Don't forget the CFP!!!

[Aucdoctobe]

I just wanted to tell everyone to not discount the CFP (Certified Financial Planner). It is the most prestigious certification in financial services and can be done in as little as 8 months. Here are courses to get it (courtesy of Kaplan):


FP 101: Fundamentals of Personal Financial Planning
FP 102: Insurance and Employee Benefits
FP 103: Investment Planning
FP 104: Income Tax Planning
FP 105: Planning for Retirement
FP 106: Estate Planning
FP 107: Financial Planning Review Course

These courses are more practical than those for an MBA. An MBA is theoretical. It teaches you how to think about business. These courses teach you how to practice business.

Just an alternative.. Especially if someone is looking for a quick and recognized way to acquire business knowledge.

I plan on getting a CFP myself -- one day...

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[dr_almondjoy_do]

Where do you find institutions that provide this?

 

[Aucdoctobe]

Many MBA programs are now providing an 8 month extra curriculum to get a CFP. The worth of an MBA with the CFP training is considerably more recognized than getting an MBA by itself. In financial services, many jobs will hire a CFP over an MBA. An MBA is a raw talent that has to be groomed at a job. A CFP is more polished but may not necessarily have the same potential. It depends... This is why the MBA/CFP certification is extremely prestigious. It guarantees a person an excellent job.

Here are some CFP programs:

1. http://www.kaplancollege-online.com
2. http://www.classesusa.com
3. http://www.bostonifi.com
4. http://www.fp.edu

 

[TPJ]

Many MBA programs are now providing an 8 month extra curriculum to get a CFP. The worth of an MBA with the CFP training is considerably more recognized than getting an MBA by itself. In financial services, many jobs will hire a CFP over an MBA. An MBA is a raw talent that has to be groomed at a job. A CFP is more polished but may not necessarily have the same potential. It depends... This is why the MBA/CFP certification is extremely prestigious. It guarantees a person an excellent job.

I'm a CFP designee; I would not consider it an alternative or complement to an MBA. Two completely different fields. BTW, although you can complete the program in 8 months (it is essentially a couple undergrad, and a few grad courses), you are not a CFP until you pass the Board exam. Many pass the program, but only 60% os so earn the initials.

 

[Kluver Bucy]

I've always thought of a CFP as a credential for people who are selling financial planning packages. I knew some people who started with American Express, got their CFP, and hit the phones. One is still at it. Another quit and is now a mailman.

 

[Aucdoctobe]

TPG,

Thank You. I talked with many about the curriculum, and it always helps to hear from one who has completed it. Now, I have a question? Does a "Designee" mean that you have completed the program and passed the test, but are now doing the 3 year work experience requirement? Please inform me.

 

[Aucdoctobe]

I would much rather work for myself than as a commission-based, financial planner. It just makes more sense that way. I don't see why so many people work for these companies with no salary pay. At least if you work for yourself, you can set your own salary. You can build your own reputation and not have to sign those noncompetitive agreements. Therefore, you keep your clients.

Sales skills are so precious in the business world. I went to a financial job fair about a year ago and each firm asked me how good I was at selling? They didn't ask how good I was at academics, financials, or management. Nope, it was strictly about selling.

Unfortunately, a person can be extremely gifted at financial management, but unable to set up a practice. If the sells skills are not there, the person will not be successful.


However, for someone with an MD, this is a different story. You already have a constant source of income that requires almost no selling. If a person was to become gifted at financial management, they could really do very well with virtually any specialty salary. The power of a stable source of income is quite amazing when you realize the possibilities!

 

[TPJ]

TPG,

Thank You. I talked with many about the curriculum, and it always helps to hear from one who has completed it. Now, I have a question? Does a "Designee" mean that you have completed the program and passed the test, but are now doing the 3 year work experience requirement? Please inform me.

I've passed the exam and have all the requirements. The "designee" is because CFP is a registered trademark (unlike a degree or license such as CPA). This was news to me, but trademarks are adjectives; thus my use of a modifying noun.

 

[rst8]

Hey Guys -
I am a rising senior taking a year off before medical school. I am looking to get a good financial background so I could potentially start running my own practice (or have the financial savvy to do so sometime after I graduate from medical school). I want to know:

1) Which certificate would suit be best to open a practice in the 1 year I have off - mba or cfa etc?

2) What is the cheapest CFA program out there (online/international etc)?

Thanks for the help!
-Ro

 

[Kluver Bucy]

Hey Guys -
1) Which certificate would suit be best to open a practice in the 1 year I have off - mba or cfa etc?
-Ro

The Certified Financial Planner designation (CFP) is for people who want to sell financial products like mutual funds and insurance. The Chartered Financial Analyst (CFP) takes three years (one test per year) and is designed for securities analysts. An MBA is an academic degree that would best arm you with the tools necessary to run a practice.