Personal financial planning is the process of managing financial resources to achieve individual goals. It is a six-step process -- determine current financial conditions, develop financial goals, identify alternative courses of action, evaluate alternatives, create and implement a financial plan, and evaluate and revise the plan. The basic elements of personal financial plan include cash flow/budgeting analysis, insurance needs, employee benefits, education funding requirements, investment decision, analysis of debt, portfolio analysis, retirement planning, forecasting retirement benefits and costs, income tax planning, and estate planning.

Career Opportunities
The field of financial planning is experiencing substantial growth. The public's need for professional financial advice has been increasing drastically due to the changes in demographics and financial regulation. U.S. News & World Report lists personal financial planning as one of the twenty hot jobs for the 21st century. The 2001 Jobs Rate Almanac rated financial planner as the year's best career in terms of income, stress, security, work environment and employment outlook.

With a specialty in personal financial planning, you can choose a career within a full array of jobs. Typically, you can be a self-employed financial advisor, or work for depository and non-depository financial institutions such as banks, saving institutions, credit union, brokerage firms, investment companies, and insurance agencies. Alternative options include accounting firms, law offices, and human resource and employee benefits departments, among others.

Current salaries are highly competitive and the current average income for experienced financial planners depends upon the specific career option selected and the geographic region. U.S. Department of Labor reports that median annual earnings of personal financial advisors were $56,680 in 2002.

B.S.B.A. Core Requirements
B.S.B.A. Worksheet/Flow Chart/Suggested Program Plan/Others Forms
Course Descriptions (See Section 3).

For additional information see: S.U. Undergraduate Catalog (See Section 2, John L. Grove College of Business)