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A Certified Financial Planners course of study leading to a certificate is not difficult for someone with an educational background in business or finance. It is a comprehensive program though and will take dedicated study and effort. If you take one of the many online course of studies you can work at your own pace. In most cases the tests and exams are structured so that you can retake them until you have mastered the material. Anyone who is diligent with their studies and follows the course outlines will not have any problems earning their certification.
To obtain the Certified Financial Planner (CFP) designation you should take coursework at a school that has been registered by the Certified Financial Planner (CFP) Board of Standards. You can find a listing of colleges and universities that are CFP approved on the CFP website (http://www.cfp.net). The CFP Board establishes the educational requirements and the classes are designed to properly prepare you to take the CFP Certification Examination by requiring certain core courses be included.
Different Paths to the Same Goal
There are two basic career paths that can prepare you for certification. The first is to obtain a Bachelor’s, MBA or Ph.D. in finance, accounting, economics or business management, and then take the exam after working 3 years in the field. The second path to certification is to attend a non-credit certificate program after obtaining 3 years of experience in a finance related job.
The CFP Board of Standards recommends taking a CFP certification study program even if you have a degree. The exam includes questions on current issues and laws that frequently change.
A Range of Topics for a Great Career
Whether you choose to complete a financial planner degree or a separate certification course, you will find the CFP core courses and other classes covering topics the school adds. Each educational institution can add related topical courses determined to be beneficial to students. The goal is provide a supplemental education on topics financial planning practitioners need.
What kind of course titles will you find in these programs? Here is a sample of the financial planning classes actually offered at universities, colleges and continuing education schools that are CFP board registered.
- Fundamentals of Personal Financial Planning – learn government regulations, developing financial statements, reading economic indicators, assessing time value of money and much more
- Principles of Financial Analysis – learn how to analyze client financial statements, read case studies, develop financial strategies in various economic climates, match financial goals to strategies, investigate various investments
- Fundamentals of Risk and Insurance – learn about different types of insurance, reading insurance contracts, developing contract proposals, incorporating insurance in an investment portfolio, evaluating tax consequences, measuring risk
- Investment Management – learn about all types of investments clients might be interested in including stocks, bonds, fixed income securities, derivatives and pooled investments
- Retirement Planning – learn about tax-deferred retirement plans, IRAs, completing a needs analysis
- Managing Employee Benefits – often combined with retirement planning, learn about Social Security, Medicare, qualified and nonqualified plans, distribution rules, employee plans
- Estate Planning – learn tax management including tax deferral and estate tax calculations, gifting strategies, estate management, powers of appointment
- Tax Planning – learn important income tax laws and tax management related to investment, retirement and estate planning
- Ethics for Financial Planners – ethical considerations as related to financial planning and handling of other people’s assets
When you take these classes you will learn specific information needed to perform the duties of a financial planner. This material can be included in a degree program but is offered as stand-alone learning modules too. Once you complete the program, you can visit the CFP Board of Standards website and schedule a time to take the exam.
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