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(StatePoint) Financial planning was once thought of as a male-dominated industry, but that’s quickly changing. The number of women getting their CERTIFIED FINANCIAL PLANNER™ certification is growing year over year — and for good reason: The benefits of entering this field as a woman are numerous. Below are a few to consider.
• It’s lucrative. Financial planners are in high demand and are well-compensated for their expertise. A financial advisor can pull in a generous salary right out of the gate, and earning the right credentials can boost compensation significantly. The median income for those with CFP® certification and less than 5 years of experience is $100,000 — and that median figure grows to $206,000 with 10 or more years of experience. In general, financial advisors with CFP® certification earn 12% more than those without.
• Being a CFP® professional offers good work-life balance. With the potential to work remotely and create one’s own schedule, financial planning is a career path well-suited to those looking for flexibility and a desirable work-life balance.
• Financial planning can be personally fulfilling. Providing competent, ethical financial advice that helps others achieve their life goals — from sending their children to college to securing a comfortable retirement — can be extremely gratifying.
Research also finds that female CFP® professionals have a unique dedication to providing holistic financial planning. Working as a financial planner provides opportunities to uplift and empower other women, as well as members of groups historically given fewer opportunities to accumulate wealth.
• Women who aspire to become CFP® professionals will find support in many places. CFP Board, for example, has implemented initiatives to recruit women and advance their careers.
Some firms subsidize the cost of CFP® certification and give employees time away from work to study for the CFP® exam. Additionally, women’s networks and business councils can help build leadership skills and professional confidence, and many firms are even paying their employees’ membership fees.
CFP Board also administers scholarships for individuals underrepresented in the field, along with a mentoring program.
To learn more and get started today on your path to becoming a CFP® professional, visit getCFPcertified.org.
With demand for personal financial advisors expected to grow significantly in the coming years, and the industry making way for more women professionals, it’s worth exploring this rewarding career path.
