Changing Careers? Consider a Future in Financial Planning

The COVID-19 pandemic has caused all of us to reevaluate certain aspects of our lives. For millions of Americans, that includes their career trajectory.

Several recent studies have shown that a career change may be in the cards for many workers. In a CBS News-YouGov poll, 32% of respondents said if they have the opportunity, they will consider changing careers within the next year. Similarly, a new Qualtrics survey found that 34% of currently employed Americans are thinking about quitting, with 19% actively seeking new opportunities.

Additionally, the U.S. Department of Labor reported that a record 4 million Americans quit their jobs in April, followed by another 3.6 million resignations in May and 3.9 million in June.

Why are these individuals leaving their jobs? While the most common answer is burnout, other reasons include:

• People are tired of working long hours while balancing childcare and other demands.
• Career changers want more flexibility in their schedule, more opportunities to telework and more fulfilling jobs.

If you’re among the millions of Americans who are thinking about a career move (or know someone who is considering a switch), we invite you to learn more about the financial planning profession.

Is Financial Planning for Me?

Those of you who aren’t fully familiar with financial planning might think that it’s all about spreadsheets, budgeting and stock tickers, but financial planning is much more than that. Our profession focuses on helping individuals and families, especially during crucial moments in their lives.

Financial planners help their clients make sound financial decisions that maximize their chances of achieving short- and long-term goals and focus on clients’ priorities and fundamental values. Additionally, clients entrust financial planners with their most private financial details, ambitions and anxieties while retirement planning, addressing future college expenses or transferring their wealth to their heirs—amongst many other scenarios.

As for the benefits, financial planners enjoy much of what career changers are seeking. Considering that financial planning it is not a one-size-fits-all profession, CERTIFIED FINANCIAL PLANNER? professionals have many career path opportunities, working towards the work-life balance they want and enjoying the personal fulfillment of helping others. That’s why 91 percent of CFP? professionals say they are satisfied with their decision to pursue CFP? certification!

Many of today’s successful financial planners started their careers in other fields. They may have been an attorney focused on tax or estate planning law, for example, or an accountant. Still others have come from education, hospitality, retail or the military – professions where they honed essential people skills like active listening and effective communication. Skills like analytical thinking, relationship management, marketing, and project management are quite transferable to a career in financial planning.

Lastly, the financial planning profession is booming. As a result of a rise in consumer interest in investing, firms are adding staff to branches, customer service and advice centers. For example, according to the Bureau of Labor Statistics:

• The demand for personal financial advisors is expected to grow at a rate of 4% through 2029.

Roughly 19,200 job openings for personal financial advisors each year, with the number of openings only increasing as older financial planners retire.

Ok-I’m Interested. Now What Do I Do?

Your first step is to learn financial planning. CFP Board partners with colleges and universities to register financial planning education programs that train the next generation of competent, ethical CFP? professionals. There are more than 200 CFP Board Registered Programs at regionally-accredited colleges across the country, including certificate-level programs, baccalaureate degree programs and post-graduate degree programs. If you’re interested in information about how to get started with the education and other requirements for CFP? certification, create an account on our website.

Once your financial planning education is underway, you’ll find plenty of resources available to help you join the financial planning workforce. The CFP Board Career Center is a great place to start, with new job and internship postings added to its online job board every month. It also provides useful career management resources for job seekers at every stage of life.

You can also join our 2021 Virtual Diversity Career Fair (on November 19, 2021, from noon to 4pm ET) to connect with employers and learn about job opportunities. Held in conjunction with our 4th annual Diversity Summit, this free virtual event connects top employers in financial planning with job candidates of all experience levels who seek careers in financial planning.

Regardless of your background, there is a path for you to join this rewarding profession. Should you decide that financial planning is the career for you, CFP Board stands ready to welcome you and help you along your professional journey.

For those interested in information about CFP? certification and the benefits of a career as a CFP? professional, create an account on our website.