Certified Financial Planner

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AznDoc

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I know this was discussed somewhat in a previous post by Aucdoc, but in the grand scheme of things, what is the difference between being a CFP and having an MBA? Do some people have both? It has also been mentioned that being a CFP could have more practical value as opposed to the MBA. Just a freshman new to the game and want to know what you guys think. Thanks.
 
All taken from http://www.cfp.net/


Why Become a CERTIFIED FINANCIAL PLANNER? Practitioner?
Why has the CERTIFIED FINANCIAL PLANNER? certification become so sought after by consumers and the financial planners who serve them? The answer is simple. The public is looking for a planner who has demonstrated a commitment to competency, and financial professionals want an established certification that sets them apart in a globally expanding financial planning profession. CFP Board research shows consumers increasingly rely on credentials when selecting a financial adviser.

As a CERTIFIED FINANCIAL PLANNER practitioner, you can energize or revitalize your career, whether as an entrepreneur or in a large firm, by leveraging the knowledge and prestige associated with the world's most recognized financial planning certification. You will be equipped to provide truly personalized services to clients and maintain high levels of financial planning professionalism and expertise.

The Benefits of CFP? Certification
The CFP?, CERTIFIED FINANCIAL PLANNER? and certification marks are the most recognized financial planning marks in the world. Unlike an educational designation offered by a college or university, CFP certification is based on independently established public interest standards. As a result, it prepares you for a career-long commitment to meeting the ever-changing needs of your clients. Examples of the benefits of CFP certification include:

Your Expertise and Credibility as a Financial Planner is Instantly Communicated.
Only a select group of planners have met the rigorous education, examination, experience and ethics requirements necessary to call themselves CERTIFIED FINANCIAL PLANNER? professionals or CFP practitioners. CFP certification communicates your expertise and credibility among your peers, and consumers view CFP certification as an indication of a qualified, trustworthy financial planner.

Your Career and Professional Development Opportunities Are Enhanced.
Increasingly, large financial services firms make CFP certification part of their hiring requirements for financial planning divisions, while other firms reward attainment and retention of the certification with career and salary enhancements. Whether you are in a large or small firm setting, CFP certification provides the advantage of easily communicating expertise to clients and supervisors and opening career opportunities. The international appeal of CFP certification helps ensure that your career will not get derailed should you choose to work in another country.

You Become a Coach and a Problem Solver.
Financial planning is a six-step process you go through when counseling clients. CERTIFIED FINANCIAL PLANNER? practitioners use the process in a flexible manner, consistent with being a valued professional adviser who must deal with unique and often challenging client situations. As a CFP practitioner, you will help clients discover and solve financial problems and achieve life goals by serving as both counselor and coach. As you gain more experience, you can also mentor those entering the profession, helping guide the next generation of CFP practitioners.

Your Clients Are More Satisfied.
CFP Board research shows that clients of CFP practitioners are more satisfied than the clients of other financial advisers and are interested in a broader range of financial advice. CFP practitioners often become involved with many aspects of their clients' lives and help multiple generations of the same family. Most CFP practitioners use a comprehensive approach to problem solving and communication that better prepares them to meet and anticipate client needs. Because CFP practitioners make recommendations based on their clients' needs, the typical client relationship for a CFP practitioner lasts many years.

Your Earnings Reflect Your Personal Status.
The amount of income you make as a CFP practitioner will vary based on your level of experience, areas of specialization and geographic location. As in any of the established professions, a certain level of competence and experience is expected and financially rewarded by users of professional services. CFP certification instantly establishes your expertise in financial planning among consumers and supports your professional status among your peers.
You Have Tested Yourself Against the Best, and Met the Challenge.
While many may choose to call themselves "financial planners" with little preparation or ability, you will have the satisfaction of knowing that you have proven yourself among the most knowledgeable and capable financial planners in the world. By completing the CFP certification process, you become part of an international financial planning community committed to putting clients' interests first and meeting the profession's highest standards.

What it Means to be a CERTIFIED FINANCIAL PLANNER? Practitioner
If you are interested in being part of a profession that helps people gain control over their lives and their futures; if you are a big picture thinker and a good listener; and if you are looking for a career filled with opportunities and challenges - then choosing to become a CERTIFIED FINANCIAL PLANNER? practitioner is the career for you.

Whether you are already a financial planner or have recently decided to enter the profession, going the extra step and obtaining CFP certification will identify you as a true professional in one of the fastest growing and exciting careers today.

Request Information on CFP? Certification
CFP Board's CFP? certification process consists of four initial requirements in the areas of Education, Examination, Experience and Ethics (known as "the four Es"). Once you have successfully met the requirements and completed the initial certification process, you will need to meet ongoing education and disclosure requirements to maintain CFP certification

http://www.cfp.net/become/career.asp
 
Thanks for the post Dr. Almond. I went through the site and found it extremely helpful. I still plan to double up in med school but I can now at least talk somewhat intelligently about this subject.
 
That's all well and good but, unfortunately, CFPs don't have the global respect and recognition that MBAs do. I'd stick with the MBA.
 
It is true that an MBA is more prestigious than a CFP over the long term. However, I want to stress that a CFP is more applicable to running your own practice and life than an MBA by far. I'm getting the CFP after medical school before residency. I also read a few financial planner articles and journals. By far, the CFP is something that will pay for itself over and over again if you have an MD.

Trust me, you can quickly multiply your salary if you know where to stick your assets.

Add a CFP to an MBA with an MD and you are a commodity. MBA's are rare enough. Adding to the pot only sweetens your marketability.
 
Yeah and it's only 4-5 Classes. You can be done in one semester at most institutions. I found the course under many Continuing Ed programs. It's in the same family as Real Estate, Estate Planning, and BCIS.

Really doable.
 
I should mention one thing. I don't know if it will be possible for everyone to get a CFP after medical school before residency. I'm going to a Caribbean school. We don't get summer breaks. As a result, I am graduating 11 months before match with no job (my wife wasn't happy when she found out about this). So, I have nothing to do for awhile; therefore, I have decided to just take the few months necessary to get the CFP. I'll have nothing else going on.

It is entirely possible to get the CFP while practicing medicine. Most CFP programs are self-paced. It just takes some sacrifice.
 
Wow Aucdoc -

That is a great idea. I never thought of that. I almost went for my CFP about 2 years ago but decided to go for my MBA. But MBA/MD/CFP ... interesting. I'm also planning to get my MPH as well ... well possibily. Looking into it right now. Looks like I'm initial happy 🙂
 
Aucdoctobe said:
...I don't know if it will be possible for everyone to get a CFP after medical school before residency. I'm going to a Caribbean school. We don't get summer breaks. As a result, I am graduating 11 months before match with no job (my wife wasn't happy when she found out about this). So, I have nothing to do for awhile; therefore, I have decided to just take the few months necessary to get the CFP. I'll have nothing else going on.

It is entirely possible to get the CFP while practicing medicine. Most CFP programs are self-paced. It just takes some sacrifice...
That sounds like a good plan... I was concerned about the amount of time and energy jumping into one of these 18-month distance learning CFP programs would require and ran into something that I thought some of you who might be interested in getting a CFP, before, during, or after residency, might like to check out. 🙂

Study Schedule Calculator

"...In order to complete the program within the allotted 18-month term of access, the average student will need to dedicate a minimum of 7 hours of study per week...While you are allowed 18 months of access to the program, we expect that the average program completion time will be approximately 12 months or less..."
 
Add a CFP to an MBA with an MD and you are a commodity. MBA's are rare enough. Adding to the pot only sweetens your marketability.
whats the point of having both an MBA and a CFP? isnt one enough?

also, besides applying what u have learned thru the CFP education to run your own medical practice, what other venues can you make use of a MD degree with a CFP?
 
prominence said:
whats the point of having both an MBA and a CFP? isnt one enough?

also, besides applying what u have learned thru the CFP education to run your own medical practice, what other venues can you make use of a MD degree with a CFP?
Physician Financial Advisor/Consultant
 
Buster Douglas said:
Physician Financial Advisor/Consultant

as in a financial advisor/consultant for an insurance company or HMO?
 
prominence said:
as in a financial advisor/consultant for an insurance company or HMO?
I assume you could do either, but I was thinking more along the lines of an indendent private consultant or working for a firm.

J. Ralph Broadwater, MD, CFP? (Physician Advisory Resources)

Google ?The 150 Best Financial Advisors for Doctors in America?,?The Nation?s 100 Most Exclusive Wealth Advisors?, or ?The 100 Great Financial Planners in America?. Financial advisors vary by concentration and many have additional degrees (JD, CPA, MBA, CFP, CFA, PFS, CLU, ChFC, etc.).
 
As mentioned previously, it seems as if getting either would not hurt in the long run, but seeing as how the MBA is the more universally recognized degree it would probably open more doors in the upper-tier settings. I guess if one just wanted to go to med school and get a better grasp of managing his practice and finances, a CFP would do the job, but for those looking for more admin work in a hospital or corporate setting an MBA would get the foot in the door. Please correct me if I am wrong but it seems like getting both would be sort of redundant, since an individual who is capable of getting either degree would be capable enough to handle himself in any given situation. This is me thinking so let me know if I am off-line. Thanks for the input.
 
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