<p>I'm aiming to become a financial planner/adviser but can't decide on what to major for it. Unlike Financial Analysts which require an accounting or finance degree, financial advisers aren't required to major in a specific discipline. However, I'm wondering if it's realistic to break into the field/be successful with a major that's not business (finance, accounting, logistics, etc.) or economics? </p>
<p>Thanks in advance!</p>
<p>Any financial field will work. The best majors are accounting, finance etc. You should note that Towson University, here in Maryland, offers a major in accounting with a concentration in financial planning. In addition, there are a number of schools, such as Bentley college, that have Masters in Financial Planning,which you might be able to combine with your undergraduate degree and get with a total of 5 years of work.</p>
<p>Most large firms would like to see that a candidate have some sort of degree however it may not be necessay at smaller firms although a college education with an emphasis in Business and Finance would be a great benefit. If a finacial Advisor is what you want to be, a FNRA series 6,63,65 and 7 along with a License to sell Life insurance in the state in which you will practice will be all that is required in order to go into this field. The CFP or CFA designations could be attianed after going through the appropriate course work.</p>
<p>hey OP, if you don’t mind, I’d like to ask a couple of questions about this as well instead of starting a new thread (I think it will help us both though anyway!).</p>
<p>So I hear that financial planning is a growing field (as in there is expected to be great demand for it in the future). Is that true first of all? I always read on this board that accounting is the up and coming business career, but is financial planning also there, but just less well-recognized?</p>
<p>Secondly, to have a good career in financial planning, do you have to go to the best business schools like you do for investment banking and management consulting? Where do financial planners typically work? Do they just work at commercial banks, investment banks, do they open up their own boutiques or what? </p>
<p>Finally, how does financial planning differ from wealth management?</p>
<p>thanks</p>
<p>wannabebanker askes,"So I hear that financial planning is a growing field (as in there is expected to be great demand for it in the future). Is that true first of all? I always read on this board that accounting is the up and coming business career, but is financial planning also there, but just less well-recognized?</p>
<p>Secondly, to have a good career in financial planning, do you have to go to the best business schools like you do for investment banking and management consulting? "</p>
<p>Response: Let me address each question in the order presented.</p>
<p>Financial planning has been thought to be a growing field with all the aging baby boomers. The CPA societies have pronosticated this and offered courses in the area along with providing a designation of “Personal Financial Specialist.” For whatever reason, however, this projected demand has not yet been realized. No one is sure why. Many financial pundits, plus the CPA societies, still note that the field should be in demand in the future.</p>
<p>As to attending the best business schools to be successful planner, it really doesn’t matter. Financial planning is a combination of financial knowledge ( that you can get by taking courses), common sense and marketing, where marketing might be the biggest factor. There are a number of programs and schools that offer financial planning as a graduate program. If you check the Society of Financial Planners, you will find some recommended schools and programs. The American College offers a good online program. Two strong graduate programs in the area are : Bentley College in Mass, and Texas Tech in Lubbeck , Texas. Some schools offer a joint masters program in financial planning and tax such as University of Miami and I think one of the University of California schools ( San Diego State?}.</p>
<p>Again, attending a top notch business school isn’t required for financial planning. Now if you wanted to be a hedge fund manager or investment banker, you might want to attend a top notch school,but for financial planning, it isn’t necessary.</p>
<p>Towson University has an interesting program in accounting that also provides a financial planning concentration,which is enough to sit for both the CPA and CFP exam; however, you may need an extra 30 credits to sit for the CPA.</p>
<p>Isn’t Financial Adviser pretty much an insurance/financial package salesman? I heard there are lots of cold-calling and/or lots of traveling on your own and be paid commission mostly. That’s what I don’t like about Financial planning. It’s very similar to setting up your own business from start with a bit of help with the name-recognition of the company you associate with to help you get clients. More of a sales job than the traditional finance/accounting job. meh, not very appealing.</p>
<p>^woah what? I thought financial planning was about helping people with their portfolio and help them decide what bonds, stocks, etc. to buy to help with their retirement and whatnot? If that’s not financial planning, then what is that? Do you need to go to a target in order to do that?</p>
<p>You get to educate people about financial management, including retirement funding and recommend mutual funds and teach them about risks and sell them insurance to offset that risk. That’s why you need Series 6/7. You SELL them financial packages - insurance, mutual fund, etc, and you get commission based on the sales. You are responsible for getting your own client base through whatever means (newspaper ad, cold-calling, etc.). You certainly need to have knowledge in money, but it’s not as intensive as Fund Manager or Financial Analyst (which is totally different from Financial Planner/Advisor). Just know about returns, know how to diversify investment (mutual fund), and a bit of common sense should be sufficient. </p>
<p>If you are good with people, you’ll be big. Big catch about this career is that once you really get into it and start building up, money will start rolling in automatically while you do absolutely nothing. Big drawback, not everyone’s born to do sales job.</p>