Survey Finds CFP® Professionals Earn More and Enjoy High Career Satisfaction (2024)

FAQs

Survey Finds CFP® Professionals Earn More and Enjoy High Career Satisfaction? ›

The study shows high career satisfaction among CFP® professionals, with 85% experiencing a high to very high sense of personal fulfillment. Key job areas rated as good or excellent include stability (88%), work/life balance (82%), career advancement (79%) and compensation (74%).

The survey also found that CFPs are happy with the careers they've chosen, with 84% experiencing a “high to very high sense of personal fulfillment,” the CFP Board said in statement.

While ZipRecruiter is seeing salaries as high as $139,154 and as low as $60,201, the majority of Cfp salaries currently range between $85,900 (25th percentile) to $113,000 (75th percentile) with top earners (90th percentile) making $135,699 annually in California.

Financial Advisor ranks in the top ten of best business jobs, and there are also many other career routes you can pursue in the field. Working in financial planning can mean finding a job at a large bank or credit union, a nationwide wire house, or at a small independent firm.

Focused on memorization and not learning

The CFP^® exam includes two important case studies with 8-12 questions per case study typically. They require you to analyze a hypothetical client situation and determine the best next steps. Memorization alone won't cut it in this section.

The financial services industry is continuously evolving, leading to questions about what the future of financial advisors might look like. The good news is that the employment outlook for personal financial advisors appears bright, with an expected 15% growth rate through 2031.

For 50 years, CERTIFIED FINANCIAL PLANNER® certification has been the standard of excellence for financial planners. CFP® professionals have met extensive training and experience requirements, and commit to CFP Board's ethical standards that require them to put their clients' interests first.

– The CFA Institute says a CFA charter holder can earn between $126,000 and $177,000. – Comparably.com data from Feb. 2023 shows the average CFP® salary in the U.S. is $121,099. The total range is between $39,300 and $187,200.

The pass rate for the March 2024 exam was 68%. “This unprecedented turnout for the March 2024 CFP® exam reflects the recognition of CFP® certification as the standard for competent, ethical financial planning,” said CFP Board CEO Kevin R. Keller, CAE.

Is CFP harder than CPA? ›

The pass rate for the CPA Exam was 54% overall. Comparatively, CFP is easier than CPA. The historical pass rate has been above 60%, which indicates that the tests are of a difficulty level that is considered to be moderate.

It also takes considerable time and effort to build a clientele and is considered a high-stress job by many, even in the best of times.

Not everyone needs help with their finances, but for those who do, having a CFP in your corner can be invaluable. If you aren't sure how to organize your finances, navigate investing or balance your financial priorities, a CFP can help. The Kitces Report. How Financial Planners Actually Do Financial Planning (2023).

The CFP® Certification Examination is equally as challenging as the CFA® exams, the CPA® exam, and bar exam. Every year, thousands of candidates go through this rigorous certification testing, but not everyone makes it to the finish line.

Almost seven in ten of the 2,926 candidates who took the CFP Certification Exam in July passed. The CFP Board stats show that the 67% pass rate was the highest since July 2015 (70%), although the exam blueprint has been updated twice since, in March 2016 and March 2022.

Certified financial planner (CFP) is a certification granted to professionals who have met specific requirements, such as passing the CFP exam. Most examinees who have taken the certified financial planner (CFP) board exam agree that the case studies are the most difficult and important portion of the test.

How stressful is being a financial advisor? Being a financial advisor can be highly stressful due to the responsibility of managing clients' financial futures, market volatility, and the need to make crucial decisions under pressure. Stress levels can vary based on individual clients and market conditions.

The survey also reflects a high level of career satisfaction among CFP® professionals, with 84% experiencing a high to very high sense of personal fulfillment. Key job areas rated as good or excellent include stability (88%), work/life balance (80%), compensation (71%) and career advancement (65%).

At CareerExplorer, we conduct an ongoing survey with millions of people and ask them how satisfied they are with their careers. As it turns out, financial advisors rate their career happiness 2.7 out of 5 stars which puts them in the bottom 10% of careers.

The role, which demands acute attention to market trends, client needs, and financial planning, often extends beyond the typical nine-to-five schedule. This can lead to unpredictable work hours and the need for constant availability, which complicates the pursuit of work-life balance for these professionals.