How to Become a Licensed Consultant

Consultants must be licensed to legally advise clients.

Licensed consultants are also called certified financial consultants, financial planners and financial advisors. They often work either as independent consultants on their own or with financial firms where they handle varying degrees of consulting work. Some consultants specialize in one particular area, while others offer a broad range of services. Typical duties include handling investments, assisting with insurance policies, setting up retirement plans and advising clients on tax procedures. The minimal certification requirement for working as a licensed consultant is passing a certified financial planner (CFP) examination and becoming certified as a CFP.

Instructions

1. Earna bachelor's degree. No specific major is required, but degrees in such areas as business, finance, accounting or mathematics are more desired.

2. Earn a master's degree. Having a master's degree is optional, but is highly desired by large financial firms. MBA's with a concentration in finance or accounting are ideal.

3. Register and take the CFP exam. You can register by creating an account on the CFP Board website (see Resources). After you complete your registration, you can sign in and select when and where you want to take your exam. To take the exam, you must submit the appropriate testing fee along with copies of your college transcripts.

4. Obtain full-time work as a financial consultant. You must have three years of relevant work experience before you can apply for your certification.

5. Log back into your account on the CFP Board website and fill out the "Application for CFP Certification." Submit it along with the application free. Wait for approval of your certification as a financial planner.

Tips & Warnings

• Some states may have other licensure requirements in addition to the CFP. Check with your state government and the Securities and Exchange Commission about requirements for your particular situation.

References

• Education-Portal.com: Certified Financial Consultant Career Information and Requirements
• CFP Board: Guide to CFP Certification

Resources

• CFP Board: Apply for the Exam Online