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Training and Qualifications: (from Occupational Outlook Handbook, Bureau of Labor Statistics)

Loan officer positions generally require a bachelor’s degree in finance, economics, or a related field. For commercial or mortgage loan officer jobs, training or experience in sales is highly valued by potential employers. There are currently no specific licensing requirements for loan counselors and officers working in banks or credit unions. Training and licensing requirements for loan counselors and officers who work in mortgage banks or brokerages vary by State. These criteria also may vary depending on whether workers are employed by a mortgage bank or mortgage brokerage.

A bachelor’s degree in finance, accounting, economics, or business administration is the minimum academic preparation for financial managers. However, many employers now seek graduates with a master’s degree, preferably in business administration, economics, finance, or risk management. These academic programs develop analytical skills and provide knowledge of the latest financial analysis methods and technology.

Experience may be more important than formal education for some financial manager positions—notably, branch managers in banks. Banks typically fill branch manager positions by promoting experienced loan officers and other professionals who excel at their jobs. Other financial managers may enter the profession through formal management training programs offered by the company.

In some cases, financial managers also may broaden their skills and exhibit their competency by attaining professional certification. There are many different associations that offer professional certification programs. For example, the Association for Investment Management and Research confers the Chartered Financial Analyst (CFA) designation on investment professionals who have a bachelor’s degree, pass three sequential examinations, and meet work experience requirements. For information about the Chartered Financial Analyst program, contact: CFA Institute, P.O. Box 3668, 560 Ray Hunt Dr., Charlottesville, VA 22903-0668. Internet: http://www.cfainstitute.org

The Association for Financial Professionals (AFP) confers the Certified Cash Manager (CCM) credential to those who pass a computer-based exam and have a minimum of 2 years of relevant experience. The Institute of Management Accountants offers a Certified in Financial Management (CFM) designation to members with a BA and at least 2 years of work experience who pass the institute’s four-part examination and fulfill continuing education requirements. Also, financial managers who specialize in accounting may earn the Certified Public Accountant (CPA) or Certified Management Accountant (CMA) designations.

Most companies require financial analysts to have at least a bachelor’s degree in business administration, accounting, statistics, or finance. Coursework in statistics, economics, and business is required, and knowledge of accounting policies and procedures, corporate budgeting, and financial analysis methods is recommended. A master of business administration is desirable.

Although not required for financial analysts or personal financial advisors to practice, certification can enhance one’s professional standing and is strongly recommended by many financial companies. Financial analysts may receive the title Chartered Financial Analyst (CFA), sponsored by the Association of Investment Management and Research.

Personal financial advisors may obtain the Certified Financial Planner credential CFP (R) issued by the Certified Financial Planner Board of Standards, Inc., demonstrating to potential customers that a planner has extensive training and competency in the area of financial planning. For information about t he CFP (R) certification, visit http://www.cfp.net/ . Personal financial advisors may also obtain the Chartered Financial Consultant (ChFC) designation, issued by the American College in Bryn Mawr, Pennsylvania.

To get started in the field of investment banking and securities management today, a job candidate needs to have a minimum bachelor’s degree in finance or economics, study portfolio theory, learn fixed income investments, take the CFA exam and, above all, learn the industry.

For entry-level insurance underwriting jobs, most large insurance companies prefer college graduates who have a degree in business administration or finance, with courses or experience in accounting. New employees usually start as underwriter trainees or assistant underwriters. Continuing education is necessary for advancement. The Insurance Institute of America offers specialty designation s such as the Associate in Commercial Underwriting (AU) and the Associate in Personal Insurance (API) designation . To earn either the AU or API designation, underwriters complete a series of courses and examinations that generally lasts 1 to 2 years.