Role of Education in Financial Planning
Education is the foundation for continued growth in the field of financial planning. Many institutions across the country coordinate programs in this area. Both Golden Gate University (San Francisco) and California State University at San Diego offer a graduate degree program. Brigham Young University (Provo, Utah) has offered an undergraduate degree in financial planning for several years.
The University of California, through its Extension Division, offers a statewide certificate program in financial planning. Some of the other institutions offering degree programs in financial planning include: California State University at Fresno, Georgia State University, Drake University, Des Moines, Iowa, and Wright State University, Dayton, Ohio.
The College for Financial Planning in Denver originated the Certified Financial Planner (CFP) program, which is one of the most widely recognized designations in the industry. The American College in Bryn Mawr, Pennsylvania, sponsors a series of courses leading to the designation of Chartered Financial Consultant. The designation of Chartered Financial Analyst (CFA) can be earned on completion of a three-part home study program.
Several other institutions are beginning financial planning programs. Some offer courses through the business department, others in the home economics or family science department. In addition, the American Institute of Certified Public Accountants is studying the field in terms of recognizing financial planning as an accredited specialty. Growth in the field reflects recognition of the need for technically trained planners in a complex financial world.
Responding to this need, the College for Financial Planning and the Institute of Certified Financial Planners have formed the International Board of Standards and Practices for Certified Financial Planners (IBCFP). The new board is responsible for establishing educational and testing standards for the CFP examinations, as well as awarding the CFP designation.
The CFP examination is now open to those enrolled in financial planning programs approved by the IBCFP. The board intends that these open CFP examinations will bring uniformity in national testing and provide the standard for regulating financial planners.
