Prospering Through Purpose: Careers in Personal Financial Planning
I recently met with a group of bright, ambitious students who were participating in the Charles Schwab internship program. Looking at faces from all over the country on a single screen, I was impressed by their ambition and passion. But I was also struck by how much the world of work they are entering has changed in just a few short years.
Careers that offer high pay, work-life balance, the opportunity to help others, remote work, and growth potential were once considered unicorns. But those unicorn roles are so in demand that they have changed the competitive landscape for employers. And they are abundant in financial planning.
Personal financial planners enjoy what many people seek in a modern career: purpose and prosperity. Collaborating with clients to help them achieve their dreams is a profound purpose. And the path to prosperity is well documented.
The median income of financial advisors was nearly $95,000 in 2021—nearly double the median annual salary for all occupations. However, advisors who are CFP? professionals typically earn significantly more. Average income for CFP? professionals with less than nine years of experience is $145,000, and average income for CFP? professionals with more than 15 years of experience is $297,000. ?
For the last decade, the tech world has attracted young people with the promise of challenging, lucrative work. Massive layoffs during the last eighteen months have reshaped the job market for new tech grads and highlighted the volatility of employment in the sector.
During this same period, the financial planning job market has gotten stronger. During the first half of 2023, job posting activity on the CFP Board Career Center increased 63% over the same period in 2022. And posted jobs requiring one to four years of experience have increased 203% in 2023.
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Many jobs in the finance industry promise high pay and have strong growth potential. Personal financial planning is unique among finance jobs in the flexibility, autonomy and meaningful, rewarding work it offers. Personal financial planners often work shorter workweeks and pay per hour can be significantly higher than in other jobs in the financial services industry.
Students, recent graduates and others considering a career in financial planning should also know that 86% of CFP? professionals say that CFP? certification has positively impacted their career satisfaction.
Growing consumer demand for financial planning coupled with an aging generation of advisors approaching retirement mean there is abundant opportunity to break into the profession. Employment in personal financial planning is projected to grow 15% by 2031, which is much faster than the average for all occupations.
As shifts in the economy and technological advances continue to affect the job market, the personal financial planning profession offers a high degree of long-term stability and job satisfaction. If you are considering a career in financial planning, I encourage you to visit the CFP Board Career Center and read our Guide to Careers in Financial Planning. We are also hosting the webinar Building Your Financial Planning Career on August 9 at 1 p.m. (Eastern).