Certified Financial Planner

Entering the financial services sector is both a lucrative and competitive prospect for a new graduate. Certified Financial Planners, a key pillar of the sector, are subject matter experts on not just investment advisory and financial planning, but must also possess comprehensive knowledge of tax strategies and estate planning too. This career guide will serve to not only help you determine if this is the right path for you, it will also provide you with a comprehensive overview of the career path, required skills, and relevant online courses to support your learning journey.

Types of Financial Planning

As a financial professional, you will provide financial advice to clients with a variety of needs. Depending on where you work, your client base may be individuals or institutions. The largest two categories of financial planning are:

1. Investment Planning: this considers financial goals, including retirement, education, and major purchases. You will manage client portfolios consisting of stocks, bonds, and other investment vehicles.
2. Retirement Planning: this encompasses income planning, asset allocation, tax-efficient strategies, and estate planning. The aim is for clients to have sufficient income to meet their needs during retirement and preserve assets for loved ones.

Required Skills

There are a number of skills that Certified Financial Planners must acquire and develop to perform this complex and multifaceted role. They include both hard and soft skills including:

• Knowledge of financial products and services: This includes a deep understanding of the various financial products and services available to clients such as investments, insurance, and retirement accounts.
• Analytical and problem-solving skills: Financial Planners must be able to analyze their clients' financial situations and provide practical, tailored solutions.
• Communication and interpersonal skills: Financial Planners must be able to effectively communicate with clients and explain complex financial concepts in a clear and understandable way.
• Sales skills: Financial Planners must be able to persuade clients to invest in their services and products.
• Attention to detail: Financial Planners must be detail-oriented and accurate in order to properly manage client portfolios.

How to Become a Certified Financial Planner

There are a few different ways to become a Certified Financial Planner. The most common path is to earn a bachelor's and Master's degree in a business field (like economics, accounting, or finance), and then complete and pass the CFP certification exam. The exam is administered by the CFP Board and consists of 170 multiple-choice questions.

Job Outlook

The job outlook for Certified Financial Planners is expected to grow faster than average in the coming years. This is due to the increasing demand for financial planning services from aging baby boomers and millennials.

Career Growth

There are many opportunities for career growth for Certified Financial Planners. With experience, they can move into management positions, become partners in financial planning firms, or start their own businesses.

Online Courses

Online courses can be a great way to learn about financial planning and prepare for the CFP certification exam. There are many different online courses available, so it is important to do your research and choose one that is reputable and will meet your learning needs.

Online courses can provide you with the knowledge and skills you need to be successful in this field. Through lecture videos, projects, assignments, quizzes, exams, discussions, and interactive labs, you will gain a comprehensive understanding of financial planning concepts.

While online courses can be a helpful learning tool, they are not enough on their own to prepare you for a career as a Certified Financial Planner. You will also need to gain practical experience through internships or work experience.