SPONSORED CONTENT -- (StatePoint) The demand for financial planners is on the rise, making this an attractive professional path for anyone to consider, from students to career changers. With the goal of promoting a talented financial planning workforce whom Americans can trust, CFP Board is sharing the following career insights with those interested in the profession:

What do financial planners do? Utilizing their expert knowledge, financial planners advise their clients on decisions that help them meet their short- and long-term financial goals. Financial planners may work for entities like banks, broker-dealers or investment firms, or they may work for themselves at a solo practice.

What are the top benefits of being a financial planner? With only 5-10 years of experience, financial planners can expect to earn between $126,945 to $213,126 per year. But benefits go beyond the monetary. Being a financial planner also offers career flexibility and work-life balance, personal fulfillment and intellectual stimulation.

What does a typical career path look like? Career paths vary by employer and individual expertise. However, most planners start as analysts and move up through the ranks, working as associate advisors, senior advisors, lead advisors/managing directors and sometimes stepping into the role of principal/partner. This latter position had an annual compensation range between $170,000 and $346,500 as of 2020. Financial planners in this role can expect to be managing teams and working with high-profile clients with complex needs.

Is there room to specialize? Beyond providing traditional financial planning services to clients, many companies offer room to specialize. From technical support specialists who focus on analytical work to business development specialists whose primary role is to attract new clients, many planners lean into their specific skills and interests to carve out an industry path that’s right for them.

What can financial planners do to advance their careers? One of the best ways to advance a financial planning career is to earn CFP^®certification, the standard of excellence for financial planning for more than 50 years. While anyone can call themselves a financial advisor, CFP^® professionals have met high standards for certification, and have committed to act in their clients’ best interests. This additional training doesn’t just make CFP^® professionals better at their jobs, it opens the door to more opportunities, and on average, yields 12% higher earnings. In fact, a majority of CFP^® professionals (79%) agree they have a competitive edge over other financial advisors.

How does CFP^® certification work? CFP^® certification begins with a two-part education requirement: holding a bachelor’s degree or higher in any discipline, and completing coursework through a CFP Board Registered Program. Candidates must then pass an exam and accumulate either 6,000 hours of professional experience related to the financial planning process or 4,000 hours of apprenticeship experience that meets additional requirements. Finally, they must sign an ethics declaration and pass a background check.

For more information about launching a successful financial planning career, visit www.cfp.net to request an e-copy of CFP Board’s “Guide to Careers in Financial Planning.”

When entering the financial planning field, remember that not every career path in this profession looks the same. Thanks to a range of factors that are making this a rapidly growing, in-demand field, financial planners can be choosy about where they work and what their role will be.

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