Immaculata News
5 Reasons to Major in Financial Planning (or 6, if math scares you)
Tags: business undergraduate
If you want to use your planning skills to help people, consider majoring in financial planning at Immaculata. Get ready for a rewarding job helping people manage their personal finances, invest wisely and strategize for their future.
1. High Job Satisfaction
Working as a financial advisor is one of the best jobs you can get—#44 out of 100, according to US News & World Report. In this career, you will use your business expertise to help your clients develop comprehensive financial plans and enjoy peace of mind as they buy a house, start a family, save for college, manage taxes, purchase insurance, change careers, inherit money and prepare for retirement.
As a financial advisor, you will do much more than invest money. You will listen to your clients’ short- and long-term goals at various points in their lives, and you will recommend financial strategies to meet those goals. You will help them adjust their plans as their situations change and as they prepare for big expenses over time.
2. High Job Demand
Financial planners will see faster than average job growth over the next decade, according to the Bureau of Labor Statistics. High demand for these professionals comes partly from an aging population with an increased need for retirement planning. But it’s not just older people who need financial planning services. Everyone, of any age or income level, can benefit from financial planning.
3. High Salaries
The median salary for personal financial advisors is $88,890, according to the Bureau of Labor Statistics. In the greater Philadelphia metropolitan area, the median pay is even higher, at $106,280. That’s more than $50 per hour. Immaculata’s location in southeastern Pennsylvania puts you in close proximity to many potential employers, including Vanguard, one of the world’s largest investment management companies.
4. High Impact
While IU’s finance major prepares you to manage an organization’s finances, the financial planning major focuses on personal finance. You can make a tangible difference in your clients’ lives by serving as a counselor who listens to their needs and strategizes with them to confidently prepare for all aspects of their future.
Immaculata’s program is designed to help you become a certified financial planner (CFP) who is rigorously trained in many areas of finance and who works in the best interest of your clients. CFP professionals must meet high ethical standards. Immaculata’s emphasis on service and ethics—not just in the financial planning major, but throughout your IU experience—will help you become a trustworthy professional who advises your clients with integrity.
5. High Level of Training
You will gain experience by participating in a required financial planning internship and taking a capstone course in which you practice formulating and communicating a financial plan tailored to your clients’ needs.
This major includes all the courses you need to sit for the certified financial planner (CFP) exam. Once you have passed the exam and completed the required hours of related professional experience, you may apply for CFP certification. Earning your certification will validate your skills and help you stand out in the job market.
6. Low math
If math scares you, don’t worry! Financial planning doesn’t involve lots of number crunching. Most of the calculations are handled by software that takes the financial goals you put in and suggests options for achieving them.
Financial planning is a relationship-driven service. If you like working with people and helping them reach their objectives, this could be an enjoyable career for you.