Financial Planning Manager Salary


This position can pay off for you if you put your effort into earning your MBA. Once you have the degree and land the position you want, you’ll begin working for an entry-level salary - once you have put some time in or if you trasfer to a location where you're more in demand, you’ll see your average salary beginning to grow.

It’s not just the salary, though. You need to consider earning potential, demand for your chosen career, job growth, competition, and where you’re the most likely to be hired - whether that's state or industry. Don’t forget about doing what you need to do to advance as a financial planning manager. You want to increase your value to your employer so you can gain a more senior position.

How Much Do Financial Planning Managers Make?

A report from the Bureau of Labor Statistics says that financial planning managers earned roughly $90,530 (average annual salary), as of 2016. This salary is worth it when you consider that the average for all workers rests at about $37,040.

Will you begin earning this salary right after you walk across the stage as a graduate of your MBA program? No. This is the potential for what you could soon be earning with that education, once you’ve put your time in as an entry-level MBA employee and manager, helping your company find solutions in the market as their needs change or in support of a project, account management, sales, or budgeting as required with your financial planning analysis skills.

Financial planning is one of the fastest-growing career fields within the United States. As of 2014, the expected growth for financial planning managers was 30%, which is much faster than average. A huge number of Baby Boomers are entering retirement and they need the assistance of a knowledgeable financial analyst or planner to explain trends and help them set up their retirement accounts, 401(k)s, investments, and Social Security so that they make the best investment decisions possible and use all the tools at their disposal.

Baby Boomers aren’t the only growing client segment for financial planning managers. Looking at Millennials, this demographic is also concerned about ensuring they have their investment portfolios set up in such a way that they will benefit before they reach retirement age.

Now that you know this, you also need to consider finding an MBA program in financial planning that is approved by the Certified Financial Planning Board of Standards, or CFP Board. By opting for an educational program that has been approved by the CFB Board, you know you’ll be taking the core and elective courses that will best meet your educational needs and career plans. Once you graduate, you’ll be ready to take the Certified Financial Planner certification exam.

What is My Earning Potential?

When you first start your career, expect to be on the low end of the pay scale. With your certification in hand, you should be earning about $45,000 in average annual salary. Median salary is about $66,895 and, in the 90th percentile you'd earn about $120,000.

Bonuses, profit-sharing, and commissions boost your earnings picture considerably. On average, your yearly bonuses may fall in-between $5,000 and $10,000. Profit sharing helps you bring in a little less than $5,000 and commissions, depending on how well you do, could be around $24,345!

As with other finance positions, your level of experience will greatly affect your earnings. If you have skills in insurance, this will help you earn more pay.

How Do Financial Planning Manager Salaries Compare?

With your annual pay ranging from $45,000 at the low end of the scale up to $120,000 on the high end, you may be curious about what other managers or a director would earn.

An administrative services manager, who is responsible for managing and coordinating an organization’s supportive services, earns around $94,000 as of 2017.

The compensation and benefits manager will search for, oversee, and develop compensation and benefits packages for their company’s employees. These professionals draw a little more than $119,020, which again, is the average pay from 2017.

Financial managers are the closest to your role as a financial planning manager. These MBA professionals look out for the financial well-being of an organization or non-profit group. They dive deeply into the financial details of their organization, working on the numbers in financial reports and direct investment strategies. In addition, they are responsible for coming up with plans and strategies for the long-term financial goals and well-being of the organization. On average, they earn $125,080 per year.

Human resources managers take care of every activity related to the administrative functions of their organization. They recruit, interview and hire new staff members; consult with C-suite executives, create strategic plans for the organization; and they serve as the vital link between their organization’s management staff and employees. Median annual pay as of 2017 is $120,110.

Is There Demand For This Career?

Your skills and knowledge as a financial planning manager are vital, with your services being in high demand well into 2026. As you advise clients on mortgages, college saving plans, investments, insurance, taxes, estate planning and retirement, your organization’s clients will want and need your help.

The BLS says that the employment of personal financial advisors (managers) should grow about 15% between 2016 and 2026. Peoples’ life expectancies are rising every year; because of this, these people need to know how they are going to ensure their futures are financially strong.


What is the Job Growth for This Field?

With job growth rising between 14 and 15% between 2016 and 2026, the BLS is predicting that the demand for professionals in this role will be higher than average. This rate of growth is about twice as high as it is for other employers and job roles.

Obviously, it’s hard to predict economic downturns and a drop-off in demand for financial planning managers. The economy continues to grow at a slow, but healthy rate, which means that people are going to continue to need financial advising for their investment portfolios.

As one of the fastest-growing career fields in the United States, demand has shifted downward only slightly from the 2014-2024 forecast period to the 2016-2026 period. In the 2014-2014 period, growth was about 30%. Millennials and Baby Boomers continue to drive demand.

How Much Competition Will I Face for a Job?

The high level of competition is still a factor. This has been lessened, however, by the increase in financial planning manager positions that are now available; financial companies have noted the growth and sharply increased their hiring of financial planning managers to meet demand.

Financial planning manager jobs are still in high demand, due to the desire of Millennials and Baby Boomers to be proactive in managing their finances and assets. Current retirees are also contributing to the demand.

The one down note in this optimistic picture is the level of competition between graduates in this field. This has led to companies choosing to be much pickier about the applicants they choose to hire. For you, this means you really need to showcase your ability to break down and explain the financial numbers to your future clients.

If you are hired to work as a financial manager, helping your employer to make these choices, then you’ll need to break down the numbers and explain them in the language that the non-numbers executives in your company prefer to use.

What Kinds of Institutions Hire Financial Planning Managers?

As you start passing out your resumes to hiring executives, you’ll be focusing on investment banking, corporate finance, personal financial planning, asset management, commercial banking, and real estate. There are other areas where you may work, but these are the top six options. You may work in a mortgage company, credit office, loan department, or private banking for those earning upward of $1 million. If you work in a private bank, you may handle trusts, wills, and estates. If you are so inclined, you may choose to work in a government position, regulating banks. You may choose to work in a law enforcement agency, helping to fight finance crimes.

Will you eventually rise to become an executive in a C-suite? You may. If you want to work on Wall Street, this is also a possibility.

How Do I Advance My Career as a Financial Planning Manager?

Once you know what you want to do, you'll start your college career by earning a bachelor’s in finance. Upon graduation, you'll likely work as an analyst in the finance industry for a few years and then return to school for your master’s in finance. After you graduate, it’s time to apply and compete for a financial planning manager position.

Understand the character traits you need:

  • Inquisitive
  • Analytical
  • Self-motivated
  • Detail oriented
  • Strong communications
  • Skilled manager
  • Able to use PowerPoint and Excel

You should also continue to gain skills after you earn your CFP certification. Additional education may help with future promotions.

Find and join associations for financial planners. Network. Learn everything you can from meetings and seminars. Find and join a new financial planning community. Find a mentor and develop a relationship with this individual. Attend financial planning conferences and volunteer on a financial planning association committee.

Assess your needs and weaknesses, then address them. Join organizations that help you correct those weaknesses.