The financial planning profession is emerging as a strong match for what many women seek in a career, according to new research from CFP Board. Yet, despite the profession’s appeal and growing opportunities, women remain underrepresented among those holding the Certified Financial Planner designation.
CFP Board’s latest report, “Advancing Women in Financial Planning,” reveals that the relationship-driven nature of financial planning is a key draw for women considering their career options.
Seventy-six percent of women college students and 69% of women career changers in the survey said the opportunity to help people achieve their goals is especially appealing.
However, the research also highlights a significant awareness gap: only 24% of women college students and 43% of women career changers reported being “extremely” or “very” familiar with financial planning as a career path.
“Financial planning is a people-first profession ... Yet, women currently make up just 24% of CFP professionals,” said board chair Liz Miller in a statement Monday. “ Bringing more women into the field is critical not only for meeting client needs but also for maintaining a firm’s competitive edge.”
According to CFP Board data, women accounted for 23.8% of all CFP professionals as of October 1, a figure that has grown by half over the past decade but still lags behind women’s share of the US working-age population.
The total number of CFP certificants now exceeds 106,000, but the profession faces a projected shortage of financial planners in the coming years as retirements outpace new entrants .
The CFP Board's new report, which draws on surveys of current CFP professionals, other financial services professionals, women career changers and women college students, finds that women are motivated by a combination of passion, financial security and job stability.
For college students, making a meaningful contribution is paramount, while career changers are especially motivated by the promise of better work-life balance.
Among those who've already made it as CFP professionals, 93% report being satisfied with their careers, compared with 77% of women in other financial services roles.
CFP Board CEO Kevin Keller said that advancing women in financial planning is “vital to the profession’s future,” while highlighting how through initiatives like Accelerate & WIN, the credential-granting organization is “committed to empowering more women to become CFP professionals and equipping the profession to serve all clients and communities.”
The research also identifies several persistent misconceptions that may deter women from entering the field. For example, 95% of women college students and 94% of women career changers believe that strong math skills are required, and more than half think the profession is mostly sales-oriented. However, the report notes that financial planning is increasingly recognized for its emphasis on communication, holistic advice and client relationships.
Additional findings and data from the report, some drawn from previous CFP Board research, include:
While the report focuses on the CFP mark, it also acknowledges that financial planning is a broader field with multiple designations. Still, the CFP credential remains a key benchmark for professional standards and client trust.
"To advance women’s representation in financial planning, it is essential to correct common misconceptions about the profession, provide targeted support and guidance, and foster inclusive, supportive workplace environments," the report said. "Doing so will help the profession continue to attract and retain talented women, ultimately benefiting both the profession and clients across the US."
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