About Colleges for Financial Planning

The occupation of financial planner can take on many guises, from banker to estate planner to stock broker to Certified Public Accountant. One of the most sought-after and respected credentials anyone involved in the financial planning industry can obtain is the CFP, or Certified Financial Planner designation. This certification is only awarded by the Certified Financial Planner Board of Standards Inc., but there are a number of colleges and universities that offer courses designed to help you achieve that certification.

History

The CFP board was established in 1985 as an independent, professional organization in order to standardize, regulate and educate its membership. Acting in the public interest, the board is responsible for establishing professional standards in the financial planning industry. The board requires a Bachelor's degree or equivalent in addition to certain other educational and experience requirements before it will award the CFP certification. The CFP fosters more than 300 college level academic programs at colleges and universities across the United States.

Significance

Jobs Rated Almanac ranked Personal financial planning as the number 1 profession in America in 2000. In order to stand out among the legions of individuals claiming expertise in the field, many professionals seek the additional credentials offered by awarding agencies in the industry, including the CFP designation. More than 56,000 people have been certified as Certified Financial Planners by the Certified Financial Planner Board of Standards. Because education is a prime prerequisite of the certification, many colleges and universities have begun offering CFP Board-Registered Programs to their students.

Function

A financial planner helps businesses and individuals organize their finances and make informed decisions about their investments, savings, retirement, insurance, debt load, living expense, estate, taxes and many other issues involving money. Colleges for financial planning help to prepare these professionals to be able to accurately assess their clients' situations and to make appropriate recommendations.

Effects

CFP Board-Registered Programs are designed to provide college level instruction to financial planning professions who wish to fulfill the Board's educational requirement. Candidates for the CFP designation are not eligible to sit for the CFP Certification Examination until they have completed the education component. Only regionally accredited colleges and universities are permitted to offer these course and many of the courses can be applied to the students degree program.

Benefits

Attending a college for financial planning and completing the prescribed program prepares the student to take the CFP Certification Examination. By completing the program and passing the exam, the student will have 2 of the core requirements for the CFP designation. By obtaining a Bachelor's degree from the college the student will have completed a third requirement. Obtaining the CFP certification significantly increases the credibility of the financial planning practitioner and can significantly increase his or her income potential.

Resources

• Directory of CFP Board-Registered Programs