Financial planning as an undergraduate degree is still fairly young at most colleges and universities.
TD Ameritrade Institutional reached out to all of the 105 four-year colleges and universities in the U.S. with undergraduate financial planning programs, according to the CFP Board’s list of registered programs. Thirty-seven percent of schools participated in the survey, which was fielded via email and telephone in September.
According to the survey, program directors report that the average age of these programs is 10 years. The average program has 66 students enrolled and six faculty members, which typically includes two women, one minority and two financial advisors.
According to the survey, 90% of schools surveyed that have financial planning programs expect enrollment in these programs to grow over the next five years.
Though minorities and women are currently underrepresented in these programs, program directors believe their ranks will also increase. Currently, 36% of financial planning students are women, and even fewer – 31% – are minorities.
“The war for talent starts at the undergraduate level. To win, RIAs need to get out in front of the next generation on campus and make themselves seen,” Kate Healy, managing director of Generation Next at TD Ameritrade Institutional, said in a statement. “If RIAs aren’t having conversations about the benefits of their chosen career path, the competition most certainly will.”
The survey also finds that 80% of financial planning programs surveyed are housed in the business school.
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