Should I pursue a CFP or CFA?-I would prefer to help individuals with things like retirement, investing, and estate planning, etc. rather than dealing in corporate finance.
I would also like to stay in my hometown, where there are not many corporate headquarters.
However, I have read that CFP jobs basically boil down to sales jobs. And I do not like making sales. I would not mind recommending a good product to a client; but I've also read that alot of CFP jobs are commission-based and often require hunting down possible clients.
So, my question is, is there any way to use a CFP that doesn't require so much entrepreneurship (and finding one's own clients, etc.)? Do banks in non-major towns ever hire CFPs and the like to give their clients retirement advice, etc.? Is there such a thing as a CFP that's more than just a salesperson? Is there any use for a CFA where there are no corporate headquarters? Considering the information I provided above, which certification would work best for me, and how might I use it?
Should I pursue a CFP or CFA?-Your first sentence sums up what you should pursue. Go with the CFP if you want to work in the retirement planning field. Although there are some CFP jobs that specify a CFA is acceptable as well, it will usually require financial planning experience (if the candidate doesn't also have a CFP). It really depends on how much you want to interact with, and assist, people in reference to their financial goals. A Series 7 license is required before you're able to sell or purchase securities with client money.
A CFA is the gold standard for investment/securities analysts at large financial institutions like brokerage firms, hedge funds, and mutual funds. Wealth management firms employ CFA's as well. It is much more quantatative and requires deep understanding of securities, derivatives, and economics. It generally takes longer to acquire a CFA.
Whereas both a CFP and CFA have some overlap in terms of material one needs to know, different careers require different certifications. In general, CFP's work on the sell-side, and CFA's work as both buy-side investment analysts, or sell-side research analysts. You'll never see a CFP on the buy-side. Neither certification is necessary for investment banking, which is good because you said you don't want to do tis.
You only have to be really sales-focused (and concerned with commission) if you work for a small firm. At large institutions, management teams have a little more freedom to manage the money as they see fit. The CFP is not only looked at as a glorified sales position. The certification represents someone who can be trusted in a fiduciary role, and understands how to make investment decisions that are tailored to a client's long-term plans.
All in all, your interest in "retirement" and "estate planing" is key. If that is what you're after, go with the CFP.
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