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Certified Financial Planner (CFP) Salary (United States)

Commissions form a big slice (over a third) of total compensation for Certified Financial Planners. The median income in this area hovers around $68K. With some bonuses and profit sharing proceeds approaching $25K each, total incomes of Certified Financial Planners generally range from $41K to $139K depending on individual performance. Career duration is the biggest factor affecting pay for this group, followed by geography. Health benefits are not enjoyed by everyone in this line of work, and just under one in four lack any coverage at all. Medical benefits are reported by most and dental coverage is claimed by around half. Men make up the majority of Certified Financial Planners (64 percent). Job satisfaction is reported as high by the vast majority of workers. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
Certified Financial Planner (CFP) Salary (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$39,267 - $109,512
(Median)
39K
49K
61K
82K
110K
MEDIAN: $61,055
10%
25%
50%
75%
90%
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Certified Financial Planner (CFP) Salary (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$14.67 - $152.60
(Median)
15
40
150
MEDIAN: $24.00
10%
75%
90%
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National Salary Data

 (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$90K$180K$270K
Salary
$39,267 - $109,512  
   
Bonus
$250.00 - $25,129  
Profit Sharing
$1,178 - $25,537  
Commission
$0.00 - $257,605  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$41,465 - $139,085  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 760
National Hourly Rate Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$60$120$180
Hourly Rate
$14.67 - $152.60  
   
Overtime
$0.21 - $117.45  
National Annualized Data (?
XAll compensation data shown are gross, national 10th to 90th percentile ranges. Pay can vary greatly by location. To view local data, take the PayScale survey.
)
$0$120K$240K$360K
Bonus
$250.00 - $25,129  
   
Commission
$0.00 - $257,605  
Profit Sharing
$1,178 - $25,537  
Total Pay (?
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).
)
$41,465 - $139,085  
Country: United States | Currency: USD | Updated: 3 Sep 2014 | Individuals Reporting: 39
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Job Description for Certified Financial Planner (CFP)

A Certified Financial Planner is expected to create and develop client relationships through telephone conversations, email, and person-to-person meetings. A financial planner's responsibility is to assess the financial needs and goals of each client, and to develop and implement a financial plan that fulfills those needs and goals. Responsibilities include plan development, selecting and selling of appropriate financial services, and monitoring and adapting plans as needs and financial conditions change. Cross-selling of financial services with other financial experts may be required. A designation of certified financial planner is required, as well as strong listening, communication, organizational, and interpersonal skills. Planners must be able to communicate effectively both in person and over the phone. Excellent knowledge of financial markets, products, and services is a must. Expect to attend workshops and seminars to stay on top of the most recent products and policies. The ability to multitask and work well in groups is also a necessity. It is also required that planners have the ability to understand and work with computer applications such as Microsoft Office and other financial programs. Financial planners should have a background in banking and understand law and accounting practices. Honesty and integrity are a must, as well as a motivated personality, and the ability to adapt your time to your clients' needs. Planners should expect some travel to both client locations and product knowledge seminars, as well as being able to work with other professionals in the industry that can help you satisfy your clients needs. A planner must have the ability to put the client needs above all else.
Certified Financial Planner (CFP) Tasks
  • Document and revise financial plans for clients.
  • Create agendas, spreadsheets, and meeting materials to discuss investments, savings, and asset allocation.
  • Interview individuals or businesses to identify financial goals, concerns, and opportunities.

Certified Financial Planner (CFP) Job Listings

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Popular Skills for Certified Financial Planner (CFP)

Overall, survey participants reported applying a fair number of skills to their work. Most notably, skills in Insurance, Investment Management, Investment Planning, and Financial Advisor are correlated to pay that is above average, with boosts of 13 percent, 12 percent, 12 percent, and 12 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Microsoft Excel. Those familiar with Financial Advisor also tend to know Financial Analysis and Investment Management.

Pay by Experience Level for Certified Financial Planner (CFP)

Median of all compensation (including tips, bonus, and overtime) by years of experience.
Certified Financial Planners with a lot of experience tend to enjoy higher earnings. Folks who are navigating the first five years of their careers have a median salary of approximately $54K in this position. Those who have been around for five to 10 years don't get much more, though; the median salary in that group is $69K. Certified Financial Planners claiming one to two decades of experience make an estimated median of $90K. Average wages for folks with more than 20 years of experience come out to around $132K. Workers in this area tend to have one to nine years of experience. Experienced employees who have 10-20 years of experience make up one-fourth of the workforce; inexperienced individuals who have been working for less than one year comprise less than five percent, and senior people with more than 20 years under their belt fill out the remaining about one in ten.

Pay Difference By Location

Washington
up arrow 67%
Boston
up arrow 62%
Denver
up arrow 18%
Cincinnati
up arrow 17%
New York
up arrow 12%
San Diego
up arrow 9%
Dallas
up arrow 9%
Phoenix
up arrow 7%
Los Angeles
up arrow 1%
National Average
$68,000
Omaha
up arrow 2%
Atlanta
up arrow 12%
Charlotte
up arrow 12%
Chicago
up arrow 24%
Larger circles over a city indicate a job is popular in that location.
For Certified Financial Planners, Washington provides a pay rate that is 67 percent greater than the national average. Also paying near the top of the field are Boston, Denver, Cincinnati, and New York, where Certified Financial Planners annually earn 62 percent, 18 percent, 17 percent, and 12 percent more than the national average. Certified Financial Planners in Chicago take home the lowest salaries, earning a whopping 24 percent less than the national average. Workers in Atlanta and Charlotte earn salaries that trail the national average for those in this profession (12 percent less).

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Experience Affects Certified Financial Planner (CFP) Salaries

National Average
$68,000

Skills That Affect Certified Financial Planner (CFP) Salaries

up arrow 13%
Financial Analysis
up arrow 1%
National Average
$68,000
Microsoft Excel
up arrow 10%

Job Satisfaction

Extremely satisfied Image
Extremely satisfied
Rated 5 out of 5 based on 196 votes.

Gender

Female
36%
female alumni
 
Male
64%
male alumni

Years of Experience

Less than 1 year
4%
1-4 years
32%
5-9 years
30%
10-19 years
25%
20 years or more
10%

Common Health Benefits

medical benefits Medical: 76% dental benefits Dental: 51%
vision benefits Vision: 34% employee benefits None: 23%