Meanwhile, the need for advisors is expected to increase at a greater rate than for other professions, according to the Bureau of Labor Statistics. The demand for financial advisors is expected to increase 27 percent by 2022. But there are concerns there may not be enough advisors to meet the demand: Cerulli & Associates says 25 percent of advisors plan to retire or leave the industry within the next 10 years, and for every eight advisors who retire, only three are trained to replace them.

The tide may be shifting a little. The CFP Board’s March 2017 exam had its largest attendance since November 2011, and the top 20 financial firms have all added more CFP professionals to their ranks, according to Joe Maugeri, managing director at the CFP Board.

The pool of candidates also has become more diverse. In 2016, there were more initial certifications among women than ever. In March, women made up a record-breaking 30 percent of exam takers.

In addition to the Milton Stern scholarship, the Center for Financial Planning administers the The Deena Jo Heide-Diesslin Foundation Challenge Match Scholarship, which is awarded to individuals in underrepresented populations within the financial planning profession in terms of gender, race, ethnicity or sexual orientation.

The center also sponsors other diversity programs that Mohrman-Gillis says are beginning to show results:

• The “I am a CFP Pro” campaign began in April and is an educational program to draw young people and women into the profession.

• There are 400 WIN (Women’s Initiative) Advocates, who are CFP’s who work in their communities to show others that a career in financial planning can be a rewarding career for women.

• Under the WIN to WIN Mentoring Program more than 600 female candidates for CFP certification are in mentoring relationships with CFP professionals, who help them manage the certification process.

• CFP Board also created the WIN Council, comprised of experts in the areas of women’s issues, diversity and recruitment, as well as leaders from financial planning and advisory firms and CFP Board-registered programs, to advise and assist in the development of initiatives to increase the number of women entering the financial planning profession.

• Recently, the Financial Planning Re-Entry Initiative was launched. It is aimed at women who have left the workforce and want to come back. The program supports financial services firms in establishing re-entry internships.