Financial planning degree overview

Below is an overview of a standard bachelor’s program in financial planning. The titles of the core financial planning courses are shown in bold.

• Microeconomics – the basics of supply and demand; the market economy; elasticity; the foundation of consumer demand; the theory of the business firm and costs of production; the market structures of perfect competition, monopoly, oligopoly, and monopolistic competition; theories of labor unions and wages; antitrust policy; and the microeconomic view of international business
• Macroeconomics – the schools of economic thought and international economics; the methodology, concepts, and terminology of macroeconomics, including principles, theories, and tools; banking, money, the Federal Reserve System, and monetary theory; macroeconomic problems such as inflation, unemployment, economic growth, and globalization
• Introduction to Statistics – collecting, analyzing, presenting, and interpreting data; descriptive and inferential statistical methods applied to problem solving and decision making; analysis of real-world data sets using statistical software
• Accounting Foundations – introduction to accounting principles emphasizing the operation of a business as a sole proprietorship; the complete accounting cycle for merchandising and service entities; partnership accounting; the application of computer technology to accounting processes
• Microcomputer Applications: Spreadsheets – creating and manipulating spreadsheets with Microsoft Excel to solve business applications; advanced features including data validation, linked workbooks, pivot tables, lookup functions, solver, and scenario manager
• Professional Ethics – social and professional situations, especially in the fields of business, law, and technology; ethical theory and examination of ethical dilemmas
• The Business Systems Cycle – the five phases of the systems development life cycle: system planning, systems analysis, system design, system implementation, and system operation and support; how many typical business needs are incorporated into a business system, including invoicing, accounts receivable, order entry, inventory, accounts payable, payroll, manufacturing, and sales and marketing
• Corporate Finance – the fundamental principles of corporate finance: company analysis, the term structure of interest rates, the relationship between risk and return, time value of money principles, security analysis, cost of capital and capital structure, and capital budgeting techniques
• Principles of Project Management – project definition, resource planning, project scheduling, and project control; planning and scheduling with limited resources; using project management software
• Business Law Foundations – the fundamental principles of business law; the legal system, dispute resolution, government regulation torts, and crimes affecting business, contracts, sales, and agency
• Management Foundations – the four universal functions of management: planning, organizing, leading, and controlling
• Marketing Foundations – learning and application of the strategies, tactics, and terminology used by market-oriented businesses; market segmentation, product, pricing, marketing communication, research, and marketing channel strategies
• Federal Taxation I – an explanation of the federal tax structure, application of tax principles as they pertain to individuals; introduction to taxation for businesses, federal tax laws and regulations, taxation theory, and tax research and planning techniques
• Investment Planning – an introduction to investment fundamentals: risk and return, investment information sources, market indexes, analysis of the economy, industry and companies, and investments in stocks, bonds, and mutual funds; an introduction to international investing and active versus passive investment strategies
• Money and Banking: Treasury Management Focus – a study of the US banking system and how the government and the Federal Reserve Board influence bank operations and US monetary policy
• Financial Analysis for Business Managers – the practical interpretation of financial statements
• International Finance – the flow of funds, exchange rate determination and forecasting, management of economics, and the financing of international trade; the international monetary system, foreign exchange trading, and the problems that occur in international markets
• Portfolio Management – advanced study of portfolio construction, management, and protection; topics include setting portfolio objectives, formulating an investment strategy, portfolio monitoring and revision, and evaluating portfolio performance
• Financial Plan Development – students conduct case studies and participate in field experiences to apply their knowledge of financial planning topics
• Federal Taxation II – continued study of federal taxation, focusing on business taxation for partnerships, corporations, and limited liability companies; payroll taxes, estate and gift taxes
• Behavioral Finance – the effect of psychology on the behavior of people in the financial field, such as portfolio managers, financial planners, investors, brokers, etc.; the forces – such as greed, hope, and fear – that determine risk-taking behavior in the field of investing; the effect of human reactions on important aspects of market behavior and price movements; the effect of investors’ biased reactions to public announcements about securities; the effect of perceptions of risk and return on portfolio management and security selection
• Financial Planning and Insurance – financial planning and wealth-creation techniques for individuals; evaluating and establishing financial goals of individuals; tax considerations, fringe benefits, investment techniques, insurance, and retirement and estate planning; risk management and various types of insurance including life, health, disability, long-term care, property, and liability; regulatory, ethical, and legal issues
• Retirement Plan / Employee Benefits – the principles of retirement planning: defined contribution plans and defined benefit plans for the private sector, retirement plans for non-profit and government entities; retirement plan design
• Estate Planning – the estate planning process and its goals, the methods of estate transfer at death as well as during life; taxi issues that arise with estate planning

Master’s Degree in Financial Planning – One to Two Year Duration
Master’s programs in financial planning are rare. Graduate students are more likely to pursue a master’s in finance. The financial planning master’s programs that do exist tend to be aimed at practising financial planners who wish to enhance their skills, often for the purpose of pursuing the Certified Financial Planner (CFP) credential. As noted above, the best bachelor’s programs are also designed to prepare students to sit for the CFP exam. The master’s option, however, offers a shorter route to CFP eligibility for candidates with experience in the field.

Financial planning master’s programs may also offer targeted training to obtain advanced designations, including the:

• Chartered Retirement Planning Counselor (CRPC)
• Chartered Retirement Plans Specialist (CRPS)
• Accredited Wealth Management Advisor (AWMA)
• Accredited Portfolio Management Advisor (APMA)
• Chartered Sustainable, Responsible, and Impact Investing Counselor (CSRIC)

Common, related titles in the industry include:

• Broker
• Budget Analyst
• College / University Professor
• Commodities Sales Agent
• Credit Counselor
• Employee Benefits Manager
• Financial Counselor
• Financial Planner
• Financial Services Sales Agent
• Insurance Sales Agent
• Loan Officer
• Personal Banker
• Personal Financial Advisor / Planner
• Securities Trader
• Wealth Manager