Where to Study Financial Planning and Investment Concepts: Rajat Deva's Perspective
As Head of Marketing for Savvy Wealth and in a role where I work with lots of financial advisors and wealth managers,, one of the most common questions I get from people interested in entering the field is: where should I go to study financial planning and investment concepts? With the growing demand for financial advisors and wealth managers, getting the right education and training is critical to success in this competitive industry. In this post, I'll share my perspective on the best educational paths to prepare for a rewarding career helping clients achieve their financial goals.
The Importance of Financial Planning Education
Financial planning is a complex field that requires a broad set of skills and deep knowledge across multiple disciplines. At its core, financial planning is about people and helping them align their money with what matters most in their lives10. As the Investments & Wealth Institute explains:
"Financial planning is the process of taking a comprehensive look at your financial situation and building a specific financial plan to meet your goals. It views clients as real people with a variety of goals and responsibilities. It addresses a number of financial realities to figure out how to best enable people to make the most of their lives."9
To be an effective financial planner, you need to master key technical concepts like investment management, tax planning, retirement planning, estate planning, and risk management. But you also need to cultivate critical "soft skills" like communication, relationship-building, and coaching to help clients articulate their goals and stick to their plans10.
The most successful financial planners have both the analytical horsepower to develop sound strategies and the emotional intelligence to connect with clients and guide their behavior. Developing this combination of skills requires rigorous training and real-world experience.
Undergraduate Degree Programs
For most people, the journey to becoming a financial planner starts with earning a bachelor's degree. While it's possible to break into the field with an unrelated major, students who choose a relevant program will have a significant head start. According to Bachelor Studies, the most common undergraduate majors for aspiring financial planners are18:
- Bachelor of Science in Financial Planning
- Bachelor of Business Administration in Financial Planning
- Bachelor of Arts in Financial Planning
These programs provide a foundation in key topics like18:
- Principles of finance and investments
- Taxation
- Estate planning
- Retirement planning
- Financial statement analysis
- Risk management
Most programs take 4 years to complete and include a mix of classroom instruction and hands-on learning through internships or practicums. Graduating from a CFP Board Registered Program can also help you complete the education requirements for the Certified Financial Planner (CFP) designation18.
Master's Degree and Certificate Programs
While a bachelor's degree is sufficient for many entry-level financial planning roles, some professionals choose to pursue graduate studies to gain additional knowledge and advance their careers. Examples of master's degree options include17:
- Master of Science in Financial Planning
- Master of Science in Finance
- Master of Business Administration (MBA) with a concentration in Finance or Financial Planning
Master's programs dive deeper into the technical aspects of financial planning and may allow students to learn about a particular niche, such as retirement income planning, wealth management for high-net-worth clients, or holistic life planning.
For working professionals who want to enhance their skills without committing to a full degree program, certificate programs in financial planning can be a good option. For example, UCLA Extension offers a Certificate in Personal Financial Planning that can be completed online in 6-9 months17.
Professional Certifications
In addition to formal education, professional certifications play a vital role in establishing credibility and signaling education to clients and employers. The most widely recognized certification in the financial planning field is the Certified Financial Planner (CFP) designation awarded by the CFP Board.
To become a CFP professional, candidates must4:
- Complete a CFP Board-registered education program or hold another qualified designation
- Pass a rigorous 6-hour exam testing their financial planning knowledge
- Have at least 6,000 hours of professional experience related to financial planning
- Pass a background check and agree to adhere to the CFP Board's code of ethics
Maintaining the CFP credential also requires completing 30 hours of continuing education every 2 years4. Other popular financial planning certifications include:
- Chartered Financial Consultant (ChFC)
- Certified Fund Specialist (CFS)
- Chartered Retirement Planning Counselor (CRPC)
- Certified Investment Management Analyst (CIMA)
- Certified Private Wealth Advisor (CPWA)
Each of these designations has its own education, exam, experience, and ethics requirements. Many advisors choose to earn multiple certifications to demonstrate their diverse skill set.
Continuing Education and Skill Building
The financial planning body of knowledge is constantly evolving based on changes to tax laws, new financial products, emerging research, and shifting client needs. To stay on the cutting edge, the best financial planners commit to being lifelong learners.
Fortunately, there is no shortage of continuing education resources, including:
- Conferences and events hosted by professional associations like the Financial Planning Association and National Association of Personal Financial Advisors11
- Webinars and online courses offered by industry professionals and education providers like the Investments & Wealth Institute and The American College of Financial Services911
- Podcasts like Michael Kitces' "Financial Advisor Success" and Ritholtz Wealth Management's "The Compound and Friends" featuring interviews with practitioners
- Blogs and publications like Nerd's Eye View, Journal of Financial Planning, and Investment News showcasing the latest research and thought leadership
At Savvy, we invest heavily in ongoing training for our advisors, sponsoring their attendance at national conferences, bringing in guest speakers, and providing access to a full suite of online learning tools. We believe that continual skill building is essential to providing our clients with the highest caliber of advice.
The Value of Mentorship
Beyond formal training, one of the best ways to grow as a financial planner is to learn from successful advisors who have already built thriving practices. Connecting with a mentor can accelerate your learning curve and help you navigate the challenges of building a book of business.
As a new advisor, look for opportunities to work alongside more experienced planners, whether by joining an established firm or seeking out a formal mentorship program through a professional association. Pay attention to how your mentor interacts with clients, structures their practice, and stays organized and efficient. Don't be afraid to ask questions and soak up as much knowledge as you can.
Throughout my career, I've been fortunate to learn from several incredible mentors who taught me valuable lessons about comprehensive planning, running an ethical practice, and leading with empathy. I credit much of my success to their guidance and I now try to pay it forward by mentoring the next generation of Savvy advisors.
Pursuing a Career in Financial Planning
If you're considering a career in financial planning, there's never been a better time to get started. With an aging population, a complex tax and investment landscape, and a growing focus on comprehensive advice, the demand for skilled financial planners is higher than ever.
But it's not an easy path. Succeeding as a financial planner requires a unique combination of technical expertise, business savvy, and interpersonal skills. You need to be equal parts analytical and empathetic, with the ability to crunch numbers and connect with people.
If you're up for the challenge, start by exploring the educational paths outlined in this post. Research bachelor's and master's degree programs that align with your interests and career goals. Begin studying for the CFP exam and connecting with advisors in your area for informational interviews and potential mentorship opportunities.
Most importantly, remember that becoming a great financial planner is a journey, not a destination. Commit to continuous learning, honing your craft, and putting your clients' interests first. Over time, you'll build the knowledge and skills to make a profound difference in your clients' lives and create a fulfilling career for yourself in the process.
Learn More About Financial Planning at Savvy
At Savvy, we're passionate about empowering the next generation of financial advisors to reach their full potential. If you're interested in joining our team and building a successful career in financial planning, we'd love to hear from you.
As a technology-enabled RIA and wealth management platform, we provide our advisors with the tools, training, and support they need to deliver exceptional client experiences at scale. From our integrated tech stack to our centralized marketing, investment management, and operations teams, we handle the back-end busywork so you can focus on financial planning and relationship building.
To learn more about career opportunities at Savvy, check out our website or reach out to our advisor success team. We look forward to helping you launch your financial planning career and achieve your professional goals.
Rajat Deva is Head of Marketing with Savvy Advisors, Inc. (“Savvy Advisors”). Savvy Advisors is an SEC registered investment advisor. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.
Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation. Information was obtained from sources believed to be reliable but was not verified for accuracy. It is important to note that federal tax laws under the Internal Revenue Code (IRC) of the United States are subject to change, therefore it is the responsibility of taxpayers to verify their taxation obligations.
Savvy Wealth Inc. is a technology company. Savvy Advisors, Inc. is an SEC registered investment advisor. For purposes of this article, Savvy Wealth and Savvy Advisors together are referred to as “Savvy”. All advisory services are offered through Savvy Advisors, while technology is offered through Savvy Wealth. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors.
Where to Study Financial Planning and Investment Concepts: Rajat Deva's Perspective
As Head of Marketing for Savvy Wealth and in a role where I work with lots of financial advisors and wealth managers,, one of the most common questions I get from people interested in entering the field is: where should I go to study financial planning and investment concepts? With the growing demand for financial advisors and wealth managers, getting the right education and training is critical to success in this competitive industry. In this post, I'll share my perspective on the best educational paths to prepare for a rewarding career helping clients achieve their financial goals.
The Importance of Financial Planning Education
Financial planning is a complex field that requires a broad set of skills and deep knowledge across multiple disciplines. At its core, financial planning is about people and helping them align their money with what matters most in their lives10. As the Investments & Wealth Institute explains:
"Financial planning is the process of taking a comprehensive look at your financial situation and building a specific financial plan to meet your goals. It views clients as real people with a variety of goals and responsibilities. It addresses a number of financial realities to figure out how to best enable people to make the most of their lives."9
To be an effective financial planner, you need to master key technical concepts like investment management, tax planning, retirement planning, estate planning, and risk management. But you also need to cultivate critical "soft skills" like communication, relationship-building, and coaching to help clients articulate their goals and stick to their plans10.
The most successful financial planners have both the analytical horsepower to develop sound strategies and the emotional intelligence to connect with clients and guide their behavior. Developing this combination of skills requires rigorous training and real-world experience.
Undergraduate Degree Programs
For most people, the journey to becoming a financial planner starts with earning a bachelor's degree. While it's possible to break into the field with an unrelated major, students who choose a relevant program will have a significant head start. According to Bachelor Studies, the most common undergraduate majors for aspiring financial planners are18:
- Bachelor of Science in Financial Planning
- Bachelor of Business Administration in Financial Planning
- Bachelor of Arts in Financial Planning
These programs provide a foundation in key topics like18:
- Principles of finance and investments
- Taxation
- Estate planning
- Retirement planning
- Financial statement analysis
- Risk management
Most programs take 4 years to complete and include a mix of classroom instruction and hands-on learning through internships or practicums. Graduating from a CFP Board Registered Program can also help you complete the education requirements for the Certified Financial Planner (CFP) designation18.
Master's Degree and Certificate Programs
While a bachelor's degree is sufficient for many entry-level financial planning roles, some professionals choose to pursue graduate studies to gain additional knowledge and advance their careers. Examples of master's degree options include17:
- Master of Science in Financial Planning
- Master of Science in Finance
- Master of Business Administration (MBA) with a concentration in Finance or Financial Planning
Master's programs dive deeper into the technical aspects of financial planning and may allow students to learn about a particular niche, such as retirement income planning, wealth management for high-net-worth clients, or holistic life planning.
For working professionals who want to enhance their skills without committing to a full degree program, certificate programs in financial planning can be a good option. For example, UCLA Extension offers a Certificate in Personal Financial Planning that can be completed online in 6-9 months17.
Professional Certifications
In addition to formal education, professional certifications play a vital role in establishing credibility and signaling education to clients and employers. The most widely recognized certification in the financial planning field is the Certified Financial Planner (CFP) designation awarded by the CFP Board.
To become a CFP professional, candidates must4:
- Complete a CFP Board-registered education program or hold another qualified designation
- Pass a rigorous 6-hour exam testing their financial planning knowledge
- Have at least 6,000 hours of professional experience related to financial planning
- Pass a background check and agree to adhere to the CFP Board's code of ethics
Maintaining the CFP credential also requires completing 30 hours of continuing education every 2 years4. Other popular financial planning certifications include:
- Chartered Financial Consultant (ChFC)
- Certified Fund Specialist (CFS)
- Chartered Retirement Planning Counselor (CRPC)
- Certified Investment Management Analyst (CIMA)
- Certified Private Wealth Advisor (CPWA)
Each of these designations has its own education, exam, experience, and ethics requirements. Many advisors choose to earn multiple certifications to demonstrate their diverse skill set.
Continuing Education and Skill Building
The financial planning body of knowledge is constantly evolving based on changes to tax laws, new financial products, emerging research, and shifting client needs. To stay on the cutting edge, the best financial planners commit to being lifelong learners.
Fortunately, there is no shortage of continuing education resources, including:
- Conferences and events hosted by professional associations like the Financial Planning Association and National Association of Personal Financial Advisors11
- Webinars and online courses offered by industry professionals and education providers like the Investments & Wealth Institute and The American College of Financial Services911
- Podcasts like Michael Kitces' "Financial Advisor Success" and Ritholtz Wealth Management's "The Compound and Friends" featuring interviews with practitioners
- Blogs and publications like Nerd's Eye View, Journal of Financial Planning, and Investment News showcasing the latest research and thought leadership
At Savvy, we invest heavily in ongoing training for our advisors, sponsoring their attendance at national conferences, bringing in guest speakers, and providing access to a full suite of online learning tools. We believe that continual skill building is essential to providing our clients with the highest caliber of advice.
The Value of Mentorship
Beyond formal training, one of the best ways to grow as a financial planner is to learn from successful advisors who have already built thriving practices. Connecting with a mentor can accelerate your learning curve and help you navigate the challenges of building a book of business.
As a new advisor, look for opportunities to work alongside more experienced planners, whether by joining an established firm or seeking out a formal mentorship program through a professional association. Pay attention to how your mentor interacts with clients, structures their practice, and stays organized and efficient. Don't be afraid to ask questions and soak up as much knowledge as you can.
Throughout my career, I've been fortunate to learn from several incredible mentors who taught me valuable lessons about comprehensive planning, running an ethical practice, and leading with empathy. I credit much of my success to their guidance and I now try to pay it forward by mentoring the next generation of Savvy advisors.
Pursuing a Career in Financial Planning
If you're considering a career in financial planning, there's never been a better time to get started. With an aging population, a complex tax and investment landscape, and a growing focus on comprehensive advice, the demand for skilled financial planners is higher than ever.
But it's not an easy path. Succeeding as a financial planner requires a unique combination of technical expertise, business savvy, and interpersonal skills. You need to be equal parts analytical and empathetic, with the ability to crunch numbers and connect with people.
If you're up for the challenge, start by exploring the educational paths outlined in this post. Research bachelor's and master's degree programs that align with your interests and career goals. Begin studying for the CFP exam and connecting with advisors in your area for informational interviews and potential mentorship opportunities.
Most importantly, remember that becoming a great financial planner is a journey, not a destination. Commit to continuous learning, honing your craft, and putting your clients' interests first. Over time, you'll build the knowledge and skills to make a profound difference in your clients' lives and create a fulfilling career for yourself in the process.
Learn More About Financial Planning at Savvy
At Savvy, we're passionate about empowering the next generation of financial advisors to reach their full potential. If you're interested in joining our team and building a successful career in financial planning, we'd love to hear from you.
As a technology-enabled RIA and wealth management platform, we provide our advisors with the tools, training, and support they need to deliver exceptional client experiences at scale. From our integrated tech stack to our centralized marketing, investment management, and operations teams, we handle the back-end busywork so you can focus on financial planning and relationship building.
To learn more about career opportunities at Savvy, check out our website or reach out to our advisor success team. We look forward to helping you launch your financial planning career and achieve your professional goals.
Rajat Deva is Head of Marketing with Savvy Advisors, Inc. (“Savvy Advisors”). Savvy Advisors is an SEC registered investment advisor. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy.
Material prepared herein has been created for informational purposes only and should not be considered investment advice or a recommendation. Information was obtained from sources believed to be reliable but was not verified for accuracy. It is important to note that federal tax laws under the Internal Revenue Code (IRC) of the United States are subject to change, therefore it is the responsibility of taxpayers to verify their taxation obligations.
Savvy Wealth Inc. is a technology company. Savvy Advisors, Inc. is an SEC registered investment advisor. For purposes of this article, Savvy Wealth and Savvy Advisors together are referred to as “Savvy”. All advisory services are offered through Savvy Advisors, while technology is offered through Savvy Wealth. The views and opinions expressed herein are those of the speakers and authors and do not necessarily reflect the views or positions of Savvy Advisors.
