Author Topic: Should I get my license. ...?  (Read 3322 times)

Goldielocks

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Should I get my license. ...?
« on: September 20, 2016, 02:23:46 PM »
I have recently completed a certificate program in finance.

I started this for personal interest reasons but may grow it into a lifestyle (part time) business. I am on the fence right now about quitting my Full time engineering management job to do this new venture/start up.   Early FIRE, if you will. Different industry.

If I started the new venture, I would quit in March 2017, using the time until then to save $ and build a brand, website, host seminars, get first clients maybe.

Here is the kicker.  Should I get my license to practice now (4 hr exam on Nov 25), or wait until the next exam date in May 2017?

The cost is $550 for early bird registration and includes the first year's association dues.
I won't really need it until March, and may decide on a different direction entirely.   I have a place to invest the money.

Should I take the leap of faith and chance wasting $550? 

KMMK

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Re: Should I get my license. ...?
« Reply #1 on: September 20, 2016, 03:00:48 PM »
I have recently completed a certificate program in finance.

I started this for personal interest reasons but may grow it into a lifestyle (part time) business. I am on the fence right now about quitting my Full time engineering management job to do this new venture/start up.   Early FIRE, if you will. Different industry.

If I started the new venture, I would quit in March 2017, using the time until then to save $ and build a brand, website, host seminars, get first clients maybe.

Here is the kicker.  Should I get my license to practice now (4 hr exam on Nov 25), or wait until the next exam date in May 2017?

The cost is $550 for early bird registration and includes the first year's association dues.
I won't really need it until March, and may decide on a different direction entirely.   I have a place to invest the money.

Should I take the leap of faith and chance wasting $550?

Since you just finished the course, I'd take the test as soon as possible. I still had to study an awful lot to be confident for the June 2016 test, and I'd just finished the final review exam for the whole course in March. I'm really glad I passed as I didn't want to have to start studying again several months later for the November test.

And you can keep it indefinitely, so unless you don't think you'll use it at all, there isn't a big downside to just getting it out of the way.

Let me know if you want to discuss it more, as I'm just 6 months ahead of you on the journey to this new career.

Goldielocks

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Re: Should I get my license. ...?
« Reply #2 on: September 21, 2016, 12:48:02 AM »
Thanks,   It is hard to envision spending more than $500 for something I may never use!  I will PM you.


dcozad999

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Re: Should I get my license. ...?
« Reply #3 on: September 21, 2016, 08:22:53 AM »
Out of curiousity, what is the license?

radram

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Re: Should I get my license. ...?
« Reply #4 on: September 21, 2016, 08:32:44 AM »
Following.  Was discussing this with myself just yesterday.  I was thinking of becoming a Certified Financial Planner.  My plan would be to do it just for the sake of doing it, and to never have paid clients.

Anyone else interested doing it just for the knowledge?

Is there a lessor certification I should start with?  I have a BS in Computer Science and a Masters in Education.

Goldielocks

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Re: Should I get my license. ...?
« Reply #5 on: September 21, 2016, 09:14:43 AM »
CFP

I could not find the info I wanted online for Canadians, so took the classes, then decided I may as well take the course exams. Then I took the comprehensive exam to get the certificate. After putting in the time, why not?

My pause is really only about the money as it comes from my 'fun/ presents allowance ' and is a large amount for me.

Next step is the license, CFP (level 1) and I have started to investigate that ( coaching / planning not selling) as my FIRE occupation.

I am a bit tired of engineering, and it requires a team for most projects, and personal liability more than the CFP. Not much interested in putting out the sales effort to get high stress engineering consulting work.   Yes I would keep the PEng although it is not hard to reinstate later.

I have my USA FE engineering from years ago and never used it, so hesitant to get another similar exam done ;  you all are probably right though about taking it sooner than later.

dcozad999

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Re: Should I get my license. ...?
« Reply #6 on: September 21, 2016, 09:33:55 AM »
I've thought about the CFP as well. I really enjoyed the Finance courses I took when I got my MBA a couple years ago.

I haven't really delved into the process or the costs though. What's the total damage from all the courses you've taken?

I echo what others have said though. If you've taken all the classes I'd go ahead and pay the money to get the cert. I've forever regretted not getting the Cisco cert after taking the course 15 years ago. Don't know how much it would have helped me, but definitely would not have hurt.

Goldielocks

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Re: Should I get my license. ...?
« Reply #7 on: September 21, 2016, 04:40:56 PM »
I've thought about the CFP as well. I really enjoyed the Finance courses I took when I got my MBA a couple years ago.

I haven't really delved into the process or the costs though. What's the total damage from all the courses you've taken?

I echo what others have said though. If you've taken all the classes I'd go ahead and pay the money to get the cert. I've forever regretted not getting the Cisco cert after taking the course 15 years ago. Don't know how much it would have helped me, but definitely would not have hurt.

Total cost was approximately $2300 (CDN) for the cheapest option I could find, which amounts to 4.5 classes similar in total to about 14 to university credits.   Those online classes were not the greatest, though, I will say that!   The colleges require a longer (most costly) program, as I think having a finance degree or MBA is helpful to pass the courses in the timeline provided.  (and without any instructor support)

I did pay for the cert. exam for the classes -- I now have the educational institute issued "certificate" for completion of the entire program.  Their final exam cost $75 and was a "practice" for the licensing exam.  I had no problem paying $75.

My problem with this licensing exam is that it comes with 1 year of membership dues for the $550  it will cost.   If I could just write the exam for $200, and join the membership when I was ready... that would be ideal.

You all have helped me, though...  an extra $300 or $550 is not that big of a problem, just feels frivolous / egotist until I am certain. I want to pursue   (but FV of $500 in 25 years at 5% interest is...?)

Goldielocks

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Re: Should I get my license. ...?
« Reply #8 on: September 25, 2016, 02:49:46 PM »
Thank you everyone....   

I bit the bullet and registered before the early deadline was up...as you indicated, it will be easier to do earlier rather than later...  After taxes and fees, it ended up being $650...  gulp.

Wish me luck on the exam at the end of November!

pbkmaine

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Re: Should I get my license. ...?
« Reply #9 on: September 25, 2016, 03:49:48 PM »
Good luck!

KMMK

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Re: Should I get my license. ...?
« Reply #10 on: September 25, 2016, 06:51:33 PM »
Good luck. If you can pass the courses you can do the test. The webinar is good to be more clear on how the test goes and the practice exam and test software example is useful. The hardest part for me was focusing for four hours and not eating. My brain was done after about 3 hours. (My test also started late so that increased the not-eating time.) So I tried to start with the questions I was most confident on, and leave the ones that I wasn't very sure about until the end.

Goldielocks

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Re: Should I get my license. ...?
« Reply #11 on: September 26, 2016, 11:11:40 PM »
Thanks, KMMK...  my course certificate program required a final 4 hour exam, that was deliberately like the FPSC exam, except it was a typical fill in the bubble answer booklet.

I passed, but not by much because I did not study.   So I hope that with a bit of study, I should not have much problem with the FPSC final.

The hardest part about a 4 hour final is having to pee....  !!

KMMK

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Re: Should I get my license. ...?
« Reply #12 on: September 27, 2016, 06:36:39 AM »
I was allowed to pee. Hopefully you'll be okay for that.

Doubleh

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Re: Should I get my license. ...?
« Reply #13 on: September 27, 2016, 06:54:54 AM »
I'd be really interested to understand how useful the CFP is without the relevant work experience, or if you're planning to get the experience how you plan to go about that? I've thought about getting the certification myself - as an experienced accountant I expect I should be able to get up to speed with some study - but from what I have read you also need three years of experience in the industry, which seems to often mean being a salesman for high fee products.

Not sure that that approach - or even the time needed to work for something full time at something for three years - fits well with my idea of fire, but I'd be very pleased to hear that there is something I've missed here or I'm overcomplicating things.

Goldielocks

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Re: Should I get my license. ...?
« Reply #14 on: September 27, 2016, 09:29:27 AM »
I'd be really interested to understand how useful the CFP is without the relevant work experience, or if you're planning to get the experience how you plan to go about that? I've thought about getting the certification myself - as an experienced accountant I expect I should be able to get up to speed with some study - but from what I have read you also need three years of experience in the industry, which seems to often mean being a salesman for high fee products.

Not sure that that approach - or even the time needed to work for something full time at something for three years - fits well with my idea of fire, but I'd be very pleased to hear that there is something I've missed here or I'm overcomplicating things.

That is the trick - experience. Although the rigorous standard for experience does not seem to apply to CFP like the PEng I am familiar with.   Both YMMK and I are just starting to figure it out.   Personal client coaching is one way.

Also, you can work with your level 1 Fpsc license for clients with " simple" situations, which really, is 85% of the work out there.

The true trick is making money without selling financial products ( which is the the traditional way). That takes a lot of selling and marketing for a new service that did not exist ( much) previously.

Doubleh

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Re: Should I get my license. ...?
« Reply #15 on: September 27, 2016, 03:57:22 PM »
Thanks for clarifying - I for one would be interested to hear how both you and the OP get on with this. To my mind the way this makes most sense is as something to do once you're already FIRE then your status is both an example of what can be done and a marker of your integrity as it would let you build a fee only practice without needing to cover all the bills - almost as a vocation to help people but with income as a side benefit. I'd love to hear more about how realistic a prospect this is.