The degree needed to become a financial planner varies based on where candidates apply for employment and which role they wish to take within a financial planning firm. In many cases, it’s possible to secure an entry-level position in this industry simply by holding a relevant undergraduate degree. To advance into managerial roles, or to take on larger planning tasks for corporate clients, many financial planners will find that they need to return to school and complete a graduate degree in finance. In many cases, financial planners will also have to pass specialized certification exams, so that they can safely and ethically handle securities and other investments that are highly technical, rife with ethical pitfalls, and designed for only the skilled financial professionals, according to Forbes.
Start with an Undergraduate Degree in Finance or Business
Most financial planners know very early on that they’d like to work in this industry and they plan their undergraduate education accordingly. The best major for aspiring financial professionals is, perhaps not surprisingly, a degree in finance. This highly specialized program will teach the basics of working in business, but it will also teach students a highly specialized set of skills that relate to economics, corporate finance, personal finance, taxes, investment mechanisms, public incentive programs, and much more.
In addition to highly specialized coursework, students in a finance program will typically schedule at least one internship toward the end of the program. This will allow students to see first-hand what it’s like to advise clients and plan their financial performance for both short-term and long-term gain. Students will also gain the type of valuable work experience that top financial planning firms look for when hiring new candidates.
To Advance Into Management, Complete a Graduate Degree
Entry-level jobs in financial planning typically require only a bachelor’s degree, but high-level roles in this field will require a bit more. Whether it’s a position in management or a financial planning role that works alongside larger corporations and wealthier clients, graduate degrees make advancement easier and more attainable for qualified financial professionals. Generally speaking, financial planners who are looking to advance within the finance industry will seek a Master of Finance degree or an M.S. in Finance. Some professionals in this field do seek an MBA, but they typically add a finance concentration so that they can bolster their skills in both areas when the program is completed.
Don’t Forget the Importance of Professional Certifications
Planners who will be working with complex securities and derivatives will need to take and pass a few professional examinations in order to do so. State and federal laws require these exams. Most financial planners study for these exams for several weeks and pass them in one attempt, though unlimited attempts are allowed. Most often, the exams required are known as Series 7 and Series 63. A wealth of online resources is available for exam preparation, and most employers will assist with their prep classes and fee reimbursement programs for planners who wish to add this credential to their resume.
Related Resource: MBA in Finance
A Growing Field with Lucrative Opportunities at All Levels
Financial planning jobs are growing rapidly in number, and the salary for qualified professionals who land a job in this industry is one of the highest starting salaries in the business field. Make sure to at least earn the undergraduate degree needed to become a financial planner initially, with an eye on graduate programs in this field that might help with advancement opportunities later on.
