Top 5 Elective Courses for Financial Planning Master’s Students
- Financial Theory & Research
- Family Financial Planning
- Financial Planning for Housing and Real Estate
- Military Personal Finance
- Professional Practices in Financial Planning
Anyone who is pursuing a Master’s in Financial Planning should learn about the important choices of electives they have for their education. While the names of elective courses can vary from one school to another, the course content is typically the same for most accredited universities. Master’s students usually have two available slots in their schedules for elective courses, so it’s important to make an informed choice when planning a semester schedule. The information on this list is intended to help master’s students choose the right classes for their interests and career goals. From advanced financial theory to the application of best practices, financial planning elective courses provide students with the expertise needed to guide their clients through important life choices.
Related Resource: Top 10 Online Master’s in Financial Planning Degree Programs
1. Financial Theory & Research
Financial theory and research courses prepare finance majors for advanced applications within the financial field. When it comes to advising clients about their personal finances, it’s important to understand the subtleties of financial theory and to have experience performing research in a university setting. Financial planning relies on the microeconomic theories and evidence-based assertions outlined in financial theory and research courses at accredited universities. To ensure that a college finance or accounting department offers a course covering these topics, students can inquire about the university’s accreditation details before enrolling.
2. Family Financial Planning
One of the responsibilities of a financial planning professional is working with families that are planning their futures and looking for ways to save money for their children’s healthcare and education. According to the U.S. Bureau of Labor Statistics, financial planners help families make investments and save money for future purchases of big-ticket items, such as homes, cars and vacations. A family financial planning course covers all the essential topics related to childcare, education, and other costs of running a household.
3. Financial Planning for Housing and Real Estate
When it comes to planning for investments in high-value items, such as houses, condominiums, and rental properties, financial planners need to be knowledgeable and ready for any situation. Financial planning for housing and real estate courses prepare master’s students to guide their clients through real-world transactions and investment opportunities. Housing and real estate purchases are some of the most significant investments most people make in their lifetimes, and they need expert guidance to ensure that they invest their money responsibly.
4. Military Personal Finance
Members of the military have special considerations to make when it comes to investing money and planning for the future. Many federal, state, and local programs exist for ex-military members to secure their financial futures and make investments in stocks, real estate and other financial assets. Financial planners should have some expertise in military personal finance. Accredited universities provide elective courses designed to prepare master’s students for working with members of the military.
5. Professional Practices in Financial Planning
Whether master’s students are pursuing careers as freelance consultants or as employees at banks or investment firms, it’s important for them to gain in-depth knowledge of professional practices related to their field. A professional practices course covers important topics for financial planners looking to open a private practice or join an established firm. Laws and regulations vary from state to state, and financial planning professionals should understand these laws very well.
Jobs in the financial industry are expected to grow more quickly than average, according to the BLS. To stay competitive in this field, it can help to have advanced education. For students pursuing a Master’s in Financial Planning, the right choice of electives can make a big difference.