelor’s program in a cognate discipline to gain entry to a master’s program in financial planning, and the master’s in turn can form a foundation for further study at the doctoral level. Very few financial planners pursue a doctoral degree in financial planning unless they plan to teach the subject or are interested in contributing research to the field.
Financial planning refers to a type of financial advice tailored to the needs of individual clients, as opposed to companies or other organizations. Financial planners work closely with their clients to decide on strategies for managing and generating wealth. They often forge long-term relationships and revise their plans to suit changes in the economy or their clients’ own circumstances and financial goals.
Success in a financial planner’s career depends on which company he works for and, by working independently, the clients the financial planner can attract. The best companies and clients are often more interested in the financial planner’s experience and record of achievement than their levels of education. Most financial planners only have a bachelor’s degree, choosing to invest their time after that first degree in building their portfolios and accumulating experience.
The length of a financial planning degree varies by level. A bachelor’s degree usually takes between three to five years to complete; a master’s degree, between one and three; and a doctorate, between three and five. It is also common for professionals to seek certification and join professional associations. One of the most well-known credentials in financial planning globally is the US Certified Financial Planner (CFP) certification. To earn this certification, candidates must possess an appropriate bachelor’s degree, three years of work experience, and pass the CFP certification exam and background check.
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