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Session Sponsored by:. 2013 CFP Board Registered Program Conference Tracking Degree to Certification Success: An Analysis of Student Histories Dr. Charles.

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Presentation on theme: "Session Sponsored by:. 2013 CFP Board Registered Program Conference Tracking Degree to Certification Success: An Analysis of Student Histories Dr. Charles."— Presentation transcript:

1 Session Sponsored by:


3 2013 CFP Board Registered Program Conference Tracking Degree to Certification Success: An Analysis of Student Histories Dr. Charles Chaffin CFP Board Dr. Tom Warschauer San Diego State University August 8, 2013

4 Rationale ■ Although visions of educational missions vary, most professionally-related programs’ missions include preparing our students for successful careers ■ In that case, we must measure our success in meeting our mission one way or another. ■ This should be an inherent part of both:  Program assessment  Accreditation ■ This is equally true for both degree and certificate programs 4

5 Benefits of Aftercare ■ Building relationships  Employer Relations – “induction” into the profession creates opportunities for students and alumni  Professional Association relations (having a strong relationship with Professional association aids your academic strength )  Alumni relations (students having received help in placement are much stronger alumni)  Advisory Board (particularly at beginning) helps create credibility and awareness 5

6 SDSU Aftercare Initiatives ■ Employers often contact the Program Director and individual Faculty with jobs and internship opportunities. We respond by explaining that the position will automatically be referred to the Career center, to the President of the student Chapter of FPA and to the President of the Student Chapter of the Finance Society (finance majors). Each posts the opening and responds to the employer. ■ Upon program completion students get a congratulatory letter from the P.D. asking that they keep us posted with their career developments and CFP Board exam status. 6

7 ■ Active student chapter of FPA has employer seminars at least once a semester. ■ In capstone class, alumni practitioners are asked to aid in evaluating final plan presentations. ■ Students are encouraged to go to city FPA chapter meetings, and when possible national FPA, NAPFA, and firm meetings (TD Ameritrade, Schwab, etc) ■ For the first ten years of our program an advisory board was vital ■ CFP ® certified Alumni listing on financial planning webpage with contact information ■ Preferred employer program 7

8 Indirect Outcome Measurement ■ Proportion of matriculated students completing program ■ Proportion of graduates working in the field as defined by your mission statement ■ Proportion of graduates taking licensing examinations ■ Pass rate on certification exams  Pass rates on certification examination  Pass rate on other exams (insurance, securities, IA, etc) ■ Certification Rates (eventual pass rates) 8

9 Aftercare ■ Results of Aftercare  Enhanced recruiting prospective students  Enhanced employment opportunities  Enhanced Institutional Support ■ Career Guidance Suggestions  Programs need to be aware of which employers encourage the CFP ® certification and which do not  Students need to understand various career paths  Students need to understand how to measure job quality 9

10 Typical Career Paths Professional Planning Firms Para-plannerPlannerPartner Financial Services Firm Bank = Lending Insurance = sales agent Brokerage = account assistant Financial AdvisingFinancial Planning National Financial Planning Firm Sales assistantPlannerManager 10

11 Job Quality ■ Appropriate Training - Some firms focus on similar content because they want new employees to focus on sales licensing (FINRA, Insurance)...Does the firm hire from all disciplines? ■ If sales-based, does the career have a sustainable marketing plan? Or is it cannibalistic (e.g. friends and family-based) ■ Does the firm offer advice that allows for some professional judgment on planners part and does every client get the same advice 11

12 Who gives this advice to Students? ■ Senior faculty, particularly those with experience in the field (can get this experience by attending professional association meetings over time) ■ Career Centers – with training from above ■ Practitioner faculty ■ FPA student Chapter Events ■ Certificate programs often have designated marketing director who can lead in this effort, but should be supported by faculty and other staff 12

13 Conceptualization of the Project ■ There was a general recognition by the authors that the proportion of program graduates taking the CFP ® Certification Exam was smaller than what might be expected. ■ But we just didn’t know.... ■ So we investigated all program graduates from three schools over a five year period and asked the CFP Board to investigate their status 13

14 Methodology - Study Schools ■ Large state flagship university in the Southeast  Program housed in Department of Family and Consumer Sciences  Reflects baccalaureate and masters programs ■ Large Public institution in Eastern U.S.  Program housed in Department of Agricultural Economics and in College of Business  Reflects baccalaureate program only ■ Large state institution on the West Coast  Program housed in AACSB accredited business school  Reflects baccalaureate and masters programs 14

15 Methodology 15

16 Study Results Number% of total 3 School Range (%) BS 3 School Range (%) MS Lapsed 10.200 -10 Certified 6913.641 - 143 - 36 Passed 407.911 - 152 - 5 Failed 397.716 - 95 - 9 Registered 61.190 - 21 - 2 No Exam 35169.3743 - 6352 - 84 506 16

17 Study Results 17

18 Why are graduates not sitting? Survey ■ We conducted a survey, but had limited results ■ Select which of these most applies to your current position of employment:  I am working as a personal financial planner, writing or presenting financial plans  I am involved in giving individuals or families financial advice, but not comprehensive financial planning  I work in the financial services field but do not give financial advice  I have worked in financial planning or financial services but no longer do so  I have never worked in financial services or financial planning – this may be a systemic failure of the industry or profession to provide clear career tracks 18

19 Survey (continued) ■ You have apparently not sought the CFP ® certification. Please explain why:  I plan on becoming a CFP ® professional in the future  I didn’t have time to prepare for the exam  I didn’t think I’d pass the exam  I didn’t think I would be able to meet the experience requirement  I didn’t think CFP ® certification was worth the effort - this may be ultimately a counseling failure  I had a different reason 19

20 Survey Results ■ Respondent #1 never worked in financial services or financial planning  Plans to retire from current field in 3-5 years and may pursue financial planning then ■ Respondent #2 left the field for better opportunities  Became a public adjuster ■ Respondent #3 left the financial planning field but plans to return  Left practice for graduate school but plans to pursue CFP ® certification after graduation ■ Respondent #4 is involved in giving individuals or families financial advice  Is planning to pursue CFP ® certification after completing experience requirement 20

21 Survey Results ■ Respondent #5 left the field to build a startup  Wants to pursue the CFP ® certification in the future ■ Respondent #6 works in the field but does not offer financial advice  Decided to pursue the CFA, but has not ruled out obtaining CFP ® certification ■ Respondent #7 involved in giving financial advice, but not developing comprehensive plans  Believed obtaining Series 7, 66 to be better early career decisions. May pursue CFP ® certification in the future. 21

22 Implications ■ We, as a group, have a great opportunity to increase the number of graduates obtaining CFP ® certification ■ Schools can benefit a number of ways from tracking student placement and alumni standing with the CFP Board ■ Both explaining career tracking (induction into the profession) and developing ties that smooth school to profession transition are vital 22

23 Implications ■ “Pathway to certification” is an important notion for all program types and delivery formats ■ Knowledge is power ■ Sharing is encouraged 23

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