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Hot New College Major: Financial Planning

By    |   Wednesday, 21 May 2014 09:09 PM

Financial-planning degree programs are flowering at universities and colleges, as demand rises for financial advisers.

With baby boomers starting to retire en masse, a major shortage of advisers could arise, studies say, according to CNBC.com. So colleges and universities are cranking up financial-planning programs.

"I'm amazed at how fast it's moving. We've seen very strong growth," Charles Chaffin, director of academic programs and initiatives at the Certified Financial Planner Board of Standards told the news service.

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"It's clear that university administrations and faculty at institutions who wouldn't have embraced the idea five or 10 years ago are now open to it,"

During the past four years, the number of colleges and universities offering undergraduate degrees in financial planning soared to 124 from 90, CNBC.com reports. And 52 more programs are being developed.

A total of 48 institutions now provide a master's degree in financial planning, and five offer a doctorate program.

In addition to consumers' demand for financial planners, students want their colleges to provide majors that guarantee employment.

"They're being held more accountable for the placement opportunities available to their graduates now," Chaffin said.

As for choosing a financial adviser, Vanguard Group founder John Bogle recommends fee-only advisers, because their interests are generally better aligned with their clients.

And be careful whom you select, he told The Wall Street Journal. "It's an obvious fact: some financial advisers are more competent, more observant of their fiduciary duty than others," Bogle said.

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Financial-planning degree programs are flowering at universities and colleges, as demand rises for financial advisers.
Financial, planning, programs, college
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2014-09-21
Wednesday, 21 May 2014 09:09 PM
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