I want to be a financial planner. What next?

Question

Since high school i have always liked the idea of being a financial planner. I have one year left at Cal State Fullerton but i want to get into some kind of internship before i graduate. Ive looked around the internet and could not find anything in or around orange county, CA. Anyone know of an internship program or anything like that. What should i do next? Any great books to read to supplement my education?

Answer 1

You should take a look at the U.S. Department of Labor
Bureau of Labor Statistics Occupational Outlook Handbook section on Financial Analysts and Personal Financial Advisors at http://www.bls.gov/oco/ocos259.htm

It describes the profession very thoroughly, and provides some detail on what types of companies may be looking for financial planners. In addition, at the end of the section, and pasted here below, are some financial planning associations that may provide a lot more information about breaking into the field and provide resources for internships and open positions.

As well, since you are still in school, I highly recommend that you check in at your Career Planning office, as they should have a list of available internships and recruiting positions as well as other helpful resources. And of course, your instructors are an invaluable resource - if you look at their bios, you should be able to find one who works in a related field and can give you some real word advice.

In the meantime, here is a relevant section on educational requirements for financial planners.

good luck!

Training, Other Qualifications, and Advancement
http://www.bls.gov/oco/ocos259.htm

Although not required for personal financial advisors to practice, certification can enhance one’s professional standing and is strongly recommended by many employers. Personal financial advisors may obtain the Certified Financial Planner credential, often referred to as CFP (R), demonstrating extensive training and competency in financial planning. This certification, issued by the Certified Financial Planner Board of Standards, requires relevant experience, the completion of education requirements, passing a comprehensive examination, and adherence to an enforceable code of ethics. The CFP (R) exams test the candidate’s knowledge of the financial planning process, insurance and risk management, employee benefits planning, taxes and retirement planning, and investment and estate planning. The exam has been revised in recent years. Candidates are now required to have a working knowledge of debt management, planning liability, emergency fund reserves, and statistical modeling. It may take from 2 to 3 years of study to complete these programs.

Personal financial advisors also may obtain the Chartered Financial Consultant (ChFC) designation, issued by the American College in Bryn Mawr, Pennsylvania, which requires experience and the completion of an eight-course program of study. The ChFC designation and other professional designations have continuing education requirements.

A license is not required to work as a personal financial advisor, but advisors who sell stocks, bonds, mutual funds, insurance, or real estate may need licenses to perform these additional services. Also, if legal advice is provided, a license to practice law may be required.

For more information about a career in financial planning, contact:

The Financial Planning Association, 4100 E. Mississippi Ave., Suite 400, Denver, CO 80246-3053. Internet: http://www.fpanet.org

For information about the Certified Financial Planner (CFP) (R) certification, contact:

Certified Financial Planner Board of Standards, Inc., 1670 Broadway, Suite 600, Denver, CO 80202-4809. Internet: http://www.cfp.net/become

For information about the Chartered Financial Consultant (ChFC) designation, contact:

The American College, 270 South Bryn Mawr Ave., Bryn Mawr, PA 19010. Internet: http://www.theamericancollege.edu

Answer 2

Well, I'll be on the same boat in 1 and a half years time... And I'm planning to go for the real estate... It's and investment and a security. I wouldn't consider the last option. You should get a few years worth of experience first before fully focusing on your own company. You'll need the experience and the connections. The same goes for a franchise really. I really wouldn't advice stocks either. Although the bank option seems pretty good too. As for questions, I honestly don't know. I've never had a financial planner before since my older brother help me sort my finance out when I'm in a knot... But I'm guessing, it'll be a good start to ask advice from your parents/relatives or maybe someone you know who've been through the same thing recently. Good luck.