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Financial Planning is one of the fastest-growing professions across the world and with a huge demand- supply gap in India the youngsters planning a career in Financial Planning have a bright future and can take advantage of many opportunities coming across in the Financial Services Industry.Managing money is a tricky business, managing other people’s money is not just tricky; it’s a lot challenging and difficult. Considering most people need guidance on where to invest, how to save taxes, the best insurance scheme, which fund to invest in, which stock to hold, which one to sell, how to plan junior’s college and their own retirement. And for all those self styled experts; planners come into helping them make better use of their money and achieve financial goals.Unlike the medical profession where expertise in specific area is the norm these days, CFPCM(Certified Financial Planner) is a Certification that proves the need for an expertise across various personal finance streams. And many of those who attained have been chartered accountants, MBAs, research analysts, fund managers; you name it. It would not be wrong to say that CFPCMCertification is the jewel of the future. It is a rigorous & specialised course certified by the Financial Planning Standards Board (FPSB) India. Proficiency in this new discipline will enhance the professional worth of financial advisors, turbo-charge their career growth, and increase their earning capacity.Financial Planning is one of the fastest-growing professions across the world and Financial Planners are most sought with a fast growing working population that earns well, and needs expert handling of their finances. And opportunities are plenty, also for those looking at not starting their own practice; banks, Financial Planning outfits, wealth managers, life insurers, accounting firms, stocks brokers are lapping on to people with such expertise. Financial Planners offer expert opinions on issues like retirement planning, estate planning, financial management of small businesses, trusts, tax, stock broking and investments and debt and risk management. Needless to say a career as a Financial Planner can prove both challenging and rewarding.Where is the Demand?Entering any profession is tough. And entering a fledgling profession still in the process of defining itself is that much tougher. Currently Financial Planners are part pioneers, part established professionals. Often the trouble with the pioneering side of the profession - pioneering takes a lot to get established and it takes time and many feel it does not pay. Though the obstacles to blazing new career trails can be frustrating and daunting to the point of causing a new Financial Planner to feel low; the opportunities ahead are immense (See table: career opportunities).Career OpportunitiesJob ProfileAnalysing and Planning finances of individuals to meet their life goalsEmployersBrokerages, banks, insurers, fund houses, wealth managers etc.QualificationsCFPCM Certification holders. Additional qualifications like MBA, CA etc helpsEssential AttributesA thorough grounding in numbers, familiarity with investor psycheOther career optionsCan start on their own, work as consultants for firms and so on...Currently, a CFPCM Certification is a valuable, career-enhancing add-on. At present there are around 350 CFPCM Certificants in India but around 10,000 students and professionals are undergoing the CFPCM Certification across India with varied backgrounds. But industry estimates the need for CFPCM Professionals to run into over one lakh over the next decade. Many amongst the first lot of Certificants were fund distributors or insurance agents or servicing clients without the right expertise. For many financial intermediaries who were selling mutual funds and insurance for many years, and advising people, the CFPCM Certification has added credibility and infused confidence, as their awareness of products has become more holistic and they can tackle the bigger picture.Many of those who have been initial people in the field have encountered a lot of tough moments in getting the concept of Financial Planning across.Financial Planning is a corporate career track, even for those who run their own Financial Planning business and are not associated with a bank or investment firm. Because Financial Planners have so much contact with other professionals in different aspects of the financial profession, career changes can be common. Experienced Financial Planners can find satisfying careers in investment banking, financial consulting, and financial analysis. Because people skills are also an integral part of being a Financial Planner, financial consulting on both personal and corporate levels, are also options. Many Financial Planners, like many in other professions, are likely to find themselves attending business school, either to achieve a higher income or switch to one of the aforementioned professions.Several CFPCM Certificants feel that the Certification has brought some dignity and respect in the trade and no more people treat them as agents or peddlers of insurance or a fixed deposit that one least needed. The large brigade of insurance agents, mutual fund agents and people who have a sense of financial instruments, selling these purely on their understanding, have reasons to cheer with the CFPCM Certification coming in as a boon to consolidate their existing network of clients and offer them more.Working as a Financial PlannerRecognizing Financial Planning’s occupational benefits, there are many surveys that indicate a career in Financial Planning as the top career choice in the country. Most Financial Planners enjoy relatively low stress, have a high earning potential and enjoy a high degree of workplace autonomy. The personal satisfaction element cannot be underestimated. Very often, independent Financial Planners find that people are just overwhelmed and need direction, so it’s their job to listen, understand their situation and offer some options that will help them. It gives them a satisfaction of being able to help people do better, and it’s not just about their finances. It’s about blending the financial side with the other sides of clients’ lives so that they can achieve their goals.Satisfaction gained from finding client solutions is the satisfaction derived from solid career development. Over the next 5-10 years, the profession should experience some significant growth, and practitioners should see increased income potential. And, the first to move from financial services industry to be on their own have taken the CFPCM route to chalk out a career path in this profession with the certification to begin with. A Financial Planner’s decisions to be his/her own boss reflects the attitude of many of the Financial Planning profession’s pioneers. But for those who want solid, big firm experience, the opportunities are plentiful and growing fast. Firms such as HSBC Bank, Kotak Mahindra, ICICI Prudential, DSP Merrill Lynch and mutual fund houses are looking at recruiting CFPCM Certificants or those pursuing it, with many staffers being encouraged to study for the certification while being employed. Many of these firms have even begun to offer attractive incentives, both financial and developmental, to employees who earn CFPCM Certification while on the job, with some waiving the fee to certification.The Value PropositionFor a start, a certification immediately places the CFPCM’s in a much smaller peer set with a higher level of qualification and credibility. With around 8,000 aspirants pursuing the CFPCM Certification drill currently, many are looking to add the qualification in existing profession. The biggest advantage the certification offers is the flexibility to open your own shop or look up the possibility to join an institution (See table: Benefits of CFPCM Certification). And with fast emerging verticals within the personal finance domain; having focused specialities in certain specific areas helps and can be very productive for planners seeking to be part of large outfits.Benefits of Being a CFPCM CertificantEnhanced career and employment opportunities with Financial Services companiesPersonal satisfaction in knowing you have earned the profession’s highest standard and met the global benchmarkSatisfied clients who appreciate the comprehensive approach to Financial Planning and extend long term relationship and referralsYour expertise and credibility as a qualified professional is instantly communicatedMore revenue streams by increasing your product and service offering to your clientsEnhanced Social Status by joining the league of professionalsRecognition in 20 countries across the worldGlobally, Financial Planners either run their independent outfits or work as a firm, something Financial Planners in India are also looking at. Here to, most successful planners are those who have ventured on to be on their own. The entrepreneurial freedom and flexibility that a career in Financial Planning offers cannot be offered by anything else, reckon many CFPCM Certificants we spoke to.It’s possible for Planners to earn a lot more. Independent practitioners handling their clients’ assets earn a mix of fee, commissions and performance benefits. Many Financial Planners have a clientele to whom they just offer advice. But for a lot of people they do the distribution as well or just the initial financial assessment, which is fee based. The mix depends on the type of client who walks in. Some CFPCM practitioners who distribute financial products and also earn commissions easily make Rs 1 lakh a month, and this will grow as the assets they handle increase.Planner’s PathCurrently, there is a huge mismatch between the small supply of CFPCM Certificants and the large demand from advice seekers, and this is likely to continue for some time to come. It is a lot of hard work, and of course, one is under pressure to offer more and more, feel many of the current planners. But that’s a small price to pay for pushing the frontiers of the Financial Planning universe (See table Planner’s Path).Planner’s PathLevelsJob profileQualification/ExperienceExpected Pay (p.a)EntryTrainees and executives with wealth managers, banks & product distributorsPursuing CFPCMRs 2-3 lakhMiddleSales Mangers, Relationship Mangers, Wealth Managers work experience financial expertisePursuing CFPCM withRs 4-7 lakhSeniorFunctional heads like retirement specialists, tax specialists and business/regional headsCFPCM with work exp. and other professional qualificationsAbove Rs 10 lakhAdditionally, individuals with qualifications such as MBA, CA, CFA etc. blended with CFPCMCertification may add 20-25 % to their expected emoluments.Beyond PlansOpportunities for Financial Planners are expected to grow faster than average in the future. There are newer areas that planners are getting into with the changing demands and opportunities that are posed at them. From being columnists with publications, talk specialists at seminars and workshops to being featured on television discussing Financial Plans and to writing books; planners are doing everything possible. Some of the opportunities present to them are:Specialists: There are few CFPCM Practitioners who are now focusing on being retirement plan specialists and specialists managing only HNI money and so on. You have the choice to do the same. This is a big opportunity because there are lots of areas where specialists can play a specific part including estate planning or trusts and most of these remain unexplored today in India.Columnists: With so much need about Financial Planning doing the rounds; newspapers, magazine and television channels are fast adapting to Financial Planners as expert advisors and panelists who write, analyze and are part of discussions held. The choice for the Planner is to function as a freelancer or associate themselves with a single media house.Seminars and Talks: Planners are seen to be getting more interactive being part of targeted seminars and talks addressing retirement needs for groups and educating investors across various strata. They can speak and present at various seminars and functions and this can stretch across various cities in the country.Books: Planners are popular amongst publishers to come up with books on basics of planning, retirement and wealth creation amongst others. One can look at co-authoring or writing books that will have an interest among lay people.Teaching and Training: There is also the choice for taking up teaching assignments for various entities including corporate. There is a huge demand for training in the area of Financial Planning and experts and people with knowledge are in short supply. A firm grasp of the subject and its basics can be a very good tool to get going in this area.Desired TraitsNo matter how one enters the field,there are common skill sets that lead to success:Strong people skillsAbility to communicateAnalytical savvyProblem solvingSynthesize informationDemonstrate creativitySelf-startingOther Professional CareersFinancial services, especially on the retail side, have undergone a major transformation. Various factors have catalysed this change: One, privatisation of insurance and mutual fund sectors has increased product options for the investor. Two, falling interest rates and the end of ‘guaranteed-return’ products have prompted investors to look for alternative modes of investment. And, three with a number of scams taking place in the financial markets, investors’ confidence in ‘advisors’ has been shaken and the investors are asking for a ‘trusted financial doctor’.In the Financial landscape, an individual has various professional courses such as Chartered Account (CA), Company Secretaries (CS), Cost & Works Accountants (CWA) and Chartered Financial Analysts (CFA) to pursue. Each programme offers individuals some specialization, which fulfils a job requirement. The CA focuses on tax, audit and accountancy; a CS is an expert in corporate laws; the CWA will focus on management accountancy and CFA will be an expert in corporate finance and mergers & acquisitions. The common feature across all these programmes is that they are professional courses focused on the “corporate” point of view.In this era of super specialization, the Certified Financial Planner (CFPCM), focusing on comprehensive financial advisory services to individuals has emerged. (Kindly see Table below, enlisting the various options of qualifications/ certifications available to candidates looking to pursue a career in Finance.)CourseDesignationInstituteMain Areas CoveredCAChartered AccountThe Institute of Chartered Accountants of India (ICAI)Accounting, taxation & auditingCSCompany SecretaryThe Institute of Company Secretaries of India (ICSI)Company lawCWACost AccountantThe Institute of Costs & Works Accountants of India (ICWAI)CostingCFPCMCertified Financial PlannerFinancial Planning Standards Board (FPSB), IndiaFinancial Planning - Insurance, Retirement, Investments & TaxationCFAChartered Financial AnalystAssociation for Investment Management & Research (AIMR)Portfolio Management & Investment AnalysisCPACertified Public AccountantAmerican Institute of Certified Public Accounts (AICPA)Accountancy & TaxationPromising futureFinancial Planners can be generalists or specialists. Some practice comprehensive Financial Planning while others emphasize money management, retirement planning and/or estate and tax planning. Some target specific markets-retirees, HNIs, non-salaried professionals, NRIs, under 40s, doctors and those in the software industry and young professionals. With CFPCM Certification being recognized worldwide one may also opt to practice in other parts of the world or cater exclusively to NRI Clientele. The quickest route to success as a Financial Planner is to train with and work for a financial-services company or wealth managers. After acquiring experience, look at options that can enable you to set your own practice or work with a planner to get the desired mentoring to start your own Financial Planning businesses. Success then depends on attracting more and more clients. Networking and self-promotion play a large part in attracting clients, but in the end, their satisfaction is the most important factor in a planner’s success.The future poses numerous opportunities for Financial Planners to take advantage of thousands of available jobs in this expanding profession. There is also the possibility to fuel your entrepreneurial spirit and enjoy the benefits of owning your own business. Distinguish yourself by expanding your knowledge, competence, and professional status. Grow your own client base by offering a wider range of services and be in charge of your own financial future.

While writing your last paper of final BCOM exam, tons of thoughts are going through your mind, most of which include plans about sleeping the entire week or partying an entire week (depends on your preferences). But trust me, none of them are taking place. As soon as you finish your Exams you have your parents, relatives, neighbours and everyone on your Facebook friend list asking you about your future plans. And no, not your partying or sleeping plans but your career after BCOM plans.On a serious note, today, just completing your graduation is not counted as having a great career. You need great knowledge and a good degree to face strong competition in life.Here are the different career options after the BCOM1. AccountantAfter your graduation immediately you can work as an accountant and most of the fresh commerce graduates look for a job as an accountant. Accountant is required in all types of industries. Every company requires accountant to run their business and to keep track of profit and loss of their company.2. Tax ConsultantTaxation you learn in college itself, after graduation you can work as a tax consultant with any firm and get some experience. Later on you can independently work as a Tax consultant or work from home or can also start your own firm.3. Human ResourceFresh BCOM graduates can work as HR person or can also do their Masters in Human Resource. Later on you can work as independent HR person also.4. BankerYou can check the recruitment ads or the banks website they mostly hire the commerce graduates. Even many banks hire the fresh commerce graduates also. You can get a job in any bank by registering on the banks websites or by following the employment news.5. BPO / KPOMost of the BPO’s / KPO’s (Business Process Outsourcing / Knowledge Process Outsourcing ) prefer commerce graduates and you in BPO/KPO you can work as client serving executive, customer care executive and Team leader. In this outsourcing companies there are lots of opportunities and they offer a good pay package.6. AuditorAuditor is the upper position after the accountant. As an auditor you have to check financial statement and accounting ledgers. As an auditor you have to work with several clients and have to travel also.8. Stock BrokerAfter graduation you can do any small course in stock trading and get the knowledge. Finance, Mathematics and Economic subject will help you a lot as a Stock Broker.9. LecturerAfter Bachelors of commerce you can do two year course of Masters of Commerce (http://M.com) and can work as a commerce lecturer in college or universities.10. Export Import ManagerAll the big companies doing Export Import need Export Import Assistant/ Manager for documentation work, custom work etc. You can join as a fresher or can do specialization in Export Import after graduation.11. Finance ConsultantAs a financial consultant you can advice one on the savings, retirement planning, financial planning about the future etc and can save them from the future money crisis.12. Insurance ConsultantAfter BCOM in Banking and Insurance you can work in Insurance Industry as an Insurance Advisor or Insurance consultant etc13. CA / Cost & Work Accountant / Company SecretaryChartered Accountant (CA) / Cost and Work Accountant (CWA) / Company Secretary (CS) are the more advanced career option after BCOM you can give the exams while you are in college also.14. Event ManagerWe all know how the Event Management business is getting the importance day by day. After graduation you can do Masters in Event Management and later can work as Event Manager.15. Travel Agent / Travel ManagerAfter graduation you can work with Travel and Tourism Industry. Marketing, Accounts and Costing subject will help you a lot in this field.16. Government JobsBCOM graduates can give competitive exams and can try their luck to get government job in civil services, public sector, government banks etc.17. LawyerTo become lawyer even after BCOM graduate you can do LLB and then get the experience by working under lawyer and then later in life can start working independently as a lawyer.18. Market ResearcherAs a market researcher your work is to do market research and let know the company about the market trend, market competitors before launching any new product or before taking any important decision.19. EntrepreneurEven after BCOM graduation you can start working as an Entrepreneur as during your graduation you learn about accounts, tax, marketing, finance and insurance also. If you are starting small scale business you can work as a sole entrepreneur as you know lots of things of the business.20. Hotel ManagementBCOM graduates can also work with Hotel Industry and can do specialization in Hotel Management. For Hotel Management costing knowledge is required.21. EconomistTo work as an economist you have do Masters of Commerce MCOM in Economics.22. Administrative JobA fresh BCOM graduate can work as Administrative in any type of industry. For administrative job a degree and computer knowledge will help a lot.BCOM graduates with MBA, MCOM or any diploma in any field will help a lot and will have more successful career opportunities.There might be still more career opportunities for commerce stream graduates, but the above career options you can choose as per your interest and your skills.