The chartered retirement planning counselor (CRPC) designation is a specialized credential earned by financial professionals with a focus on retirement planning. As the need for customized retirement planning services increases, so too does the demand for CRPC professionals.
As a financial professional with a CRPC designation, you’ll be well-equipped to guide clients in aligning their financial objectives with sound retirement planning principles. But, what about your earning potential?
This article explores the factors that can influence the CRPC salary range and what you can expect if you pursue this career path within the finance industry.
CRPC Salary Overview
The salaries of professionals with the CRPC certification can vary widely based on several factors, including their experience, location, and if they have any additional certifications or qualifications.
According to industry surveys, a CRPC professional’s average salary can range from $50,000 to nearly $90,000 per year. However, these figures can be significantly higher for those with a robust client base or who work for large, well-established financial firms.
Additionally, years of experience as a CRPC can play a pivotal role in determining salary. Seasoned professionals with a proven track record in retirement planning often have higher salaries compared to newcomers in the field.
Recommended Study Materials
Interested in starting your CRPC studies? We recommend Kaplan’s in-depth study materials.
For a more detailed overview of the CRPC qualification, check out our CRPC Designation article.
Factors Influencing Salary
The salary of a finance professional with the CRPC designation can vary widely, depending on many factors. Here are several of the most common that can influence CRPC salaries:
- Experience: Those with more years in the field typically command higher salaries. Experienced CRPCs have had the time to develop client relationships, expertise, and a reputation that newer entrants to the profession might lack
- Location: CRPCs based in financial hubs or metropolitan areas often earn more than those located in smaller cities or rural areas due to higher living expenses and potentially higher-paying clientele in these locations
- Market Trends: Staying informed about what’s influencing salaries in the field can help professionals remain competitive and adjust their career paths according to evolving market trends and demands
- Specialization: CRPCs who specialize in particular niches, such as working with high-net-worth individuals or specific investment products, can command higher salaries in some cases
Understanding these factors can prove instrumental for aspiring CRPCs as they seek to make informed decisions regarding their careers and business development plans.
CRPC Certification Jobs
The CRPC certification can enhance a financial professional’s career prospects by offering a pathway into various roles that require specialized knowledge in guiding clients through the intricate maze of retirement decisions.
Here’s a list of some common jobs that attract individuals with the CRPC certification:
- Retirement Planning Advisor: This is the most straightforward career path for someone with a CRPC certification. These advisors focus solely on helping clients understand their retirement options, including Social Security retirement benefits, retirement income, estate planning, and more
- Financial Advisor: This general term covers a wide number of more specialized career paths. However, these should normally relate to providing private clients with advice on investments, tax strategies, and estate planning in order to maximize their assets. They also may be a retirement fiduciary since they act in the best financial interests of retirees
- Financial Planner: Although this job can have a broader scope, many financial planners choose to specialize in retirement planning. The CRPC certification provides the specialized skills they need to offer retirement planning as part of a more extensive financial planning service
- Estate Planner: An estate planner with a CRPC certification offers more holistic advice to clients, helping them to develop strategies that align their retirement plans with their estate planning objectives
- Wealth Manager: These professionals often work with high-net-worth clients, providing a comprehensive suite of financial services that include retirement planning. CRPC certification can provide an attractive specialization to help a wealth manager stand out among their peers
As the demand for comprehensive retirement planning increases, so does the job market for CRPC-certified professionals. This makes the CRPC designation a valuable credential for those looking to specialize in this growing field.
Ready to get started? StateRequirement recommends Kaplan’s study materials and resources.
How to Get Your CRPC Certification
Before you can obtain CRPC certification, you must first register for and pass the CRPC exam.
Administered by the College for Financial Planning, the CRPC certification process starts with a self-study program (with an instructor-led option also available) and must be completed by candidates within 120 days of receiving access to the program.
The CRPC program covers various aspects of retirement planning, such as income sources, expenses, taxes, investments, estate planning, and more.
After successfully completing the CRPC program coursework, candidates must pass a comprehensive exam that tests their understanding of retirement planning concepts.
Exam Preparation and Procedure
The CRPC exam is an online, closed-book exam. Achieving a passing result requires a combination of structured preparation, effective study habits, and efficient test-taking strategies.
Here are some tips to help you navigate this process:
- Understand the exam content. Learn about the CRPC exam’s format, the types of questions it includes, and the topics it covers. Understanding the exam structure will allow you to tailor your study strategy accordingly
- Develop a study plan. Divide your study time based on the weighting of different topics within the exam. Set specific goals for each week leading up to the exam date. Ensure a balanced mix of reading, practice questions, and revision
- Use recommended study materials. Use the CRPC study guides and materials provided by the College for Financial Planning and other reputable resources
Once you pass the exam and earn your CRPC designation, you must complete 16 hours of continuing education every two years.
Ready to get started? StateRequirement recommends Kaplan’s study materials and resources.
CRPC Salary FAQ
Is the CRPC worth it?
Yes. The CRPC designation can be a valuable asset for financial professionals aiming to specialize in retirement planning. It can help you assist clients in navigating the emotional and financial transition into retirement, focusing on optimizing income taxes and effectively managing personal savings.
What is the average income of a CRPC?
The average income for a CRPC can vary widely, depending on factors like their location, experience, and specialization. However, professionals with this certification often earn higher salaries than those without it. The typical CRPC salary may range from around $50,000 to more than $90,000 per year.
Is a CRPC better than a CFP?
The merits of becoming a CRPC vs. a certified financial planner (CFP) will depend on your career goals and preferred specialization areas. CRPCs focus on retirement planning while CFPs cover multiple areas of financial planning. Both qualifications have value, but the CFP designation is considered more comprehensive. Choose the right one for you based on your desired niche and career aspirations.
Do you need a degree for CRPC certification?
Becoming a CRPC generally doesn’t require a specific degree for eligibility. This certification usually focuses more on the completion of the CRPC educational program and passing the exam. However, having a degree in finance or a related field could prove beneficial for your understanding of the coursework and your career advancement.
How long does it take to become a CRPC?
The time frame to become a CRPC varies, but usually ranges from a few months to a year. This includes completing the required coursework, preparing for and passing the exam, and possibly fulfilling work experience requirements. Check the latest guidelines on the College for Financial Planning website. Learn how to get your CRPC designation.
Read More
For all related articles, have a look at our Financial Advisor Resources page.