Survey Finds CFP® Professionals Earn More and Enjoy High Career Satisfaction

News provided by

Feb 01, 2024, 10:00 ET

CFP® Professionals Earn 12% More Than Other Financial Planners

WASHINGTON, Feb. 1, 2024 /PRNewswire/ -- CFP Board today announced new data from a compensation study that reveals CFP® professionals have a high level of career satisfaction and earn more than financial planners who are not certified.

The CFP Board 2023 Compensation Study found that while the median 2022 total compensation for financial planners was $198,500, CFP® professionals earn 12% more than other financial planners.

The survey also reflects a high level of career satisfaction among CFP® professionals, with 84% experiencing a high to very high sense of personal fulfillment. Key job areas rated as good or excellent include stability (88%), work/life balance (80%), compensation (71%) and career advancement (65%). The survey highlights that 89% of CFP® professionals plan to stay with their current company over the next two years, and of those planning to leave their current companies, 75% plan to stay in the financial planning profession.

"The survey findings underscore the benefits of earning CFP® certification and a career in financial planning," said CFP Board CEO Kevin R. Keller, CAE. "At CFP Board, we are committed to certifying competent, ethical financial planners. CFP® certification is good for financial planners and for the public they serve."

The survey shows steady growth in annual compensation for financial planners over the past three years, with a 7% to 9% increase each year from 2019 through 2022. Experience plays a crucial role, with those who have more than 20 years of financial planning work experience enjoying a median 2022 total compensation of $250,000. For financial planners supervising staff, compensation scales up significantly. Those who supervise six or more staff reported a median total compensation of $385,000 in 2022.

CFP® professionals not only benefit from cash salaries and bonuses but also from valuable employee benefits, including health, dental, life and disability insurance as well as professional development opportunities. Furthermore, CFP® professionals have access to quality retirement benefits and other deferred compensation plans, with packages including defined contributions (97%), profit sharing (46%), stock options (15%), pension (9%) and Employee Stock Option Plan (ESOP) (8%).

Work/life balance is a key highlight of the study, as CFP® professionals report working away from the office one day a week on average, with 20% working remotely four days or more. CFP® professionals have a median of 21 days of paid time off (PTO) per year, with 36% having unlimited PTO. Their median hours worked per week is 42.

Read the CFP Board 2023 Compensation Study here.

About the Survey
CFP Board commissioned Industry Insights to collect compensation data from financial advisors across the United States. The survey generated 980 responses with a margin of error of +/- 3% at a 95% confidence level. Strict confidentiality of survey responses was maintained throughout the project.

ABOUT CFP BOARD
CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER™ certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by nearly 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.

SOURCE CFP Board