Easing college students' transition into the financial planning profession

Financial Services Review, Fall 2005 by Goetz, Joseph W, Tombs, Joseph W, Hampton, Vickie L

2.3.2. Program advisory committees

A group of advisors of national prominence who have a vested or philanthropic interest in the success of the program can be an invaluable resource, such as keeping the curriculum cutting edge, relevant, and thorough. For example, the University of Idaho, which just recently registered a program with CFP Board, relied heavily on alumni boards for advice in developing their program and utilized input from brokerage, insurance and accounting professionals in the development of their curriculum. Although guidance and input should be sought, the professor-observers will know the institutional limitations and implementation problems better than the committee. A program advisory committee can also improve the transition of graduating students into the workforce by assisting in fundraising efforts for the program and as a strong political ally when internal campus issues arise.

2.3.5. Media

Television, print media and the Internet represent external classrooms that can supplement the financial planning curriculum. Michelson (1999) provides explanation on how to create and modify a web page that can be used to efficiently reach students, and describes its importance and benefits in financial education. Media can be utilized across the curriculum or a class can be developed in which students are assigned to read important trade books, watch financial television, and report on their findings in class or through writing assignments. The Wall Street Journal, Financial Planning Magazine, Investment Advisor, Journal of Financial Planning, Journal of Financial Services Professionals, and Kiplinger's Washington Letter are obvious resources. These connect students to their environment and help them develop the important habit of monitoring major financial events and evaluating the impact of such events.

2.4. Encourage professional standards in the classroom

There are many steps that faculty can take to easily implement changes in their classrooms to mirror expectations as they exist in the professional environment, in turn creating a smoother transition for students as they enter the workforce. An assignment that represents professional malpractice or is otherwise not of professional quality should not be given a 'C' grade; instead, it should not be accepted. Assignments should be received on time or not at all unless the reason for delay is something that would cause practitioners to reschedule client appointments. Students can be assigned to work in groups with their peers and to evaluate each other. In addition, students should be encouraged to report any unethical or unprofessional behavior.

2.5. Sponsor student professional organizations

Student professional organizations offer students opportunities to be part of peer organizations that reach beyond a single campus or an individual region. Students often have opportunities to speak, collaborate, plan and lead meetings, interact with professionals and faculty, and hear practicing professionals. For example, students at Purdue University participate in the Purdue Collegiate Financial Planning Club, which hosts professional speakers from the surrounding areas. Student financial planning societies offer future planners another medium to develop professional relationships with future colleagues, employers and industry professionals. Student groups can also assist faculty and staff with activities such as working with an advisory group, assisting with a program newsletter, and organizing student trips to financial planning related national conferences.