CFP professionals earn about 10% more than planners without the certification, and have greater career satisfaction, according to a CFP Board of Standards study.

The compensation analysis found that CFP planners earned a median income of $192,000 in 2023, about 10% more than other advisors when controlling for other factors such as job experience, company size and the types of service they offer.

Experience had a significant impact on earnings potential, according to the study, which found that CFP planners with more than 20 years of financial planning experience had a median 2023 compensation of $325,000. CFP planners who supervise six or more staffers reported a median total compensation of $400,000.

Median salary also varied by business channel. CFP planners at wirehouses and brokerage firms had the highest median compensation in the study, $230,500, followed by independent broker-dealers ($225,000), hybrid RIAs ($215,000), banks ($200,000) and RIAs ($161,700).

The study also showed that 85% of CFP professionals have a high to very high sense of personal fulfillment.

“It’s no surprise that CFP professionals are extremely happy in their careers," CFP Board CEO Kevin R. Keller said in a prepared statement. "The findings in the 2024 Compensation Study show that a career in financial planning is quite possibly the best job ever."

Surveyed CFP planners rated the following aspects of their job as good or excellent: its stability (cited by 88%), their work/life balance (cited by 82%), their career advancement (named by 79%) and their compensation (named by 74%). Also, 89% of the respondents said they plan to stay with their current company for the next two years. Among those considering leaving, 67% intend to remain in the financial planning profession.

The study also found that CFP professionals have access to defined contribution retirement plans (something cited by 98% of those surveyed), profit sharing (cited by 42%), stock options (cited by 17%), employee stock options—or ESOP—programs (cited by 8%) and pension plans (named by 6%). They also have a median of 21 days of paid time off per year, with 27% having unlimited days, the board said. CFP planners work a median of 44 hours per week, the study found.

"CFP professionals not only benefit from cash salaries and bonuses but also from valuable employee benefits, including health, dental, life and disability insurance as well as professional development opportunities," the CFP Board said in a press release.

The study was conducted in April and May and was based on responses to an online questionnaire answered by 1,455 CFP professionals.