Economic Planning – A Fascinating Career Option

Dreaming about a career that gives you a protected job, fame, money, career development and satisfaction? A career as an economic planner can be your ideal career choice. As a financial planner you need to work with numbers and with people. A course economic planning teaches you how to save, spend and invest intelligently.

History of Economic Planning

The financial service field has come a long way since the last decade. Earlier there were distinct divisions within the industry such as banks, brokers, agents, mutual fund agents and so on. So an individual needed to go to the bank when planning on taking loans, consult brokers for investments. Mutual funds were a completely different sector.

This made people miss a holistic approach towards financial planning. There was need for planning for kids’ education, retirement, emergencies etc . Thus, financial planning, a relatively young profession, emerged.

Professional financial planning requires a holistic approach towards managing an individual’s financial resources. Financial planners make recommendations for growing and preserving wealth, lessening tax, retirement benefits, insurance, investment planning – and more, depending on the client’s financial status.

Financial Planning : an Overview

“Financial Planning is the procedure for managing the financial resources of an individual in a manner that helps him save plus invest wisely. ” As a financial planner you need to interact with people and find out about their needs.

Based on each individual’s financial strength, you will need to arrange for their savings, taxes, retirement planning, investments and so on. Financial Planning equips you to create a comprehensive strategy to handle the financial resources.

A good financial advisor has a deep understanding of investments, taxes, retirement issues, insurance, benefits and much more. One of the most important assets of an economic planner is the ability to listen.

Work Profile

A Financial Planner helps his clients figure out their financial requirements and work out a strategy to fulfill all those needs. The various responsibilities include:

Defining client-planner relationship
Establishing the client-planner relationship
Gathering data for clients
Analyzing the financial resources
Evaluating customer’s financial status
Developing and delivering Financial Planning Strategies
Reviewing of Financial strategies
Implementing the strategy
Monitoring the growth level of funds
Giving advice about investment and savings
Financial planners need to constantly interact with advisors, attorneys, accountants, trust officers, investment bankers, and tax officers.

Financial planning is an intensive research-based and stressful profession. Many financial planners device comprehensive plans for their clients, handle a specific interest and financial goal, planning for retirement, buying a home, investments, taxes etc .

A financial planner uses questionnaires and personal interviews to put together a client profile. The profile includes precisely major issues like financial objectives, current income, investments, risk, expenses, tax returns, insurance coverage, retirement programs, estate plans, inheritance, benefits and more.

Educational Qualifications

Though no formal criterion is set for becoming a financial planner, a bachelor’s degree in business administration, accounting, statistics or finance is recognized as good. An in-depth knowledge of statistics, economics, accounting procedures, budgeting, financial analysis and business is essential.

Interpersonal Skills

A qualified financial planner, besides being knowledgeable should also have certain basic interpersonal skills:

He/She should be a good listener
Self-confident, mature and understanding
Should be able to work independently
Ability to work under pressure
Diplomatic & energetic
Good conversational skills
Career Prospects
The US News and World Report rate the career of a financial planner as one of the ten top-most professions today.

Increased investments by businesses and individuals are expected to result in faster-than-average employment growth for financial planners through 2012. In addition , quality of life has improved and people have started planning about retirement.

Financial planners can earn in several ways. Some in the shape of fees charged to individual clients, some earn commissions on the investments; some receive a salary from their employer. However , a qualified planner can earn by all three of these ways i. e. a combination of fees, commission and salary
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