FHSU University Relations
In an article recently published in Wealth Management, rankings of the eight colleges with the best financial planning programs in the U.S. were released.
Fort Hays State University received a fourth-place ranking of financial planning programs based on the results of the National Financial Planning Challenge over the past 14 years.
Based on the aggregate results of the National Financial Planning Challenge from 2010-2023, the eight highest-performing undergraduate financial planning are:
- Kansas State University
- Texas Tech University
- Utah Valley University
- Fort Hays University
- University of Georgia
- Virginia Tech University
- Texas A&M University
- William Paterson University
Since 2010, the Financial Planning Association, CFP® Board of Standards, and Ameriprise have invited colleges with CFP® Board-registered financial planning programs to compete in the National Financial Planning Challenge.
Teams undergo a three-phase competition and are judged by a panel of working financial advisors in understanding financial planning concepts, analytical ability, technical rigor, and presentation skills.
According to Tom Johansen, FHSU professor of finance and financial planning team coach starting in 2001, FHSU’s success in the financial planning challenge can be attributed to several things.
“Our work ethic is solid, and the kids we select are very competitive,” Johansen said. “They want to win, so they work really hard. In fact, our ranking would be higher if they included the competitions from 2001 to 2008.”
In the first phase of the challenge, teams prepare a comprehensive financial plan based on the particulars of the case they select. In phase two, the teams orally present the plan before independent financial planners. In the final phase, the teams compete in a game show-style financial planning knowledge contest called “How Do You Know Challenge,” which tests specific knowledge in areas such as estate planning, insurance, investments, retirement planning, and taxation.
Christina Glenn, assistant professor of financial planning, came on board as the financial planning program director in 2020. Johansen has assisted her with the logistics of preparing teams for the financial planning competition.
Among many attributes he and Glenn find to be necessary for the team is the cultivation of communication skills and empathy.
“We help our team members learn soft skills and talking to people,” Johansen said. Those skills come from getting up in front of people and doing presentations.”
“They need to know their plan better than anyone. Make eye contact with judges.”
In addition to the benefits the team members find academically, the challenge prepares them for real-world challenges they will face during their careers.
“On the job, you won’t have a guide sheet, cheat sheet, or rubric,” Johansen said. “You just have to get it done.”
FHSU’s finance department has grown from 11 financial planning majors in 2017 to nearly 50 in the fall of 2024. A degree in finance can lead to many different career paths. FHSU financial planning team members have gone on to work for the Federal Reserve Board, Koch Industries, JP Morgan, and many other highly sought-after positions.
The 2025 Financial Planning Team will be selected in the spring after students go through an application process. Due to the past success of the teams, many finance majors show an interest in joining the team as early as their freshmen year. Glenn and Johansen help guide the students in understanding financial planning career paths, compensation packages, and connections in the industry.
“It’s an in-demand profession,” Glenn said. “There are lots of scholarship opportunities for students in financial planning, enabling them to take the exam and go to school and do all the prep that they need to be successful in getting their certification.”
FHSU is the smallest school on the list of the top eight universities for financial planning. To Glenn, that’s not a detriment; instead, it gives FHSU a competitive edge.
“We are a small school, so you are going to get individualized one-on-one attention from your faculty,” she said. “We are going to be invested in your careers. We are going to help you get internships and scholarships. And we are the most affordable school on that list.”
Glenn and Johansen agree that now more than ever, individuals with finance and accounting degrees are needed to give sound financial advice to a growing number of people who desperately need financial advice and have no retirement savings.
“A large percentage of people have $1,000 or less in savings for retirement,” Johansen said. “That is bad, and they need help. I’ve talked with many financial planners, and what they like most about their careers is helping people.”
That aspect of a financial planning career appears to be misunderstood by many, Glenn said.
“If you like to help people,” she said. “You like to solve problems. You like numbers. You like variety. Financial planning is a career that you can pursue in a small or big city. It is a perfect career.”
Summary of Fort Hays State University in competition:•
• 17 years participating in the competition in the last 24 years (14 years in the Elite Eight: 2006-present, Elite Six: 2000-2005)
• 3 first place (national champions)
• 1 second place
• 5 third place (9 years in the top 3)
• 3 fourth place
• 1 fifth place (13 years in the top 5)
• 1 seventh place (as an individual)
• 3 DNA (did not advance)
• 7 years - did not participate
• 2000-08 Competition sponsored solely by American Express (Ameriprise)
• 2010-present Competition sponsored by Ameriprise, CFP® Board of Standards, and FPA