Financial Services is Not a Profession

23 Pages Posted: 4 Jul 2019

See all articles by Steven Lee

Steven Lee

The American College of Financial Services; Northcentral University

Date Written: June 13, 2019

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.

Keywords: financial services, professionalism, financial planning

JEL Classification: H11, L84, N01, M53, Y80

Suggested Citation

Lee, Steven, Financial Services is Not a Profession (June 13, 2019). Available at SSRN: https://ssrn.com/abstract=3413988 or http://dx.doi.org/10.2139/ssrn.3413988

Steven Lee (Contact Author)

The American College of Financial Services ( email )

270 S. Bryn Mawr Avenue
Bryn Mawr, PA 19010
United States

HOME PAGE: http://www.georgejamesassociates.com

Northcentral University ( email )

United States

HOME PAGE: http://www.georgejamesassociates.com

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