Winston-Salem State University’s (WSSU) School of Business and Economics has registered its finance degree with the Certified Financial Planner Board of Standards, Inc., (CFP) and university officials scheduled a reception to make the announcement Dec. 8.
The event celebrated WSSU’s registration with the CFP Board of its Bachelor of Science in Finance degree. Courses registered by the CFP Board, help students prepare for the certification exam. Sponsored by a national organization headquartered in Washington, DC, CFP Board certification is the most widely recognized professional certification in the field of personal financial planning, with more than 58,000 individuals in the United States currently holding CFP certification and record numbers of other individuals working to obtain the certification. CFP Board of Standards has registered more than 300 college and university certificate and degree programs. WSSU’s School of Business and Economics officials believe that it is one of the first HBCUs in the nation to obtain this registration for its bachelor’s of science degree.
“Graduates from this program should have good regional and local prospects for employment with large financial institutions in Winston-Salem and in other major cities in North Carolina,” said Nicholas A. Daves, WSSU Center of Excellence in Financial Services director and instructor of finance. “Population demographics, with upcoming retirements among the baby boomer generation’ and the attractiveness of North Carolina as a place to retire create increased regional demands for knowledgeable financial professionals,” Daves said.
CFP board-registered programs are financial planning education programs at the college or university level that meet specific criteria for educating individuals who wish to fulfill the education component for obtaining CFP certification. Individuals who meet CFP Board’s education requirement are eligible to sit for the CFP Certification Examination. Successful completion of the education and examination components completes two of the core prerequisites to obtain CFP certification. A program may be an undergraduate, graduate, doctoral or non-credit certificate program, but all programs must meet several core requirements.
“We are very pleased with this important recognition for WSSU and its School of Business and Economics, and we look forward to working with the CFP Board of Standards to keep our curriculum fresh and focused on current personal financial issues,” said Dr. Jessica Bailey, WSSU School of Business and Economics Dean.
WSSU will offer courses to cover the 89 personal finance topics deemed necessary by the CFP Board of Standards for individuals to take the nationally administered, two-day examination, which is part of the qualification process to become a certified financial planner. The required topics are covered in the advanced financial planning, income tax accounting and insurance planning to personal financial planning, microeconomics, principles of macroeconomics and retirement/estate planning.
“Students will take the required courses principally during their junior and senior years, so we should begin to produce graduates who want to continue their pursuit of the CFP designation in another year or two,” said Daves.
In addition to passing the examination, individuals must have a bachelor’s degree from an accredited college or university and three years of qualifying full-time work in the financial planning field. They also have to agree to abide by the CFP Board’s code of ethics and financial planning practice standards.
“We believe that individuals who qualify as certified financial planners have earned the highest and most difficult standard to attain professional designation in the field of personal financial planning,” Bailey said. “And that is where we want WSSU graduates to be.”
