Certified Financial Planner (CFP): Holds a bachelor's degree, plus 3 years of experience. Personal Finance Specialist (PFS): Have 75 hours of personal financial planning education; in addition, have a CPA, which requires a degree, plus 2 years of experience. The Series 65 exam includes 130 multiple-choice questions. You have three hours to complete the exam.
NASAA requires that you correctly answer 94 of the 130 questions in order to approve them. A bachelor's degree in finance, accounting, economics, business, or mathematics could be a good first step toward a financial career. Those seeking to become financial advisors in college should also look for related courses that can help them advise and find work in the fields that employ them. A couple of classes on investment and financial planning could go a long way not only in expanding your knowledge, but also in diversifying your career options.
These exams are administered by the Financial Industry Regulatory Authority (FINRA) and, in order to perform most of these examinations, sponsorship from a member firm or self-regulatory organization is required. Personal financial advisors will benefit even more than financial analysts, as baby boomers save for retirement and a better-educated, affluent population requires investment advice. Two highly sought after qualifications are Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP). Entry-level personal Financial Advisor jobs often include on-the-job training under the supervision of more experienced advisors.
As the name suggests, financial advisors provide financial advice specifically so that their clients can make informed decisions about money management. Finding customers who need those services and building a customer base is crucial to succeeding as a financial planner, as referrals from satisfied customers are an important source of new business. Students should seek teachers who have worked in relevant careers, such as financial analysts, financial managers, bank executives, and insurance insurers. In the United States, financial advisors are regulated according to the type of service they provide, whether it's accounting, investment information, or financial planning services.
If a new financial advisor has difficulty communicating and selling to potential clients, there is no chance of success. Although not required, a master's degree in finance, accounting, or business administration can help financial planners qualify for advanced job opportunities and higher salaries. PhD students also learn to write research studies and articles for publication in accredited financial journals. This degree also prepares students to take the Chartered Financial Analyst (CFA) or Certified Financial Planner (CFP) exams.
Licenses vary depending on the type of financial advisor you want to be, and requirements may also vary by state. In addition, accreditation determines factors such as a student's ability to transfer credit hours to another school and receive financial aid. Curricula should offer relevant finance degree courses that cover the principles of finance and key financial concepts.