Financial Services is Not a Profession

Abstract

This article serves as a meta-analysis to uncover different factors comprising the definition of “profession” from multiple disciplines including medicine, business, and law. Within the literature, four major themes arise that form the basis for what constitutes a profession: knowledge; admission; organization; and ethics. Upon close examination, the broad field of financial services is lacking in every category. Material differences between other disciplines and financial services prevent the latter from being rightly labeled as a profession. However, financial planning, largely through the efforts of the Certified Financial Planner (CFP) Board, may move closer in that direction.