University Partners Program FAQs for FSP Chapters

Transcription

1 University Partners Program FAQs for FSP Chapters Q 1. What is the University Partners Program? The University Partners Program is an outreach to colleges and universities that includes the following features: A regular membership in the FSP for two full-time professors teaching financial service-related courses (see Qs 4, 5) Participation in the FSP Excellence in Financial Education student award program (see Q 8) Access to FSP educational events, conferences, and resources Availability of student membership in FSP at 1/8 th the national dues rate Student access to networking with professional members in person at chapter and national events and electronic access through FSP s LinkedIn community and discussion boards. Q 2. What is the purpose of the University Partners Program? The purpose of the University Partners Program is to create a pipeline between the financial service profession and the next generation of financial service professionals by reaching out through the key designation or degree programs offered at the college and university level. By bringing FSP benefits to these students during their formal learning process, we have the opportunity to (a) broaden the reach of the FSP to the next generation of professionals, (b) recognize top performing students, (c) become mentors to students who desire to pursue careers in financial services, and (d) enrich the student s learning experience by providing real world applications and opportunities for job shadowing and internships. The program is designed to encourage professors to include FSP membership and resources as a supplement to their curriculum in financial services coursework by taking advantage of two complimentary professor regular memberships and encouraging full-time students to join at the special student member dues rate. Q 3. What are the specific benefits of this program to the university, the professors and the students? The benefits that follow are broad features of the program at the national level. At the local level, your chapter can customize the program to develop features that best meet the needs of your college or university and that utilize the skills and contacts of your chapter members. For examples of how other chapters have done this, see Q 14. Benefits for the College & University: Colleges and universities look to strengthen the quality and recognition of their programs. Both undergraduate and graduate programs leading to financial service degrees or designations will be stronger and draw more students when they have a strong connection to the professional community. A real world connection also allows students to apply the formal education they are receiving in the classroom to real world application by professionals in the financial services community. The college or university s reputation is further enhanced when students have opportunities to pursue job shadowing, career coaching, and internships.

2 Benefits for Professors: The needs of professors include supplemental curriculum material, access to excellent research, and local financial service professionals to share their practical experiences with their students. The University Partners Program includes a complimentary regular membership in the FSP for two full-time professors in each participating school. This program provides the professors a rich array of audio, video and web educational programs offered by FSP. Your chapter can strengthen the connection by taking audio and video presentations to the classroom or campus and including local experts as speakers. FSP s Journal of Financial Service Professionals and other publications provide outstanding resource material on the full range of financial service topics. Benefits for Students: The priority for students is an enhanced learning experience and potential career opportunities. Participating in FSP s LinkedIn group, students can search available career opportunities with financial service companies. Students receive a special membership rate, which entitles them to all-electronic access to FSP s Journal, professional interest section newsletter, discussion boards, and other members-only benefits. In addition, as part of the University Partners program the Excellence in Financial Education student award is presented to the top student in each participating course at the educational institution. Winners of the award receive a complimentary one-year student membership in the Society of FSP and other articles of special recognition. Students also have the opportunity to compete in the annual Industry Issues Competition and earn personal recognition and scholarship money for their university. (For information on the current program, visit Q 4. Is there a cost to colleges and universities to participate in the University Partners program? There is no out-of-pocket cost to the college or university or the first two full-time professors for taking part in the University Partners Program. However, participation in the FSP Excellence in Financial Education student award is required. Since the University Partners Program is ultimately designed to connect students who will be future financial service professionals with the Society of FSP, the FSP s goal is that professors will encourage students to take part as student members of FSP. The university and professors are encouraged to include the student membership dues as a lab fee for one or more agreed upon courses. Q 5. Which professors are eligible for the complimentary memberships? What is the cost if more than two professors want to be FSP members under the University Partners program? The complimentary memberships are generally designed for full-time college or university professors. Additional full-time professors have to opportunity to be FSP regular members at a substantially discounted membership rate of one half the national dues rate for regular membership. The local Chapter may include an additional Chapter dues rate for full-time professors. Adjunct professors may also participate in the University Partners Program where they are teaching a qualifying course.

3 Q 6. What are some challenges we should be prepared for in approaching college or university professors about the University Partners program? It is important to be aware that like most professionals, professors are bombarded with stuff and are often members of other associations and academic organizations. Some memberships are an expectation in academia. Our research has suggested that professors are interested in classroom resources, networking, sources of adjunct faculty, and contacts within the industry for students internship and career opportunities. We have found that working with smaller colleges or universities, especially where a chapter member has a personal relationship with a professor or dean at the school, improves the likelihood of establishing a University Partners Program. Two features set the University Partners Program apart; in return for their participation in the student award program, it offers professors the benefits they seek at no out-of pocket cost to the professor, and most importantly, it focuses on providing their students with internship, networking and career opportunities, as well as awards and recognition. An introduction packet is available to help you introduce the Society of FSP, the Journal of Financial Service Professionals and the University Partners Program to your local college and university contacts. The local chapter will take part in (1) helping the professors identify the courses for the student award and (2) providing students with mentorship/coaching opportunities. Mentorship/coaching will play a critical role in incorporating students into your chapter population. Q 7. What are the courses and degree programs that qualify to be part of the University Partners Program and the student award program? Eligible degree or designation programs are those qualifying for FSP membership (e.g., Master s degree in financial services, Juris Doctor, Accounting, CFP programs; for full list, see Q 19 below). Upper level (junior, senior or graduate level) financial service-related courses leading to those degrees or designations are eligible for the student award as explained below. The Society of FSP has developed a list of potential college and university contacts, organized by state, as a starting point. Each institution may offer the award for up to 10 classes annually. Q 8. What is the FSP Excellence in Financial Education student award? Who is eligible, and how does a student benefit from receiving it? The FSP Excellence in Financial Education student award is presented to the top student in an eligible financial service course at a participating college or university. Eligible courses are upper level (junior, senior or graduate level) courses agreed upon by the college or university and FSP that are related to the attainment of a degree or designation qualifying for FSP membership. The recipient is determined at the discretion of the professor and may be the student with the highest grade. Each college or university may select up to ten qualifying courses per year in which to present the award.

4 Winners of the student award receive a complimentary one-year student membership in the Society of FSP and other articles of special recognition. Winners of the student award will be highlighted as such as on the Society s website. An individual student does not have to be a student member of FSP to receive the Excellence in Financial Education award; however, the college or university must be a participant in the University Partners Program for the award to be available. Q 9. What students are eligible for membership and what is the cost of student membership? In general, eligible students are full-time students pursuing a degree or designation that may eventually qualify for FSP regular membership: CFP program participants, law students, accountancy students, MBA students and other graduate students pursuing degrees in financial service subjects. Visit for current student dues rates. Local chapters may include a chapter student dues rate in addition to the national rate, but chapters are encouraged to keep the dues rate as low as possible in order to keep total dues competitive with other associations (see Q 14 below for suggestions). The student dues rates for University Partners students are not prorated. While dues may be paid by the individual student, it is suggested that dues be established in conjunction with the university as a lab fee for the professor s course. In this manner, renewals can be billed through the university for a specified number of students enrolled in the course. This eliminates the chapter making renewal calls the following year to dozens of students contact numbers that could quickly become outdated. In addition, the sale of membership or renewal in this manner is made once per year to a professor rather than to each student. Billing can be made to the college or university at the start of the semester and does not have to be concurrent with the FSP s traditional membership renewal cycle. Q 10. How does student membership differ from associate membership? Student membership is designed for individuals who are full-time students at colleges and universities. In contrast, an individual who is employed full-time and not in school on a full-time basis that has successfully completed at least 1 course towards a designation or degree program the Society recognizes for regular membership eligibility would be eligible under the associate member category. Q 11. Where do you suggest chapters start if they want to initiate a University Partners Program? The best starting point is with professors or deans whom you know in the local college or university community. Many chapters have members who teach financial service-related courses at a local college or university and know the department head or who know a professor in one of the financial service degree programs. FSP has developed a list of potential college and university contacts, organized by state that may also be helpful as a starting point.

5 A second source of contacts may be alumni who have maintained contacts with their college or university. Many alumni know professors or department heads who can help establish connections in a business school, law school or accountancy program. Be creative in identifying additional contacts. For example, several professors are Associate Editors of the FSP s Journal of Financial Service Professionals listed on its Editorial Board page and may be good contacts for their local chapters. Q 12. What can my chapter do to make our University Partners Program more successful? Each chapter will develop its own program, depending on the contacts and the expertise of its members (see Q 13). However, the following can be important steps in your success: Make the college or university location one of the sites for educational presentations, including VTC programs or expert panel discussions. Offer to have one or more chapter members with practical experience in the subject a professor is teaching come to class and address the students. Assist the professors in identifying audio conferences or VTCs that are relevant to the material of a particular course. Create mutually beneficial relationships through internships, coop, or other Bridge the Gap programs for students. Share successes at chapter meetings and begin to establish a network through which your members can reach students and students can reach members. Work with the professors to identify the courses eligible for the Excellence in Financial Education student award program, and make sure your chapter recognizes the winners of the award and submits their names to national. Offer mentors or shadow programs to interested students. Have a take a student to work day then an evening mixer to share stories. Attend student functions; set up a chapter booth if possible. Q. 13. Are there any other ways that specific chapters have started initiating programs like this? Several chapters have already started to establish college and university connections. Some examples: An officer of the Columbus Chapter teaches at the Fisher College of Business at Ohio State University and arranged for student membership for his students. A local law firm helped sponsor the memberships. The Spokane Chapter works with graduate students in a Business Ethics Class at Gonzaga University to cosponsor a business ethics award. The students help identify potential candidates for the award.

6 The Orange County (CA) Chapter sponsors a financial planning case competition for students from the University of California Irvine. Orange County chapter members who are UCI lecturers take part in judging the entries. The South Sound Chapter (WA) awarded a student membership and $500 scholarship, in recognition of the Chapter s 50 th anniversary, to a student at Pacific Lutheran University. Q 14. Our chapter s local dues include meals at monthly meetings as part of our pricing structure. How can we incorporate student members into this plan without charging local dues that are as much or more than their national dues amount? Part of the solution may be to take some of your chapter meetings to the students on campus, rather than assume the college or university students will be regular attendees at chapter events. For example, a topic-specific VTC program or audio conference could be presented as a supplement to an estate planning course, and a local estate planning attorney could follow up with commentary and answer students questions. Or a chapter may sponsor a special networking event on campus that involves students from the school and members of the chapter. If students do attend local meetings, the cost approach will vary from one chapter to another. The key is to address this issue proactively rather than ruling out the program on the grounds that we can t afford it. The following are some potential alternatives to charging local dues: Charge the student on a per meeting basis at cost. Encourage members who are coaches/mentors to consider sponsoring their student s attendance at meetings the student attends. Seek corporate sponsorship for all or a portion of your chapter s student meal costs and recognize that sponsor s assistance in bringing students to the meetings. Depending on your success with pre-funded meals, reconsider the existing pricing structure. Q 15. We are concerned that adding a group of students will simply spike our membership numbers for one year but not make a lasting difference. How can we make sure we are building long-term growth in our chapter? It is important to approach the UPP as a multi-year project. At the outset, the objective is to help meet the needs of professors, and thus gain the opportunity to acquaint students who are the future of the financial services profession with the benefits of FSP membership. Coaching/mentorship will play a critical role in the success of the University Partners Program. While it is true that some students will not remain as members after their first year, others will continue working on a qualifying degree or designation. In addition, professors who benefit from their involvement will continue to enroll students in student membership as part of their coursework. Over the long term, this will mean an enduring relationship between the chapter and the school, and an opportunity to build an ongoing pipeline of students, some of whom will become future FSP leaders.

7 The connection between students, their coaches/mentors and the chapter is the linchpin in retention both of new members and recruitment of young professionals to the financial services profession. If your chapter membership includes home office recruiters or internship program heads, take advantage of their contacts and expertise in building relationships with the students. Q 16. How do we create a UPP program with a College or University in our community? By executing a University Partners Program Memorandum of Understanding between your Chapter, the school and national, a formal University Partners program will exist. While not a formal legal document, the memorandum does outline the responsibilities and benefits of the arrangement that are available to the school, the professors, and its students. Q 18. What are the degrees or designations qualifying for FSP regular membership? Accredited Estate Planner (AEP ) Chartered Advisor for Senior Living (CASL ) Certified Employee Benefits Specialist (CEBS ) Chartered Financial Analyst (CFA ) Certified Financial Planner (CFP ) Chartered Financial Consultant (ChFC ) Certified Investment Management Analyst (CIMA ) Chartered Leadership Fellow (CLF ) Chartered Life Underwriter (CLU ) Certified Public Accountant (CPA) Certified Pension Consultants (CPC) Chartered Property and Casualty Underwriter (CPCU ) Certified Trust & Financial Advisor (CTFA) Enrolled Actuary (EA) Juris Doctorate (JD) Graduate Degree in Financial Services (MS, MBA, PhD) MS degree in Financial Services (MSFS) MS degree in Management (MSM) Registered Employee Benefits Consultant (REBC ) Registered Health Underwriter (RHU )