Planning: A career in finance

By Michael Corby
FCCJ Media Relations Coordinator
May 5, 2007

The traditional scenario for many who entered the workforce a few generations ago in the 20th century was thus: They stayed with one employer for 30 or 40 years, retired with a watch, a pension, Social Security and savings stuffed in a mattress or a bank. Soon after, they died.

The concept of personal financial planners was unheard of, or thought of as something only for the wealthy.

“The world of financial services has changed drastically,” says Ron Allen, MSFS, CFP® (Certified Financial Planner) and director of the Institute for Financial Studies (IFS) at FCCJ’s Open Campus.

So what changed? Many things, according to Allen.

“Longer life expectancy, which comes with the cost of making sure your money doesn’t run out before your life runs out. The demise of company pensions. The uncertainty of Social Security , with 76 million baby boomers moving into retirement with many fewer workers paying into the system,” he says.

The greatest change is that with societal and economic changes, most people need a long-range financial plan. A financial planner can guide them through the maze of financial decisions to be made in a lifetime — raising a family, saving for education, a home, retirement. The planner also can determine what investments will work best for the client and help them understand their choices.

According to government forecasts, the career field is expected to grow faster than average with a need for more than a half million financial planners by 2012. It pays well — median annual earnings in 2004 exceeded $62,000.

Anyone interested in being among those half million can start as early as high school in Duval County. Wolfson High School, a magnet school, has its Academy of Finance. Wolfson shares a Dual Enrollment agreement with FCCJ, in which high school students can earn college credit in finance and computer courses. The Personal Finance course is a study of economic and personal goals including budgeting, credit, borrowing money, banking facilities, investments, life, casualty and medical insurance, home ownership, stocks, bonds and retirement plans.

High school graduates who want to continue studies in financial planning have several enrollment options at FCCJ. They can quickly earn a Financial Para-planner certificate, enabling them to move beyond clerical positions. They can complete a Financial Planning Associate in Science degree or an Associate in Applied Science degree. This A.S. degree articulates to a bachelor of business administration degree in financial services at University of North Florida. The result is a seamless educational plan from high school through college (and even beyond) that Allen says is unique in the country.

FCCJ also offers the CFP® Certification Education Program for Financial Professionals, which prepares students to pass the CFP® Board of Standards exam. CFP® is recognized as the mark of competent, ethical professionals.

Nassim Elias, vice president of Sun Trust Private Wealth, teaches as many as three of the six program courses, Investment Planning, Retirement Planning and Income Tax Planning. He’s also a graduate of the program, after having earned his bachelor’s degree in Finance from University of North Florida. As a CFP®, he likes the rewards and challenges of his career.

“I’m able to help individuals meet their financial objectives, whether it’s for one goal [such as retirement savings] or a comprehensive plan,” Elias says.

“Effective communication is the key to success,” he says. “A big part of planning is investments. If a client can’t understand they won’t be confident in the choices. You must have a solid foundation of knowledge. You have to have a relationship based on trust. And you have to care about them and make them engaged in the process.”

For more information about Financial Planning programs at FCCJ call 904.632.5064.

*Tuition and fees are subject to change by action of the College’s District Board of Trustees. Current tuition and fees will be posted at the time of registration.