Financial Planning

Canadians don’t need big bank accounts or large estates to benefit from sound financial planning. Recent surveys show money is the leading source of stress for Canadians, and a majority are feeling uncertain about their investments. On top of that, the FP Canada Institute reports that more than half of financial planners are 55 years of age of older, which means impending retirements will open up many new job opportunities for the newly certified.

For those with the critical thinking, communication and math skills, financial planning courses may be worth pursuing — not only because they lead to a highly in-demand career, but because they will prepare you to help clients achieve financial wellness, security and peace of mind.

Aspiring financial planners can find a wide range of training options among Canadian schools, although options for financial planning courses vary depending on your career ambitions. Colleges and university across Canada offer certificates, BAs and postgraduate degrees in financial planning, which deliver the fundamentals required to help clients juggle their personal finances. Courses will typically cover accounting, retirement planning, tax strategies, estate planning, securities, insurance and professional ethics.

To take your career to a higher level, you can also pursue a professional designation as a Certified Financial Planner (CFP) or the more recently introduced Qualified Associate Financial Planner (QAFP) through FP Canada. The CFP certification process and QAFPs set out stringent licensing requirements for those who “hold themselves out” as certified financial planning professionals, with a notoriously comprehensive licensing exam you will need to pass.

But a financial planning education can no doubt be worth it, as it can open many career doors, with employment options at banks, investment or insurance firms, brokerage firms and trust companies on offer. Many businesses outside of the financial sector also require in-house financial expertise, or you can hang out your own shingle and start a business of your own.

According to Payscale.com, the median financial planner salary in Canada is $61,000 per year, and the median CFP’s salary is $69,369. Salaries tend to grow exponentially with experience; FP Canada reports that more than half of CFPs make over $100,000 per year and 26 per cent make more than $200,000 annually.