Advising people about money is serious business. With the aging baby boomer population, there is more demand for financial planners who are trained to help people in making financial decisions. The marketplace is full of complicated financial products; therefore, financial planners are needed because many people feel overwhelmed when making financial decisions on their own.
Financial Planning Degrees
A degree in financial planning degree will provide you with a sound understanding of various aspects of financial planning. After acquiring the degree, you would be eligible to become a financial planner or advisor. Financial planners help individuals and families plan their financial futures. You could specialize in specific areas of financial planning such as investments, employee benefits, risk management, and insurance. There are a number of degree options for students in financial planning degrees. They could select a degree according to their educational requirements and career aspirations. Degrees that are generally offered in financial planning include:
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Associate's degree
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Bachelor's degree
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Diploma and Certificate programs
Coursework
Coursework in financial planning programs will vary according to degree levels and institutes. However, some major courses covered by these degree programs include:
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Principles of Financial Planning
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Retirement Planning
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Estate Planning
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Income Tax Planning
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Investment & Portfolio Management
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Insurance & Risk Management
Financial Planning Skills
After earning a degree in financial planning, you are expected to demonstrate a number of skills. You should be able to work with clients on payment priorities, payoff methods, and debt liquidation. You should know how to use different security types such as stocks, bonds, and mutual funds to meet portfolio objectives. In addition, you must be able to identify and recommend actions that match with IRS codes to reduce tax liability and increase after tax returns. You will also need skills to identify and analyze probable risks to assets and earning capacities of clients. It is also important for you to have skills to make retirement plans based on your clients' assets, liabilities, cash flow, and financial objectives. You will need knowledge and skills to conduct proper estate planning as well, so clients can pass on their property to heirs, without estate tax erosion.
Online Financial Planning Programs
If you are unable to attend classes for your financial planning program on a school's campus, you could choose to earn an online degree. Online degrees let you have a lot of control over your time. Besides, they are cost effective because students do not need to pay for costs such as textbook, commuting, or dorm room accommodation. However, it is important that you select accredited programs, as they provide quality education and could enhance your career opportunities.
Job Outlook for Financial Planners
According to the US Bureau of Labor Statistics, there is a positive employment outlook for financial advisors. Employment opportunities for financial advisors are likely to grow at 27 percent between 2012 and 2022, which is a lot faster than the average of all occupations. The primary reason for growth in job opportunities is the aging population. As large numbers of people will reach retirement, they will need the services of financial advisors. Besides, longer life spans will lead to longer retirement periods, resulting in demand for financial planning services.