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Career and Education Opportunities for Personal Financial Planners in Elgin, Illinois

Personal financial planners can find both educational opportunities and jobs in the Elgin, Illinois area. There are currently 4,470 jobs for personal financial planners in Illinois and this is projected to grow by 35% to about 6,030 jobs by 2016. This is better than the national trend for personal financial planners, which sees this job pool growing by about 30.1% over the next eight years. Personal financial planners generally advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate.

Income for personal financial planners is about $35 per hour or $72,810 per year on average in Illinois. Nationally, their income is about $33 per hour or $69,050 per year. Incomes for personal financial planners are better than in the overall category of Accounting and Auditing in Illinois, and better than the overall Accounting and Auditing category nationally. Personal financial planners work in a variety of jobs, including: trustee of estate, investment consultant, and estate planning counselor.

There are six schools within twenty-five miles of Elgin where you can study to be a personal financial planner, among sixty-one schools of higher education total in the Elgin area. The most common level of education for personal financial planners is a Bachelor's degree. It will take about four years to learn to be a personal financial planner if you already have a high school diploma.

CAREER DESCRIPTION: Personal Financial Planner

Personal Financial Planner video from the State of New Jersey Dept. of Labor and Workforce Development

In general, personal financial planners advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. They also duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.

Personal financial planners analyze financial data obtained from clients to establish strategies for meeting clients' financial objectives. They also inspect clients' accounts and plans regularly to establish whether life changes or financial performance indicate a need for plan reassessment. Equally important, personal financial planners have to monitor financial market trends to insure that plans are effective, and to pinpoint any needed updates. They are often called upon to explain and document for clients the types of services that are to be provided, and the responsibilities to be taken by the personal financial advisor. They are expected to answer clients' questions about the purposes and specifics of financial plans and strategies. Finally, personal financial planners meet with clients' other advisers and investment bankers, to fully understand clients' financial goals and circumstances.

Every day, personal financial planners are expected to be able to articulate ideas and problems. They need to deal with basic arithmetic problems. It is also important that they think through problems and come up with general rules.

It is important for personal financial planners to build and maintain client bases, keeping current client plans up-to-date and recruiting new clients on an ongoing basis. They are often called upon to sell financial products such as stocks and insurance if licensed to do so. They also devise debt liquidation plans that include payoff priorities and timelines. They are sometimes expected to conduct seminars and workshops on financial planning topics such as retirement planning and the evaluation of severance packages. Somewhat less frequently, personal financial planners are also expected to open accounts for clients, and disburse funds from account to creditors as agents for clients.

Personal financial planners sometimes are asked to meet with clients' other advisers and investment bankers, to fully understand clients' financial goals and circumstances. And finally, they sometimes have to explain to individuals and groups the specifics of financial assistance available to college and university students, such as loans and scholarships.

Like many other jobs, personal financial planners must have exceptional integrity and be thorough and dependable.

Similar jobs with educational opportunities in Elgin include:

  • Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
  • Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
  • Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
  • Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
  • Cost Analyst. Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
  • Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
  • Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
  • Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
  • Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
  • Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
  • Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
  • Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Personal Financial Planner Training

Elmhurst College - Elmhurst, IL

Elmhurst College, 190 Prospect Ave, Elmhurst, IL 60126-3096. Elmhurst College is a small college located in Elmhurst, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 3,315 students and an admission rate of 69%. Elmhurst College has a bachelor's degree program in Finance which graduated one student in 2008.

North Central College - Naperville, IL

North Central College, 30 N Brainard St, Naperville, IL 60540. North Central College is a small college located in Naperville, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 2,726 students and an admission rate of 69%. North Central College has a bachelor's degree program in Finance which graduated eleven students in 2008.

Aurora University - Aurora, IL

Aurora University, 347 S Gladstone Ave, Aurora, IL 60506-4892. Aurora University is a small university located in Aurora, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 4,291 students and an admission rate of 80%. Aurora University has a bachelor's degree program in Finance.

Benedictine University - Lisle, IL

Benedictine University, 5700 College Rd, Lisle, IL 60532-0900. Benedictine University is a medium sized university located in Lisle, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,053 students and an admission rate of 80%. Benedictine University has a bachelor's degree program in Finance which graduated four students in 2008.

Lewis University - Romeoville, IL

Lewis University, One University Parkway, Romeoville, IL 60446-2200. Lewis University is a medium sized university located in Romeoville, Illinois. It is a private not-for-profit school with primarily 4-year or above programs. It has 5,536 students and an admission rate of 71%. Lewis University has a bachelor's degree and a master's degree program in Finance which graduated five and zero students respectively in 2008.

Northern Illinois University - Dekalb, IL

Northern Illinois University, 1425 W. Lincoln Hwy., Dekalb, IL 60115-2825. Northern Illinois University is a large university located in Dekalb, Illinois. It is a public school with primarily 4-year or above programs. It has 24,397 students and an admission rate of 58%. Northern Illinois University has a bachelor's degree program in Finance which graduated 140 students in 2008.

CERTIFICATIONS

Accredited Tax Advisor: This credential is for practitioners who handle sophisticated tax planning issues, including ownership of closely held businesses, qualified retirement plans and complex estates.

For more information, see the Accreditation Council for Accountancy and Taxation website.

Chartered Property Casualty Underwriter: More than 65,000 people have earned the CPCU professional designation.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Personal Financial Specialist: CPAs who specialize in personal financial planning can earn a specialist's designation, the Personal Financial Specialist (PFS).

For more information, see the American Institute of Certified Public Accountants website.

Certified Pension Consultant: The Certified Pension Consultant (CPC) credential is designed for benefits professionals working in plan administration, pension actuarial administration, insurance, and financial planning.

For more information, see the American Society of Pension Professionals and Actuaries website.

Qualified 401(k) Administrator: The Qualified 401(k) Administrator (QKA) credential is conferred by ASPPA to retirement plan professionals who work primarily with 401(k) plans.

For more information, see the American Society of Pension Professionals and Actuaries website.

Certified Financial Planner: The CFP certification process, administered by CFP Board, identifies to the public that those individuals in the U.

For more information, see the Certified Financial Planner Board of Standards, Inc. website.

Certified IRA Services Professional: Applicable to financial services professionals who have dedicated IRA operational and technical experience.

For more information, see the Institute of Certified Bankers website.

Certified Personal Banker: Applicable to financial services professionals who have completed the AIB Personal Banking Diploma and who function as personal bankers.

For more information, see the Institute of Certified Bankers website.

Certified Funds Specialist: The CFS 60-hour program provides the practitioner with everything needed to select the right fund for any given situation.

For more information, see the Institute of Certified Fund Specialists website.

Certified Annuity Specialist: The CAS program is a 60-hour self-study program.

For more information, see the Institute of Certified Fund Specialists website.

Board Certified Estate Planner: Board Certified in Estate Planning (BCE) is the only designation designed and offered to brokers, advisors, and planners who have clients interested in estate accumulation, preservation, and distribution.

For more information, see the Institute of Certified Fund Specialists website.

Registered Financial Associate: The Registered Financial Associate (RFA) is a designation granted only to recent graduates of an approved academic curriculum in financial services.

For more information, see the International Association of Registered Financial Consultants website.

Certified Investment Management Analyst: The CIMA offers an intense educational experience focusing on asset allocation, manager search and selection, investment policy and performance measurement.

For more information, see the Investment Management Consultants Association website.

Chartered Market Technician: The Chartered Market Technician (CMT) designation is the culmination of a certification process in which candidates are required to demonstrate proficiency in a broad range of technical analysis of the financial markets.

For more information, see the Market Technicians Association website.

Certified Retirement Specialist: If you are a professional with an interest in issues and opportunities in the 403(b) marketplace, advance your career by obtaining the Certified Retirement Specialist (CRS) designation.

For more information, see the NTSAA (National Tax Sheltered Accounts Association) Educational Institute website.

Economic Development Finance Professional: In NDC's EDFP Certification Program you will build the capacity to translate development opportunities into results for their communities.

For more information, see the The National Development Council website.

LICENSES

INVESTMENT ADVISER

Licensing agency: Illinois Secretary of State Securities Department
Address: Capitol Building, Room 213, Springfield, IL 62756

Phone: (217) 782-2256
Website: Illinois Secretary of State Securities Department

INVESTMENT ADVISOR REPRESENTATIVE

Licensing agency: Illinois Secretary of State Securities Department
Address: Capitol Building, Room 213, Springfield, IL 62756

Phone: (217) 782-2256
Website: Illinois Secretary of State Securities Department

LOCATION INFORMATION: Elgin, Illinois

Elgin, Illinois
Elgin, Illinois photo by James Jordan

Elgin is located in Kane County, Illinois. It has a population of over 106,330, which has grown by 12.5% over the last ten years. The cost of living index in Elgin, 104, is above the national average. New single-family homes in Elgin cost $156,500 on average, which is far less than the state average. In 2008, three hundred thirty-two new homes were constructed in Elgin, down from seven hundred fifty-six the previous year.

The top three industries for women in Elgin are health care, educational services, and finance and insurance. For men, it is construction, metal and metal products, and administrative and support and waste management services. The average travel time to work is about 26 minutes. More than 20.5% of Elgin residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 6.0%, is lower than the state average.

The unemployment rate in Elgin is 12.4%, which is greater than Illinois's average of 10.5%.

The percentage of Elgin residents that are affiliated with a religious congregation, 56.0%, is more than both the national and state average. Holy Trinity Lutheran Church, Seventh Day Adventist Church and Saint Thomas More Roman Catholic Church are some of the churches located in Elgin. The largest religious groups are the Catholic Church, the Lutheran Church and the Evangelical Lutheran Church in America.

Elgin is home to the Fox Bluff Corporate Center and the Elgin Fire Station Number 2 as well as Wing Park and College Park. Shopping malls in the area include Wing Park Manor Shopping Center, Tyler Creek Plaza Shopping Center and Town and Country Plaza Shopping Center. Visitors to Elgin can choose from Elgin-Days Inn, Colonial Lodge Motel and Crowne Plaza for temporary stays in the area.