Financial Certifications & Resources

August 20, 2024

By Barbara O'Neill, CFP®, AFC®

I recently received the following e-mail from a member of the 403bwise Facebook group. Needless to say, it made my day:

Hi Barbara! I wanted to reach out because I’ve been reading your articles on 403bwise’s blog and listening to your interviews on the podcast and I just love how easy to understand and clear you make everything. Your story inspired me to get my 403(b) together and made me feel like I had hope even though I didn’t discover 403bwise until my 30s. After fixing my own 403(b), I started helping my colleagues with theirs, teaching professional development courses at my school, and now I’m starting CFP® coursework! Thank you for all of your great information and for making it accessible and encouraging to teachers like me! 

This community member is not alone. The 403(b) Facebook Group contains many stories about teachers who are proactively taking steps to increase their personal financial IQ and those who are sharing their knowledge and experiences with co-workers and family members. So much so that Dan, Scott, and I thought there should be a blog post describing financial education resources to help yourself and help others. 

This post provides a list of over two dozen financial education resources in four categories: certification programs, face-to-face instruction, online courses, and podcasts. It concludes with a summary of research about the impact of financial education, three “need to know” facts, and six take-away action steps.

Certification Programs

Accredited Financial Counselor (AFC®) - The AFC® credential is offered by the Association for Financial Counseling and Planning Education (AFCPE). As noted in the AFC® Candidate Handbook, there is a specific application process, an educational requirement, a three-hour exam, and an experience requirement (1,000 hours) to earn the AFC® designation. Thereafter, there are ethics and continuing education requirements and an annual certification maintenance fee. The educational requirement can be met via a financial education challenge (e.g., college coursework), a professional designation challenge (CFP®, CPA, ChFC, or CFA), self-paced study, or enrollment at a registered education program. Optional course reviews are available.

Certified Financial Planner (CFP®) - The CFP® credential is administered by the CFP Board. Like the AFC®, there is an education, examination, experience, and ethics requirement. The education requirement includes completing coursework through a CFP board registered program and holding a bachelor's degree or higher from an accredited college/university. The exam consists of two 3-hour sessions (170 questions). The experience requirement is 6,000 hours of professional experience related to financial planning or 4,000 hours of  apprenticeship experience before or after taking the exam. An ethics declaration must be signed to become a CFP® and each time the designation is renewed. The CFP Board also conducts a background check. 

Certified Personal and Family Finance Educator (CPFFE) - The CPFFE credential is offered by the American Association of Family and Consumer Sciences (AAFCS). It is specifically designed for personal finance educators. Candidates must submit an application with an official transcript verifying completion of a bachelor's degree or higher and successfully complete a 150-item competency exam that covers a variety of personal finance (e.g., saving and investing) and pedagogy (e.g., learning styles and rubrics) topics.

Next Gen Personal Finance (NGPF) Certifications - NGPF is a leading provider of professional development for financial educators, primarily those teaching personal finance to students in grades K-12. This includes teachers of math, social studies, economics, family and consumer sciences, personal finance, business, and other subjects. NGPF offers 12 free certifications, each earned with nine hours of synchronous online learning in a cohort or self-paced recorded lectures, and by passing a certifying exam. Certification topics include banking and budgeting, insurance, credit, investing and advanced investing, behavioral economics, and taxes.

Face-to-Face Instruction

Community Colleges and Public Libraries - Adult financial education classes and webinars are often available through taxpayer-funded entities such as public libraries and community colleges offering non-credit classes. The sponsoring entity will typically have rules prohibiting speakers from promoting their business or specific investment products. This helps to assure that presentations are educational rather than sales pitches. 

Cooperative Extension - The Cooperative Extension System is the largest adult education network in the U.S. and provides unbiased, research-based information via educators employed by land-grant universities and/or county or city governments. Not all state programs provide personal finance programming but many do. Most programs are presented free of charge or for a minimal registration fee. Program outreach is conducted in a variety of ways including face-to-face classes and conferences, webinars, podcasts, newsletters, and blogs. 

NGPF FinCamps - NGPF offers intensive one- or two-day personal finance professional development conferences called FinCamps free of charge at multiple locations across the U.S. during the summer months. While the focus is on teaching personal finance to students, subject matter content is also included. 

Vendor-Sponsored Programs - Be careful here and consider the source. As 403bwise community members are well aware, a majority of 403(b) vendors are rated Red (as in STOP and walk away) due to their high expenses and lack of fee transparency. If you are fortunate to have access to in-person or webinar instruction provided by a Green vendor (e.g., Fidelity, Vanguard, or T. Rowe Price), take advantage of it.

Workplace Financial Education - Again, be careful and consider the source. If your employer or union is able to secure an unbiased speaker, take advantage of this opportunity. Examples include a local Social Security representative, Cooperative Extension educator, or vetted CFP® or someone from your state division of pensions and benefits to explain pension qualifications and calculations and health insurance options.

Online Courses

FINRA Smart Investing Courses - The Financial Industry Regulatory Authority (FINRA) has a series of free interactive self-paced courses that teach basic investment concepts including setting investment goals, terminology, risk and return, rate of return, diversification, and fees and expenses.

Investing For Your Future (IFYF) - The Cooperative Extension System offers a free self-paced, 11-unit basic investment course that is updated annually. IFYF was designed for beginning investors with small dollar amounts to invest and describes the same basics as the FINRA courses as well as characteristics of different types of investments, investor resources, and investment fraud.

Money Management Essentials - This self-paced course is offered by AFCPE and is designed for anyone who wants to enhance their personal finance knowledge. Money Management Essentials provides a comprehensive overview of over a dozen topics (e.g., banking, credit, health care, housing, risk management, student loans, and taxes) and it is pre-approved for CEUs for those holding a CFP® or AFC® designation. The current cost for this course is $359.

NGPF Online PD - NGPF also offers dozens of virtual PD webinars and several virtual conferences annually as well as dozens of on-demand modules that learners can access anytime on their own time schedule.

Online Course Providers - Online courses in retirement planning and investment strategies are available through educational platforms including Coursera, Khan Academy, and Udemy. Costs vary among providers.

Podcasts: Audience Focused 

I multi-task and listen to podcasts whenever I am on my treadmill. Below are ten of my favorites: 

Her Money - The target audience is women and host Jean Chatzky and her guests discuss a wide variety of topics related to careers, investing, retirement planning, the economy, and more. Listen here.

NGPF - The target audience is financial educators and hosts from NGPF and their guests discuss dozens of personal finance-related topics. Many of the podcasts are adapted from previous webinars. Listen here.

Teach and Retire Rich - The target audience is 403(b) plan participants (especially public school teachers and staff) and hosts Dan Otter and Scott Dauenhauer from 403bwise and their guests focus on 403(b) plans, investing, and retirement planning. Listen here.

Podcasts: Business, Economics, and Investment Focused

Marketplace - Every weekday, a podcast is posted about a topic related to business or economic news (e.g., the Federal Reserve, artificial intelligence, technology, the labor force, investments). Listen here.

The Long View. - Staff from the investment research firm Morningstar host this podcast that focuses on conversations with guests about economic indicators, investing, retirement planning, and more. Listen here.

The Motley Fool- The Motley Fool Money podcast is a daily podcast for stock investors about topics that include market history and performance, specific companies and industry sectors, and more. Listen here.

Podcasts: Retirement Focused

Ready for Retirement - Podcast host James Canole, CFP® and his guests discuss a variety of retirement-related topics including Roth conversions, tax planning, early retirement, Social Security, and Medicare. Listen here. 

Retirement Revealed - Podcast host Jeremy Keil, CFP®, CFA and his guests discuss many retirement- and investment-related topics including Social Security, pensions, annuities, unretirement, taxes, required minimum distributions, and more. Listen here.

Retirement Wisdom - Unlike the two podcasts above that focus on finances, this podcast hosted by retirement coach Joe Casey focuses on non-financial aspects of retirement. Casey and his guests discuss topics such as longevity, unretiring, and finding meaning and purpose in later life. Listen here. 

The Retirement Answer Man® - Podcast host Roger Whitney, CFP® and his guests discuss a variety of topics related to both financial and non-financial aspects of retirement and retirement planning. Listen here.

Research Results

There is a growing body of empirical studies that support an association between financial education and savvy financial behaviors. One study, a meta-analysis (i.e., study of prior studies) of 76 randomized experiments, found that financial education programs have, on average, positive causal treatment effects on financial knowledge and downstream financial behaviors. 

Another study explored a “teacher as learner” professional development program for financial educators. The results suggested that teacher training content informed both successful teaching practices and teachers’ personal finances. Specific examples of teachers applying what they learned to their own lives included taking steps to improve credit scores, doing retirement savings calculations, and setting financial goals.  

Three (More) Things

• Research has found evidence that financial education can lead to specific financial behaviors; e.g., increased savings, reduced debt, better retirement planning, and improved money management skills.
• Research has also found evidence that workplace financial education can improve employees’ financial behaviors and reduce financial stress, leading to better job performance, productivity, and satisfaction. 
• Personal finance information is available from U.S. government agencies; e.g., the Securities and Exchange Commission, Federal Reserve, Social Security Administration, and Labor Department.

Six Smart Strategies

No. 1: Learn One New Thing Every Day — Define your preferred information sources (e.g., blogs, podcasts, videos, books, newspapers, television, online forums). Spend 10-15 minutes per day with at least one of them to learn one new thing about personal finance.

No. 2: Follow Regulatory Changes — Stay updated on changes related to tax laws, retirement plan contribution limits, Social Security and marginal tax bracket indexing, and other news that affects your personal finances.

No. 3: Contact an Advisor — Consider contacting a fiduciary CFP® or AFC® who must act in the best interest of clients if you have questions about your finances or wish to “apprentice” to earn experience hours for your own CFP® or AFC®.

No. 4: Subscribe to Financial Newsletters — Sign up for online newsletters from reputable sources such as Money.com, Morningstar, Humble Dollar, Kiplinger, Morning Brew, The Daily Upside, Behavior Gap, Her Money, and the Average Joe. Read more.

No. 5: Engage in Peer Discussions — Learn from coworkers in discussions about common financial resources (e.g., pension, health insurance, and 403(b) plan). Just don’t follow their advice blindly as their situation could be very different than yours.

No. 6: Be a Joiner — Get involved in organizations that provide members with information about financial planning. Examples include AARP, the American Association of Individual Investors (AAII), and an investment club.

In Summary

Ben Franklin once said, “An investment in knowledge pays the best interest.” There are many ways to get smart about money. Pick learning methods that work for you and use knowledge gained to help yourself and help others. Financial education is a priceless gift that can never be taken away.

Full Disclosure

I have personally been involved with many of the financial education resources described above. I hold the CFP®, AFC®, and CPFFE designations and am a long-time member of AFCPE and AAFCS. In addition, I worked for Cooperative Extension in New Jersey for 41 years, attend NGPF professional development frequently, am a co-author of the Investing For Your Future course, and a fan of all the podcasts listed above.

This post provides general personal finance information and does not address all the variables that apply to an individual’s unique situation. It should not be construed as legal or financial advice. If professional assistance is required, the services of a competent professional should be sought.

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Dr. O'Neill is the owner/CEO of Money Talk: Financial Planning Seminars and Publications where she writes, speaks, and reviews content about personal finance. She is a Distinguished Professor Emeritus at Rutgers University and a long-time 403(b) plan participant.

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