Virtual course for financial planners enters its fifth year

A unique online training program for aspiring financial planners is now taking applications for its 2024 session. The Externship, which is set to run from June 3 to July 26, is entering its fifth year and continues to attract participants from various career stages, including college students and career changers.

This year’s eight-week virtual program, known for integrating real-world applications with academic learning, is expected to serve nearly 1,000 externs, reflecting significant interest, with around 700 individuals on the waiting list even before registration commenced.

Participants completing the course will earn 180 experience hours certified by the CFP Board's standard pathway and an additional 180 hours from the Association for Financial Counseling & Planning Education.

"We are starting to see the tangible impact the Externship has had on financial planning and only expect the impact to grow," said Hannah Moore, creator of the Externship Program, and also founder of Amplified Planning and principal financial planner at Guiding Wealth. "From career changers who have taken the steps to change careers and are now working within financial planning to college students who confidently know the career path that's right for them, we are committed to enhancing the workforce and making this profession one that is accessible to all."

As Moore tells it, the program addresses the profession's training needs and broadens access, making it particularly valuable to individuals traditionally underrepresented in financial planning.

The program’s curriculum boasts contributions from more than 50 professionals and experts, covering critical areas like retirement planning, investment management, and tax and estate planning. It allows participants to get a comprehensive view of what a career in financial planning entails and equips them with the necessary tools and knowledge to thrive in the industry.

In 2023, almost 60 percent of externs were from underrepresented groups, a trend expected to rise this year, highlighting the Externship’s potential to be a cornerstone in fostering diversity within the financial planning profession.

With continued support from key partners such as eMoney, XYPN, and Morningstar, and additions like Dimensional Fund Advisors and the Association for Financial Counseling & Planning Education as a new partner, the program is strengthening its offerings and reach.

This initiative also extends to financial planning firms, which can now enhance their own internship programs through the Internship/Externship Program. This supplementary framework, which moved from beta testing to full implementation this year, offers firms of all sizes tools like checklists and guides to better structure their summer internships.

Leslie Tabor, director of business consulting and education at Schwab Advisor Services, emphasized the critical need for talent.

"Finding the right talent is a top priority for many RIA firms,” Tabor said in a statement. “According to Schwab’s RIA Benchmarking Study, the median firm will need to hire four new roles over the next five years just to accommodate firm growth."

"The CFP Board is committed to expanding access to the education and experience that future financial planners need to successfully enter the workforce," said Kevin R. Keller, CEO of the CFP Board.

The CFP Board’s longstanding commitment to supporting the talent pipeline for financial planning includes published guides on financial planning career paths and an industry primer for fresh graduates and career switchers.

A recent survey by the CFP Board hints at the opportunity in a financial planning career, with the median compensation for a financial planner totaling nearly $200,000 in 2022. Those with CFP credentials were paid 12 percent more, according to the study.

Registration for the Externship program closes on May 24.