Successfully reentering the workforce is a top priority for the hundreds of thousands of men and women who are returning to our country after tours of duty in Iraq and Afghanistan. They are coming back to a country that is only now just beginning to recover from one of the worst recessions in the history of the nation.
As a nation, we owe a personal debt of gratitude to every veteran. These men and women safeguard our nation, our freedoms and way of life. Veterans, and their family members, often make tremendous personal sacrifices to defend this nation and uphold liberty throughout the world. They miss important milestones in the development of their children. They take time out from their jobs to serve their country. Sometimes they pay for our freedom with their limbs, their peace of mind, or even their lives.
Helping our veterans transition to a successful civilian career is not an obligation, it’s a privilege. They are American heroes who serve this country with honor.
While many sectors of our economy continue to struggle, the financial services industry is currently looking to hire returning veterans. Veterans possess a variety of personal attributes that make them attractive candidates for positions within financial services organizations. The advantages a career in financial services offers veterans make it a career worth considering. Some of the advantages speaking mostly to our veterans include:
Helping Others. Members of the military often enlist because they want to be part of an enterprise that is dedicated to positive values and noble purpose. Most veterans care deeply about protecting America and the democratic values that have come to define our country.
As a financial services professional, veterans can continue this tradition of service to others. Personal financial advisors help make sure that individuals have financial security during their golden years. Financial service professionals can make an important difference in the quality of life their friends, family and neighbors experience.
Income. Veterans have the opportunity to earn good money in financial services. Taking classes and earning a financial services credential can make an important difference in take home pay.
There are two credentials worth noting. The Chartered Financial Consultant®, (ChFC®) credential is commonly referred to as “the highest standard of knowledge and trust” in financial planning. Requiring the completion of nine college-level courses, this designation is the most comprehensive financial planning designation available. More than 50,000 professionals have earned this respected mark.
The Chartered Life Underwriter® (CLU®) designation is the world’s most respected insurance designation. This prestigious course of study provides financial planning professionals with in-depth knowledge on the risk-management needs of individuals, business owners and professional clients. The CLU® requires professionals to complete eight courses, and more than 102,000 professionals have earned this respected designation since its creation in 1927.
In a 2010-2011 study conducted by the Financial Planning Association (FPA), senior financial planners who hold the CLU® and ChFC® designations earn 28 to 31 percent more, on average, than CFP® (Certified Financial Planner®) certificants. The median yearly total compensation for CLU® and ChFC® senior financial planning professionals ranges from $130,000 to $133,000 while CFP® designees have a median income of $101,000.
Data from the FPA earnings study also revealed that the median annual total compensation for CLU® and ChFC® sole practitioners ranges from $83,000 to $89,000 while those with a CFP® certification, on average, only earn $80,000 in total compensation.
Long-Term Potential. The demand for personal financial advisors is expected to grow significantly over the course of the next decade. If you are a veteran who wants to develop skills that will be in demand for years to come and attain a measure of financial security for yourself and your family, the financial services industry is your smartest career choice.
Independence. A career in financial services offers individuals the opportunity to be a part of a large, financially strong institution while ultimately building their business for themselves. Typically, insurance agents own and run their own agencies. They align themselves with large companies by representing the organization’s products while simultaneously working as entrepreneurs who work independently to generate business. This unique structure provides individuals with the opportunity to determine their own income levels through hard work. You have control over your hours and the flexibility to achieve work/life balance.
Paying for advanced education like the ChFC® and the CLU® can sometimes be challenging for veterans.
To assist our returning heroes from Iraq and Afghanistan and their spouses in getting this essential education and making a successful transition to financial services, The Penn Mutual Center for Veteran Affairs at The American College offers full scholarships and job placement assistance to individuals who qualify. For more information, visit: TheAmericanCollege.edu/PMCVA
If you are a returning veteran, you have served this country well. Your selfless devotion to protecting others means you deserve an opportunity to get a good job. Let The American College help you achieve the American dream. For more information about The American College, visit: www.theamericancollege.edu, or call: 888-263-7265.