Studies & Degrees in Financial Planning
Financial Planning Study Programs
Financial planning is, in the definition of the Financial Planning Standards Board (FPSB), the process of developing strategies to help people manage their financial affairs to meet personal goals. A financial planner looks at a client's whole situation (income, savings, debts, taxes, insurance, retirement and inheritance) rather than at a single product, and turns it into a plan that is reviewed as the client's life changes.
As a field of study it sits between finance, law and client advice. Students learn how investments, pensions, insurance and taxes work, and also how to interview a client, assess what risk the client can bear and explain recommendations clearly and ethically.
What students learn
The US Bureau of Labor Statistics lists the typical duties of personal financial advisors: meeting clients to discuss their financial goals, explaining investment options and risks, recommending or selecting investments, helping clients plan for specific circumstances such as education or retirement, and monitoring accounts as circumstances change. Courses in investments, taxes, estate planning and risk management are named as helpful preparation.
Regulation is part of the syllabus. In Spain, the securities regulator CNMV defines investment advice as offering personalised recommendations on products, and requires the firm to analyse the client's knowledge, experience, objectives and financial situation through a suitability test before recommending anything.
Qualifications and levels
Few universities offer a bachelor's degree named financial planning. Most people enter the profession with a degree in business, economics or finance and then add a master's programme or a professional certification. The main certifications are:
- CFP (Certified Financial Planner): in the United States, CFP Board requires coursework through a registered programme, a bachelor's degree or higher in any discipline, an exam of 170 multiple-choice questions in two three-hour sessions, and 6,000 hours of professional experience (or 4,000 hours of apprenticeship), plus an ethics commitment. The coursework takes 12 to 18 months on average, according to CFP Board. Worldwide, FPSB and its network have certified over 236,000 people.
- EFPA certificates (Europe): the European Financial Planning Association certifies advisers at several levels, including European Financial Advisor (EFA) and European Financial Planner (EFP). EFPA España, set up in 2000, states that it has more than 35,000 members.
- United Kingdom: the Chartered Institute for Securities & Investment (CISI) offers a Level 4 Investment Advice Diploma, a Level 4 Certificate in Paraplanning and a Level 7 Diploma in Advanced Financial Planning, and licenses the CFP marks in the UK.
Short courses and master's programmes at private schools vary widely in recognition. Before enrolling, ask the school what recognition its qualification has and whether the programme prepares for, or is accredited by, one of the certification bodies above.
Where to study it
The directory lists 10 active schools for financial planning: four in Spain, two in Germany, and one each in Italy, France, the United Kingdom and the United States.
- ESCP Business School, with campuses in the directory in Paris, London, Berlin and Turin, lists an MSc in International Wealth Management among its specialised master's programmes.
- Schiller International University lists a Master of Science in Global Finance, taught in English over 12 months in Madrid and Heidelberg.
- The Institut d'Estudis Financers (IEF) in Barcelona, whose training now appears under the name Barcelona Finance School, offers master's programmes, specialisation courses such as one on managing personal or family wealth, and preparation for professional certifications.
- ACEDIS Formación and AFIGE offer online courses in Spain, and the Centro Internacional de Formación Financiera (CIFF) is based in Madrid.
Programmes in Spain are mostly taught in Spanish; the business schools with international campuses teach many programmes in English. Check the language of each programme with the school.
Careers
Financial planners work in banks, insurance companies, investment firms and independent advisory practices, or on their own account. According to EFPA España, its members work in banks, securities firms, fund managers, insurance companies, agent networks and professional practices, and as independent professionals.
In the United States, personal financial advisors held about 299,400 jobs in 2025, according to the Bureau of Labor Statistics, which projects 1 per cent growth from 2025 to 2035 and about 17,100 openings a year. The bureau notes that advisors who buy or sell securities or insurance, or who give specific investment advice, may need licences, and that those who manage clients' investments must register with state regulators or with the Securities and Exchange Commission, depending on the size of the firm. Find out which licence or certificate the regulator requires where you plan to work.
Frequently asked questions
Do I need a specific degree to become a financial planner?
Usually not. According to the US Bureau of Labor Statistics, advisors typically need a bachelor's degree but employers do not usually require a specific course of study. A certification such as CFP, EFA or EFP is the usual specialisation.
What is the difference between EFA and EFP?
Both are EFPA certificates. EFA stands for European Financial Advisor and EFP for European Financial Planner, the planner-level certificate. Ask EFPA or a preparation school about the entry requirements for each exam.
How long does CFP certification take?
CFP Board gives an average of 12 to 18 months for the coursework. Candidates must also pass the exam and complete 6,000 hours of experience, or 4,000 hours of apprenticeship.
Is a private master's programme in financial planning officially recognised?
It depends on the programme. Ask the school what recognition the qualification has and whether it prepares for a professional certification.