Learn how to become a financial planner from an accounting background. Follow these steps and tips to diversify your skills and services.

Baseline requirements are important, such a training in finance or accountancy. Maybe a CA qualification. But you absolutely do not need to go crazy with certifications. The best experience is learnt on the job. Get into roles that give you exposure to financial planning. Ask to get involved, and most importantly join high-growth companies that require a deep level of planning.

How can accountants transition into financial planning?

If you are an accountant who wants to diversify your skills and services, you might be interested in becoming a financial planner. Financial planning is a growing and rewarding field that helps individuals and businesses achieve their financial goals and manage their risks. But how can you make the transition from accounting to financial planning? Here are some steps and tips to guide you.

1 Assess your qualifications

The first step is to evaluate your current qualifications and identify any gaps or areas of improvement. You need to have a bachelor's degree in accounting, finance, or a related field, and preferably a professional certification such as CPA, CMA, or CGA. You also need to have strong analytical, communication, and interpersonal skills, as well as a solid understanding of financial concepts, markets, and regulations. Depending on your target market and specialization, you may need to acquire additional credentials or licenses, such as CFP, CLU, or ChFC.

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Dinesh U.

Group CFO @ The Parentinc | FMCG, Tech, Retail | CA (Singapore)
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Baseline requirements are important, such a training in finance or accountancy. Maybe a CA qualification. But you absolutely do not need to go crazy with certifications. The best experience is learnt on the job. Get into roles that give you exposure to financial planning. Ask to get involved, and most importantly join high-growth companies that require a deep level of planning.

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Pablo V. Avila Y.

Financial Professional / Corporate Accounting / Financial Analysis / JD Edwards Finance SuperUser / Data analysis with Excel and Power BI / Remote worker
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Adicionalmente a lo señalado, el profesional contable debe conocer actualmente de herramientas de análisis, que permitan desarrollar su labor de mejor manera, por ejemplo conocimiento avanzado de excel (tablas dinámicas, dashboards, etc.), uso de Power BI para presentaciones ejecutivas, entre otros.

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CA Sameer Shaikh

Chartered Accountant || Tax & GST Expert || 1.5L+ Impressions on LinkedIn || Content Creator 🎯|| Educator || Building Strong Business Relationships || CEO / Founder at SSAA
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Knowledge Of Accountancy + Understanding Businesses (Flow Of Transactions & It's Impact On Business) + Actual Involvement in Business (Working with open eye) = Impactful Financial Planner "No need of any course or certification"

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Luis Peña

Board Member - Decision Support Consulting | Asesor corporativo en Finanzas, Planeación estratégica, Consultoría de Gestión, Estrategia Empresarial y evaluación de proyectos de Inversión.
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As CPA you already have the fundamentals of Accounting and for sure good skills at information analysis & reporting. But financial planning is not only finance, there are many areas of the company that impact the final result (financially speaking) that are not in your scope and control. My recommendation is to learn other processes, be aware of how other functions & decisions impact the results in order to consider all variables that may affect a projection. Work with scenarios, many of them. None of the versions you do will be exact, chose the one that make you feel confortable. The secret is: Consider as mant variables as possible, in order to "minimize risk".

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Agner S Souza

Controller e Auditor Financeiro | Gestor de Indicadores Contábeis e Financeiros | Gerente Administrativo | Head de Planejamento Orçamentário e Estratégico | Compliance | Gestão de Processos e Liderança | Lean Six Sigma
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* Cursos em orçamento, investimentos e modelagem financeira são essenciais. * Busque projetos práticos e participe de cursos com cases reais. * Faça networking em eventos e grupos online. * Habilidades como pensamento estratégico, comunicação e domínio de ferramentas. Dicas extras: * Pense a longo prazo e seja proativo. * Explique conceitos complexos de forma simples. * Domine ferramentas de análise e modelagem. Recursos: * Pesquise sobre planejamento financeiro e gestão estratégica. * Encontre cursos gratuitos e conteúdos relevantes. * Um mentor pode te guiar e oferecer conselhos. Lembre-se: A transição exige dedicação e estudo contínuo. Com as habilidades certas e o networking adequado, você alcançará seus objetivos.

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2 Choose your niche

The next step is to decide what kind of financial planner you want to be and who you want to serve. Financial planning is a broad and diverse field that covers various aspects of personal and business finance, such as budgeting, investing, retirement, estate, tax, insurance, and education planning. You can choose to focus on one or more of these areas, or offer comprehensive services. You can also target specific segments of clients, such as high-net-worth individuals, families, small businesses, or nonprofits. Choosing your niche will help you tailor your services, marketing, and pricing strategies.

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Dinesh U.

Group CFO @ The Parentinc | FMCG, Tech, Retail | CA (Singapore)
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Beyond choosing between individual and corporate financial planning, what is more important, is choosing the right environment. Assuming you chose the corporate financial planning route, you want to be close to decision makers such that you are able to influence decisions. That is the most important aspect. Financial planning for company is niche enough, there is no need to become even more niche. You can get exposure to all facets of financial planning from one role.

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Pablo V. Avila Y.

Financial Professional / Corporate Accounting / Financial Analysis / JD Edwards Finance SuperUser / Data analysis with Excel and Power BI / Remote worker
(edited)
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Se debe determinar efectivamente el nicho al que quiere llegar, sobre todo para poder poner un precio acorde a las labores y servicios que quiere prestar, pues no es lo mismo prestar servicios a un grupo de empresas multinacionales grandes, a diferencia de prestar servicios a varias empresas medianas o pequeñas, cuyo poder de inversión para estos temas puede ser más limitado.

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Agner S Souza

Controller e Auditor Financeiro | Gestor de Indicadores Contábeis e Financeiros | Gerente Administrativo | Head de Planejamento Orçamentário e Estratégico | Compliance | Gestão de Processos e Liderança | Lean Six Sigma
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* Comunique-se bem: Explique conceitos complexos de forma simples. * Use a tecnologia: Domine ferramentas de análise e modelagem. Recursos: * Livros e artigos: Pesquise sobre planejamento financeiro e gestão estratégica. * Plataformas online: Encontre cursos gratuitos e conteúdos relevantes.

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3 Get trained and certified

The third step is to get the necessary training and certification to become a qualified and credible financial planner. You can enroll in a financial planning program offered by a reputable institution, such as a university, college, or professional association. These programs typically cover the core competencies and ethical standards of financial planning, as well as prepare you for the certification exams. You can also take advantage of online courses, webinars, podcasts, and books to enhance your knowledge and skills.

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Pablo V. Avila Y.

Financial Professional / Corporate Accounting / Financial Analysis / JD Edwards Finance SuperUser / Data analysis with Excel and Power BI / Remote worker
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En la actualidad hay bastantes recursos en internet, que te pueden ayudar a presentar un mejor currículum ante los interesados en tus servicios. Pero siempre es bueno tener certificados que correspondan a instituciones de prestigio, tanto local como internacionalmente, para así dar confianza de que tienes los conocimientos requeridos para las labores que quieres prestar.

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4 Build your network and reputation

The fourth step is to build your network and reputation as a financial planner. You can leverage your existing contacts and clients from your accounting practice, and ask for referrals and testimonials. You can also join and participate in professional and community organizations, such as the Financial Planning Association, the Chamber of Commerce, or the Rotary Club. You can also create and share valuable content, such as blogs, newsletters, podcasts, or videos, to showcase your expertise and attract potential clients.

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Pablo V. Avila Y.

Financial Professional / Corporate Accounting / Financial Analysis / JD Edwards Finance SuperUser / Data analysis with Excel and Power BI / Remote worker
(edited)
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La red de contactos es siempre muy importante, pues a través de ella puedes llegar a personas y empresas, que de una manera normal no lograrías. Un claro ejemplo de esto es LinkedIn, que personalmente pienso es una de la mejores redes profesionales para generar contactos y negocios a nivel local e internacional.

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5 Manage your transition

The fifth step is to manage your transition from accounting to financial planning smoothly and effectively. You need to plan your time, budget, and resources carefully, and balance your current and future commitments. You may need to adjust your fees, contracts, and policies to reflect your new services and responsibilities. You may also need to update your website, business cards, and social media profiles to reflect your new identity and value proposition. You may also need to collaborate or partner with other professionals, such as lawyers, bankers, or brokers, to provide comprehensive solutions to your clients.

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Ron Dearman , CPA

CFO
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In my experience I made projections , forecasts and budgets a number one priority. Clients understand cash position the best. Running out of cash or conserving cash becomes a priority with them as well.

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Pablo V. Avila Y.

Financial Professional / Corporate Accounting / Financial Analysis / JD Edwards Finance SuperUser / Data analysis with Excel and Power BI / Remote worker
(edited)
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La colaboración con otros profesionales es muy importante, porque te puede abrir muchas puertas. Por ejemplo, yo trabajo con amigos y excompañeros de trabajo que viven en otros países, y por la confianza que ellos te tienen, y tu experiencia adquirida, puedes llegar mucho más lejos de lo que pensarías, en comparación a si solo decidieras trabajar solo por tu cuenta.

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6 Enjoy your new career

The final step is to enjoy your new career as a financial planner. You can expect to face some challenges and opportunities along the way, but you can also reap the benefits of helping your clients achieve their financial goals and dreams. You can also enjoy the flexibility, creativity, and satisfaction of being your own boss and running your own business. You can also continue to learn and grow as a professional and as a person, and make a positive impact on your community and society.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Vinay Vasudevan
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Financial Planning is all about one statement, the mighty P&L statement. But the word planning has more significance here, if you learn to forecast, you learn it all. So, the key is to learn forecasting and building a realistic model based on it

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How can accountants transition into financial planning?

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1 Assess your qualifications

2 Choose your niche

3 Get trained and certified

4 Build your network and reputation

5 Manage your transition

6 Enjoy your new career

7 Here’s what else to consider

Accounting

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