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Anyone who's seriously interested in becoming a financial planner will need to have at least a bachelor’s degree in a field like business planning/administration, finances, accounting, contracts, statistics, or economics. However, this is generally just the tip of the iceberg, since many companies also ask that you have an extensive understanding of corporate budgets, financial analysis methods, and accounting procedures and policies. So, when you're considering your course work for college, it’s important to make sure that you take classes that prepare you for these aspects of your chosen career field.
Education and Training for Financial Planners
However, in today’s highly competitive financial market, many financial planners are finding that they need master’s degrees in business just to get a foot in the door at well respected companies.
Fortunately, it's easier than ever to earn your MBA, since many colleges and universities now offer evening programs, accelerated track degrees or even online classes. |
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In addition, if you hold a junior position with a financial firm, you may find that your employer offers tuition reimbursement to pay for the education you'll need to earn a prime job as a financial planner.
To get a better feel for the qualifications and experiences you'll need to work as a financial planner, start asking around. If you know which specific company you'd like to work for, try contacting their Human Resources department to find out from them directly what they're looking for in an employee. It’s also a good idea to check into internships that may be available through your college. These opportunities will give you valuable experience in the industry and may help increase your chances of getting a full-time job with the company you’re interested in. If you can't find an internship, see if your college has a program that connects you with alumni who have gone on to work as financial planners.
Outside of your education, you may be required to hold different licenses in order to work as a financial planner. The specific licenses you need depend on what sector you focus in, although most of your required licenses will probably come from the Financial Industry Regulatory Authority (FINRA). If you decide that you’d like to work an analyst, you'll have to have an employer to sponsor you before you apply for the majority of your licenses. However, don’t worry if you aren’t completely licensed to work when you go in for job interviews – this is considered normal for new financial planners.
If you plan on dealing with individuals and families as a personal financial advisor, then you'll likely need to earn your Series 7, 66, and 67 licenses. The Series 7 license also requires that you get sponsorship from a company, so you'll need to find a job before you can take the exam. This license demonstrates that you're registered as an actual representative of a larger securities firm and that, as such, you have their permission to give out financial advice. Even if you're self-employed, you'll still have to maintain a very close knit relationship with a larger securities firm in order to keep your sponsorship and your license.
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