Financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan immediately after the vision and objectives have been set.
It can be something that is done individually. In other words, financial planning could be just you saving and organizing your finances. However, most big organizations require the services of financial planners. Financial planning is basically the task of determining how a business will afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan immediately after the vision and objectives have been set.
In order to be a financial planner, you need to have a background in business, finance, or/and related courses. Your job would typically revolve around assessing the business environment, confirming the business vision and objectives, identifying the types of resources needed to achieve these objectives, quantifying the amount of resources required, calculating the total cost of each type of resource, summarizing the costs to create a budget, and identifying any risks and issues with the budget that had been already set. While you may have a basic understanding of all these things; you would definitely need a degree to really have a comprehensive knowledge about it. There are so many reasons why you would need to go to college for financial planning knowledge; here are some of them.
Having a degree does two things for you. First you get all that knowledge that comes from getting it and next, you actually have a proof of your capability. The truth is that a degree or qualification does not guarantee your proficiency or otherwise in that particular field. Whether a person has cheated his way through school or was just lucky; all of that does not really matter when the degree is gotten. A person without a degree may be better, however, companies would not want to take chances.
In other words, before you can get a job as a financial planner, you need to go to college for financial planning or something related to it. Employers simply need to see a qualification before they can entrust their organization into your hands. Frankly, a high school degree would not cut it or seal the deal much less. You need to go to college for financial planning, get a degree, and then you can apply for a job.
To have Depth in financial planning
While in high school, it is possible that one would have had certain levels of training in finance and other related courses required for financial planning. However, when you go to college for financial planning, you are taught with a focus on it and less of anything else. At the end of the day, you would learn almost everything you need to know before you can start your career along that path.
Having the required depth in any career path would ensure that you do not start your career blind. Sure, you may still not be aware about the practices of financial planners in the real world. However, a theoretical background would make you catch all that you need to catch on with in the professional world much easy. More so, the basis of financial planning would not be taught in the office. For one, performing Financial Planning is critical to the success of any organization. It provides the Business Plan, by confirming that the objectives set are achievable from a financial point of view. It also helps the CEO to set financial targets for the organization, and reward staff for meeting objectives within the budget set. No boss would sit you down to give you lectures like this. You would need to go to college for financial planning first.
To be taken seriously
Sometimes, you may not need a job as a financial planner – you may already have one! Another reason you may not need one is the fact that you work for yourself. A few people function as independent financial planners. They could have websites on financial planning, or could have started getting individual clients to offer financial planning services to, just because they have a knack for it.
While they may be very good at what they do (many people take up courses that are aside their educational backgrounds), it may be hard to get the entirety of your clients or potential clients to take you seriously. This is usually peculiar to those who are just starting down that path and are either looking for partners, clients, or even investors. Without a college degree, you would not get the level of seriousness that is required to grow speedily. Going to college for financial planning, would not automatically guarantee your success as a financial planner, but at least you would be given the benefit of a doubt.
You would say that one does not need to go to college for financial planning to meet people and make effective networks, however, the connections you make there can save you even when you least expect it – especially when you go to a good school. This is why graduates from schools like Harvard really do not find it hard to get jobs. The alumni association of your college would be sure to offer you opportunities that may arise when you need a job.
In essence, if you went to college and your colleague happens to get a job in a course similar to yours or even the same course, when he or she needs a partner for a business deal, you can easily come up. If his or her organization is in need of a financial planner, he could refer you because he knows you are in tune with that path. Your network is your net worth. It just cannot be toyed with.
Fall back option
Finally, a reason to go to college for financial planning or in this case, get any degree at all, is so that you can have something to fall back on. You never go wrong with investing in yourself. When the chips are down and you do are left with nothing, a degree can bail you out in ways you do not even expect. Get a degree and you may have just gotten a form of insurance for yourself.