How to make financial planning more visible to post-secondary students

Financial planning is less visible in university departments than competing programs, so the wealth management industry needs to build connections with students and raise awareness about the field to attract new talent.

With no degree programs for financial planning in Canada, post-secondary students may only hear about the profession when they peruse courses at a university or college, and many don’t understand what it involves, professors say.

Some universities offer financial planning courses or opportunities to specialize within commerce or business programs, and some colleges also offer certificates.

Daniel Richards, associate professor in financial planning at York University, says students are very aware of the career path to becoming an accountant or trader, and have heard about the chartered professional accountant and chartered financial analyst designations. But few have heard of planning designations such as the certified financial planner (CFP).

Dr. Richards teaches financial planning and personal finance courses through York’s School of Administrative Studies, which offers a financial planning stream through its bachelor of commerce degree, as well as a professional certificate in financial planning.

“The first part is to make them aware of what the CFP is and how it can be attained,” Dr. Richards said, speaking on a panel at the FP Canada Financial Planning Conference 2025 last week. “Then, we will often have sessions where we compare the different designations.”

Dr. Richards says the courses he teaches emphasize financial literacy, with guest lecturers from the industry brought in to help students apply their learning.

Rebecca Renfroe, associate dean at Carleton University’s Sprott School of Business in Ottawa, says about half of the school’s 2,000 undergraduate students will go into accounting. But some will determine that this profession isn’t for them, she said on the same panel at the FP Canada conference, and it’s important to introduce them to alternative careers.

Ms. Renfroe positions financial planning as an option for students who enjoy helping people and working with money. Their “superpower” could be making finance less scary for the masses, she added. They could make that extension from accounting by earning a post-graduate certificate or program in financial planning.

“You don’t have to love every second, but you certainly have to have an affinity for [financial planning],” she says. “You have to enjoy going to your job every day.”

She also believes financial planning could be a great option for psychology, marketing or business management majors, as graduates of those programs learn real-life skills used to understand a client’s money mindset, communicate and build a practice.

Ms. Renfroe adds that more co-op programs related to financial planning would allow students to test-drive careers.

Learning about financial planning should go beyond the classroom, said Tanya Staples, professor of personal finance at Conestoga College in Kitchener, Ont., who spoke on the same panel at the FP Canada conference.

That starts with more meaningful ties to the industry through mentorships and sponsorships.

She says mentorships tend to be informal discussions with guest speakers and practitioners, usually set up through the instructor’s industry connections.

Sponsorship opportunities are more formalized, where someone is tasked with providing guidance to a junior person. “There’s an accountability piece on both sides,” Dr. Staples says.

Her research has found that young men were more likely to receive formal sponsorships while young women had more informal mentorships.

“We can do more by helping to formalize some of that mentorship by engaging our industry partners and other professionals to help make sure that guidance happens for newly minted [planners],” Dr. Staples says.

She also notes that students need to hear from diverse guest speakers who reflect their gender and ethnic makeup.

“People [need to] see themselves in the people they engage with in their classrooms,” she said.

Dr. Staples also noted that many students graduate but don’t continue on to get their professional designation to work as financial planners. That could be because of study fatigue, cost and no one motivating them to continue with their studies.

But encouraging students to keep the momentum going is essential, she said. For example, students can register with FP Canada in March to prepare for the CFP exam in June and get practice questions to help them study.