Students pursuing the new financial planning option in the University of Nebraska–Lincoln's finance major can now gain a significant head start toward one of the profession's most sought-after credentials while earning their Big Ten undergraduate business degree.
The Certified Financial Planner Board of Standards Inc. (CFP Board) recently approved Nebraska's financial planning option as a CFP Board Registered Program. Unlike programs that offer financial planning through a minor, certificate or post-degree coursework, Nebraska integrates the required CFP curriculum directly into an option within its undergraduate finance major to prepare students for careers in financial planning, wealth management and other areas of financial services.
"The CFP Board sets the gold standard for financial planning education and professional practice, and this approval affirms that our program meets those rigorous standards while preparing students for careers in one of the fastest-growing areas of financial services," said Kathy Farrell, James Jr. and Susan Stuart Endowed Dean of the College of Business. "Students no longer have to wait until after graduation to complete the CFP Board education requirement. By completing it as part of their finance degree, they graduate ready to take the next step toward CFP® certification."
Nam Le, director of Nebraska’s CFP Board Registered Program in Financial Planning and assistant professor of practice in finance, said the integrated approach saves Huskers both time and money.
"Students who do not graduate from a CFP Board Registered Program typically spend an additional $4,000 to $8,000 and six months to a year completing a post-degree certificate program before they are eligible to sit for the CFP exam," Le said. "Our students will complete those requirements while earning their bachelor's degree, allowing them to begin the certification process sooner and enter the profession with a competitive advantage."
Starting this fall, the program comes at a pivotal time for the profession. An estimated $124 trillion in U.S. wealth is expected to transfer between generations and within families over the next two decades, increasing demand for professionals who can help individuals and families navigate complex financial decisions.
At the same time, the U.S. Bureau of Labor Statistics projects employment of personal financial advisors will grow 10% through 2034. Global consulting firm McKinsey projects a shortage of up to 100,000 advisors as an estimated 110,000 experienced professionals retire.
“As the need for qualified financial planners continues to grow, employers are looking for professionals who can guide clients through real-life financial decisions with knowledge and integrity. The finance major's new option helps students begin building those skills while they are still in college," said Stanislava Nikolova, chair of the Department of Finance and Alice M. Dittman Chair of Banking and Finance. "They gain the knowledge and practical skills needed to serve clients throughout every stage of their financial lives."
Students take courses in retirement planning, investments, taxation, estate planning, wealth management and risk management while developing the communication and analytical skills employers value in client-focused financial careers.
"Many financial planning courses are taught by faculty and industry professionals who hold the CFP certification, ensuring students learn from those who understand the standards and expectations of the profession firsthand,” Nikolova said. “That experience, combined with our CFP Board Registered Program status, means Huskers graduate well prepared to pursue certification and begin helping clients achieve their financial goals."
Earlier this spring, the College of Business announced support from Schwab Advisor Services and the Charles Schwab Foundation to expand hands-on learning and career opportunities. Students in the option will benefit from strengthened connections with alumni and leaders in the Registered Investment Advisor community.
“This is an incredible opportunity for future students," said Brett Burchett, '20, wealth advisor at FP Wealth Management, Inc. “I credit much of my success to other advisors who showed me the ropes, shared ideas and provided a way for me to be successful in this career. The CFP option at UNL provides opportunities for finance students to do exactly that while in college and allows them to focus on the CFP exam and accumulating experience in financial planning after graduation.”
The financial planning option is one of four options available within Nebraska's finance major, alongside banking and risk management, investments and general finance. Prospective students can select the option when applying to the university or when meeting with an academic advisor after enrolling. Current students can add the option through MyRED.
