Financial planning schools

Financial planners and advisors help people make informed short- and long-term decisions about money--taxes, investing, employee benefits and insurance, retirement, children's college expenses and more. Some financial planners specialize in certain areas of expertise, such as investment planning for retirement, estate planning or asset risk management.

Many planners meet with a well-established client base a minimum of once per year to keep clients abreast of changes they might need to make to their portfolios, or to incorporate life changes such as marriage or retirement into an established plan. Many financial planners and advisors also sell stocks, bonds and insurance products.

Which types of jobs are available for those interested in financial planning

Financial planning jobs encompass several different types of money-management positions, the Bureau of Labor Statistics (BLS) reports. Jobs include financial advisors, private bankers and wealth managers. Duties vary between positions, as well. Most, however, involve creating a sound financial plan for clients.

According to the Financial Planning Association, a sound financial plan involves working through a six-step process with clients, who can be either wealthy individuals or less affluent people with a conscientious eye toward their financial future. Financial planners help clients:

1. Establish goals
2. Gather data
3. Analyze and evaluate their financial status
4. Develop a financial plan
5. Implement that plan
6. Monitor and make changes as necessary

Many financial planners, the BLS reports, work independently out of small offices or from home. Many also spend their days sorting out financial matters for or with their clients, or planning new directions for investments for more wealthy clients.

Formal training required to work in a career related to financial planning

Personal financial advisors usually hold at least a bachelor's degree, the Bureau of Labor Statistics reports. However, some people interested in financial planning careers choose to earn a master's degree in financial planning, business administration or finance. Financial planning degree programs at traditional colleges typically take four years to complete, or up to six for those pursing advanced study.

Coursework can include topics such as investment and estate planning basics, funding retirement, creating cash flow and net worth statements, and college planning.

Many people on the financial planning career path also seek the Certified Financial Planner credential offered by the Certified Financial Planner Board of Standards. This designation involves mastery of nearly 100 topics in areas such as:

• Principles of financial planning
• Insurance planning and risk management
• Estate planning
• Income tax planning
• Retirement planning
• Employee benefits planning
• Investment planning

Additionally, personal financial advisors who sell financial products generally hold various licenses pertaining to the products they sell, the BLS states.

The typical career path of someone interested in financial planning

Financial planners should be experts in money matters. Additionally, they should be excellent at math, and have good analytical and interpersonal communication skills since they deal directly with clients. Financial planning careers can take people in many different directions, from personal banking to wealth management for multi-millionaires. Many financial planners are self-employed--the BLS reports that nearly one-third of personal financial advisors work for themselves.

Job outlook and salary information for those interested in financial planning

According to the BLS, there were 149,460 personal financial advisors working in the U.S. in 2009 making median annual wages of $68,200. However, salaries vary greatly. The top 25 percent made more than $116,580 annually, while the top 10 percent earned more than $166,000 per year.

Financial planners and advisors are expected to be in great demand in coming years--the BLS expects 30 percent job growth for financial advisors from 2008 to 2018. The mass retirement by baby boomers in coming years is a main driver in this high demand, the BLS says. And as companies shift traditional pension plans to retirement savings programs, more individuals are looking for help managing their retirement assets.