Personal Financial Management Training

To make your today stress free and your tomorrow financially safe, personal financial management plays an important role in every individual's life. It involves managing finances for yourself or your family along with budgeting, spending and saving. It also includes investments, insurance, taxes, banking, mortgages, estate planning, retirement, etc.  

Personal financial management is not just limited to individuals but is also meant for organisations that offer services to people and families. These services help and advice individuals regarding the options for their finance and investment growth.

Each of these elements is easily influenced by your aims and wants. Today, there is an increase in every individual’s wants and desires, along with the need to be financially successful. Therefore, it becomes essential for individuals to be aware of their finances and how they can maximise the benefits from their incomes. Therefore, there are special courses for personal financial management training.  

Training Courses in personal financial management

Training courses can be divided based on personal finance and personal financial management. In any case, as an individual or a business, you will be able to learn about managing finances and advising clients about the opportunities they can look forward to.

1. Chartered Wealth Manager (CWM)

Individuals can obtain a certificate for wealth management with the 12 to 26 weeks long CWM or chartered wealth manager course. This course works on perfecting the skills and knowledge an individual has. They then implement these skills in carrying out several financial functions.  

There are a variety of components that this course incorporates for wealth management, such as intergenerational wealth transfer, relationship management, as well as global taxation. It also involves behavioural finance, investment strategy, and life cycle management.  

This is one of the corporate training courses especially crafted for individuals who have a finished postgraduate degree in MBA and Law or completed a PhD. Individuals must also have at least a three-year of working experience in their respective professions.

2. Certified Financial Planner (CFP)  

CFP, or certified financial planner, is one of the eminent personal financial management training courses which is authorised by the FPSBI, i.e., the financial planning standards boards India. This certification is also acknowledged worldwide. An individual with this course gains access to various financial skills. These can be utilised for estates, taxes, planning and retirement.  

The period of completing this course is one year. Individuals who wish to apply for this course must have finished high school. Individuals with a graduate degree must have a job experience of at least three years, while individuals without a graduate degree must have an experience of at least five years. Moreover, individuals are selected based on their examination scores.

Individuals with this certification can apply for the role of insurance, investment planning, investment management, and financial advisor.

3. Certified Personal Finance Specialist (CFPS)

One of the most well-known training courses in personal financial management is the CFPS or certified personal financial specialist. This program is developed for individuals who work as financial professionals.  

Thus, you could be a wealth manager, RIA, RM, IFA, broker, MFD, insurance consultant, etc., and choose this program to hone your skills and perform essential duties. These duties could be concerned with investment management, wealth planning, tax planning, etc., for helping your clientele.

This training course is authorised by the American Academy of Financial Management India. It is a way to pursue other extensive programs such as AWM (associative wealth manager) and CWM (chartered wealth manager). You will be able to effectively learn about the important functions of all sorts of planning, such as goal, financial, and investment.  

This training will help you guide your client to level up their financial game by not just focusing on investment planning but approaching a more detailed financial planning method. CPFS is designed to give financial professionals, such as wealth managers and wealth advisors, the skills for financial planning.  

You may effectively utilise this certification to become a PFS or personal finance specialist. Further, this certification enables you to assist individuals regarding wealth management's various facets. Additionally, the popularity of wealth advisors has grown over the years, along with numerous individuals competing against each other in this sector.  

CFPS is one of the top corporate training courses which helps individuals improve their skills and make them stand out. With certification, you can increase the chances of growing your clientele and gaining a higher ranking in your organisation. 

Conclusion

Financial planning and management are crucial for every individual. Whether you are looking forward to managing your own or your client’s finances, you must have an understanding of personal financial management. Therefore, there are specially designed training programs and courses to help you oversee budgeting, spending, investment, and savings.

These courses will also train you to manage your insurance, taxes, banking, mortgages, estate planning, retirement, etc. These training courses include CFSP or certified personal financial specialist, CWM or chartered wealth manager and CFP or certified financial planner. You will be able to perfect the skills and knowledge needed to perform various functions related to finance.