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Online Degrees in Financial Planning

Financial planners are facing some of the most rapid job growth in the nation. The employment of personal financial advisers is projected to grow by 30 percent between 2008 and 2018, which is much faster than the average for all jobs, according to the U.S. Bureau of Labor Statistics (BLS).

A number of factors are driving this growth. First, the BLS reports that an increasing number of baby boomers are seeking the advice of personal financial advisers as they reach retirement age. Additionally, a growing number of individuals managing their own retirement plans are also seeking the help of advisers, and lastly, people are living longer lives these days and therefore have to plan to finance longer retirements.

Online financial planning degrees: overview of degrees offered

According to the BLS, most personal financial advisers have a bachelor's degree, but campus-based and online financial planning degrees are available at a range of levels, depending on a student's career goals. Here's a quick guide to available financial planning degrees:

Certificates

Because most financial planners already hold a bachelor's degree or higher, certificates in financial planning are generally geared toward professionals in the field who are looking for continuing education options. For example, students may want to brush up on their knowledge to prepare for the Certified Financial Planner (CFP) exam given by the Certified Financial Planner Board of Standards. Certificate programs cover topics such as risk management, investments, tax planning and retirement planning.

Bachelor's and master's degrees

Bachelor's degrees in financial planning cover the basics of the field, including how to manage risk and assets to help clients meet their goals. They should also prepare students to earn the CFP certification. Master's degrees in financial planning are also available for individuals who want to go more in-depth in a particular area or combine their financial knowledge with business skills via an MBA with a concentration in finance.

Doctoral degrees

A PhD in personal financial planning is the most advanced degree in the field and generally prepares students to work in policy, academia or research rather than consulting directly with clients. Doctoral degrees in financial planning include both in-depth coursework and independent research or analysis and can take three to five years to complete.

Online financial planning degrees: The student body

Personal financial advisers must possess strong math, analytical and interpersonal skills as they must be able to both develop solid financial plans and communicate those plans to clients. Advisers need to be able to gain the trust of clients and be capable of presenting highly technical products and strategies to their clients in a clear and concise manner.

About 63 percent of personal financial advisers work in the finance and insurance industries, according to the BLS. Nearly one-third run small investment advisory firms. Career options for financial planning grads include the following:

Personal financial planner
Investment broker
Insurance broker
Financial analyst
Employee benefit consultant

The BLS reports mean annual wages were $91,220 for personal financial advisers in 2010 and $86,040 for financial analysts. The top-paying metropolitan area for personal financial advisers is San Francisco-San Mateo-Redwood City, CA, where the BLS reports an annual mean wage of $151,470. Financial analysts make the most money in Bridgeport-Stamford-Norwalk, CT where the annual mean wage stands at $118,580.

Financial planning at a glance

Degree holders commonly go into: Personal financial planning, investments, insurance, financial analysis, employee benefit consulting.
Salary range for common careers:$86,040, financial analysts; $91,220, personal financial advisers.
Job growth: Personal financial advisors are on the Bureau of Labor Statistic's list of the 30 fastest-growing careers, 2008 to 2018, with 30 percent growth projected.

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