There’s a shortage of young talent in the world of financial planning. According to some estimates, less than 5 percent of the nation’s 316,000 financial planners are under the age of 30, and many more are on a path toward retirement. If the current trend persists, the number of qualified candidates entering the field will not be enough to fill job openings, which could reach 41 percent in the next 10 years.
The good news? The grim statistics mean tremendous job opportunity. In fact, the Bureau of Labor Statistics projects a 32 percent employment spike in financial planning over the next decade – a number that far outpaces the 14 percent average growth rate for all other occupations. More importantly, The University of Akron is poised to help students capitalize on these opportunities, thanks to generous support from corporations, foundations, and alumni.
The first step to becoming a financial planner is earning a bachelor’s degree, and the second – equally important – step is obtaining the Certified Financial Planner (CFP) designation. The CFP® designation is the recognized standard of personal financial planning competence in the financial planning industry, opening doors for employment in financial advising, wealth management, insurance, banking, and even major accounting firms.
Lawrence J. Rybka '84
UA sets itself apart
In 1999, with assistance from Akron-based ValMark Securities Inc., a national independent broker dealer, The University of Akron added a financial planning curriculum to its undergraduate finance degree program. Sixteen years later, the College of Business administration’s financial planning degree program remains the only CFP® board-certified program in Northeast Ohio – and the only such program in the region offered in a traditional classroom setting. Its quality was evidenced in 2014 when UA’s financial planning students took first place in the national Financial Planning Association Challenge, besting teams from Kansas State, Texas A&M, University of Georgia, Utah Valley University, and Virginia Tech.
Today, in an effort to take the program to the next level, The University of Akron is leveraging its partnerships with the business community and alumni and is in the midst of raising $500,000 in private funds to hire and support a full-time CFP® director.
“The director will focus on recruiting students into this lucrative, in-demand field,” said Ravi Krovi, dean of the College of Business Administration at The University of Akron. “Currently, approximately 30 students are majoring in financial planning or enrolled in the CFP® program at The University of Akron. With a director focused on recruitment, that number is expected to double within two years and reach 100 by the fifth year.
"Furthermore, with only 8 percent of existing financial planners from underrepresented groups, the director will place a special emphasis on recruiting a diverse talent pool,” added Krovi.
In addition to recruitment, the director will be tasked with increasing the visibility of the program. He or she will strengthen ties with the financial community, solicit feedback on the program, and assist in providing students with experiential learning opportunities, internships, and post-graduation employment.
Diana L. '80 and James D. '82 McCool
Already, the initiative has reached more than three-fourths of its goal following several generous gifts and pledges from ValMark Securities and its president and CEO, Lawrence J. Rybka, a 1984 University of Akron graduate, as well as James D. ’82 and Diana L. ’80 McCool, who made a personal gift. James, the executive vice president of Client Solutions Enterprise at Charles Schwab Corporation, also opened the doors for UA to the Charles Schwab Foundation, which contributed to the program.
“There is a critical need for the CFP® program in today’s financial services industry,” added Krovi, “and the University is grateful for private and corporate funding in support of a director – who ultimately will help ensure student success.”
“ValMark’s decision to support the CFP® program at The University of Akron was an easy one,” said Rybka. We believe in supporting higher education, and we believe the program is absolutely essential to the development of our future professional staff. Having helped start the program back in 1999, we determined that a full-time program director was the essential next step in order for the University’s program to grow.”
Similarly, the McCools were pleased to offer their financial commitment in an effort to increase visibility and enrollment in the CFP® program. “In the near term, we look forward to the addition of a full-time director who will further amplify the University’s mission and purpose,” said the couple. “Looking to the future, we are confident the growing program will help inspire and attract new students from diverse backgrounds – consistent with the new generation of investors emerging both domestically and globally. These are exciting times!”
Additional thanks
- Sequoia Financial Group
- SS&G Wealth