Why I Gave Up On The CFP Designation (For Now)
Why I gave up on the CFP designation is something of a loaded question. While there are a few reasons for this, the main one is that I have decided to pursue a degree in Accounting instead, hoping to eventually pivot and make more money/have more entrepreneurial opportunities, as a CPA one day. What I’m really doing is hoping to combine my SEO background with my Accounting background in order to build a company out of it. I sort of have this wacky idea that I can pull off 3 different LLCs that I run, a Tax Firm, an SEO-based Affiliate/content writing company, and a Real Estate company, mainly with duplexes, tri-plex’s and four-plex’s.
And so, in this blog post, I’ll tell you why I gave up on the CFP designation after finishing all the pre-requisite credits (all I had to do was take the final test) and will explain why I’m now going to go for:
A Bachelor’s Degree in Accounting from WGU starting August 1
Then on to the CPA Exam
Then probably the EA Credential (Enrolled Agent Designation) so I can move to an Associate Position at a Tax Firm
Then probably the CFP exam once I make it through my first tax season. I need about 6 months to study for it with a basic $400 Kaplan plan and then I can
Then I can move on to an MBA etc. I will explain why in this blog post!
Why I Gave Up on the CFP Designation (At Least For Now) When I Was So Close to the Finish Line
A lot of thought went into this, like literally months or as long as half a year of consideration, but I finally decided that if I get the CFP it is going to take me until November to do so, and that it is going to be about as expensive as going for the Accounting Degree, which I could start in 4 weeks, at the end of the day. Granted with the BA in Accounting I have to spend it all at once, I feel that the Accounting Degree will serve me better for a couple of reasons:
- I feel that I really want to be in Public Accounting – I have a pretty strong tax background and the amount of tax videos and reading that I do for fun is just insane for someone who is not in the business.
- I don’t think I am extroverted enough to be a Financial Advisor, and I don’t think it’s something I want to do anyway. I think I could honestly get more clients as a tax advisor since it is a much easier sell as well.
- I really enjoy accounting and tax when I am learning them and studying them on my own.
- I think I can make a killer CPA if I put my mind to it, and that the salary track will serve me better long term than my current role.
- It also opens me up to more entrepreneurial options, like running my own tax firm or having more money to fund the SEO strategy of my blogs with
With all of these facts above that I now realize, I think it’s time to head in the CPA direction. Honestly from doing the Seven CFP courses in a relatively short period of time, from getting like 5 different securities designations, and from working in the industry in multiple different positions, both as a CSA and as a Financial Advisor apprentice, I most definitely have the knowledge of a CFP. So I’ll move on to Accounting for now, and I’ll circle back 2 years down the road and give another 6 months to the CFP to finally get the designation. I save like $800 in annual fees by delaying it 2 years anyway, so nothing wrong with that.
What Are the Seven Courses for the CFP
The CFP, if you go through The American College or another course proctor like Kaplan, typically has seven classes to it. They are:
Capstone Financial Plan Course
In my experience, they typically start off with the easiest class and then progressively get harder. Financial Planning was pretty easy, insurance and tax were a lot harder, investments was about the same difficulty, and then Retirement and Estate Planning were absolutely brutal! Capping off I am finishing up the Capstone Financial Planning course right now, it is fairly easy and the hardest part really is “too many cooks in the kitchen” just setting up all these zoom calls and what not in order to make a fake financial plan under some teacher’s guidelines.
I have honestly made Financial Plans for real clients that were easier than the one I did in class, and that’s really saying something.
The New Classes I Will Need to Take for the BA in Accounting
There is like 18 classes in total, and only about 9 of them are accounting related. They literally have me taking like humanities classes and what not in order to get this degree, but I digress. The main accounting classes are:
Managerial and Cost Accounting
Intermediate Accounting I
Intermediate Accounting II
Intermediate Accounting III
Accounting Information Systems
Business Law for Accountants
I was able to exempt out of Taxation I so I am down to 8 Accounting classes in total. The rest are like general education classes that I should be able to breeze through.
In looking at the classes above, the first two should be fairly easy, and Accounting IS and Business law should be fairly easy as well. This leaves only 4 actual, difficult Accounting classes. From watching videos on Intermediate Accounting I, II, and III as well, it sounds like Intermediate I and II have a massive overlap with courses I took in my Finance degree, so I should be able to pull those of too. The hardest class will probably be the final one in the degree program, which would be Audit. I am aiming to get this degree in 6 months so I can jump right into the CPA exam and finish it in another 6 months. If I pull off both of these feats, I would say that I am cut out to be a CPA!
Final Thoughts on Why I Gave Up the CFP Designation, I’m Confident That I Am Making The Right Decision
And there ya have it, why I gave up the CFP Designation in the short term to get something else that is hopefully better in the long term. Hope you enjoyed reading, be sure to comment down below or subscribe for additional details and information.
Disclaimer: The opinions and documentation contained within this article and on this blog are the sole property of inflationhedging.com and are not to be copyrighted or reproduced in any manner, else legal action within the rights of the United States legal code could be use to obtain recompense. All articles and blog posts are the sole opinions of the writers of the blog, and are not necessarily in line with what exactly will work for you, you should consult a CPA, Tax Professional, or Financial Professional to determine what exact financial needs are in line with your interests. Also, from time to time, certain links on this website will be used to generate affiliate commissions, in order to support the health and growth of our website, health and business.
[…] Previous Did Warren Buffett Cash a Check for A Penny? […]
[…] walk through her possible net worth estimates. I find Samantha to be one of the most attractive characters in the show, not just because of her physical attractiveness but because she is a bit of a Tom Boy. […]
[…] Gibbs was probably one of my favorite background characters in the show Suits. The main reason for this is that as soon as her character arrived, stuff started to get real in […]
[…] Suits characters that we will cover in this article include the […]