Financial Planning: 2024 Earnings, Education, and Career Outlook

Vishal Sharma

Jumping into the world of financial planning can be like discovering a treasure trove of opportunities. It’s not just about numbers and graphs; it’s about weaving financial dreams into reality. In this journey, we’ll navigate the path to becoming a financial planner – from the corridors of education and gaining experience, all the way to securing those certifications. Beyond the digits and calculations, this career lets you touch lives, making it perfect if you’ve got ...

Financial Planning: 2023 Earnings, Education, and Career Outlook

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Jumping into the world of financial planning can be like discovering a treasure trove of opportunities. It’s not just about numbers and graphs; it’s about weaving financial dreams into reality. In this journey, we’ll navigate the path to becoming a financial planner – from the corridors of education and gaining experience, all the way to securing those certifications. Beyond the digits and calculations, this career lets you touch lives, making it perfect if you’ve got a knack for mingling numbers with people. So, if you’re the kind who enjoys both crunching numbers and making connections, then trust Finny, financial planning might just be your calling! 

What exactly does a financial planner do?


Now that we’ve outlined the path to becoming a financial planner, let’s delve into the core responsibilities of this role. Understanding the role is fundamental before embarking on the journey. Financial planning attracts those who are keen on assisting others in building savings, making wise investments, and cultivating sound financial decisions. But what exactly does a financial planner do?


At its essence, a financial planner is a guide who assists individuals and organizations in effectively managing their finances. While certain financial roles, like risk analysts and investment bankers, cater to larger entities, financial planners predominantly cater to individuals and families.


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Source: What is Financial Planning? – WallstreetMojo Dummies Guide 


Termed personal financial advisors as well, financial planners assist clients across various life stages in pursuing diverse short- and long-term financial objectives. Their scope involves advising young professionals on initial investment steps, aiding parents in setting up college funds for their children and helping individuals and couples strategize for retirement, debt repayment, or handling inheritances. Some financial planners specialize in specific areas like risk management or retirement planning.


Throughout these processes, a financial planner meticulously considers each client’s individual requirements, values, and risk tolerance.


Following the formulation of an initial financial plan, a financial planner may proceed to invest the client’s funds, continually monitor the performance of these investments, and maintain regular client meetings to provide updates and suggest necessary adjustments. Additionally, financial planners must stay well-versed in market trends and industry developments to facilitate informed decision-making based on the latest data and forecasts.


An integral aspect of a financial planner’s role is building a client base, often referred to as a “book of business.” Whether self-employed or working within financial institutions, financial planners dedicate significant effort to expanding and nurturing business relationships. This often involves hosting seminars and participating in networking events to connect with potential clients.

Salary and Professional Advancement for Financial Planners


In terms of compensation, financial planning stands out. According to the U.S. Bureau of Labor Statistics (BLS), the median annual salary for personal financial advisors rests at an impressive $94,170 in America. That’s more than double the national median salary of $45,760 across all occupations. It’s a field that rewards your skills while making a tangible impact on others’ lives.


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Source: Salary: Financial Planner in India 2023 | Glassdoor 


Looking ahead, the growth prospects are equally promising. The BLS foresees a substantial 15% job growth from 2021 to 2031 for financial planners. This rate is three times higher than the national average. This upward trajectory can be attributed to the evolving landscape. As the population ages, the demand for retirement planning guidance increases. Additionally, the shift away from traditional pension plans and the rise in education costs has created a need for expert financial advice.


While technology has made inroads into financial services, the nuanced and personalized nature of financial planning maintains the relevance of human professionals. The software might handle certain investment tasks, but the intricacies of financial planning require the understanding, empathy, and judgment that only human professionals can provide.

The Procedures to Become a Financial Advisor


Let’s dive into the steps that’ll lead you to the coveted realm of financial advising, where numbers meet guidance, and dreams turn into strategies.


  1. Earn a Bachelor’s Degree 


To start off, securing a bachelor’s degree is key. Although degrees in finance, accounting, or business are common, various educational backgrounds are considered. Core subjects like taxes, risk management, and investments lay the foundation. Generally, this degree takes about four years to complete.


  1. Complete On-the-Job Training


Transitioning from the academic realm to real-world application, new graduates often embark on entry-level roles under the guidance of experienced financial advisors. This hands-on experience provides practical insights and is typically expected to last a year or more.


  1. Attain Licenses


Depending on your specific responsibilities, some positions require obtaining state licenses or getting registered with the Securities and Exchange Commission (SEC). This step is crucial if your role involves dealing directly with investments, insurance policies, or securities.


  1. Obtain Certifications in Financial Planning


Elevating your credentials, and achieving the certified financial planner (CFP) designation can significantly boost your career. This entails meeting several criteria: holding a bachelor’s degree, accumulating at least three years of relevant work experience, passing the CFP exam, and committing to a professional code of ethics.


  1. Pursue Additional Higher Education 


For those aiming for leadership roles, enhanced career prospects, and higher earning potential, pursuing a master’s degree in business administration or finance can be a strategic move. This advanced education opens doors to broader opportunities.


In essence, becoming a financial advisor involves a series of deliberate steps encompassing education, practical training, regulatory compliance, professional certification, and optional further education. This path amalgamates knowledge and experience, ultimately shaping you into a competent financial guide.


Should I Become a Financial Planner?


Considering a career as a financial planner? Let’s dissect the advantages and drawbacks to help you make an informed decision.


Pros of a Financial Planner

Cons of a Financial Planner

High Earning Potential

High Stress Levels

Flexible Hours

Client Acquisition

Work Autonomy

Educational and Licensing Requirements

Client Diversity

Initial Time Commitment

Affordable Certifications

Need for Persistence


In the world of financial planning, every advantage comes with its counterpart challenges. The enticing potential for substantial earnings and the flexibility to manage your own hours stand alongside the demand for client acquisition and the occasional stress that accompanies market fluctuations. The autonomy to shape your career path is counterbalanced by the need to meet educational and licensing requirements. Engaging with a diverse clientele brings intellectual rewards, yet it requires an initial time commitment to establish your reputation. Lastly, the relatively accessible certifications are paralleled by the necessity for unwavering persistence.


Consider these pros and cons as navigational markers on your journey towards becoming a financial planner. Each factor plays a pivotal role in determining whether this career aligns with your aspirations, strengths, and willingness to tackle its multifaceted landscape.



Becoming a financial planner opens a world of opportunities to guide individuals and organizations toward financial success. This journey entails honing your expertise through education, training, and certification. Financial planners play a vital role in shaping clients’ financial well-being, providing tailored strategies that encompass savings, investments, retirement planning, and more. 


With a median annual salary well above the national average and a promising job outlook, financial planning offers both financial rewards and the satisfaction of making a tangible impact on lives. As you navigate this dynamic field, remember that every challenge is an opportunity to refine your skills and become a proficient financial guide, turning financial dreams into reality. So, if you’re ready to embark on a journey that blends numbers with empathy and strategies with aspirations, the realm of financial planning awaits your expertise.

Frequently Asked Questions

A financial planner guides individuals and organizations in managing finances effectively. They assist with investments, retirement planning, and setting financial goals, tailoring strategies to each client’s needs.

A bachelor’s degree in finance or related fields is a common starting point. Practical training, licenses (if dealing with investments), and certifications like the Certified Financial Planner (CFP) enhance expertise.

Financial planners earn a median annual salary of $94,170 in the US. The field offers high earning potential due to its impact on clients’ financial well-being.

The job outlook is promising, with a projected 15% growth from 2021 to 2031, three times the national average. An aging population and changing retirement trends contribute to the demand for expert financial advice.

You can connect with Finny Fox right here online. Simply engage with the platform, ask questions, and seek advice on various financial topics. Finny Fox is available to help you 24/7, ensuring you have a knowledgeable companion to assist you in your financial journey.

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