I am considering a career change to accounting and financial planning.
I am looking at taking a CFP prep course such as:
formatting link
Question- would taking a course like this without a business degree be a waste of money?
I have a BS in Mechnical Engineering, but my knowledge of economics is probably not what a business major would have.
If taking a course like above is not a good idea, I am considering any of the following options to improve business knowledge (to pass the CFP exam):
1) Get an MBA with a concentration in finance or something similar
2) Get an associates degree in business or accounting to get the skills needed.
3) Work part time for an accounting firm during tax season to learn on the job, then take a review course.
Are their any certifications or licenses needed to prepare tax returns for other people? Are those licenses easier or more difficult than the CFP (as far as education and background knowledge needed).
Thank you.
-------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup.
I used the University of Georgia's program and one of my fellow employees attended the American College. We both were pleased with the programs offered. I can't speak for Xavier.
I don't think my business degree aided too much in my CFP certification. On the other hand, I feel my economics degree helped. IMO, the finance courses (required by my econ degree) were the most valuable of all. If you can't run a _financial_ caluculator backwards and forwards, the CFP exam is going to be an uphill battle. But I suspect with enough extra effort, almost anyone with the ability to pass an accredited college can grasp the basics.
For the record, you do know that you _must_ eventually take a course like the one above, right? You cannot sit for the CFP exam until completing the education requirement as offered by an accredited institution.
Have you looked at:
formatting link
You may want to engage in a couple of these options, not just one. Number #1 may be overkill. Obviously, #2 would help. As for #3, both the CPA and CFP deisgnations require documented experience working directly in the respective field (I don't know about the EA designation). The CFP, frex, requires 3 years of full time experience under a "mentor" that is qualified to provide at least one of the six aspects of certified financial planning. Even if you work full-time, you are only credited for the time specifically spent doing financial planning. In reality, the CFP board will take you on your word, but they have been known to audit mentors to assure CFP applicants are not exaggerating their duties.
A word of warning: the CFP, enrolled agent's, and the CPA exams are all very difficult in their own right. I recently looked into both of the "accounting" designations and found I simply didn't have the time to invest. Even with both of my business degrees, I still didn't have the requisite accounting classes to even take the CPA courses. I've been told that a BS in accounting doesn't even cover the prerequisites. Also, both tax programs seemed very detail oriented. Opposingly, the CFP was difficult because it covers such a wide scope. It's detailed, but not so much so as the tax designations. Taxation only comprises 1/6th of the CFP exam, but again the knowledge required doesn't rival that of a CPA.
Lastly, I think I recently read the national pass rate for the CFP is about 60% on the first try. Keep that in mind. The jobs are not the cake-walks some make them out to be. Obviously, a large number of applicants find that out when they go to take the test. It's a great field with great potential, but if you're looking for quick riches, look somewhere else.
-------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup.
However, in most (all?) states, to register as an investment advisor (or, more specifically, as an investment advisor rep), one may have to take and pass the Series 65 exam. A CFP licensee is usually exempted from having to take the 65.
Bread, you're right of course, it's not a license in itself by it is a free pass on the 65. Passing the 65 is WAY easier than getting through the CFP program though!
-Tad
-------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup.
According to further comments based on e-mails I made, the 3 years experience can be obtained after passing the exam (3 years experience needed 10 years before exam or 5 years after exam).
The CFP prep course has a module on taxation which I am told is good enough to get started (get employment) in a tax related field.
I appreciate the responses on this board and thru private e-mail. Thank you.
-------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup.
Yes, that's true. The CFP board may also grant a one-time 3 year extension (determined on a case by case basis).
It seems awfully risky to obtain the experience after the fact (and potentially expensive). 3 full time years out of 5 doesn't leave much wiggle room. What if you can only find part-time employment in the field? What if 50% of your duties are administrative and don't count towards "experience"? What if you're terminated (I hope not, though)?
Perhaps, the question to ask is "WHY get the CFP certification first"? What's the expected benefit? A) One cannot use the CFP designation or market themselves as a certificant unless they have completed ALL the reqs (no experience = no title); B) It's expensive and most firms will pay for it or reimburse you; C) You may discover you don't like the industry; D) you're unlikely to get the kind of job a CFP would warrant due to your lack of experience; E) you needlessly create a narrow time window to complete your reqs; and F) your continuing education (which is an expense) begins to accrue as soon as you pass the exam.
Our field is one that puts a great emphasis on experience. I don't suspect my firm would give anyone a position doing 100% CFP-related work unless they had some experience under their belt (especially meeting with clients). I get the feeling (possibly errantly) that you are looking for a way to skip the "entry-level" position. My experience suggest that you aren't going to accomplish that just because you passed the CFP exam.
Good luck in whatever you decide!
-------------------------------------- Misc.invest.financial-plan is a moderated newsgroup where Moderators strive to keep the conversations on-topic for financial planning. Other posting guidelines include a request for brevity and another for trimming posts to which we respond. For all of the other tips and suggestions, see "FROM THE MODERATORS: Posting to misc.invest.financial-plan", a weekly post now on the Newsgroup.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here.
All logos and trade names are the property of their respective owners.