Factors of Employability for Graduates Progressing through a Career in Financial Planning in Canada

Iantorno, Raquel; Richards, Daniel W.

doi:10.2478/fprj-2025-0002

Abstract

Graduates entering financial planning careers face challenges due to their limited awareness of career paths and success factors. This study, based on 20 interviews with Canadian financial- planning professionals, examines key employability factors. Our findings outline a career path for financial planning graduates involving customer service and then associate financial planner roles. Social capital helps start a career, but career development becomes easier thereafter. Associate financial planners should leverage human and social capital for career development. This research finds that students can enhance their prospects by developing client-service skills and building professional networks to gain employability in financial planning careers.

References

Altfest, L 2004, ‘Personal financial planning: origins, developments and a plan for future direction,’ The American Economist, vol. 48, no. 2, pp. 53–60. https://doi.org/10.1177/056943450404800204
Search in Google Scholar Back to article
Angell, M 2021, ‘To take your practice to the next level, hire a paraplanner’, Journal of Financial Planning, vol. 34, no. 8, pp. 26–29.
Search in Google Scholar Back to article
Archuleta, KL, Stueve, C, Stebbins, R, Kemnitz, RJ, Chaffin, CR, Williams, KK, Poplaski, SC, Sages, RA, Tibbetts, RH & Burr, EA, 2019, ‘Exploring perceptions of graduates’ experiences that impact certified financial planner certification: a multiple case inquiry’, Journal of Financial Counseling and Planning, vol. 30, no. 2, pp. 323–334.
Search in Google Scholar Back to article
Becker, GS 1964, Human capital: A theoretical and empirical analysis, with special reference to education, Columbia University Press, New York.
Search in Google Scholar Back to article
Bell, E, Bryman, A & Harley, B 2019, Business research methods (Fifth edition), Oxford University Press.
Search in Google Scholar Back to article
Bogan, VL, Geczy, CC & Grable, JE 2020, ‘Financial planning: A research agenda for the next decade’, Financial Planning Review, vol. 3, no. 2, e1094. https://doi.org/https://doi.org/10.1002/cfp2.1094
Search in Google Scholar Back to article
Braun, V & Clarke, V 2006, ‘Using thematic analysis in psychology’. Qualitative Research in Psychology, vol. 3, no. 2, pp. 77–101. https://doi.org/10.1191/1478088706qp063oa
Search in Google Scholar Back to article
Burnett-Nichols, H 2021, ‘Changing nature of financial advice could lead to rise of paraplanners’, The Globe and Mail, 2021 Apr 22.
Search in Google Scholar Back to article
Burrell, G & Morgan, G 1979, Sociological paradigms and organisational analysis: Elements of the sociology of corporate life, Heinemann, London.
Search in Google Scholar Back to article
Cameron, C, Brimble, M, Knutsen, J, & Freudenberg, B, 2014, ‘The what, why and how of generic skills: a financial planning case study’, Australasian Accounting, Business and Finance Journal, vol. 8, no. 4, pp. 63–82. https://doi.org/10.14453/aabfj.v8i4.5
Search in Google Scholar Back to article
Canadian Investment Regulatory Organization 2025a, Guide to CIRO (Investment Dealer) Categories, Canadian Investment Regulatory Organization, viewed 9th February 2025, https://www.ciro.ca/media/9231/download?inline.
Search in Google Scholar Back to article
Canadian Investment Regulatory Organization 2025b, Requirement to complete the 30 or 90-day training program, Canadian Investment Regulator Organization, viewed 9th February 2025, https://www.ciro.ca/newsroom/publications/requirement-complete-30-or-90-day-training-program.
Search in Google Scholar Back to article
Canadian Securities Institute 2024, Licensing, Canadian Securities Institute, viewed 7th June 2024, https://www.csi.ca/en/learning/courses/licensing.
Search in Google Scholar Back to article
Clarke, M 2018, ‘Rethinking graduate employability: the role of capital, individual attributes and context’, Studies in Higher Education (Dorchester-on-Thames), vol. 43, no. 11, pp. 1923–1937. https://doi.org/10.1080/03075079.2017.1294152
Search in Google Scholar Back to article
Cull, M 2009, ‘The rise of the financial planning industry’, Australasian Accounting Business & Finance Journal, vol. 3, no. 1, pp. 26–37.
Search in Google Scholar Back to article
Cull, M & Davis, G 2013, ‘Students’ perceptions of a scaffolded approach to learning financial planning: an empirical study’, Accounting Education, vol. 22, no. 2, pp. 125–146. https://doi.org/10.1080/09639284.2012.755007
Search in Google Scholar Back to article
Cull, M, Skultety, C & Kumar, R 2022, ‘Factors influencing the motivation to pursue a career in financial planning’, Financial Planning Research Journal, vol. 8, no. 1, pp. 40–78. https://doi.org/doi:10.2478/fprj-2022-0003
Search in Google Scholar Back to article
Cull, M & Sloan, T 2016, ‘Characteristics of trust in personal financial planning’, Financial Planning Research Journal, vol. 2 no. 1, pp. 12–35. https://doi.org/doi:10.2478/fprj-2016-0001
Search in Google Scholar Back to article
de Zwaan, L & Grant-Smith, D 2022, ‘More than mandatory work placements: The role of work-integrated learning in preparing financial planning graduates for the professional year’, International Journal of Work-Integrated Learning, vol. 23, no. 4, pp. 495–508.
Search in Google Scholar Back to article
Donald, WE, Baruch, Y & Ashleigh, M 2019, ‘The undergraduate self-perception of employability: human capital, careers advice, and career ownership’, Studies in Higher Education, vol. 44, no. 4, pp. 599–614. https://doi.org/10.1080/03075079.2017.1387107
Search in Google Scholar Back to article
Financial Services Regulatory Authority of Ontario 2025, What’s the value of title protection to you as a Financial Planner or Financial Advisor?, Financial Services Regulatory Authority of Ontario, viewed 9th February 2025, https://www.fsrao.ca/your-financial-planner-advisor-title#bookmark3.
Search in Google Scholar Back to article
FP Canada 2024, Financial Planning Body of Knowledge, FP Canada, viewed 7th June 2024, https://www.fpcanada.ca/bok-2024.
Search in Google Scholar Back to article
Harris, CM, Pattie, MW & McMahan, GC 2015, ‘Advancement along a career path: the influence of human capital and performance’, Human Resource Management Journal, vol. 25, no. 1, pp. 102–115. https://doi.org/https://doi.org/10.1111/1748-8583.12047
Search in Google Scholar Back to article
Ho, K, Robinson, C, Letkiewicz, JC & Zaremba, V 2023, Personal financial planning (Sixth ed.). Captus Press, Ontario.
Search in Google Scholar Back to article
Hunt, K, Brimble, M & Freudenberg, B 2011, ‘Determinants of client-professional relationship quality in the financial planning setting’, Australasian Accounting, Business & Finance Journal, vol. 5, no. 2, pp. 69–99.
Search in Google Scholar Back to article
Iellatchitch, A, Mayrhofer, W & Meyer, M 2003, ‘Career fields: a small step towards a grand career theory?’, International Journal of Human Resource Management, vol. 14, no. 5, pp. 728–750. https://doi.org/10.1080/0958519032000080776
Search in Google Scholar Back to article
Institute of Financial Planning 2025, About us, Institute of Financial Planning, viewed 9th February 2025, https://institutpf.org/en/about-us.
Search in Google Scholar Back to article
Jackling, B & Sullivan, C 2007, ‘Financial planners in Australia: an evaluation of gaps in technical and behavioral skills’, Financial Services Review, vol. 16, no. 3, pp. 211–228.
Search in Google Scholar Back to article
Johnson, D, Brimble, M & Zanetti, R 2016, ‘Industry demand for financial planning graduates’, Financial Planning Research Journal, vol. 2, pp. 106–124. https://doi.org/https://doi.org/10.2478/fprj-2016-0007
Search in Google Scholar Back to article
Knight, P & Yorke, M 2004, Learning, curriculum and employability in higher education, Routledge, Falmer.
Search in Google Scholar Back to article
MacDonald, KL, Loy, E, Brimble, M & Wildman, K 2023, ‘The value of personal professional financial advice to clients: A systematic quantitative literature review’, Accounting & Finance, vol. 63, no. 4, pp. 4399–4429. https://doi.org/10.1111/acfi.13099
Search in Google Scholar Back to article
McQuaid, RW & Lindsay, C 2005, ‘The concept of employability’, Urban Studies, vol. 42, no. 2, pp. 197–219. https://doi.org/10.1080/0042098042000316100
Search in Google Scholar Back to article
Moore, CM, Gallardo, JE, Scott A & Lutter, S 2022, ‘Applying a human capital framework to college students’ financial well-being’, Journal of Personal Finance, vol. 21, no. 2, pp. 27–38.
Search in Google Scholar Back to article
O’Dwyer, M & Richards, DW 2021, ‘Occupational boundaries: Gender capital and career progression in the financial planning industry’, Financial Planning Review, vol. 4, no. 2, e1123. https://doi.org/https://doi.org/10.1002/cfp2.1123
Search in Google Scholar Back to article
Okay-Somerville, B & Scholarios, D 2017, ‘Position, possession or process? Understanding objective and subjective employability during university-to-work transitions’, Studies in Higher Education (Dorchester-on-Thames), vol. 42, no. 7, pp. 1275–1291. https://doi.org/10.1080/03075079.2015.1091813
Search in Google Scholar Back to article
Overton, RH 2008, ‘Theories of the financial planning profession’, Journal of Personal Finance, vol. 7, no. 1, pp. 13–41.
Search in Google Scholar Back to article
Ployhart, RE & Moliterno, TP 2011, ‘Emergence of the human capital resource: A multilevel model’, Academy of Management Review, vol. 36, no. 1, pp. 127–150. https://doi.org/10.5465/amr.2009.0318
Search in Google Scholar Back to article
Reiter, M, Seay, M & Loving, A 2022, ‘Diversity in financial planning: Race, gender, and the likelihood to trust a financial planner’, Financial Planning Review, vol. 5, no. 1, e1134. https://doi.org/10.1002/cfp2.1134
Search in Google Scholar Back to article
Richards, DW 2023, ‘Behavioural aspects of financial advice’, in J Blijlevens, M Elkins, & A Neelim (eds), Behavioural business: The psychology of decisions in economy, business and policy contexts, Springer Nature Singapore, pp. 191–203. https://doi.org/10.1007/978-981-19-5546-4_11
Search in Google Scholar Back to article
Richards, DW, Roberts, H & Whiting, RH 2020. ‘Female financial advisers: Where art thou?’, Australian Journal of Management, vol. 45, no. 4, pp. 624–644. https://doi.org/10.1177/0312896219896389
Search in Google Scholar Back to article
Richards, DW, Robinson, C & Willows, GD 2024, ‘Professionalisation of financial planning in Australia, Canada, and South Africa’, Australian Journal of Management. https://doi.org/10.1177/03128962241246679
Search in Google Scholar Back to article
Römgens, I, Scoupe, R, & Beausaert, S 2020, ‘Unraveling the concept of employability, bringing together research on employability in higher education and the workplace’, Studies in Higher Education, vol. 45, no. 12, pp. 2588–2603. https://doi.org/10.1080/03075079.2019.1623770
Search in Google Scholar Back to article
Salter, JR, Hampton, VL, Winchester, D, Katz, DB & Evensky, HR 2011, ‘Entry-level financial planning practice analysis: preparing students to hit the ground running’, Financial Services Review, vol. 20, no. 3, pp. 195–216.
Search in Google Scholar Back to article
Shin, M 2022, The financial industry wants you — to mentor, Advisor.ca, viewed 26th June 2024, https://www.advisor.ca/practice/planning-and-advice/the-financial-industry-wants-you-to-mentor/
Search in Google Scholar Back to article
Smith, A 1776, An inquiry into the nature and causes of the wealth of nations (vol. 2), printed for W. Strahan; and T. Cadell, in the Strand.
Search in Google Scholar Back to article
Staples, TM, Rollins-Koons, A, Anderson, GJ & Gray, B 2023, ‘Canadian retirement planning behavior: How reliance on a government pension relates to pre-retirement savings and planning behaviours’, Financial Planning Research Journal, vol. 9, no. 1, pp. 1–18. https://doi.org/doi:10.2478/fprj-2023-0001
Search in Google Scholar Back to article
Stéphanie, M-G, Constance, P-J, François, S, & Nadège, V 2018, ‘Early careers in portfolio and wealth management: The roles of class, race and gender in occupational segmentations’, in V Boussard (ed), Finance at work, Routledge, pp. 194–209. https://doi.org/10.4324/9781315470290-16
Search in Google Scholar Back to article
Teale, J 2013, ‘Improving financial planning graduate employability through enterprise education’, Australasian Accounting Business & Finance Journal, vol. 7, no. 3, pp. 91–105. https://doi.org/10.14453/aabfj.v7i3.6
Search in Google Scholar Back to article
Tomlinson, M 2017, ‘Forms of graduate capital and their relationship to graduate employability’, Education + Training, vol. 59, no. 4, pp. 338–352. https://doi.org/10.1108/ET-05-2016-0090
Search in Google Scholar Back to article
Tuononen, T, Parpala, A & Lindblom-Ylänne, S 2019, ‘Graduates’ evaluations of usefulness of university education, and early career success – a longitudinal study of the transition to working life’, Assessment & Evaluation in Higher Education, vol. 44, no. 4, pp. 581–595. https://doi.org/10.1080/02602938.2018.1524000
Search in Google Scholar Back to article
Warschauer, T 2002, ‘The role of universities in the development of the personal financial planning profession’, Financial Services Review, vol. 11, no. 3, pp. 201–216.
Search in Google Scholar Back to article
West, T, Johnson, D & Webb, A 2019, ‘Career outcomes of financial planning students’, Financial Planning Research Journal, vol. 5, no. 1, pp. 82–110. https://doi.org/doi:10.2478/fprj-2019-0004
Search in Google Scholar Back to article
Wright, PM, & McMahan, GC 2011, ‘Exploring human capital: putting ‘human’ back into strategic human resource management’, Human Resource Management Journal, vol. 21, no. 2, pp. 93–104. https://doi.org/10.1111/j.1748-8583.2010.00165.x
Search in Google Scholar Back to article

Factors of Employability for Graduates Progressing through a Career in Financial Planning in Canada

Abstract

Paradigm

My account