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ADDRESS: 283 EML Hall, NDSU Fargo ND 58105
TELEPHONE: (701) 231-8268 Dr.Jim Deal, Head
FAMILY FINANCIAL PLANNING
What can I do with this degree? Family Financial Planning is an emerging area with job opportunities in areas related to insurance, real estate, investments, retirement, tax and estate planning. Financial planners are increasingly in demand as Americans seek advisors to help manage their income, assets, and debts. Financial service providers from insurance companies to banks to investment firms are extending their services to provide comprehensive financial assistance. Corporations are adding planners in their employee benefits and pension departments.
Rated as the number one career in the U.S. by a recent Jobs Rated Almanac, financial planning is a career filled with opportunities and challenges. Changing demographics, increased life spans resulting in more years in retirement, increasing costs of education, and the desire to live out the American dream confirm why planners are now recognized as invaluable partners in planning for ones financial future. The twenty-first century is marked by an increasing need for individuals and families to take responsibility for meeting their own financial goals. Finally, tremendous change in the financial services industry provides opportunity for an exciting, dynamic career.
Companies you can work for:
- Credit Card Companies
- Brokerage Firm
- Financial Planning Offices
- Real Estate Field
- Investing Business
- Banks
- Insurance Agency
Increasing Need for FFP: The Internet, along with high-speed computer systems, has dramatically altered the way in which securities and commodities are bought and sold, almost completely automating the transaction process. At the same time, the number of financial services being offered is rising as firms look for new ways to attract the business of an increasingly wealthy and investment-savvy public.
Some Job Descriptions: Personal financial advisors, also called financial planners or financial consultants, use their knowledge of investments, tax laws, and insurance to recommend financial options to individuals in accordance with the individual’s short-term and long-term goals. Some of the issues that planners address are retirement and estate planning, funding for college, and general investment options. While most planners offer advice on a wide range of topics, some specialize in areas such as retirement and estate planning or risk management.
Financial analysts assess the economic performance of companies and industries for firms and institutions with money to invest. Personal financial advisors generally assess the financial needs of individuals, offering them a wide range of options. Financial analysts also will be needed in the investment banking field, where they help companies raise money and work on corporate mergers and acquisitions. However, growth in demand for financial analysts to do company research has been, and will continue to be, constrained by regulations that require investment firms to separate research from investment banking. As a result, firms have eliminated research jobs in an effort to contain the costs of implementing these regulations. Median annual earnings of financial analysts were $61,910 in May 2004. Some financial analysts, called Ratings analysts, evaluate the ability of companies or governments that issue bonds to repay their debts. On the basis of their evaluation, a management team assigns a rating to a company’s or government’s bonds. Other financial analysts perform budget, cost, and credit analysis as part of their responsibilities.
Most insurance agents specialize in life and health insurance or property and casualty insurance, a growing number of “multiline” agents sell all lines of insurance. A small number of agents work for banks and securities brokerages as a result of the increasing integration of finance and insurance industries. Approximately 1 out of 4 insurance sales agents is self-employed. The middle 50 percent of agents earned between $29,980 and $66,160.
One of the most important functions of the industry is to facilitate the trading of securities and commodities by bringing together buyers and sellers. Brokerage firms typically provide this function. F actors that will affect the demand for brokers are the increasing number and complexity of investment products, as well as the effects of globalization. Baby boomers in their peak savings years will fuel much of this increase in investment. Saving for retirement has been made much easier by the government, which continues to offer a number of tax-favorable pension plans, such as the 401(k) and the Roth IRA. The participation of more women in the workforce also means higher household incomes and more women qualifying for pensions. Many of these pensions are self-directed, meaning that the recipient has the responsibility for investing the money. With such large amounts of money to invest, sales agents, in their role as financial advisors, will be in great demand.
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