Should I Complete My Degree?
I’m currently 24 years old and working full-time in a back-office role at a wealth management firm, earning $76,500 annually, plus a bonus that ranges from 5-10%. I hold my Series 7 and Series 63 licenses, and I’m also certified as a Retirement Income Certified Professional (RICP) through the American College of Financial Services. I’m considering pursuing my Certified Financial Planner (CFP) designation, but I need a Bachelor’s degree to qualify. I have 44 college credits, and with my current full-time job, it would likely take me 4-5 years to finish my degree.
I’m curious to know if earning this degree is worth it for obtaining my CFP. I’d appreciate hearing about others’ experiences with how the CFP has impacted their compensation and career prospects. Is the investment in time and effort really worthwhile?
One response
Deciding whether to finish your degree is an important choice, particularly considering your current situation and future aspirations. Here are some points to consider:
Career Advancement: Many financial services roles, especially those involving client-facing responsibilities, often prefer or require a Bachelor’s degree. Earning your CFP could open doors to higher-level positions and more opportunities within wealth management or financial planning.
Compensation Potential: While you’re currently earning a solid salary, having your CFP can significantly boost your earning potential. Many professionals report that obtaining their CFP leads to higher pay and more clients, which could enhance your current earnings.
Long-Term Investment: Although it may take 4-5 years to finish your degree, consider it as a long-term investment in your career. The CFP designation can elevate your qualifications and potentially lead to more substantial growth down the line.
Networking Opportunities: Completing your degree and obtaining your CFP can also expand your professional network. You’ll connect with peers, mentors, and industry leaders who can help you advance in your career.
Work-Life Balance: Balancing full-time work and school can be challenging. Assess your current workload and determine if you can realistically manage both. If it feels overwhelming, you might consider part-time study options or an online program that offers more flexibility.
Personal Satisfaction: Beyond the financial aspects, consider how important finishing your degree is personally. For some, achieving this goal can provide a sense of accomplishment and fulfillment.
In conclusion, while it’s a significant time commitment, the benefits of obtaining your degree and CFP may very well outweigh the challenges. Many professionals see a clear link between advanced qualifications and career growth, so it could indeed be worth the investment. Ultimately, weigh your current satisfaction and future goals to make the best choice for you.