Education and Training of an Financial Planners

Education and Training

The financial planning career path does not require any formal higher education, but a bachelor's degree is recommended. A graduate-level degree such as a master's of business administration (MBA) with a focus on finance or marketing may prove beneficial to an individual who wants to establish a financial planning firm. However, an advanced degree is not required for success.
Financial planners must also hold certain licenses to provide advice and implement specific securities or insurance-related transactions. Securities licenses often include the Financial Industry Regulatory Authority (FINRA) Series 7, which tests knowledge of the securities industry and certain investment-related transactions including the sale of variable annuities, options, government securities, municipal bonds and corporate securities. A FINRA Series 66 license may also be required, which is the North American Securities Administrators Association (NASAA) exam. Each FINRA license has continuing education requirements to maintain good standing with the regulatory body.
Additional certifications may help advance a financial planning career. For example, the financial industry and prospective clients hold the Certified Financial Planner (CFP) designation in high regard. A bachelor's degree, an intense two-day exam and continuing education are required to earn a CFP designation.