Factors of Employability for Graduates Progressing through a Career in Financial Planning in Canada

One key purpose of university education is to provide students with career development and employability (Clarke 2018). Accordingly, research in both the higher-education paradigm and the workplace-learning paradigm has investigated factors leading to graduates’ employability (Römgens et al. 2020). Employability for graduates not only means the objective concept of obtaining and maintaining work, but also a subjective concept where graduates find satisfaction from getting employment for which they deem themselves to be suitably trained (Okay-Somerville & Scholarios 2017). It occurs through an interaction between an individual’s attributes and competencies, personal circumstances (such as access to resources and household circumstances), and contextual factors (such labour market demand and / or macroeconomic factors) (McQuaid & Lindsay 2005). Employability is made even more difficult with the continuously-evolving nature of work and changes in the job market.

The way that graduates obtain employability is multi-dimensional, with many factors interacting. A popular earlier model broke down employability into understanding, skills, efficacy beliefs, and metacognition, forming the acronym USEM (Knight & Yorke 2004). In the USEM model, “understanding” refers to the mastery of the subject; “skills” represents the procedural knowledge to enact this understanding into practice; “efficacy beliefs” involve the ability to perceive, improve upon and have confidence in one’s abilities; and “metacognition” is the ability to reflect on one’s own knowledge and learning processes, as well as one’s willingness to learn more (Knight & Yorke 2004). This model focuses on individual factors of employability and does not overtly consider the interaction of an individual with the external environment. Thus, subsequent critiques of the USEM model have expanded the dimensions of employability (Clarke 2018; Römgens et al. 2020).

One expansion of the model outlines seven dimensions of employability: human capital, social capital, emotion regulation, lifelong learning, reflection on self, self-efficacy, and a healthy work-life balance (Römgens et al. 2020). Similarly, Clarke’s integrated model (2018) outlines how human capital, social capital, individual behaviours and individual attributes affect perceived employability and, in turn, affect graduate employability. Clarke also considers the supply and demand factors in the labour market influencing perceived employability and graduate employability. To conduct a preliminary analysis on the employability of graduates entering the financial planning profession, we perceive three main factors to be relevant: individual behaviours (career self-management), human capital, and social capital. These are outlined in Figure 1, and in turn we define each of them below.

Figure 1.

A simplified model of graduate employability.

Note: This figure was created by Clarke (2018) based on research by Holmes (2013).

Individual behaviours encompass both career self-management and career-building skills, and refer to awareness of the experience and skills that individuals need to enter and progress in their proposed career. This concept relates to the metacognition in the USEM model (Knight & Yorke 2004), and is included as a key factor in Clarke’s integrated model (2018). Instead of individual behaviours, we use the term “career self-management” because the term “self-management” reflects the fact that progression of positions, and the skills needed to progress, must be developed and managed by the individual (O’Dwyer & Richards 2021; West et al. 2019). There is no set career path to becoming a financial planner in Canada. Accordingly, graduates need to discover, define, and work towards building their own careers.

The concept of human capital, originally associated with Adam Smith (1776) and refined by Becker (1964), refers to the knowledge, skills, abilities, and other characteristics that allow a person to perform jobs at a high level (Harris et al. 2015; Ployhart & Moliterno 2011; Wright & McMahan 2011). Human capital creates employability when the capital is related to the career path of the individual (Iellatchitch et al. 2003) and can be context-generic (e.g., financial planning principles) or context-specific (e.g., application of financial planning principles in a company for a client) (Ployhart & Moliterno 2011). In financial planning, human capital is the theoretical underpinning of the financial planning profession (Bogan et al. 2020) and the generic skills of being a financial planner (Cameron et al. 2014).

Social capital refers to the value of relationships and networks that can support career progression. It includes a person’s social network, which may include parents, family, school friends, university friends, memberships, affiliations, and / or LinkedIn connections (Clarke 2018; Donald et al. 2019). Through networking to build relationships, graduates can increase their social capital and employability (Okay-Somerville & Scholarios 2017; Tomlinson 2017; Tuononen et al. 2019). Social capital bears relevance to financial planning, which is primarily a relationship-based profession (Cull & Sloan 2016; Hunt et al. 2011); frequent networking is a key process for financial planners to find clients and build a career (Richards et al. 2020).

Below, we outline the key aspects of employability covered in the academic financial planning literature. We focus our review on the individual behaviours of career self-management; human capital aspects of education; and the social capital aspects of relationships as they relate to employability in financial planning.

Limited research exists on the career progression of individuals entering financial planning roles and advancing through early positions. West et al. (2019) argue that there is a need to manage student expectations through better knowledge of entry pathways into financial planning. O’Dwyer and Richards (2021) investigated the career paths of women working in financial planning in Australia. Figure 2 outlines an ideal career path that was created from their research (O’Dwyer & Richards 2021, p. 6). It shows that the financial planners in the study started from either an alternative career, a finance career, or graduating from university, and would typically progress through client services / administrative positions, then a paraplanner position, and then into a financial planner position. The paraplanner is a support to a financial planner who undertakes administrative duties in a financial planning institution (Angell 2021). The term “paraplanner” is not commonly used in Canada (Burnett-Nichols 2021). It can be viewed as a transitional role where people will spend 12–18 months before progressing (West et al. 2019). However, women tend to spend longer in these positions than men, due to gender segregation in financial planning (O’Dwyer & Richards 2021; Richards et al. 2020).

Figure 2.

Reported ideal career path in the financial planning sector.

Note: Figure 2 is from O’Dwyer and Richards (2021, p. 6).

A key factor in choosing a career path is the motivation to pursue financial planning and become a Certified Financial Planner (CFP). Academic research has investigated the reasons individuals start and continue on the path to becoming financial planners. In the USA, Archuleta et al. (2019) found that those building a career in financial planning had a strong personal motivation to complete a CFP certification. Their study showed that people undertook financial planning careers because they had a passion for helping people and liked working with math as it related to finance.

Similarly, Cull et al. (2022) surveyed both financial planning students and practising financial planners in Australia, and found that the desire to help people was the most common motivation for studying and working in the field. The motivation to help people was also correlated with enjoying working with numbers, showing these two factors influence the choice of a career in financial planning.

Although financial planning has some overlap with cognate disciplines of finance and accounting, it is considered a unique discipline (Cull 2009). The academic and theoretical foundations of financial planning began with economic theory, life-cycle theory, and modern portfolio theory (Altfest 2004). Over time, financial planning knowledge has expanded to include both technical and behavioural dimensions (Bogan et al. 2020; Overton 2008). Strong financial literacy and apt financial behaviours can be considered an aspect of human capital for students and lead to their greater financial well-being (Moore et al. 2022). The human capital required to be a financial planner in Canada exists in the body of knowledge created by credentialing organisations, including FP Canada (FP Canada 2024); teaching materials used at higher education institutions (Ho et al. 2023); and academic research in the Canadian context (Staples et al. 2023).

Human capital is created in financial planning through the regulation of financial advice, which gatekeeps entry to work. Regulation of financial planning in Canada occurs in two major ways: title regulation and product regulation. Title regulation stipulates who can refer to themselves as a “financial planner” or “financial advisor.” This regulation is undertaken provincially rather than federally in Canada. In Quebec, the title is protected by the Institute of Financial Planning (2025), which provides a financial planning diploma that allows for use of the “financial planner” title. In Ontario, various credentialing bodies have validated their credentials with the Financial Services Regulatory Authority of Ontario (2025) to allow credential holders to call themselves financial planners or financial advisors.

For product regulation, different bodies regulate financial planning depending on the type of financial product. The two most common products that financial planners advise on are securities and mutual funds, which are regulated by the Canadian Investment Regulatory Organization (CIRO). CIRO requires organisations and individuals who trade in these products to undertake approved licencing courses offered by organisations such as the Canadian Securities Institute (Canadian Securities Institute 2024). Graduates working in financial planning can obtain one of two licenses: the “Investment Representative” category, which allows them to trade in, but not advise on, securities and mutual funds, and a “Registered Representative” category, which allows them to both trade in and advise on securities and mutual funds (CIRO 2025a, 2025b).

For graduates focusing on financial planning careers, human capital is associated with both aspects of regulation. To become a financial planner, they need to fulfil certain requirements to be permitted to use the title of financial planner, the value of which is increased by title protection. Additionally, to undertake work supporting financial planners, they need to fulfil the various requirements, which then licenses them to trade in and provide advice on various products.

Financial planning education has also focused attention on how financial planning students should be educated in post-secondary institutions to support the needs of the growing profession (Warschauer 2002). Behavioural skills are an aspect of human capital that financial planning graduates need to develop to succeed as a financial planner. Listening and questioning skills are two examples (Jackling & Sullivan 2007; Johnson et al. 2016; Salter et al. 2011). Students themselves want to develop more business awareness and negotiating, marketing, leadership, enterprise, and interpersonal skills (West et al. 2019). Thus, financial planning curricula need to expand beyond the technical aspects of financial planning, into the behavioural aspects of financial planning (Richards 2023). This includes integrating written communication, interpersonal skills, and problem-solving skills (Cameron et al. 2014; Jackling & Sullivan 2007). The pedagogy to deliver technical and behavioural skills in financial planning include enterprise education (Teale 2013); work-integrated learning (Cameron et al. 2014); scaffolded learning (Cull & Davis 2013); and service learning (de Zwaan & Grant-Smith 2022). A common element of each of these pedagogies is the development of a behavioural skill set that allows students to excel in financial planning positions.

Social capital is an essential aspect of financial planning due to the relationships that financial planners form with clients (Hunt et al. 2011). Research has emphasised that the quality of this relationship with the financial planner is beneficial to creating value for clients (MacDonald et al. 2023), and that trust is a key component of this relationship (Cull & Sloan 2016; Hunt et al. 2011). However, there has been little research on how financial planners form these relationships. As mentioned in the section above, much of the research on financial planning education has focused on behavioural skill development, and there has been little research on how other aspects of social capital, such as social class and background, relate to financial planning (Stéphanie et al. 2018).

One method of developing relationships is through networking. Research on financial planners in Australia and New Zealand found that being an active networker can lead to career success (Richards et al. 2020). This is especially pertinent at the start of a career in financial planning, because financial planners need to build a book of clients whom they advise. The study also found that networking within the profession was important for financial planners to find additional work opportunities.

Richards et al. (2020) found that female financial planners encountered barriers in career development due to juggling care responsibilities with out-of-hours networking obligations. Some female financial planners overcame this barrier through selective networking and utilising community engagement as a networking opportunity. Developing social capital through building relationships appears to be a formative aspect of developing a career in financial planning.

Overall, our review of the literature highlights that employability is a major aspect of university education, and that individual behaviours, human capital, and social capital are three dimensions of employability relevant to financial planning careers. The literature on financial planning careers is exploratory, with most research being having been conducted in the USA and Australia, but there is a gap in the literature: there has been no research on this topic in Canada.

Our literature review found that three aspects are central to developing financial planning graduate employability. First, career self-management in financial planning will help graduates navigate their careers; second, education can play a large role in developing human capital; and third, building relationships is important in forming a graduate’s social capital. Our research objective is to understand how these factors can help post-secondary students build a successful financial planning career in Canada.

In the following section, we discuss our methodology and provide an overview of our data. The paper will then present our findings and conclude with implications for financial planning knowledge and practice.

As part of the interviews, we asked participants to reflect on their career pathway in financial planning. The interviews indicated that there were two early roles that were pivotal in the development of a financial planning career. To simplify understanding, we refer to these as customer service positions and associate financial planner positions, and address each separately.

Customer-service positions could have a variety of different job titles, but similar work was performed in many of them. The customer service role is often the first point of contact that clients have with financial institutions and involves dealing with the basic financial needs of customers. The most common customer service position mentioned among interviewees was that of a bank teller, but other customer-service position titles included administrative associate and personal banking associate. Additionally, some respondents mentioned working in call-centre positions and at financial aid offices in other customer-service roles.

Obtaining a customer service position in finance is extremely competitive and is considered the hardest part of the initial stages of this career path. One respondent noted that they had had three interviews with three different people to obtain their customer service position. Another respondent emphasised that graduates could not bypass this step:

“For people who… graduated in financial planning, most of the time they probably won’t get into an interim [associate financial planner] role right away because it’s so competitive… [graduates] actually end up … applying for … an admin role or apply for … a data entry role just so they can get their foot in the door.”

A contributing factor to the competitiveness in obtaining these roles is that a finance or financial planning educational background is not a requirement for them. The customer service positions are open to the public, and individuals from different educational backgrounds can obtain them.

Despite the difficulty, respondents noted the importance of getting any position in a financial institution — as getting a “foot in the door” — was perceived as essential for building a financial planning career. Customer service roles provided invaluable experience for developing one’s career. One respondent who was currently working in a customer service role noted:

“As a teller, you work with … [the] client’s money, like you see how they react to certain things, although you’re just doing like small [tasks] … a client comes in and withdraws like $20, or whatever the case is, you are still learning the foundations of things.”

Customer service roles are important because they offer exposure to communication skills and unique experiences with clients and financial planners. For example, the role of a bank teller entails consistent communication with various types of clients — including potential clients for financial planners within the bank. Bank tellers may have frequent engagement with financial planners, as they can provide client referrals to them. In the customer service role, bank tellers can also gain knowledge of the software used in banking and financial service systems.

A major question that graduates must answer is how to “get a foot in the door.” This will be a key first step in career management for financial planning. On this topic, respondents were very clear that having any customer service experience outside of banking, especially one involving money, helped enormously with the first step. One respondent stated:

“So for me, I think they [bank hiring committee] really liked that I had a lot of customer service experience. Okay, so I was… a cashier at a pizza shop…. And I also worked at a restaurant where … I was dealing with a lot of cash… And I was helping them with … the end of the day cash out, like the cash reporting… So, I had customer service experience. I had experience dealing in cash.”

Other respondents noted that co-op programs or internship experience undertaken while in post-secondary education can also be an effective first step in an early career. Co-op programs allow students to gain foundational experience in the industry relating to the subject area of their post-secondary education. However, having this experience does not always assist with career progression in financial planning because customer service experience is not provided by these roles. One respondent noted:

“So internships, I know … you can get the financial planning associate role … through internships. But then I’ve never seen an intern get hired as a financial planner, from their [associate] financial planning role, because they don’t have that, that retail or the customer service experience. Yes, they have the system experience… they have seen how financial planners operate, but then what they don’t have is… they haven’t spent time at the branches or at the retail level, to actually recommend products to clients or like, speak with clients.”

Thus, a co-op or internship can be used to get “a foot in the door,” but fails to provide customer service experience. Instead of relying only on an internship for experience, respondents suggested that students get a part-time customer service role whilst completing their undergraduate education.

Progressing from the customer service position to the associate financial planner position was easier, according to respondents. Respondents often expressed that once they were hired by a large financial institution, managers would help with career development and respondents were expected to progress into more senior positions. A recruitment manager at a large financial institution described how career progression within financial institutions is made easier for those already working in early roles, and outlined the career development support that is provided:

“…our talent development team, which sits within people and culture, and their role is to essentially provide career pathing for our various positions across the organization. So for example, if someone joins us as an administrative associate today, how can they be a wealth advisor in 10 years and they build that path and coach you on that, on that long term trajectory.”

In Australia and the USA, the term “paraplanner” was used to describe the intermediary career role between customer service and financial planner positions (Angell 2021; O’Dwyer & Richards 2021; West et al. 2019). In Canada, the “paraplanner” term was not commonly used, and respondents described the term as outdated. However, when respondents were read a description of the paraplanning position, those working in an associate financial planner role stated that the definition matched their current work.

In our analysis we use the term “associate financial planner,” but there were many different job titles used for this type of position. We use this term to refer to multiple support positions that undertake tasks required by the financial planner’s business. The work is a combination of many different administrative duties, including setting up meetings with clients, preparing presentations for the planner, taking and reporting notes during meetings, and providing portfolio updates to clients. One respondent summarised this work as:

“So my title is associate financial advisor … what I do is I support CFP in kind of running their business, so that means a lot of things. It’s coordinating with clients, bringing on some of my own clients, helping with the investment selection process, helping with the financial planning process … creating just initial projections for the CFP to review and go over with the clients.”

The associate financial planner position is critical to developing a career in financial planning. The role is considered a “dress rehearsal” for this line of work, as associate financial planners observe the financial planning process and how financial planners provide financial advice. If allowed to work with clients, associate financial planners also gain the high level of customer service experience and technical knowledge that is expected for financial planners to fulfil clients’ needs.

Education plays a key role in the development of graduates’ human capital for employability in general (Römgens et al. 2020), and especially for those entering the financial planning field (Cameron et al. 2014; Cull et al. 2022; West et al. 2019). While participants indicated that education is important, they also stated that there was no requirement to obtain a particular type of post-secondary education prior to starting either of the two early roles in a financial planning career. Participants’ post-secondary educational backgrounds included a range of levels in post-secondary qualifications, from degrees to diplomas, and with some having an incomplete post-secondary education. The subjects’ fields of study also varied, with most doing business and finance, but a few studying financial planning specifically. Overall, participants were still able to work in early roles in a financial planning career despite their post-secondary education not being focused on financial planning.

When asked specifically about the knowledge they had acquired and the job they were currently undertaking, respondents indicated that post-secondary education helps in terms of understanding underlying concepts and general thinking. However, the customer service role required client service knowledge, and the associate financial planner position required specific technical skills that were not learned in their post-secondary education. One respondent noted:

“Well, the degree definitely helps in terms of understanding what’s going on and why these decisions are being made. But I’d say in terms of processing it, it really doesn’t relate to school at all,”

The education required for a client service role is not specific, so individuals with different educational backgrounds can work in these positions. As mentioned above, this lack of educational or subject-area requirements contributes to the intense competitiveness in attaining the role.

What is the purpose of a finance degree, or specifically, a financial planning degree? As a subject area of post-secondary education, it signals intent to work as a financial planner, even though a finance degree does not directly relate to the work an associate financial planner does. Education that was of more importance to the associate financial planning role was provided through obtaining licences. In Canada, the ability to conduct many aspects of work done by financial planning associates, such as purchasing mutual funds and selling insurance products, is governed by licences (Canadian Securities Institute 2024). By earning more licences, associate financial planners can perform more tasks for the financial planner and gain knowledge and skills through exposure to more facets of the profession. These quotes from respondents show the use of human capital from higher education and the use of human capital from licences:

“…once you start, especially in your third and fourth year of education, when you start majoring/specializing in these types of things, a lot of it helps just because it teaches you … a lot about the industry. And just keywords we use on an everyday… basis.”

In addition to knowledge, respondents often discussed the importance of developing skills to progress in a financial planning career. The most important skill mentioned was customer service skills, as noted by this respondent:

“I would say, number one, especially for me, what I noticed, what the banks look for initially is, like, customer service experience. Like, if they [graduates] … want to go into any role, having that customer service experience is super, super crucial.”

Respondents mentioned a variety of concepts relating to customer-service skills, and these differed greatly from one respondent to another. The difference could be based on the respondent’s perception of what was important to them and what they needed to develop. Some concepts included emotional intelligence; having hard conversations; networking; listening skills; talking in layman’s terms; and helping with different needs.

In the customer service positions, customer service skills were developed and utilised. Respondents mentioned getting training and gaining experience in interacting with clients. One respondent that worked in a call centre at a bank noted how the training they received helped them develop these skills:

“What that [training] is, is one-on-one coaching, where they sit you in a room and we listen to the call. So… they’re reviewing the call. So everything, in a sense, is hyper micromanaged. So, you really have to perform as to their standards, and everything is tracked. So, you know, on the one hand, I didn’t know any better, that was my first real grown up… job. The other thing [is,] that [training] really helped hone my skills for developing relationships with clients.”

Associate financial planners had fewer opportunities to develop and utilise customer service skills. Often they were working remotely and did not have direct contact with clients, with the financial planner mediating their contact. Thus, the financial planner stood as the gatekeeper for associate financial planners to develop this aspect of their financial planning career.

The skills required to succeed in an associate financial planning position differ from a customer service position. As associates worked in a supporting role for up to four financial planners, they needed the ability to manage priorities and keep track of work requirements. This often came down to how organised a person was. Consider these three quotes:

“That [organisation] is very important, because there are so many clients, so many calls and so many emails, and you will have to organise it.”

Similar skills of being organised and having attention to detail were identified by O’Dwyer and Richards (2021) as being important to the paraplanner position in Australia. They found that the gender of the paraplanner was important because women were deemed to have better organisational skills than men. The gendered aspect of these skills did not come through in the Canadian respondents.

Finally, in addition to organisation skills, some respondents mentioned the need to develop specific skills in using a company’s IT systems. The knowledge of IT systems that graduates developed in education and when working in a customer service position would help enable them to succeed in the associate financial planner position. One respondent noted that because the IT systems differed between departments within the same institution, it would be difficult to move to an associate financial planner position in a different department. Another respondent outlined the wide variety of IT systems in use:

“I feel like there is a gap in technology, because people when they come from any kind of educational background, like let’s say in my position in wealth management, we have… 50 different softwares we use for different purposes. On a daily basis, I will use at least 12 different ones.”

The third dimension of employability we cover in our analysis is social capital, and the aspect of this that came through the most in our research was the strong influence of relationships in the profession. Respondents discussed how they obtained their entry-level position through some form of personal contact with someone working at a financial institution, such as a relative or friend. Another respondent noted that this relationship building could occur during the initial job-seeking stage:

“The networking and building a personal connection with someone in their element was also very important, because it basically seemed like anyone who made it to the final round [of interviews] had built rapport with someone [hiring] who ultimately said, ‘Yeah, you know, I’ve met and talked with this person a couple [of] times, they seem like they’d be a good candidate…,’”

As mentioned above, the progression from a customer service position to an associate financial planner position was easier for respondents than getting the customer service position. A large reason for this is that when they were working in a financial institution, they had built relationships with many people who could help them progress in their career. One respondent aptly summarised this:

“I also know many tenured financial planners that we used to work together in previous jobs. So, I also reached out to them to find out how they liked their role, and anything … they could have done differently or … what other important aspects or skills [are] needed to be a good FP.”

In addition, the customer service position had an added benefit in helping respondents form relationships with the financial planners working in financial institutions. As customer service positions were the first point of contact with potential clients, financial planners were interested in engaging with those working in customer service, as it could help them obtain clients. This made it easier to network. One advisor stated:

“Yeah, so that helped me a lot, especially just as a teller. You’re the one who [sees] the clients first before anybody … So… you will be like always curious as to why they [clients] are here… so it’s a great opportunity for me to refer to my higher management or like a financial advisor or financial planners. So they [financial planners] know the value of the teller, so … if I am curious, they are definitely able to… help me explain more things about the role. So I can refer clients.”

Associate financial planners needed to further their client service skills by being involved with complex topics. However, more complex topics might not occur frequently because they are often specific to a particular client’s needs. One respondent talked of the need to develop skills with people who are grieving:

“Although it wasn’t the most fun time, I do know it was necessary to sit down with clients and working on estate accounts … So now we’re talking about people who have loved ones who passed away … [and] actually help people going through different circumstances in life was very rewarding. But it also taught me a lot about like, empathy and how to approach anyone … going through anything.”

As mentioned above, the development of these skills is determined by the extent to which the financial planner allows the associate financial planner to work with clients. The financial planner might allow their associates to sit in on client meetings (with client consent) and delegate them tasks. When asked how these skills are developed, one associate financial planner stated:

“For example, I’m not very good with estate. So whenever a client meets with the planner with regards to estate or something or some activities, which I don’t know of, I try to book myself with the planner, so I can observe … also … if I have something that I want to learn, I ask the planner to delegate it to me.”

Conversely, this relationship also benefits financial planners who can delegate client servicing tasks. This allows them to prioritise their time spent on complex aspects of financial planning and thereby increase efficiency by fulfilling more client needs. A question arises: What allows a financial planner to trust an associate financial planner? While this is difficult to answer with the data we collected, respondents spoke about how there is a need to prove your competence gradually, through error-free execution of tasks. One respondent who was transitioning from an associate financial planner to a financial planner role stated:

“And that’s what people don’t understand. Like when you will start small, you will start doing… hideous tasks. They’re very boring and no one wants to do them. That’s exactly why you’re starting doing that because no one else wants to do this. Show that you can do them, and show that you want to do more, and obviously just take your time.”

Finally, some respondents also raised the issue that there is a negative aspect of relationships playing a primary role in employability in a financial planning career. Some noted that the prioritising of relationships over the human capital aspects of employability could introduce bias and interfere with meritocracy in the career of financial planning. One respondent noted this:

“[financial advice work is] a super competitive field… and unfortunately it’s extremely biased as well. It’s like somebody knows somebody… and sometimes those, I guess advisor assistants or somebody, that shadows [an] advisor don’t even come from a finance background.”

We have presented our findings individually in three subsections discussing career self-management, education, and relationships. The section below discusses the relationship between these concepts and the employability factors of individual behaviours, human capital, and social capital, and outlines the implications for financial planning knowledge and practice.

This research has implications for students, education, research and industry. For students, this research can help them define their career path and highlights the importance of working in customer service roles, even part-time whilst studying. Such roles develop social capital within the industry and the human capital of working with clients. After this, the associate financial planner position is the next role they might expect to advance to before becoming a financial planner. Our research also highlights the importance of gaining human capital via licences to succeed in the associate financial planner position.

Education in financial planning needs to highlight the importance of social capital in developing careers (Richards et al. 2020). To develop social capital, educators can provide networking opportunities to students through strong industry connections, social activities, student associations, or alumni interactions. Education in finance does not currently prepare students well for the earlier roles in this career path, and adding courses or simulations that mimic early roles could help in this regard. Finally, as licenses improves employability, educators could also emphasize licensing requirements in their curricula.

While research has looked at human capital (West et al. 2019), more thorough research must be completed on the social capital aspects. Financial planning is a profession with diversity, equity, and inclusion issues (Reiter et al. 2022; Richards et al. 2020). A reliance on social capital to succeed in this industry could act as a barrier for people who do not have social connections within the industry. Additionally, whilst this research has investigated career paths in Canada, cross-country comparisons would improve these insights and clarify the generalisability of the findings.

Another implication for industry is the need to address succession in an aging profession (Shin, 2022). Our research suggests that industry should make entry-level positions more accessible to students by offering part-time positions that allow them to gain experience while studying. Industry stakeholders should collaborate with educators to create pathways for students and formulate mentoring programs. Financial planners who work with associate financial planners need to understand their gatekeeping role in developing the associates’ human capital. Incentivising financial planners to mentor and train the next generation of financial planners could create mutually beneficial arrangements and a pipeline of talented financial planners.