Certified Financial Planner Salary Outlook

Many individuals who have the desire to help others meet their financial goals and dreams on both a short-term and long-term basis choose a career as a financial advisor or planner. The requirements to enter a financial planner career are minimal, and many people will make the decision to take their financial planning career to the next level through a certification process. Before beginning the process of becoming certified, however, a closer look at the Certified Financial Planner salary is in order.

General Education Requirements for Financial Planner Jobs

It is important to note that financial planning in general is not a heavily monitored field. This is a job where a professional offers advise on retirement planning, estate planning, tax planning, and more. Often, a degree in a related field such as economics, accounting, financing, or other related field is recommended. Some employers may require a degree in these fields, but there are not steadfast requirements to work in the field and provide individuals with financial advice. However, many individuals will not trust just anyone for financial advice and guidance, and so taking the extra step to pursue a Certified Financial Planner status is often beneficial. Keep in mind that many of the jobs available to financial planners are commission or performance based, and so the ability to attract and retain clients through experience and expertise is critical.

The Benefits of Becoming Certified

For those interested in pursuing a financial planner career, getting certified as a CFP does have some significant benefits. The benefits of earning your certification include:

• Attracting Clients. As a Certified Financial Planner, professionals have a designation in place that immediately tells potential clients that they have experience and expertise as a financial planner. This helps professionals to sell their skills to potential clients and attract more business.
• Greater Job Opportunities. While in general there are not industry requirements in place for becoming a financial planner, some companies do require the CFP designation. So by earning this designation, more doors in the field may be opened.
• Higher Income Potential. The Certified Financial Planner salary in general is higher than professionals who do not have a certification. This is due in part to the ability to command a higher rate for services due to showcasing experience and expertise. It is also due to the ability to attract more clients as well as more affluent clients.
• CFP Coach. As a Certified Financial Planner, professionals with experience have the ability to take their career to a new level and becoming a certification coach themselves. This provides additional income opportunities as well as the opportunity to gain fulfillment through educating others.

How Certified Salaries Stack Up

The typical salary range of non-certified professionals spans from about $29,000 to about $101,000. The higher end of this spectrum generally reflects income from professionals with many years of experience or who work in a unique niche in the industry. The typical CFP salary ranges from about $36,000 to about $107,000. There is variation in this range due to years of experience, geographic location, and if specialization in a specific niche of the financial planning industry is pursued. The average income of a Certified Financial Planner is about $71,000, as compared to an average income of $66,000.

Click here to read more about how non-certified salaries stack up vs. the CFP Salary.

Steps to Earn A Certified Financial Planner Salary

For financial planning professionals who have decided to take their career to the next level, the process of becoming certified by the Certified Financial Planner Board of Standards is required. There are several steps that will need to be followed in order to obtain a certification, and these include:

Meeting Education Requirements. Education requirements may be fulfilled by enrolling in an approved program at any one of hundreds of colleges and universities across the country. Those with degrees in finance, accounting, or related areas may challenge the education requirements for a waiver. Those without a degree in another field may apply for a transcript review.

Complete the Capstone Course. Regardless of how the education requirements are met, all CFP candidates are now required to complete a Capstone Course prior to certification.

Pass the CFP Exam. After fulfilling education requirements and passing the Capstone Course, candidates must then sit for the CFP Exam. This exam is offered only three times per year, and takes about ten hours to complete.

Real-Life Work Experience. CFP candidates must also prove at least three years of real-life, industry-related work experience.

Pass a Background Check. Successful CFP candidates will also be required to authorize and pass a background check. This background check includes a review of job-related law suits that have been resolved or that are still pending, and it is designed to ensure only those of high ethical character obtain the CFP designation

Once the above requirements been met and the certification fee has been paid, a professional is granted the certification status.

Certified Financial Planner Salary Outlook

Financial planning is a growing field. Changes in tax codes, retirement planning strategies and laws, investment laws and opportunities, and more cause many individual to seek out assistance and guidance with planning for their financial future. The CFP designation not only allows a professional to earn a higher Certified Financial Planner salary, but also to demonstrate professional, experience, and expertise in the field.
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