Factors Influencing the Motivation to Pursue a Career in Financial Planning*
Published Online: Mar 22, 2024
Page range: 40 - 78
DOI: https://doi.org/10.2478/fprj-2022-0003
© 2022 Michelle Cull et al., published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.
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Independent samples t test: agreeableness by gender
| Levene's Test for Equality of Variances | t-test for Equality of Means | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| F | Sig. | T | df | Sig. (2-tailed) | Mean Difference | Std. Error Difference | 95% Confidence Interval of the Difference | |||
| Lower | Upper | |||||||||
| 4.264 | 0.042 | -2.393 | 77 | 0.019 | -2.69820 | 1.12769 | -4.94371 | -0.45269 | ||
| -2.446 | 73,385 | 0.017 | -2.69820 | 1.10313 | -4.89653 | -0.49986 | ||||
Independent Samples Test for expected salary by work status
| Levene’s Test for Equality of Variances | t-test for Equality of Means | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| F | Sig. | † | df | Sig. (2-tailed) | Mean Difference | Std. Error Difference | 95% Confidence Interval of the Difference | |||
| Lower | Upper | |||||||||
| 6.350 | .013 | -2.893 | 101 | .005 | -29108.140 | 10060.551 | 49065.566 | -9150.713 | ||
| -3.441 | 81.860 | <.00l | -29108.140 | 8459.669 | -45937.547 | -12278.732 | ||||
Correlations among agreeableness, helping others. Intellect and enjoying working with numbers.
| Enjoy Working With Numbers | Help Others | ||
|---|---|---|---|
| Intellect | Pearson Correlation | .235 |
.119 |
| Sig. (2-tailed) | .037 | .295 | |
| Agreeableness | Pearson Correlation | .001 | .221 |
| Sig. (2-tailed) | .996 | .051 | |
| Enjoy Working With Numbers | Pearson Correlation | 1 | .395 |
| Sig. (2-tailed) | .000 |
Implications for stakeholders
| Stakeholder | Implications of findings |
|---|---|
| Profession | Promote financial planning as a career of choice for those who both enjoy working with numbers and want to help people (RQ1, RQ2, RQ4). Improve the reputation of financial advisers as professionals who want to help people (RQ2, RQ4). Attract new clients to use financial advisers by portraying them as people who are likely to have a positive personality (RQ5). Possibly encourage more females to study and work in financial planning by promoting that primary role of a financial adviser is to help people (RQ1, RQ2, RQ3, RQ4). Collaborate with secondary and tertiary educators as well as industry to provide appropriate financial advising work experience programs and other engaged learning experiences/programs that introduce financial planning to students (RQ3). |
| Tertiary Educators | Re-consider how financial planning and related degree programs are designed and delivered so that they expose more students to financial planning experiences. E.g. guest lecturers, internships, and other work-integrated learning activities (RQ3). Offer compulsory personal finance courses (RQ3). Increase the supply of financial planning students by promoting financial planning os a career that helps people (RQ1, RQ2). Promote further studies in financial planning as way for current advisers to potentially earn a higher salary (RQ1). Attract financial planning students by communicating the role of both numbers and people in financial planning (RQ4). Advertise employment opportunities in financial planning (RQ3). Incorporate both number skills and people skills into the financial planning curriculum (RQ1, RQ2, RQ3, RQ4). |
| Secondary Educators and Career Counsellors | Design education programs that expose students to financial planning as a career. E.g. personal finance courses, case studies, competitions, financial adviser class visits/guest classes (business studies, commerce, economics, mathematics, personal development) (RQ3). Improve the capacity of students to prepare for and engage in personal financial planning as a career by considering a stand-alone personal finance unit and work experience opportunities (RQ3) Promote financial planning as a career that helps people (RQ1, RQ2). Communicate the role of both numbers and people in a financial planning career (RQ1, RQ2, RQ4). Highlight the strong demand for financial advisers and likely employment opportunities (RQ3). |
| Financial Planning Employers | Increase the supply of financial planning candidates and encourage more females to apply for roles in financial planning by promoting financial planning as a career that helps people (RQ1, RQ2, RQ3). Recruitment strategies to promote the dual role of working with numbers and people, in addition to autonomous and flexible working conditions (RQ1, RQ2, RQ4). Retain existing financial advisers by ensuring there is ample opportunity to fulfil both agentic and communal goals (RQ4). Promote relationships and collaboration with the secondary and tertiary educators to provide students with work experiences and knowledge of the benefits provided by financial advisers (RQ3). Ensure that salary of financial advisers is commensurate with work experience and level of study (RQ1, RQ2). Offer more internships and work experience opportunities to potential employees (RQ1, RQ3). Consider conducting personality testing of potential candidates (RQ5). |
| Regulators | Attract new students and others to the profession who will put the client first by promoting financial advisers as ‘helping others’ (RQ1. RQ2). Ensure both number skills and people skills are included in financial planning education and professional year requirements (RQ1, RQ2, RQ3, RQ4). Improve the reputation of financial advisers as professionals who want to help others (RQ2), and have an agreeable personality (RQ5), resulting in improved consumer confidence and trust in financial advisers and increased participation in the economy. |
Frequency of free responses: life experiences influencing career choice
| Financial Hardships | Observed Benefits | Help Others | Engagement w/ Profession | Other | Total | |
|---|---|---|---|---|---|---|
| Survey (N = 103) | 11 | 4 | 12 | 12 | 8 | 47 |
| Interviews (N = 14) | 6 | 1 | 2 | 3 | 2 | 14 |
Descriptive statistics: the ‘Big 5’ personality factors
| Extraversion | Agreeableness | Conscientiousness | Emotional Stability (Neuroticism) | Intellect | ||
|---|---|---|---|---|---|---|
| N | Valid | 79 | 79 | 79 | 79 | 79 |
| Missing | 46 | 46 | 46 | 46 | 46 | |
| Mean | 32.9747 | 41.4304 | 40.6835 | 33.2785 | 37.1899 | |
| Median | 33.0000 | 42.0000 | 41.0000 | 34.0000 | 38.0000 | |
| Mode | 34.00 | 41.00 |
40.00 | 26.00 |
38.00 | |
| Std. Deviation | 7.09817 | 5.15076 | 5.01675 | 7.67937 | 5.45160 |
Descriptive statistics for expected salary of a financial adviser according to work status
| Work status | N | Mean | Std. Deviation | Std. Error Mean |
|---|---|---|---|---|
| Not currently working as a financial adviser | 30 | 110354.60 | 32956.756 | 6017.053 |
| Currently working as a financial adviser | 73 | 139462.74 | 50807.068 | 5946.517 |
Thematic analysis of interviews: factors influencing career choice
| Major themes | Interest | Personality | Skills | Benefits/incentives | Social learning/ life experience | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Passion | 3 | Openness | 5 | Social Status | 4 | |||||
| Finance |
15 | Conscientiousness | 7 | Finance/Economics | 6 | Client Interaction | 5 | |||
| Autonomy | 3 | Extraversion | 19 | Technical | 5 | Stability | 2 | Exposure to economics/finance | 5 | |
| Client-Interaction | 5 | Agreeableness |
33 | Communication |
12 | Flexibility |
8 | Personal |
9 | |
| Help people | 11 | Neuroticism | 0 | Analytical | 4 | Salary | 4 | |||
| Other | 3 | Mathematical | 3 | Unexpected events events | 2 | |||||
| Development Opportunities | 4 | |||||||||
| Impact people | 4 | |||||||||
| Other | 5 | |||||||||
j.fprj-2022-0003.tab.014
| Very accurate (16) | Moderately accurate (17) | Neither accurate nor inaccurate (18) | Moderately inaccurate (19) | Very inaccurate (20) | |
|---|---|---|---|---|---|
| Am the life of the party. (1) | ○ | ○ | ○ | ○ | ○ |
| Feel little concern for others. (2) | ○ | ○ | ○ | ○ | ○ |
| Am always prepared. (3) | ○ | ○ | ○ | ○ | ○ |
| Get stressed out easily. (4) | ○ | ○ | ○ | ○ | ○ |
| Have a rich vocabulary. (5) | ○ | ○ | ○ | ○ | ○ |
| Don’t talk a lot. (6) | ○ | ○ | ○ | ○ | ○ |
| Am interested in people. (7) | ○ | ○ | ○ | ○ | ○ |
| Leave my belongings around. (8) | ○ | ○ | ○ | ○ | ○ |
| Am relaxed most of the time. (9) | ○ | ○ | ○ | ○ | ○ |
| Have difficulty understanding abstract ideas. (10) | ○ | ○ | ○ | ○ | ○ |
| Feel comfortable around people. (11) | ○ | ○ | ○ | ○ | ○ |
| Insult people. (12) | ○ | ○ | ○ | ○ | ○ |
| Pay attention to details. (13) | ○ | ○ | ○ | ○ | ○ |
| Worry about things. (14) | ○ | ○ | ○ | ○ | ○ |
| Have a vivid imagination. (15) | ○ | ○ | ○ | ○ | ○ |
| Keep in the background. (16) | ○ | ○ | ○ | ○ | ○ |
| Sympathize with others’ feelings. (61) | ○ | ○ | ○ | ○ | ○ |
| Make a mess of things (51 ) | ○ | ○ | ○ | ○ | ○ |
| Seldom feel blue (62) | ○ | ○ | ○ | ○ | ○ |
| Am not interested in abstract ideas. (59) | ○ | ○ | ○ | ○ | ○ |
| Start conversations. (60) | ○ | ○ | ○ | ○ | ○ |
| Am not interested in other people’s problems. (20) | ○ | ○ | ○ | ○ | ○ |
| Get chores done right away. (21 ) | ○ | ○ | ○ | ○ | ○ |
| Am easily disturbed. (64) | ○ | ○ | ○ | ○ | ○ |
| Have excellent ideas. (63) | ○ | ○ | ○ | ○ | ○ |
| Have little to say. (24) | ○ | ○ | ○ | ○ | ○ |
| Have a soft heart. (25) | ○ | ○ | ○ | ○ | ○ |
| Often forget to put things back in their proper place. (26) | ○ | ○ | ○ | ○ | ○ |
| Get upset easily (66) | ○ | ○ | ○ | ○ | ○ |
| do not have a good imagination.(65) | ○ | ○ | ○ | ○ | ○ |
| Talk to a lot of different people at parties. (29) | ○ | ○ | ○ | ○ | ○ |
| Am not really interested in others (70) | ○ | ○ | ○ | ○ | ○ |
| Like order. (69) | ○ | ○ | ○ | ○ | ○ |
| Change my mood a lot. (32) | ○ | ○ | ○ | ○ | ○ |
| Am quick to understand things (33) | ○ | ○ | ○ | ○ | ○ |
| Don’t like to draw attention to myself. (34) | ○ | ○ | ○ | ○ | ○ |
| Take time out for others. (35) | ○ | ○ | ○ | ○ | ○ |
| Shirk my duties. (36) | ○ | ○ | ○ | ○ | ○ |
| Have frequent mood swings (37) | ○ | ○ | ○ | ○ | ○ |
| Use diffìcult words (38) | ○ | ○ | ○ | ○ | ○ |
| Don’t mind being the centre of attention (39) | ○ | ○ | ○ | ○ | ○ |
| Feel others’ emotions. (40) | ○ | ○ | ○ | ○ | ○ |
| Follow a schedule. (41) | ○ | ○ | ○ | ○ | ○ |
| Get irritated easily. (42) | ○ | ○ | ○ | ○ | ○ |
| Spend time reflecting on things. (43) | ○ | ○ | ○ | ○ | ○ |
| Am quiet around strangers. (71) | ○ | ○ | ○ | ○ | ○ |
| Make people feel at ease (45) | ○ | ○ | ○ | ○ | ○ |
| Am exacting in my work. (46) | ○ | ○ | ○ | ○ | ○ |
| Often feel blue. (47) | ○ | ○ | ○ | ○ | ○ |
| Am full of ideas. (48) | ○ | ○ | ○ | ○ | ○ |
j.fprj-2022-0003.tab.015
| Extremely important (40) | Very important (41) | Moderately important (42) | Slightly important (43) | Not at all important (44) | |
|---|---|---|---|---|---|
| (1) | ○ | ○ | ○ | ○ | ○ |
| Reliable (3) | ○ | ○ | ○ | ○ | ○ |
| Honest (4) | ○ | ○ | ○ | ○ | ○ |
| Empathetic (12) | ○ | ○ | ○ | ○ | ○ |
| Marketing Oneself (13) | ○ | ○ | ○ | ○ | ○ |
| Caring (14) | ○ | ○ | ○ | ○ | ○ |
| Professional (15) | ○ | ○ | ○ | ○ | ○ |
| Patient (16) | ○ | ○ | ○ | ○ | ○ |
| Communicative (17) | ○ | ○ | ○ | ○ | ○ |
| Listening (18) | ○ | ○ | ○ | ○ | ○ |
| Trustworthy (19) | ○ | ○ | ○ | ○ | ○ |
| Flexible (20) | ○ | ○ | ○ | ○ | ○ |
| Ethical (21) | ○ | ○ | ○ | ○ | ○ |
| Nurturing (22) | ○ | ○ | ○ | ○ | ○ |
| Benevolent (23) | ○ | ○ | ○ | ○ | ○ |
| Ethical (24) | ○ | ○ | ○ | ○ | ○ |
| Dependable (25) | ○ | ○ | ○ | ○ | ○ |
| Acting with Integrity (26) | ○ | ○ | ○ | ○ | ○ |
| Relationship Building (27) | ○ | ○ | ○ | ○ | ○ |
| Tactful (28) | ○ | ○ | ○ | ○ | ○ |
| Friendly/Approachable (29) | ○ | ○ | ○ | ○ | ○ |
j.fprj-2022-0003.tab.016
| Extremely Important (66) | Very important (67) | Moderately important (68) | Slightly important (69) | Not at all important (70) | |
|---|---|---|---|---|---|
| (1) | ○ | ○ | ○ | ○ | ○ |
| Numeracy (3) | ○ | ○ | ○ | ○ | ○ |
| Time Management (30) | ○ | ○ | ○ | ○ | ○ |
| Verbal Communication (31) | ○ | ○ | ○ | ○ | ○ |
| Written Communication (32) | ○ | ○ | ○ | ○ | ○ |
| Problem Solving (4) | ○ | ○ | ○ | ○ | ○ |
| Technical Knowledge (12) | ○ | ○ | ○ | ○ | ○ |
| Social/Ethical Awareness (13) | ○ | ○ | ○ | ○ | ○ |
Motivation to study financial planning
| Responses |
Percent | Percent of Cases | |
|---|---|---|---|
| Family | 8 | 2.70% | 7.80% |
| Regulatory Reform | 9 | 3.00% | 8.70% |
| Enjoy Working with Numbers | 33 | 11.10% | 32.00% |
| Help Others | 58 | 19.50% | 56.30% |
| Employment Opportunities | 55 | 18.50% | 53.40% |
| Life Experience | 26 | 8.70% | 25.20% |
| Interest/Enjoyment | 48 | 16.10% | 46.60% |
| Employment Requirement | 12 | 4.00% | 11.70% |
| Wanted to be a Financial Planner | 43 | 14.40% | 41.70% |
| Improve Knowledge | 6 | 2.00% | 5.80% |
| High school study and/or teacher | 0 | 0.00% | 0.00% |
Correlation between Qualifications and Salary Expectations
| Expected Salary | Qualification | ||
|---|---|---|---|
| Pearson Correlation | 1 | .378 |
|
| Sig. (2-tailed) | .000 | ||
| N | 103 | 103 |
Motivation to become a financial adviser
| Responses |
Percent | Percent of Cases | |
|---|---|---|---|
| Help others | 30 | 29.13% | 53.57% |
| Work experience | 19 | 18.45% | 33.93% |
| Interest | 15 | 14.56% | 26.79% |
| Enjoy working with people | 11 | 10.68% | 19.64% |
| Enjoy working with numbers | 7 | 6.80% | 12.50% |
| Working conditions | 7 | 6.80% | 12.50% |
| Enjoy working with both numbers and people | 6 | 5.83% | 10.71% |
| Employment opportunity | 6 | 5.83% | 10.71% |
| Financial stress | 2 | 1.94% | 3.57% |
| Total | 103 | 100.00% | 183.93% |
Demographic summary of survey sample
| Responses (N = 103) | Percent | ||
|---|---|---|---|
| Work status | Working as financial adviser | 73 | 70.9% |
| Professional designation and not working as a financial adviser | 6 | 5.8% | |
| Studying and not working as an adviser | 18 | 17.4% | |
| Not studying or working as an adviser | 6 | 5.8% | |
| Education (completed) | Diploma | 13 | 12.6% |
| Advanced diploma | 13 | 12.6% | |
| Bachelor degree | 47 | 45.6% | |
| Masters degree | 22 | 21.4% | |
| No formal tertiary education | 9 | 8.7% | |
| Professional designation | Holds professional designation | 62 | 60.2% |
| Study status | Studying towards a degree or designation | 50 | 48.5% |
| Not currently studying | 53 | 51.5% | |
| Study and work | Studying AND working as an adviser | 30 | 29.1% |
| Studying but NOT working as an adviser | 18 | 17.4% | |
| Studying and holds a professional designation | 2 | 1.9% | |
| Not studying and not working as an adviser | 10 | 9.7% | |
| Not studying and working as an adviser | 43 | 41.7% | |
| Gender | Male | 56 | 54.4% |
| Female | 47 | 45.6% | |
| Language | English as first language | 92 | 89.3% |
| English as a second language | 11 | 10.7% | |
| Age | 18-29 years old | 14 | 13.6% |
| 30-39 years old | 22 | 21.4% | |
| 40-49 years old | 34 | 33.0% | |
| 50-59 years old | 20 | 19.4% | |
| 60-69 years old | 13 | 12.6% |
Age group distribution for advisers and non-advisers
| Not currently working as adviser | ||||||||
|---|---|---|---|---|---|---|---|---|
| Age Group (years) | Student only | Not student | Holds prof desig | Total (not adviser) | Total (adviser) | Adviser % | Not adviser % | Totals |
| 18-29 | 9 | 1 | 10 | 4 | 3.9% | 9.7% | 13.6% | |
| 30-39 | 5 | 2 | 7 | 15 | 14.6% | 6.8% | 21.4% | |
| 40-49 | 3 | 3 | 1 | 7 | 27 | 26.2% | 6.8% | 33.0% |
| 50-59 | 0 | 4 | 4 | 16 | 15.5% | 3.9% | 19.4% | |
| 60-69 | 1 | 1 | 2 | 11 | 10.7% | 1.9% | 12.6% | |