The fiscal malaise of state governments is helping expand financial advisor education programs, according to a CFP Board official.
Elected officials and higher education administrators have put pressure on institutions to favor programs in fields where jobs are expanding, such as the financial advisory industry, Charles Chaffin director of academic programs and initiatives for the CFP Board said yesterday.
“I’ve come to a university office to develop a program where down the street, they are cutting a program because of declining jobs,” he said.
Chaffin said the 80 percent state funding versus 20 percent tuition at state universities—where CFP programs predominate—has flip-flopped in 15 years, with taxpayers bankrolling only 3 percent or 4 percent in some higher education offerings.
As the education chief for the CFP Board, Chaffin watches over 112 bachelor, 46 masters and five doctoral programs, and 177 course work modules that lead to certificates, all at colleges and universities.
Chaffin said the growing diversity CFP training programs is encouraging, demonstrating one size does not fit all when it comes to meeting the needs of the public.
“We’re in a good place right now. We have a lot of innovative programs, which brings in a lot of new students and new ideas. We’re talking free enterprise,” Chaffin said.