The more educated an advisor, the greater his or her compensation, according to a new survey by the College for Financial Planning.

The college surveyed 370 professionals last fall, following up on a similar national survey it conducted in 2016. Respondents were asked their annual compensation for the year prior to earning an advanced designation, and the year after getting the designation.

Two-thirds of respondents (68%) said they worked for a firm, while 32% were in private practice. A majority of respondents (80%) said they held securities licenses.

Half of respondents (49%) said they worked on a combination fee and commission basis; 42% said they worked on a fee-only basis; and 9% said they worked on a commission-only basis. Two-thirds of respondents (68%) said they didn’t charge an hourly rate, while 25% said they charged an hourly rate of $100 to $300 an hour.

Certified financial planners (CFPs) said they earned an average annual salary of $102,639, which rose to an average of $115,002 post designation – an increase of 12%.

The college found that financial planners who pursued a designation benefited on average by as much as 14.9% in increase in compensation.

Chartered retirement planning counselors (CRPCs) said they earned an average annual salary of $90,857 pre-designation, which rose to an average of $125,528 post designation – an increase of 38%.

Chartered retirement plans specialists (CRPSs) said they earned an average annual salary of $138,482, which rose to an average of $169,258 post designation – an increase of 22%.

Accredited asset management specialists (AAMSs) said they earned an average annual salary of $99,073, which rose to an average of $119,715 post designation – an increase of 21%.

Financial paraplanner qualified professionals (FPQPs) said they earned an average annual salary of $89,425, which rose to an average of $103,438 post designation – an increase of 16%.

The college found that an advanced degree was beneficial in other ways. Three-quarters of respondents (72%) said their client base grew after getting a designation, as well as their earnings.

“We have always believed that advanced financial planning studies benefits not only the professional, but also their clients,” Dirk Pantone, president of the College for Financial Planning, said in the news release.  “Our survey shows that continuing education also offers benefits in terms of compensation and business development.”

Founded in 1972, the College for Financial Planning-A Kaplan Company is headquartered in Centennial, Colo.