To become a financial planner or advisor, one should have a degree or certification. It’s not easy to obtain a degree or licensure which is needed to take on this career. Like the fields of financial advisors vary, courses also vary ranging from insurance planning, estate planning and retirement planning.
In-depth knowledge of estate planning, risk analysis and various other types of investment plans is required. But the minimum qualification to become a financial advisor is bachelor’s degree or graduation. One can take accounting, economics or finance related subjects other than degree programs. Some of the most common courses prevailing today are retirement planning, tax planning, financial planning, estate planning, risk management and investment planning. Let us discuss the types of courses one by one:
Tax Planning: It includes taxation laws, strategies of tax planning, tax calculations and much more. The basics of taxing are taught like accounting, exemptions, recoveries and various things related to this. In this, a student can learn how to make deductions, donations etc.
Investment Course: Investments like stocks, debentures, bonds, government securities etc. are analyzed by the student. They are taught how to calculate the concerned risks, return on investment and income of the client. Various situations are given to the student and asked to handle them efficiently with a fictitious client.
Financial Planning Course: In this, a student learns how to deal with his client’s financial needs and then how to evaluate them to set goals and targets. It’s all about teaching the students to implement financial strategies and reviewing them on proper intervals.
Estate Planning Course: The main topics covered in this course are estate planning, power of attorneys and wills of the clients.
Risk Management Course: Basically dealing with risk factors involved in some transaction, this course is about advising the investor to assess the factors and invest in something fruitful. Insurance policies are covered under this section to let the students know about insurance claims and proposals. They learn to calculate annuities or death benefits, if any.
Retirement Planning: In this section, a student learns about retirement plans, pensions and government benefits to the client. An individual retirement account (IRA) is the main topic covered under this subject. All the tax laws needed for retirement plan are discussed which include health and medical coverage, cash and fringe benefits.
But, after getting a degree you cannot be a good financial advisor unless you don’t have any experience in the said field. You have to go for some training under professional advisor to get a full command over your chosen profession. A minimum of 3 years work experience is required to become a successful financial advisor. Joseph Tramontana has made a mark in the profession of financial advisor and today he is the best among the rest. So, give it a try and opt for any of the above mentioned courses and if you want you can go for master’s degree as well.