CFP Holders Earn More Money, Happier: Survey
Certified financial planners earn more money and are happier in their jobs, according to the association that provides the designation.
The median total pay for financial planners in 2022 was $198,500, with CFPs earning 12% more than those who were not certified, according to the CFP Board’s September survey of 980 financial advisors in the U.S.
The survey also found a high level of career satisfaction among CFPs, with 84% experiencing a “high to very high sense” of satisfaction. The Board discovered that 88% of respondents ranked their job stability as good or excellent, 80% said the same about their work-life balance, 71% rated income as good or excellent, and 65% said the same about career advancement.
Meanwhile, 89% of CFPs want to stay with their present firm over the next two years. Much of that fulfillment appears to be related to the many incentives available: 97% of CFPs have access to defined contribution plans, 46% to profit sharing, and 15% to stock options, the Board noted.
Experience is important, with planners with more than 20 years of expertise earning a median total income of $250,000 in 2022. Compensation for financial advisors who supervise personnel increases dramatically. Those who supervise six or more employees reported a median total compensation of $385,000 in 2022.
Work/life balance is a major focus of the study, with CFPs reporting working away from the office one day per week on average, and 20% working remotely four days or more. CFPs average 21 days of paid time off per year, with 36% having unlimited time off. Their weekly median hours worked is 42.
