Specialist or generalist? Which path to success?

To specialize or to generalize? This question faces financial advisors at different stages of their careers, from getting that first customer service job after college to mid-life transitions that fulfill one’s true professional calling. There is no right or wrong answer.

What differentiates successful advisors is their versatility – in other words, their ability to dive deep into specialized areas of expertise while embracing broader trends shaping the industry. Financial advice professionals who balance specialist and generalist requirements while navigating complex career paths reap the rewards of ever-increasing market sophistication.

Smaller commitment – Big rewards

Certificate-level credentials are an integral part of the life-long learning path that provides the flexibility to develop specialist skill sets and bridge back to a more general focus, when the time is right. Being easier to complete than full financial designations, certificates also offer vast benefits.

First, they open up a range of career tracks both within and outside of wealth management and advice – anything from retirement, estate and trust strategies and derivatives to small business advice, risk management and compliance.

Second, certificate credentials enhance the marketability of financial professionals in a number of niche areas, with certain specialized courses serving as a minimum regulatory entry requirement for specific roles, for example, in mutual funds.

Third, certificate-level training is more manageable for advisors who cannot commit to a full designation program due to their busy schedules. CSI certificates, for example, can be completed at one’s own pace to fit in with the demands of a hectic lifestyle, as long as the credential is achieved within five years of beginning the training. All CSI certificates can be completed online.

Finally, certificate programs are also an invaluable tool to support one’s professional growth and mobility, facilitating transitions within and between functional tracks that almost invariably accompany any dynamic, long-term career. There is truly no limit to the professional possibilities available to any advisor willing to pursue them to achieve maximum psychological and financial rewards.

CSI’s Certificate in Financial Services Advice, for example, can be viewed as a gateway to financial planning careers. For those who choose this path, it may become the launch pad to achieve a full financial planning designation. The same certificate also opens doors to a variety of careers on the lending side, from consumer lending to small business and financial lending.

Bridging the knowledge gaps

The role of certificate-level programs is instrumental not only in bridging career transitions, but also in filling the industry knowledge gaps constantly created by the ever-evolving financial and business landscape. For example, the CSI Certificate in Investment Dealer Compliance, launched in April 2011, responds to a rapid growth in the compliance sector over the last few years. This growth resulted in growing employer expectations, tightening regulation and higher education levels required to enter this professional space.

With over 30 interactive case studies addressing real-world business scenarios in both retail and institutional investment dealer settings, the Certificate in Investment Dealer Compliance puts students in the shoes of compliance officers. Going beyond the issues of compliance to explore their impact on risk and revenue management of the business units within a securities firm, this program is a stepping stone for front or back office staff willing to move into a variety of compliance positions, including compliance analysts, risk managers, retail account supervisors, trade desk supervisors, branch managers and, ultimately, chief compliance officers with retail branches of securities firms or head-office compliance departments.

Similarly, with small businesses being the fastest growing market and source of employment in Canada, CSI’s new Certificate in Small Business Advisory, available from May 2011, will teach small business advisors, small business account managers or branch managers of banks to better understand the challenges faced by small and medium-sized business owners and identify specific financial solutions to meet their needs. The learning path of the Certificate in Small Business Advisory is designed to show advisors how to excel at the service they provide to small business clients, gain their trust and increase their small business client base.

Certificates on the designations path

Specialized certificate-level programs are an invaluable professional differentiation tool at any stage in one’s career, and, in many cases, the ultimate credential required for certain specific roles. But not only that. As the industry professionalization bar continues to rise, many advisors achieving certificate-level specialization decide to take more courses to attain full financial designations. CSI’s Personal Financial Planner, the Chartered Strategic Wealth Professional, the Canadian Investment Manager or the Member, Trust Institute in Estate and Trust Management are a few examples of designations that represent different areas of financial expertise.

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Delivering on best practices in professional credentialing, these designations have a clear focus, high proficiency standards and quality course content, offering relevant assessment testing against specific competency profiles. In addition to advanced study, designation holders must commit to a code of ethics and specialized continuing education requirements each year.

Certificates are indispensable in bridging career transitions and knowledge gaps. Designations are an effective instrument of navigating longer-term learning paths towards more advanced and fulfilling professional roles and successful, dynamic careers in the industry that continues to offer opportunities and rewards as attractive as ever.

Dr. Roberta Wilton is President and CEO of CSI, Canada’s leading provider of financial services education. Prior to joining CSI, she operated her own company specializing in capital markets education and investor relations.