Financial services firm Edward Jones is expanding its education program to prepare college students to take the Series 7 exam and become financial advisors, the firm announced.

The program, which began in the spring semester this year at three universities, has expanded to 12 others universities in the fall. The program is being conducted in cooperation with the Securities Training Corporation, a financial services training company.

Edward Jones created the program to encourage more students to become financial advisors to combat the continuing shortage created by advisors who are retiring, the firm says. In the past, people had to be working in the financial industry before they could prepare for the Series 7 exam, the general securities licensing exam required by Finra to make trades.

“Our goal is to create a more defined path to the financial advisory profession,” says Matt Doran, the Edward Jones principal responsible for the firm's Financial Advisor Career Development Program. “By giving undergraduate students enrolled in financial planning programs the opportunity to study for the Series 7 program prior to graduation, we are helping them succeed in the required first step of becoming a financial advisor.”

As part of its effort to help undergraduate students understand the financial advisor career path, Edward Jones has also launched an internship program, tied to the academic year, which will include students enrolled in these Series 7 courses for the fall 2015 semester. The internships at Edward Jones are designed to provide practical experience for those who want to be financial advisors.

According to a report from Cerulli Associates, more than one-third of U.S. financial advisors plan to retire in the next decade, creating room for 200,000 new professionals. Adding to this issue is the lack of awareness among students about the role and typical work activities of a financial advisor, Edward Jones says.