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When you decide to become a financial planner, you must be certified by the Certified Financial Planner (CFP) Board of Standards which requires taking an exam. But to earn the right to take that exam you must first earn a certified financial planner degree or other business degree at an educational institution that is accredited by the CFP Board of Standards.
You can also complete an accredited non-credit program offered by universities, colleges, and continuing education schools even if you have earned a degree in a non-business field. There is also a requirement that you have 3 years relative working experience before being awarded certification.
You want to choose the right certified financial planner training program for your circumstances. In order to do so you should take several factors into consideration.
Major
One of the first things you need to consider is the type of major you wish to pursue. All educational programs are not all things to students. Typical degrees financial planners earn include degrees in business administration, accounting, economics and finance. Degrees in mathematics and statistics are also relevant if you hope to work in financial analysis.
You can also choose from among a number of careers representing specialties in financial planning. You might want to become a fund manager, ratings analyst, or wealth manager of private investments. In that case the certified financial planner programs need to offer specialty courses in topics like investments, tax planning issues, financial statistics or risk management for example.
Accreditation
When you are doing research on schools offering students financial planner certifications, you should be careful about the use of the word accreditation. Accredited financial planner and financial advisor programs should have earned accreditation through the CFP Board of Standards. Schools have other accreditations too, such as through the U.S. Department of Education.
Both online and brick and mortar schools are accredited. The accreditation process is your assurance that you will be taught the core requirements needed to pass the certification exam. There are approximately 89 different financial planning topics that you must become knowledgeable about before taking the exam.
Location
Many people are already degreed and working when they attend a program for financial planner certification. In that case they will want to attend a school that is geographically close. Another option is to take an online course.
Students working on a degree full-time must also decide between going to a local brick and mortar school or attending online. It is always recommended that you consider at least two or three options. For example, you can look at one local college and two online programs.
Class Scheduling
You should also look at the course and program schedule for earning a degree or certificate in financial planning. Are the courses offered during a time you can attend? Is there flexibility in course scheduling or are you limited to a rigid time schedule? Is there a choice of time tracks like a 1 year versus 2-year program?
Online Education
Students today are fortunate in that they can attend school online and earn a financial advisor certification for a career in financial planning. You can earn Bachelors and Masters Degrees also. Online schools offer:
- Access to classes during times that fit your schedule
- Online book ordering
- Online testing
Online education is growing by leaps and bounds because it is so convenient. When you are working on a degree through distance learning, you will find many schools offer webinars, live instruction through the use of web cams, videos, message boards and interaction with other students using technology.
A number of programs for financial advisor certifications are structured as modules. The modules are divided into subject areas like fundamentals of financial planning, tax planning, retirement planning and estate planning. You complete one module at a time at your own pace.
Cost
Another factor to consider when choosing a school is cost. Online programs are usually cheaper than classes at traditional universities and colleges. You don’t have to pay for parking, housing and student activity fees for example. Many of the instructional materials can be downloaded in electronic form.
You should not automatically let cost rule out a school though. Many people can qualify for financial aid for both offline and online courses.
There are many factors to take into consideration when you are ready to choose a school and become a certified financial planner. It’s important to do research on the schools to be sure you attend one that properly prepares you to pass the CFP exam and gives you the educational foundation you need for a successful career.
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