(StatePoint) As Americans have increasingly realized they need competent, professional advice about how to manage their money, financial planning has grown significantly as a profession over the past several decades.
Yet, only 23 percent of the more than 83,000 Certified Financial Planner (CFP) professionals today are female, even as women control more than one-third of the wealth in the U.S. This means there’s both a tremendous opportunity, as well as need, for more female financial planners.
Here are five benefits of financial planning careers that make them a great fit for women, according to those in the industry:
1. Work-life balance: Financial planning careers offer the flexibility to balance professional demands with your personal life, whether you are making time for family or for other activities that are important to you.
2. Opportunity to make a difference: Financial planners are often key parts of their communities and enjoy the satisfaction of helping people in important, life-changing ways. By taking a holistic look at their clients’ finances, they help families build wealth, manage financial challenges and achieve their goals.
“I think this is such a great field for women because we naturally want to take care of people. Becoming a financial planner is just another way of helping people out -- but in the money department,” says Brittany Castro, a Los-Angeles-based CFP professional.
3. Financial stability: Financial planning careers offer excellent income potential that is comparable to other distinguished careers. According to the Bureau of Labor Statistics (BLS), the median pay for personal financial planners is $89,000.
4. Freedom to shape your own path: You may choose to work for a large firm, a small company, a bank or a broker dealer. Or, you may decide to start your own business. Roughly one in five personal financial planners are self-employed, according to the BLS.
“The beautiful thing about being a CFP pro is that we’re still blazing trails. It’s still a very young profession, so you can make this career anything you want,” says Rianka Dorsainvil, a CFP professional in Washington, D.C.
5. Room for growth: The BLS projects that the financial advisory industry, including financial planning, will grow 15 percent between 2016 and 2026. That’s 4 percent higher growth than other occupations are projected to experience. This high demand for financial planning services, coupled with an aging current workforce, means there is long-term opportunity and room for growth within the profession.
Financial planning is a satisfying career for many women already -- 72 percent of women who earned the CFP certification are very satisfied with their jobs, according to research from the CFP Board Center for Financial Planning. For more information on how to join the ranks, visit: cfp.net/become-a-cfp-professional.
Offering growth potential, work-life balance and the freedom to chart your own professional path, financial planning is a career that provides many tangible perks.
Photo Credit: (c) sebra / stock.Adobe.com