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Personal Financial Planning

Personal financial planning is the process of managing financial resources to achieve individual goals.

What is personal financial planning?

Personal financial planning is a six-step process:

1. determine current financial conditions,

2. develop financial goals,

3. identify alternative courses of action,

4. evaluate alternatives,

5. create and implement a financial plan, and

6. evaluate and revise the plan.

The basic elements of personal financial plan include cash flow/budgeting analysis, insurance needs, employee benefits, education funding requirements, investment decision, analysis of debt, portfolio analysis, 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 decision could be a part of personal financial planning.

What are the career opportunities?

The field of financial planning is 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 1 of the 20 hot jobs for the 21st century. The 2006 Jobs Rate Almanac rated financial planner as the year’s best career in terms of income, stress, security, work environment, and employment outlook.

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 union, brokerage firms, investment companies, and insurance agencies. Alternative options include accounting firms, law offices, and human resource and employee benefits departments, among others.

Current salaries are highly competitive and the current average income for experienced financial planners depends upon the specific career option selected and the geographic region. U.S. Department of Labor reports that median annual earnings of personal financial advisors were $86,400 in 2005.

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. The Shippensburg’s Department of Finance is in the process of registering the concentration program with the CFP Board of Standard. Upon approval, students complete the concentration program can take the CFP examination, which is an important step towards CFP certification.

How is the personal financial planning curriculum structured?

You will be required to take three sets of courses.

General education courses, such as English, History, Mathematics, Psychology, and Sociology, which provide a background for understanding the many different perspectives through which people view society and the world in which we live.

Business core curriculum, required of all business administration students, includes accounting, statistics, economics, operations management, business computer systems, finance, management, 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 advanced courses: investments, financial institutions, advanced financial management, applied company and security analysis, insurance and employee benefits, financial and estate planning, and tax accounting.

Are scholarships available?

The John L. Grove scholarships are available to all business majors.