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What is Financial Planning?

Financial Planning is a field of study emphasizing the use of money and investments. A financial planner is someone who assists people to choose the most suitable investments based on their age, profession, personal objectives, and financial status.  Simply put: in order to amass wealth you need to direct a significant amount of your disposable income towards viable investments.

From an academic standpoint, disposable income is defined as the net difference between earnings and expenditures.  As a matter of course, a financial planner does not only help advise people how to earn more income they also assists clients to optimize expenses to create more disposable income through a variety of insurance and other cost cutting financial products.

Degree Median Salary vs Adjacent Degree Types

Source: BLS, US Census, and IPEDS

2024 Best Financial Planning Degree

Financial Planning is one of the four concentrations that students may specialize in while earning their degree. The top ranked financial planning degree at Bentley University ranked as the top 25 best Online MA in Financial Planning Degree Programs in the year 2017-2018. The other three finance electives are, Corporate Finance, Capital Markets and Sustainable Investing. This accelerated program is selecting high-performing students.

Acceptance Rate

46.72

Student to Faculty Ratio

11:1

The Finance Department at the University of Connecticut serves their students the knowledge and skills that they will need in a wide range of finance-related fields. In this department, MS in Financial Risk Management is being offered and it can be taken online. They assure their students that though classes will be held online, they will still provide a dedicated Career Development team that is willing to support them throughout their journey. Weekly meetings with risk and finance experts will be conducted.

Acceptance Rate

49.42

Student to Faculty Ratio

16:1

The Financial Planning Certificate program is offered at Southern Methodist University. Here, students may earn the credentials that they need to pursue a life-changing career. They will receive comprehensive financial planning services that focus on high-quality client service. They can complete the program in just eleven months. This program also offers convenient evening and weekend classes.

Acceptance Rate

47.29

Student to Faculty Ratio

N.A

The finance degrees at Baylor University gives enrolled students deep knowledge about the decision-making processes that occur in managing and acquiring assets that create profit. Corporate and finance are the two unique focuses on this major. Students will learn about the research and acquisition of assets in a company while they study corporate finance. The study of investment gives emphasis on the value of financial securities and corporate portfolio management.

Acceptance Rate

45.33

Student to Faculty Ratio

14:1

The Financial Counseling and Planning degree at the Purdue University is using the latest industry software and technology while teaching how to solve financial case studies. They guide and support their students who participate in case study competitions in financial counseling and planning. They also motivate the students to get involved with the community service-learning projects. Students here are required to take an internship in a variety of settings including brokerage firms, insurance agencies, financial planning firms and banks.  

Acceptance Rate

59.83

Student to Faculty Ratio

13:1

The Executive Financial Planner Certificate program at San Diego State University gives you a one step forward in earning CFP certification. Upon completion of this program, you will be eligible to sit on the CFP board examination. This program made it possible for those who are currently employed to still receive opportunities in getting an outstanding education. To know the admission qualifications, you may visit the SDSU website or reach out to the admissions department.

Acceptance Rate

34.13

Student to Faculty Ratio

27:1

BSBA in Finance is offered at the University of San Francisco. They equip their students to be prepared in facing and navigating the world of financial capital. They instill to their students that financial management in an honest and scientific financial tool that can increase social wealth. They will know the efficient and responsible way of using funds. 

Acceptance Rate

64.42

Student to Faculty Ratio

13:1

A major in Financial Planning is offered at Temple University. They teach their students how to establish the goals of their potential client. Students will also learn how to analyze the current financial status of a client. They will be trained to develop and present recommendations to meet client goals. 

Acceptance Rate

60.04

Student to Faculty Ratio

14:1

The Financial Planning Certificate at Bryant University advocates strong respect to their professional students. This program is competitive but has time flexibility. They are dedicated in delivering a “best of breed” online curriculum where students can expect a multi-level support from expert instructors. This program can robust knowledge and be a stepping stone in passing the CFP certification examination. 

Acceptance Rate

70.99

Student to Faculty Ratio

13:1

University of Delaware offers a Financial Planning and Wealth Management degree program.  Completion of this program gives you a chance to pursue a career in an in-demand industry. You will be trained to develop the much-needed skills in financial management. You will be hired by individuals or businesses because of the job satisfaction you can provide.

Acceptance Rate

71.36

Student to Faculty Ratio

15:1

Certificate in Financial Planning at DePaul University has been widely recognized in developing skills in financial planning since 1999. Students here develop a comprehensive financial plan. As a result, they hone the abilities and skills that clients and companies are seeking. This program requires 6 courses to finish. 

Acceptance Rate

68.22

Student to Faculty Ratio

15:1

Creighton University offers an online graduate certificate program in Personal Financial Planning. This program is best suited for finance professionals who seek to energize their careers and who want to earn CFP certification so they can serve their clients better. This program aims to educate its students on how to analyze personal financial situations and evaluate accurately the objectives of a client. Completion of this program results in acquiring the skills to develop a comprehensive financial plan using a six-step planning process.

Acceptance Rate

73.71

Student to Faculty Ratio

11:1

Students who want to acquire fuller knowledge of their own financial affairs get attracted to the Financial Planning major at Saint Joseph’s University. This major provides understanding of today’s financial markets. Students here successfully develop skills that can help investors in facing financial management problems. Majors will learn about personal financing planning, retirement planning, estate planning and insurance.

Acceptance Rate

74.98

Student to Faculty Ratio

11:1

An online MBA degree in Financial Planning is available at California Lutheran University. This online degree program is ACBSP-accredited and a CFP board-registered. California Lutheran University takes so much pride when this program is considered to be among the country’s most intensive and comprehensive master-level programs for financial planning. This is offered fully online with a full-time or part-time course load.

Acceptance Rate

71.42

Student to Faculty Ratio

16:1

Professional Financial Planning Certificate can be taken at the University of Redlands. Their advisory committee consists of people from private and public organizations. These committee members are responsible for shaping the curriculum, identify new trends in the discipline and lead the development of future offerings. They also strive to expand partnership opportunities with professional associations. 

Acceptance Rate

76.41

Student to Faculty Ratio

12:1

College of Our Lady of the Elms offers a master of science degree in Accounting and Financial Planning. Completion of this program assures an employer that you have the capability to provide competent and ethical financial planning services. Elms College also offers a graduate certificate in Financial Planning. This makes them the only Western Massachusetts institution who offers a live classroom setting for teaching financial planning.

Acceptance Rate

75.09

Student to Faculty Ratio

11:1

Financial Management Certificate can be earned at the CUNY Queens College. The courses required for the completion of this program are Intro to Accounting and Cash Management, Ethics and Corporate Social Responsibility, and Financial Statements Analysis. This certificate is invaluable to those who wish to prove that they understand the language of finance. This will also verify your ability to make smarter decisions in any function, giving a best business performance. 

Acceptance Rate

48.79

Student to Faculty Ratio

15:1

There are two programs that are offered at Molloy College: The Certificate Program in Financial Planning and The Undergraduate Minor in Personal Financial Planning. Both of them are registered with the CFP Board as an acceptable education to sit for the CFP Certification Examination. The Certificate Program in financial Planning is offered to people who already have a bachelor’s degree and are not interested in an advanced degree. The Undergraduate Minor in Personal Financial Planning is designed for people who need to meet the requirement to at least have a bachelor’s degree.

Acceptance Rate

77.96

Student to Faculty Ratio

10:1

You can study Family Financial Planning online through Oklahoma State University. This program is suited for people who are passionate in helping others reach their financial goals and dreams. The curriculum they provide includes topics such as retirement planning, personal income tax, estate planning and many more. This Master of Science degree program aims to prepare you for a career creating and delivering financial strategies.

Acceptance Rate

69.98

Student to Faculty Ratio

19:1

Certified Financial Planner Certificate program is now offered online at the University of North Florida. They designed a Financial Plan Development Capstone that integrates the material from program individual courses. Students admitted here are only those who have already finished all previous program courses or have met CFP Board criteria for challenge status. This course is tailored as a casework course with cases that closely reflect realistic cases that students might encounter as a financial planner.

Acceptance Rate

72.28

Student to Faculty Ratio

19:1

Students who studied Financial Planning at SUNY College of Technology at Alfred were not just able to analyze personal finance problems, they also learned how to devise solutions. They have improved their critical thinking skills and use decision support tools and decision-making processes in solving complex problems. The Financial Planning program continues to educate students on formulating financial plans as they integrate major functional areas of business as well as personal finance. That is why their graduates can identify comprehensive personal finance issues and communicate solutions.

Acceptance Rate

66.74

Student to Faculty Ratio

18:1

MS in Taxation and Financial Planning at Widener University can take you further in the field of finance industry than you could ever imagine. Their faculty consists of industry-shaping members who are dedicated in imparting skills and knowledge that is beyond what the CFP exam requires. This is a flexible and on-campus course. Upon graduation you will be prepared for a comprehensive financial plan for both businesses and individuals alike.

Acceptance Rate

71.9

Student to Faculty Ratio

13:1

You can find the Personal Financial Planning degree offered by Central Michigan University. This program’s mission is to provide their students the expertise needed to pass the CFP Examination. Being a certified financial planner leads you to satisfying careers in the financial industry. This program is in line with CFP Board of standards, so students can expect that they will take courses in taxation, insurance and retirement and estate planning.

Acceptance Rate

69.51

Student to Faculty Ratio

20:1

A top rated Financial Planning Certificate is available at the University of Michigan – Dearborn and it has three goals. First, they aim to help their students be able to explain on their own the components of financial planning. Second, they make sure that as their students graduate, they must be able to develop a retirement savings plan for an individual. Lastly, students should be able to describe an ethics framework for a personal financial planner.

Acceptance Rate

61.96

Student to Faculty Ratio

17:1

Master of Business Administration degree in Financial Planning is available at DeSales University. This MBA program that they offer is top-ranked by US News and World Report, OnlineMBAToday.com, and Lehigh Valley Business. This University is known for their unparalleled flexibility and superior personal service. They conduct open enrollment policy so anyone interested can start the program at any point throughout the year.

Acceptance Rate

78.82

Student to Faculty Ratio

14:1

Financial Planner Certificates

As with many other fields of study, there are necessary certifications which stand as proofs of competence for financial planners of all stripes. The most recognized certifications for financial planners are Certified Financial Planner (CFP), Chartered Financial Analyst (CFA) and Chartered Financial Consultant (ChFC).

The regulatory body for financial planners is the same body that administers the certification examinations and also issues certificates after examinations. This body is known as Financial Industry Regulatory Authority (FINRA).

While having a relevant degree and certifications are requisite to start, going on to obtain a Master degree in Business Administration (MBA) will help you stand out and likely give you a formidable edge over other candidates when it comes to securing a desirable, long-term job.

Top Degrees in Financial Planning

Financial planners spend their time advising clients on a variety of financial plans leveraging various investment strategies to help clients achieve their goals.  These strategies can include: equities, tax, insurance, real estate, bonds, commodities, and other investment instruments.

Prospective students looking to earn a degree in financial planning will have many options to choose from.  Options span from certificates through graduate programs from colleges and universities of all sizes.  To add to the myriad choices, students can also take distance learning classes and earn a degree remotely.  In an effort to help you make sense of the choices available, we have provided a summary of degree paths along with a means to connect to accredited colleges and universities on this resource portal.

Financial Planning Certificate Programs

Certificate programs for financial planners are specialized programs that focus on a particular area of study or specialty.  A certificate for financial advisors is designed to help qualified students and working professionals the knowledge, skills, and credibility to expand their tool set.  In fact, there are a number of certificate programs that you can consider for your future as a function of your career objectives and overarching goals.  Examples of certificate programs available from top ranked business schools include the following:

  • Wealth Management Certified Professional
  • Certified Financial Planner
  • Retirement Income Certified Professional
  • Chartered Financial Consultant
  • Financial Services Certified Professional
  • Chartered Life Underwriter
  • Chartered Advisor in Philanthropy
  • Accredited Estate Planner
  • Chartered Advisor for Senior Living
  • Chartered Leadership Fellow
Financial Planning Bachelor's Degrees

A bachelor degree in financial planning can be conferred as either a Bachelor of Science (BS) or a Bachelor of Arts (BA).  Bachelor degrees will typically take 4-years of full-time matriculation to complete.  Part-time students will take longer as a correlation to the school’s academic requirements and course load.  Both the (BA) and (BS) degree meld general education courses with core finance classes.

Liberal arts classes for financial planners will often include history, communications, philosophy, sociology, biology, psychology, and creative writing.  Core classes will generally cover a set array of finance and business topics from school to school.  As an example, a leading business school includes the following in their financial planner core:

  • Computer Applications
  • Probability & Statistics
  • Financial Accounting
  • Organizational Behavior
  • Business Law
  • Managerial Accounting
  • International Business
  • Marketing
  • Corporate Finance
  • Human Resources Management
  • Economics
  • Business Operations
  • Taxation
  • Financial Planning & Retirement
  • Estate Planning
  • Insurance
  • Investments
Financial Planning Master's Degree

Master’s degrees for financial planners can be conferred as a Master of Science (MS), Master of Arts (MA), or a Master of Business Administration (MBA).  The program’s curricular design and program emphasis will dictate how a degree is conferred.  The most popular path for financial planners is the MBA.  An MBA is a graduate degree that will generally require students to have work experience and/or a baccalaureate degree from a regionally or nationally accredited institution or a tertiary degree equivalent to a baccalaureate degree.

Upper level courses found in a master’s degree program are created to provide a substantially deeper level of understanding compared to other degree and certificate programs.  Examples may include classes such as financial theory, quantitative finance, advanced corporate finance, fixed income securities, speculative markets, analysis of financial markets, advanced risk analysis, security valuation, and investment for sustainable growth.

Employment & Finance Specializations

The world of finance provides an enormous opportunity for finance majors.  The combination of financial know-how coupled with great communication skills can open many doors.  From traditional financial planning firms to stand-alone firms, students may find gainful employment in various organizations.

Finance specializations can be used to gain entrance into highly desirable firms while working towards certifications.   Specializations may include: recruiting, sales management, human resources, business management, venture capital, marketing, public relations, advertising, and banking.

Top Job Duties of a Financial Planner

During the course of your research of financial planning, you may ask yourself what does a financial planner do?  Great question!  The Department of Labor recently polled financial planners from around the country to better understand this very question.  The result was a detailed view of what financial advisors do on a daily basis.  This unique peek inside the profession helps prospective students and business professionals a real understanding of the vocation.  The top duties of a financial advisor include the following:

  • Interviewing clients to understand their goals, objectives, income, insurance, tax status, risk tolerance, and expenses prior to presenting a comprehensive financial plan
  • Communicating with clients to explain financial strategies and answer questions, including trust officers, attorneys, bankers, and/or accountants
  • Providing financial solutions of all types including investment planning, insurance coverages, cash management, and other financial instruments
  • Analyzing personal information and financial records to assess a clients’ needs
  • Creating and implementing a financial plan with clients
  • Managing existing portfolios and financial plans to determine if life changes or economic vacillations necessitate a modification to the plan
  • Translating data and financial metrics into meaningful terms for clients
  • Growing a client base while maintaining a set of existing clients
  • Researching a variety of investment opportunities that align with risk tolerance and an overall financial plan
  • Managing market trends and performance to ensure a financial plan is aligned with the proper investment vehicles
Common Job Titles of a Financial Planner

As you point towards a future in financial planning, you will need to understand the vernacular of the industry.  In fact, some financial planners perform the exact same job function as a wealth manager yet two professional carrying a title of financial advisor may perform different job functions.  To help you understand the breadth of job titles for a financial planner, we have culled a list of the most popular titles below.

  • Financial Advisor
  • Personal Financial Advisor
  • Financial Counselor
  • Financial Consultant
  • Retirement Income Consultant
  • Financial Analyst
  • Chartered Financial Consultant
  • Investment Advisor
  • Portfolio Manager
  • Certified Financial Planner
  • Registered Representative
  • Financial Services Professional
  • Wealth Manager

Financial Planner Salary & Job Growth

The median annual income for a personal financial planner is $90,530 according to the BLS. The top 25% of advisors earn $160,490 on average while the bottom twenty-five percent earn just under sixty-thousand dollars a year. States where financial planners salary is the greatest include New York, California, Connecticut, and Maine. The median annual income in these four states currently exceed $130,000.

The estimated growth for financial advisors over the next decade is a robust 30%. This represents a growth rate of 5 times the national average for all jobs during this time. Growth of this pace will translate to some 73,900 jobs in the coming decade.

With employment growth comes opportunity for new advisors and for existing professionals to grow their careers. Related fields include banking, teaching, research, marketing, finance, and training. Top-tier resources in the industry can be found by researching organizations like the AFA or the AFP.

Top Careers in Financial Planning

Career paths for a financial planning professional do not always follow a linear path. Meaning, a student earning a degree as a financial planner may end up performing different job functions in a variety of industries. Business and finance classes students take during their studies will prepare them for a variety of career paths. Below you will find a list of the top career paths for a financial advisor:

Advertising and Public Relations Market Research
Business Marketing Brand Management
Consulting Human Resource Manager
Corporate Communications Pension Manager
Event Management Certified Financial Planner
Economist Financial Advisor
Sales Analyst Banking
Actuary Insurance Advisor
Financial Analysts Financial Consultant
Loan Officer Insurance Agent
Entrepreneur Investment Manager
Franchise owner/investor Portfolio Manager
E-commerce Personal Finance Teachers
Small business management Mortgage Banking
Financial Planner Business Development
Investment Management Fund Raising
Foreign Exchange Manager Employee Benefits
International Marketing Manager Human Resources Director

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