Personal Financial Planning
Personal financial planning is the process of achieving individual life goals through the proper management of personal finances.
What is personal financial planning ?
Personal financial planning consists of six steps:
gather relevant financial information,
set life goals and timeframe,
analyze the current financial status,
develop financial plans and alternatives,
implement the financial plans,
monitor and revise the plans.
The basic elements of personal financial planning include cash flow/budgeting analysis, insurance needs, education funding requirements, investment decision, analysis of debt, retirement planning, forecasting retirement benefits and costs, income tax planning, and estate planning.
Where is personal financial planning used?
The concepts and techniques of personal financial planning are useful to anyone who has concerns about their financial future. For example, parents plan for children’s education, adults plan for retirement, investors need investment plans to enhance after-tax income, and property owners need to choose the best insurance plan. Anything related to personal financial decisions could be a part of personal financial planning.
What are the career opportunities?
The field of financial planning has been experiencing substantial growth. The public’s need for professional financial advice has been increasing drastically due to the changes in demographics and financial regulation. U.S. News & World Report lists personal financial planning as one of the 20 hot jobs for the 21st century. The 2010 Jobs Rate Almanac ranked financial planner as one of the 20 Best Jobs in terms of income, stress, work environment, hiring outlook, and physical demands.
With a specialty in personal financial planning, you can choose a career within a full array of jobs. Typically, you can be a self-employed financial advisor, or work for depository and non-depository financial institutions such as banks, saving institutions, credit unions, brokerage firms, law offices, and human resource and employee benefits departments among others.
Salaries are highly competitive and the average income for experienced financial planners depends upon the specific career option selected and the geographic region. The U.S. Bureau of Labor Statistics reports that the average wage of personal financial advisors in Pennsylvania is $97,090 in 2009, while the national median annual wage is $68,200. Pennsylvania is among the top 5 paying states for this occupation.
Are there internship opportunities?
The internship program offered by the John L. Grove College of Business promotes on-the-job experience and an opportunity to gain college credits. There are many internship opportunities available. Participating entities include security brokerage firms, financial services firms, commercial banks, financial planning firms, insurance companies, and many others. Participating in our internship program not only provides on-the-job experience, it also presents students with possible job opportunities. Many Shippensburg students have been asked to work at these companies, as part-time employees while in school, and some students become full-time employees of the firm upon graduation.
Why should I study personal financial planning at Shippensburg?
The John L. Grove College of Business is accredited by the AACSB International. Our personal financial planning (PFP) program is officially registered with the Certified Financial Planner (CFP) Board of Standards, Inc. Thus, students who complete the program requirements can take the CFP® examination, which is an important step towards CFP® certification.
How is PFP curriculum structured?
You will be required to take three sets of courses.
- General education courses: All Ship students need to take courses such as English, history, mathematics, psychology, and sociology. These courses help students better understand many perspectives through which people view society and the world in which we live.
- Business core courses: All business majors need to take the BSBA core courses, including accounting, statistics, economics, operations management, business computer systems, finance, management, business law, and marketing. This set of core courses provides students with insights into the broad spectrum of the basic functions and needs of an organization.
- Seven major courses: PFP majors need to take these courses including (1) Investments; (2) Applied Company and Security Analysis; (3) Risk Management and Insurance; (4) Estate Planning; (5) Retirement Planning and Employee Benefits; (6) Tax Accounting; and (7) Personal Financial Planning Capstone. This set of major courses lays the foundation of students’ professional skill and knowledge.
Are scholarships available?
The John L. Grove scholarships are available to all business majors.
Where can I get more information?
For specific program information, contact:
Dr. Jonathan Kohn, Chair
Department of Finance and Supply Chain Management
228 Grove Hall
Shippensburg University
1871 Old Main Drive
Shippensburg, PA 17257-2299
717-477-1434
Fax: 717-477-4067
E-mail: jwkohn@ship.edu
John L. Grove College of Business
717-477-1435
E-mail: busiuness@ship.edu
Website: http://www.ship.edu/business/
The John L. Grove College of Business is accredited by the AACSB International.
Certified Financial Planner Board of Standards, Inc. owns the trademarks CFP®Certified Financial Planner TM and certification marks in the U.S., and it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Shippensburg University does not certify individuals to use the CFP®Certified Financial Planner TM and certification marks. CFP® certification is granted solely by the Certified Financial Planner Board of Standards, Inc. to individuals who, in addition to completing an educational requirement such as this CFP board-registered program, have met ethics, experience and examination requirements.