Master of Family and Consumer Sciences: Family Financial Planning
 Offered via the World Wide Web

For more ISU Family Financial Planning Program information contact Mary Winter, mwinter@iastate.edu, phone (515) 294-5982.

Name of graduate degree: Master of Family and Consumer Sciences
Name of major: Family and Consumer Sciences
Name of department: Family and Consumer Sciences
Name of area of specialization: Family Financial Planning

The financial planning industry is a growing field. Financial planners work in companies such a banks, insurance companies, and brokerage firms, or in employee benefits and pension departments of all types of corporations. Other choose to establish their own personal practice, with their own clientele.

The 42-credit Master of Family and Consumer Sciences-Family Financial Planning programs (MFCS-FFP) and the 18-credit Graduate Certificate Program are designed to prepare individuals to work in the financial planning field. The courses for this program are completely Web-based. Completion of course work in the Master's degree and Graduate Certificate meets the educational requirements to sit for the CFP Certification Examination from the Certified Financial Planner Board of Standards.

CFP®, CERTIFIED FINANCIAL PLANNER™ are owned by  Certified Financial Planner Board of Standards Inc. This title may be used only by individuals who successfully complete  CFP Board's initial and ongoing certification requirements. 

Iowa State University does not certify individuals to use the CFP®, CERTIFIED FINANCIAL PLANNER™ title.  CFP® certification is granted only by  the Certified Financial Planner Board of Standards Inc. to those persons who, in addition to completing an educational requirement such as this CFP® Board-Registered Program, have met its ethics, experience and examination requirements. http://www.cfp.net.

Students typically complete the program in three years while employed full time.  A computer with minimum specifications, Web access, and an email address are required for completing the program. 
 

Participating Universities

The Family Financial Planning specialization within the MFCS is offered through the Great Plains Distance Education Alliance (Great Plains-IDEA), a consortium of universities who have come together to offer master’s degrees through distance education to students whose families or careers keep them from completing an on-campus degree. Students select a "home" institution from which their degree will be granted, and then take courses at their home institution and the other cooperating universities. Universities collaborating on the gerontology program and the respective GP-IDEA campus coordinators are:

   IOWA STATE UNIVERSITY
  Sarah Carlson scarlson@iastate.edu
   KANSAS STATE UNIVERSITY
  Debra Woods dwood@ksu.edu
   MONTANA STATE UNIVERSITY
  Clare Becker clarebecker@montana.edu
   NORTH DAKOTA STATE UNIVERSITY
  Karen Murie Karen_Murie@ndsu.nodak.edu
   OKLAHOMA STATE UNIVERSITY
  Anne Mahoney mahonea@okstate.edu
   SOUTH DAKOTA STATE UNIVERSITY
  Joni Mueller Joni_Mueller@sdstate.edu
   UNIVERSITY OF NEBRASKA
  Lisa King lking2@unl.edu


Schedule of Courses

Additional details about current offerings

 

Fall

  

Spring

  

Summer
  FFP 520: Family Systems   FFP 535: Financial Counseling   FFP 525: Family Economics
* FFP 530: Fundamentals of Family Financial Planning * FFP 555: Insurance Planning for Families   FFP 541: Housing and Real Estate in Family Financial Planning
* FFP 583: Investing for the Family's Future * FFP 540: Estate Planning for Families * FFP 545: Families, Employment Benefits,
and Retirement Planning
* FFP 565: Personal Income Taxation   FFP 570: Professional Practices in Family Financial Planning   FFP 591 Practicum

 
  FFP 595: Financial Planning Case Studies   FFP 591 Practicum    
  FFP 591 Practicum        

Priority for registration will go to admitted Family Financial Planning students.

Course Descriptions

FFP 520: Family Systems 3 credits Research and theory relative to family functioning throughout the life cycle will be studied, especially financial decision making during crisis and conflict. Emphasis will be given to factors that shape family values, attitudes, and behaviors from a multi-cultural perspective. New and emerging issues critical to family functioning will be addressed.

 FFP 525: Family Economics 3 credits   This course will cover the major issues relative to the economics of families including household production, and human capital development. It will also cover the economics of crises, public policy and family life cycle spending, saving and borrowing. A theoretical and research perspective will be used to illuminate the concepts in the course. New and emerging issues in the field of family economics will be emphasized. Special attention will be given to the role of ethics in family economic issues throughout the course.

FFP 530: Fundamentals of Family Financial Planning 3 credits   This course provides an overview of family financial planning by integrating concepts and issues with planning and counseling applications.  Students will be introduced to the key concepts of family financial planning, including: insurance, tax, investments, retirement, and estate planning.  The family financial planning process is introduced with an emphasis on the integration and application of concepts in meeting individual and family financial goals and objectives. Other topics presented include an ethics overview, compensation trends within the industry, and regulatory frameworks.

FFP 535: Financial Counseling, 3 credits   Theory and research regarding the interactive process between the client and the practitioner, including communication techniques, motivation and esteem building, the counseling environment, ethics, and methods of data intake, verification, and analysis. Other topics include legal issues, compensation, uses of technology to identify resources, information management, and current or emerging issues. 

FFP 540: Estate Planning for Families 3 credits,  Fundamentals of the estate planning process will be studied, including estate settlement, estate and gift taxes, property ownership and transfer, and powers of appointment. Tools and techniques used in implementing an effective estate plan, ethical considerations in providing estate planning services and new and emerging issues in the field will be explored. Case studies will provide experience in developing estate plans suitable for varied family forms.

FFP 541:  Housing and Real Estate in Family Financial Planning 3 credits The role of housing and real estate in the family financial planning process, including taxation, mortgages, financial calculations, legal concerns, and ethical issues related to home ownership and real estate investments. Emphasis on emerging issues in the context of housing and real estate.

FFP 545: Families, Employment Benefits, and Retirement Planning 3 credits  Study of micro and macro considerations for retirement planning.  Survey of various types of retirement plans, ethical considerations in providing retirement planning services, assessing and forecasting financial needs in retirement, and integration of retirement plans with government benefits.

FFP 555: Insurance Planning for Families 3 credits,  An in-depth study of risk management concepts, tools, and strategies for individuals and families, including life insurance; property and casualty insurance; liability insurance; accident, disability, health, and long-term care insurance; and government-subsidized programs.  Current and emerging issues, as well as ethical considerations, relative to risk management will be discussed.  Case studies will provide experience in selecting insurance products suitable for individuals and families.

FFP 565: Personal Income Taxation 3 credits This course provides in-depth information of income tax practices and procedures including tax regulations, tax return preparation, the tax audit processes, the appeals process, preparation for an administrative or judicial forum, and ethical considerations of taxation. New and emerging issues related to taxation will be covered. Family/individual case studies provide practice in applying and analyzing tax information and recommending appropriate tax strategies.

FFP 570: Professional Practices in Financial Planning 3 credits  Challenges of managing financial planning practices including, but not limited to: business valuation, personnel, marketing, client services, ethics and technological applications. Relying both on a theoretical as well as an applied approach, students will analyze case studies that provide relevant, practical exposure to practice management issues, with a strong emphasis on current research findings.

FFP 583: Investing for the Family's Future 3 credits  An in-depth study of investment options for clients, this course will include common stocks, fixed income securities, convertible securities, and related choices. Relationships between investment options and employee/employer benefit plan choices will be studied. Current and emerging issues, and ethics will be an integral part of the course.

FFP 591: Practicum 3 credits; max. 6 credits. Arranged with the degree granting institution. Supervised experience in family financial planning. Must be enrolled in MFCS-Family Financial Planning graduate program.

FFP 595: Financial Planning Case Studies 3 credits  This course examines professional issues in financial planning, including ethical considerations, regulation and certification requirements, communication skills, and professional responsibility.  Students are expected to utilize skills obtained in other courses and work experiences in the completion of personal finance case studies, the development of a targeted investment policy, and other related financial planning assignments.


Application Procedures

Iowa State University's admission process is self-managed, which means that you are responsible for collecting your application and all supporting materials (academic records, letter of recommendation, etc.) in a single package and sending it to the university.  This ensures a more timely processing of materials.  Students seeking admission at Iowa State University will need to:

When all the materials are on file, the graduate committee at College of Family and Consumer Sciences, Iowa State University will act on your request for admission the MFCS-Family Financial Planning program and will contact you about their decision.

The Dean of Graduate College at Iowa State University will maintain a transcript for students.

For ISU MBA students:

If you are currently an Iowa State University MBA (Master of Business Administration) student and you wish to enroll in the Family Financial Planning (FFP) Certificate (18-credit certificate), you will need to complete a "Request to Pursue Two Concurrent Graduate Degrees" form. 


Course Registration

Your Great Plains-IDEA Campus Coordinator will send students a listing of course offerings each semester. You will register for the course and pay tuition and fees to the degree granting institution (home institution). For instance, if you take a course from Oklahoma State University you will register for the course at Iowa State University and pay to Iowa State the tuition and fees for that course. Your Great Plains-IDEA Campus Coordinator will help you with this process. First priority for all Gerontology courses will be given to the students who have been admitted to the Gerontology degree program. Contact Sarah Carlson scarlson@iastate.edu, the ISU Great Plains-IDEA campus coordinator to register for specific courses

First priority for all Family Financial Planning courses will be given to the students who have been admitted to the family financial planning master's degree and certificate program.


Tuition and Fees

Family Fiancial Planning Program

Cost

Master’s Degree

$395 per credit (42 credits)

Graduate Certificate

$395 per credit (18 credits)

Course materials

$50-$100 per course


College Forms

Once accepted into the MFCS Family Financial Planning program it is helpful to download the MFCS Policy and Procedures Manual to use as a reference while completing your program. More detail about the forms listed below can be found in the manual.

Recommendation for Committee Appointment
Request for Final Oral Examination
Program of Study form for Master of Family and Consumer Sciences in Family Financial Planning
Program of Study form for Certificate in Family Financial Planning

If you have questions or wish more information, please feel free to use the U.S. toll-free number to reach our office, 877-891-5349, or to email us at mfcsinfo@iastate.edu.

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Frequently Asked Questions

Do you offer graduate programs, certificate programs, or undergraduate programs?
 We offer a 42-credit master's degree program and an 18-credit graduate certificate program, which consists of a subset of courses form the master's program.  The certificate program has been designed for students whose goal is the Certified Financial Planner™ credential and who do not need a master's degree.  We do not offer a web-based undergraduate program in Family Financial Planning.

How much does the program cost?  Does that amount include books, tests, and other fees?
 The program is offered in collaboration with six other institutions.  Students pay the tuition and fees assessed by the institution offering a specific course, so the costs vary from course to course.  Tuition for the program is $395 per credit hour.  That does not include the cost of books or materials.  Course materials are estimated at $50-$150 per class.

How long does it take to complete?
 Students typically complete the master's program in three and a half years if they are employed full time and taking only once course each semester. Students who participate in full time study can shorten the time from start to finish. The certificate program can be completed in less than two years.

How do you schedule courses?  How often are courses offered?
 Each course will be offered once a year with sustaining enrollment.  Students have maximum flexibility about when to begin their program and in scheduling courses.

Do I have to be admitted into all the graduate programs at the participating universities?
 You only need to be admitted to the university you select as your "home" university, which is the university from which you will receive your degree or certificate.

I've never taken a Web course before.  How does it work?  Each course has a beginning and ending date for the semester.  A week before the course begins the instructor and teaching institution contact you with information about how to access the Web course, providing you with a log on, password, and syllabus.  It is important to log onto the course by the first day of the course to work through any introductory materials, insure your computer is set up properly and to familiarize yourself with the course software.

You can log into the course on any time of day that works with your schedule. Most instructors ask you to log in 2-3 times a week.  Usually there is a text book and you may have weekly assignments, individual projects and papers to complete, quizzes, and tests.  Many instructors have discussion boards and group projects. 

What are the credentials of your faculty?
 The faculty members were chosen because of their expertise in the area related to the course they are teaching.  All the faculty members are members of the Graduate Faculty at their respective universities.

Is there an application deadline?  You may apply to the program during any semester.  Once all parts of your application packet are received, it takes about 3 weeks to hear if you have been accepted. 

Does your program offer internships or job placement services?
 A practicum (6 credits total) is offered through each degree-granting campus.  Career placement services offered by the university will be available for your use.  The Family Financial Planning program does not have a separate job placement office.

Is financial aid available?
 It depends. Students enrolled for seven or more credits may qualify for the maximum scholarship award.  Funding the program can definitely be done through the Stafford loan program, if you meet their requirements, which is that the student be enrolled at least half time (5 credits at ISU).  Often distance students are taking one course a semester (3 credits) and so would not qualify. Graduate assistantships are usually awarded to on-campus students, because such assistantships required involvement in teaching on-campus class or assisting a professor with on-campus research.

Is your Family Financial Planning Graduate Certificate covered under the VA benefits?
 For additional information regarding VA reimbursement for some licensing and certification tests: https://www.gibill.va.gov

According to the Registrar's Office at Iowa State University, if you are registered as a student, and still have active benefits, then the classes you take will be covered by VA benefits.  The process goes like this 

There is a fee for the CERTIFIED FINANCIAL PLANNER Certification Examination. This is a separate item from the educational program. In March of 2001, the Dept. of Veterans Affairs (VA) released requirements for reimbursing licensing or certification examination fees.  As a result the CFP Board plans to submit an application in late September 2001, and anticipates that the application will be approved with little difficulty.  Once this has been approved, veterans across the country may use their Montgomery G.I. Bill benefits to receive reimbursement for the exam fee. 

Does your program have a review course?  Does it partner with a review course provider?
 To date, we do not offer a review program or partner with a provider of a review program.  That option may be considered in the future.

How will your program make me a better financial planner?
 The courses in family financial planning enable you to:

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