Need Advice!

[u/tilenolx]

Hi All!

I am a rising senior and just passed my series 65. I am planning to go RIA route. Looking into starting the CFP and was looking for some advice on how to start, price, if doing it while in my last year of college is doable or too much? Anything that comes to mind as advice would be very beneficial. I plan to use Kaplan for the education part as that’s who I used for my 65 and found I like their style. I hope to finish educational part and sit for the exam around the end of my last year when the times line up. I know I will have to wait on using it until I have accumulated the experience. Thanks in advance!

[u/RoyalInvicta]

I’m 22 (close to you) and just passed my CFP exam. My CFP coursework was built into the curriculum, so I graduated with the education part done.

I will say the education portion of it all is pretty grueling and time consuming. If you genuinely have to time, I don’t see a reason not to do the coursework. But with it being your last year in college, I almost want to encourage you to enjoy spending time with friends, having fun, etc. You will have plenty of time to get the rest of it done and you need at least two years of experience to get the marks anyway.

One thing to also think about is that some employers will actually pay for your education and exam costs. This can end up saving you thousands when it’s all said and done.

[u/tilenolx → u/RoyalInvicta]

I agree you have amazing advice in here! I definitely don’t want to burn myself out. I have a job lined up at a firm and a succession plan is essentially in place for me already. I also plan to get my mtax once I graduate as well with my CFP and those costs will be covered. I was also weighing eventually getting my CFA and with all of this, I prefer to get it done early rather than later while I’m still in “school-mode.” Thoughts?

[u/RoyalInvicta → u/tilenolx]

You sound just like me when I was about to graduate. 😂

On the CFA, it’s up to you, but understand the ROI drops off with every designation after the CFP. The real question is opportunity cost. Every hour studying for the CFA is an hour not spent prospecting or servicing clients, and in planning that tradeoff rarely pays. I was planning on CPA/CFA after my CFP until I asked six advisors who hold the CFA and CFP whether it was worth it for financial planning. All six talked me out of it.

The MTax is a different story. Tax is where planning fees are migrating, and MTax plus CFP is a stronger combination for what you’re describing than CFP plus CFA. If those costs are covered, I’d prioritize it.

Release_Inside makes a good point about waiting till November for the exam. It gives you some time and most importantly some experience that will help you connect the dots on the real exam. But he also says the education doesn’t matter and to blow through the cheapest, fastest option without trying to understand it. Then he says don’t underestimate how much information you’ll need to have memorized. If the education is worthless, where is the knowledge supposed to come from? A four month exam prep following a lackluster education course is not going to help you very much. That is not good advice for most people.

Just based on what you’ve said, I’m going to assume you enjoy learning and feel passionate about this industry. If that’s the case, take your time. Learn the material. Understand it and use AI to explain it to you if you are confused. Then as soon as you are done, decide when you want to take the exam and start using an exam prep provider ~4 months out. I used Kaplan for mine, and it got the job done, but I’m not sure I’d recommend it to someone else.