Best schools for financial planning/investment management

[Anonymous]

DS wants to be a financial advisor. He's in 10th grade. Anyone have advice for 1) what schools to look at and 2) what activities he should engage in during HS to prepare for successful college apps?

[Anonymous]

The school doesn't really matter. Just graduate, work with a financial advisor, take the CFP coursework, and pass the examination. There are some schools, like VATech, that provide coursework toward the CFP, but that seems overly vocational. Just get an economics or finance degree at the college of their choice.

[Anonymous]

Anonymous wrote:The school doesn't really matter. Just graduate, work with a financial advisor, take the CFP coursework, and pass the examination. There are some schools, like VATech, that provide coursework toward the CFP, but that seems overly vocational. Just get an economics or finance degree at the college of their choice.

You are totally wrong.
School matters for business majors.

[Anonymous]

Being a financial advisor is just telling people common sense stuff. Not sure a college degree is needed.

[Anonymous]

Financial Planners need a CFP degree. But as PP said, no need to specialize in FP. Do Business and Accounting and minor in Financial Planning

PS: really impressed that a 10th grader has identified financial planning as their line

[Anonymous]

Anonymous wrote:Being a financial advisor is just telling people common sense stuff. Not sure a college degree is needed.

A college degree is required to sit for the CFP exam. I'm interested in schools that have a great financial planning and/or investment management program. Interested in top schools with prestige. I think the bio will matter in this field.

[Anonymous]

I’m a financial advisor and did not take any business or econ classes. I was a psychology major and got a masters degree in education. I learned about the profession through the entry level job I stumbled into, and was fortunate to work with an advisor who took the time to mentor me. Most advisors I know did not study business or Econ. I do have a CFP now.
If I did college over again I would be an econ major - but it was never on my radar as a HS or college student.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Being a financial advisor is just telling people common sense stuff. Not sure a college degree is needed.

A college degree is required to sit for the CFP exam. I'm interested in schools that have a great financial planning and/or investment management program. Interested in top schools with prestige. I think the bio will matter in this field.

So...what research have YOU performed on this?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Being a financial advisor is just telling people common sense stuff. Not sure a college degree is needed.

A college degree is required to sit for the CFP exam. I'm interested in schools that have a great financial planning and/or investment management program. Interested in top schools with prestige. I think the bio will matter in this field.

If they want to learn investment management they should be aiming for a job on Wall Street or at an investment shop. Do that and then pivot out in 4-5 years into wealth management under a managing director.

Basically, go to a school with an excellent finance and or banking program combined with an excellent alumni network.

[Anonymous]

If they want to major in business so they can be a planner for business owners, or so they can run their own financial planning business, that's great. Accounting would also be a good choice. Otherwise, if it were me I'd major in Spanish or another language so I could increase my potential client base.

[Anonymous]

What some of you - including OP - don’t understand is that financial planners are just that - planners - not investment gurus. Yes, they invest client money, but that investing is overwhelming based on personal/financial goals, index products, and the assumption that investments will return their average over time. Thus, a prestige degree or Wall Street experience is not necessary. Pedigree is reserved for running a hedge fund, or something similar. In that case, the emphasis is on individual investments and overall portfolio strategy. However, hedge funds don’t do financial planning for individual clients.

[Anonymous]

Anonymous wrote:What some of you - including OP - don’t understand is that financial planners are just that - planners - not investment gurus. Yes, they invest client money, but that investing is overwhelming based on personal/financial goals, index products, and the assumption that investments will return their average over time. Thus, a prestige degree or Wall Street experience is not necessary. Pedigree is reserved for running a hedge fund, or something similar. In that case, the emphasis is on individual investments and overall portfolio strategy. However, hedge funds don’t do financial planning for individual clients.

Interesting. So what are the best prestige degrees if you want to be a hedge fund manager?

[Anonymous]

Anonymous wrote:I’m a financial advisor and did not take any business or econ classes. I was a psychology major and got a masters degree in education. I learned about the profession through the entry level job I stumbled into, and was fortunate to work with an advisor who took the time to mentor me. Most advisors I know did not study business or Econ. I do have a CFP now.
If I did college over again I would be an econ major - but it was never on my radar as a HS or college student.

Why econ?

[Anonymous]

Anonymous wrote:

Anonymous wrote:What some of you - including OP - don’t understand is that financial planners are just that - planners - not investment gurus. Yes, they invest client money, but that investing is overwhelming based on personal/financial goals, index products, and the assumption that investments will return their average over time. Thus, a prestige degree or Wall Street experience is not necessary. Pedigree is reserved for running a hedge fund, or something similar. In that case, the emphasis is on individual investments and overall portfolio strategy. However, hedge funds don’t do financial planning for individual clients.

Interesting. So what are the best prestige degrees if you want to be a hedge fund manager?

An economics degree from a top-10 university or SLAC.

[Anonymous]

The Certified Financial Planning board site has a search of undergraduate programs focused in financial planning. But if you want prestige, as PPs noted, look at an economics degree from a big name uni.

Meanwhile, have him call around to financial planners in the area and see if he can shadow, assist or even get a part time job working with them. For the right price, I bet he could get some real first person experience.