Average Salary Range of a Certified Financial Planner
A Certified Financial Planner (CFP) is a professional designation that provides financial planning services to individuals or organizations. CFPs are required to pass a rigorous certification exam and must meet various educational and ethical requirements in order to maintain their certification.
The salary for a Certified Financial Planner can vary widely based on the market, the size of the firm, and the individual’s experience level.
According to the Bureau of Labor Statistics, the median salary for financial advisors and planners was $87,850 in 2020. However, salaries can range from $59,000 to $175,000 or more, depending on experience, location, and the type of services offered.
CFPs working in larger cities or in high-end firms may have the potential to earn significantly more than the median salary. For example, CFPs in the San Francisco Bay area have an average salary of $134,000, while those in New York City make an average of $132,000.
In addition to base salary, CFPs may also earn bonuses, commissions, and other incentive-based pay. For those who work in larger firms, bonuses may be based on the overall performance of the firm, as well as individual performance.
Overall, the salary range for a Certified Financial Planner depends on many factors, such as experience, location, and the type of services offered. With the right qualifications and experience, CFPs may have the potential to earn significantly more than the median salary.