If you're thinking about becoming a financial planner, you'll need at least a bachelor’s degree in either business planning/administration, finance, statistics, economics, or accounting. When you're looking at colleges, it's important to remember that your school choice reflects how serious you are about your future profession. You'll find it much easier to get a good job with a degree from a strong business program than from one with a less-than-stellar reputation. You'll also have better luck securing a top job if you pursue a master's degree after graduating from a four-year program.
Attending School to Work as a Financial Planner
Your school choice will be influenced by a number of factors, including your personal situation and the distance you're able to travel to pursue your degree. If you're just out of high school, you likely have more flexibility to travel to top programs than degree candidates who are settled with families.
Your financial situation may also prevent you attending a top program, since tuition at top universities can top $35,000/year. |
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However, given the considerable salary you can expect to earn working in this field, it may make sense for you to take out some student loans in order to attend a strong financial planning program.
When looking over your class options, it’s also a good idea to take extra courses that focus on taxes, legal issues, and risk management. These are some of the issues you'll need to deal with every day when working with clients and directing their money to potential investments. Remember, this isn't something that you can just dive into and feel your way out of – the risks can be extremely high since you're working with other people's money. If you don’t understand what you’re doing, or if you’re at all confused about something, you could get into legal trouble if you misrepresent your understanding and ability level to your clients and end up losing their money.
This is one of the reasons why there are different licensing requirements for financial planners depending on what type of accounts and investments you plan to deal with. For example, if you're planning to work as part of a larger company in an analyst position, you'll need to be licensed through the Financial Industry Regulatory Authority (FINRA). Your employer will sponsor you, so if you change jobs, you'll need to get this sponsorship moved and get your license renewed in order to keep current. If you're planning to become a personal financial advisor, you'll need to look into FINRA's Series 7, Series 66, and Series 67 licenses that will allow you to manage and sell different investment vehicles.
One of the most important things you can do while you're taking classes is to talk to your business professor or those who are actively involved in the business program at your college and let them know that you're interested in a career as a financial planner. They may have access to valuable resources that could be helpful to you or they may be able to recommend classes that will best prepare you for your career. You might also inquire as to whether or not the school offers any internships with investment firms that could help you better transition from your school career into that of a successful financial planner.
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