https://www.icofp.org/ - Blog #Financial Planning knowledgehttps://www.icofp.org/ - Blog #Financial Planning knowledgehttps://uat.icofp.org/blogs/tag/Financial-Planning-knowledgeFri, 12 Jun 2026 02:29:51 +0530http://zoho.com/sites/<![CDATA[Importance of Financial Planning]]>https://uat.icofp.org/blogs/post/importance-financial-planning
Consider two situations. It is 2008 and the global markets have taken a hit. India is left reeling too. The company Mr X works for has to implement cost cutting measures immediately and decides to lay off personnel. Mr X is one of the unfortunate and loses his job. He goes back home to his wife and son who is just about to finish school and head to college. The next day he decides to check his finances and discovers that he can keep the house running only for the next two months and if he delves into his savings, then perhaps an additional three months. At the same, his son who is finishing school soon will be heading to college and there are no provisions for that. Mr X frantically starts looking for a job and after a couple of months of stress he settles on a job which pays lesser than his previous job and has longer hours. But because of necessity there is nothing he can do.In the second scenario Mr Y is laid off at the same time and goes home to his wife and daughter of a similar age as the previous case. He is not perturbed in the slightest when he goes to sleep that night as he has a separate fund which will cater for his daughter’s higher education along with enough savings to run his household for the next year. He proceeds to take the time off as an opportunity to polish his resume with additional courses and a year later he gets a job with a profile which is better than the one before.Now think about it, which one of the cases would you prefer because both individuals assumed that their job was safe and were not expecting this to happen? The future cannot be predicted but no matter what the situation, we can be prepared financially. This alone should be a pretty compelling reason to start planning your finances, but if you think this scenario is dire, and the possibility of it happening are quite less, remember there are other reasons why you should plan and invest according to the plan.
  • Inflation
This is the biggest killer of both your purchasing power and your savings. Saving money in your bank account is rarely enough as inflation is a silent killer of it. So steady planning is important to keep yourself ahead of the curve.
  • Long term goals
Retirement is not the only long term goal you will be having. It could be a new car or the down payment on a house or as we saw in the case above the higher education of your children. You need to plan in a manner which allows you to face those circumstances with a clear mind
  • Emergency
An emergency is something which can arrive at any time without any warning. So ideally you will want to make sure that you have enough of a buffer no matter what the situation and that does not come without some serious financial planning.
  • Retirement
Lastly, the granddaddy of them all! If you’re not a government employee then chances are that you are not eligible for a pension. Due to that it is very important to plan for your future when the chances of you getting a steady pay-check are negligibleWe hope this makes you rethink your financial position and strengthen it so that you are ready for anything. So, go ahead and plan your finances the way you need it.  
]]>Thu, 20 Sep 2018 06:44:24 +0000<![CDATA[Financial Planning: Requirements and Scope]]>https://uat.icofp.org/blogs/post/financial-planning-requirements-and-scope
Introduction

Everyone dreams to have a better future and excellent career growth. For fulfilling your needs you have to plan step by step process previously and execute them strictly. These dreams can be fulfilled by selecting right education option and going for an extra training and education. It is a better option to go with the MBA program as better career option after graduation. A survey from CNBC says that Finance is the hottest specialization in the MBA program and has demand all over the world. Financial planning courses are available as short term course with course duration at least 1 year. This course can be pursued by different modes of education such as distance learning, classroom program, online program etc. There is very high uncertainty in the global job market. People are changing their jobs very frequently and some people go for starting their own business but they all have requirement for a better and safer financial plan.

Works of a Financial Planner

There is no one who does not required financial planning because everyone have to manage their funds even the millionaires who have lots of money but they manage their funds by financial planning techniques. Financial planning is the field that uses complex problem solving and taking decision. Tasks of financial planner are not easy as it appears because of their specific responsibilities and duties. A financial planner must be able to deal with the business finance related tasks and cope up with the market to suggest best feasible solution for a specific problem. Some people hire financial planner for managing their savings from annual income for the retirement savings, savings for son’s/daughters’ college education etc. People manage these important functions by self but it is not wise decision because a financial planner helps a lot more in your savings and managing your money.

  • Financial planners are work as a money-spinning. They advise how to do investment and how to break the financial deals.
  • A financial planner is always ready to improve speculation plans and techniques of investment and disbursement control. They manage economic problems of their business firms.
Education and Certification

To become a financial planner it is necessary to go for a certified financial program which helps you to enhance your abilities as a financial planner. Financial planning is the most important process for an organisation that is why the demand of these professionals is incredible in market. Hence so many B-schools in India offers MBA in financial planning from where students can take required education and expertise to become a certified financial planner. There are some best MBA colleges in Delhi from hundreds of Management College across NCR. The financial planning program can be done by either undergraduate level or postgraduate level. Candidates who have completed graduation are eligible for the MBA program in finance. MBA in Financial Planning course is also available for those who are working in an organisation as a part time course in Financial Planning.

]]>Tue, 24 Feb 2015 08:30:00 +0000