What Are the Job Requirements of a Financial Planner?

Financial planning can be a rewarding career, and despite worries about whether AI will replace financial advisors, the job outlook remains strong. The Bureau of Labor Statistics (BLS) projects that the field of personal financial advisors will grow by 10% through 2034, much faster than average for all other occupations.¹ Reviewing financial planner job requirements and the steps to enter the field can help you decide if this career path is the right fit.

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Financial Planner Job Requirements

A financial planner is someone who prepares financial plans for clients. Some may use a holistic and comprehensive planning approach, while others focus on a narrower financial planning niche. Understanding that broad definition is helpful for determining what’s required to fill a financial planner role.

Employers have discretion in determining what requirements financial planning candidates should meet. With that in mind, here is a general overview of what’s expected when you become a financial planner.

Financial Planner vs. Financial Advisor Job Requirements

Financial planning focuses on a client’s overall financial health. For example, a financial planner may help a client establish a budget, develop a plan to pay down debt, plan for retirement and save for their children’s college education. Financial advisors may spend more of their time advising clients on investment products and portfolio management to help them grow wealth.

These terms are often used interchangeably, which is helpful to keep in mind if you’re looking for a new role. Financial planner job requirements may differ from those for a financial advisor position. For example, some financial planning jobs require candidates to have a Certified Financial Planner™; for financial advisors, that may be optional.

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How to Get a Financial Planner Job

If you’re interested in financial planning, reviewing current job listings can offer a better idea of what you’ll need to qualify. A thorough listing should describe the duties and responsibilities you’re expected to undertake and the minimum qualifications you must meet to be considered.

With that in mind, consider these tips for landing financial planning jobs.

1. Obtain a Degree in a Relevant Field

Do you need a degree to be a financial advisor? Not necessarily, but many financial planning jobs require candidates to have one. If you haven’t completed a bachelor’s degree yet, you might obtain one in any of these fields:

• Accounting
• Business
• Mathematics
• Economics
• Finance

Earning a master’s degree could give you an even greater advantage when you apply for a job as a financial planner.

2. Get Some Experience

Financial planning jobs, even those at entry-level, typically expect you to have some experience offering financial advice to clients. If you’re searching for your first professional role, you may be able to gain the necessary experience by:

• Accepting an internship or apprenticeship (paid or unpaid)
• Working as a paraplanner in a support role to another financial planner or advisor
• Getting certified as a financial coach

How much experience do financial planner jobs require? It depends entirely on the hiring company and the scope of the position. Some roles may require one to two years of experience, while others may call for five to 10. Entry-level roles may accept candidates with less than one year of experience.

3. Get Certified

Certification could open up a broader range of opportunities to work as a financial planner. That could mean higher annual and lifetime earnings, as well as the chance to serve your ideal clients.

The CFP Board grants the CFP® designation, which is considered the gold standard for financial planners. There are four requirements to earn the credential.

4. Consider a Securities License

If you specifically want to trade securities on behalf of clients and charge fees for advice, you’ll need a securities license. Obtaining a license typically requires completion of the Securities Industry Essentials (SIE) exam, sponsorship from a FINRA-member firm and completion of a separate securities exam.

Some of the most commonly obtained licenses are the Series 7, Series 63, Series 65 and Series 66. Series 7 enables you to sell securities as a registered representative of a broker-dealer, while Series 63 is required for state-level registration. Series 65 enables you to provide investment advice for a fee, while Series 66 meets the requirements of both Series 63 and Series 65 when paired with a Series 7 license.

5. Look Into Training Programs and Mentorship

Financial planning training programs may help you expand your knowledge and prepare to secure a financial planning job. These training programs may be offered by financial planning or advisory firms, colleges and universities or private companies. The intensity of these programs varies. Some last a few days while others help you develop your skills over several years.

If you don’t have the time or funds to commit to a training program, you might consider a mentorship instead. Being mentored by an established financial planner can help you learn the ins and outs of the profession and potentially offer opportunities to build your network. You may look to your current network first for a mentor, but you may also consider resources like the mentoring program offered by the National Association of Personal Financial Advisors (NAPFA). ²

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Where to Find Financial Planning Jobs

There are several resources you might use to find a financial planning job, including remote financial planning jobs. They include:

• Company websites
• Professional job boards, like those offered by the CFP Board, the Financial Planning Association (FPA) and NAPFA
• Your college or university if you’re a recent grad or planning to graduate soon
• Online job boards (for example, Indeed or ZipRecruiter)
• LinkedIn and other professional networking sites

You can also let people in your network know that you’re looking for a position. Someone you know personally or professionally may be able to introduce you to a hiring manager or financial planner who’s looking to add someone to their practice.

Bottom Line

Working as a financial planner may appeal to you if you want to help clients achieve their most important goals. Reviewing financial planner job requirements can offer insight into what’s expected of you, and what you’ll need to get hired.

Tips for Expanding Your Advisory Practice

• If you’re looking to expand your current business, consider using a lead generation tool to scale. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• Certified Financial Planners™ are required to complete continuing education requirements, including credit hours in ethics. Any courses you take must be CFP Board-approved, but you can take classes in person or online. It’s even possible to find find free continuing education classes for advisors, including ethics credits.

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