Getting a chartered retirement planning counselor (CRPC) designation can increase a financial advisor’s earning potential without the need to invest a lot of time, energy and money. People with this financial professional certification report earning an average of 9% more after qualifying for the designation, according to the organization that provides training for CRPC applicants. One provider of salary data says CRPCs earn $73,000 per year on average nationwide. Data from another source indicates actual earnings can vary widely by state and job title. Some employers require newly hired financial professionals to already have or to obtain a CRPC as a condition of keeping their jobs.
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CRPC Basics
The CRPC is a professional financial certification that focuses on the needs of people planning for their retirement. The College for Financial Planning provides training and oversees the designation. CRPCs study and provide advice on retirement income, Social Security, paying for healthcare, managing taxes and estate planning as well as coping with the emotional aspects of leaving the workforce.
The CRPC has relaxed requirements when compared with advanced certifications such as the certified financial planner (CFP). There are no educational or work experience prerequisites to undertake the training. The coursework to prepare for the exam is likely to consume 90 to 135 hours and the cost is $1,375, according to Kaplan, the parent company of the College for Financial Planning.
CRPC Earnings
Kaplan says financial professionals experience an average earnings increase of 9% after getting a CRPC. Payscale, a compensation software vendor that collects salary data, says nationwide earnings for people with the CRPC designation average $73,000. Behind these averages lies a wide variation in earnings based on key traits including location and job title.
Ziprecruiter, a job search site, gathered salary data for CPRC holders and found significantly lower earnings averaging $32,637. It also calculated averaged by state. New Jersey led states where CRPCs earned the most, with $36,166. Florida came in last with $22,046. Here’s the full Ziprecruiter state-by-state ranking:
| State | Annual Salary |
| New Jersey | $36,166 |
| Wisconsin | $35,319 |
| Alaska | $34,445 |
| Massachusetts | $34,399 |
| Oregon | $34,288 |
| Washington | $34,286 |
| North Dakota | $34,194 |
| New Mexico | $33,965 |
| Minnesota | $33,542 |
| Hawaii | $33,514 |
| Ohio | $32,771 |
| Colorado | $32,752 |
| Nevada | $32,568 |
| New York | $32,372 |
| South Dakota | $32,317 |
| Rhode Island | $31,759 |
| Iowa | $31,692 |
| Vermont | $31,545 |
| Connecticut | $31,424 |
| Tennessee | $31,289 |
| Utah | $31,046 |
| Delaware | $30,951 |
| Mississippi | $30,891 |
| Virginia | $30,569 |
| Illinois | $30,270 |
| Maryland | $29,991 |
| California | $29,687 |
| Pennsylvania | $29,657 |
| Nebraska | $29,399 |
| Louisiana | $29,285 |
| Missouri | $29,092 |
| Kansas | $29,073 |
| Maine | $29,050 |
| South Carolina | $28,815 |
| New Hampshire | $28,811 |
| Oklahoma | $28,471 |
| Wyoming | $28,408 |
| Idaho | $28,357 |
| North Carolina | $28,220 |
| Texas | $28,127 |
| Indiana | $28,073 |
| Arizona | $27,492 |
| Kentucky | $27,248 |
| Michigan | $27,128 |
| Montana | $27,078 |
| Alabama | $26,740 |
| Arkansas | $25,831 |
| Georgia | $24,910 |
| West Virginia | $22,904 |
| Florida | $22,046 |
Ziprecruiter’s data may indicate lower salaries than Payscale’s because results from the job search site included some non-financial job postings that included the initials “CRPC.” Among these, were low-level healthcare positions paying much less than typical financial advisor jobs.
A sample of financial industry job postings specifying that applicants had to hold or earn a CRPC included titles ranging from administrative assistant to investment manager. Postings showed advertised salaries starting as low as $40,000 for an administrative associate outside Detroit and going as high as $200,000 for a senior financial advisor in Philadelphia. Some job postings indicated that applicants could have either a CRPC or an advanced designation, such as a CFP, that typically involves considerably more study and expense.
Bottom Line
A CRPC is a designation financial professionals typically earn in the early stage of their careers. It requires no educational or work experience to begin official coursework for the designation, and it costs less than many other professional certifications. Getting a CRPC can boost earnings by 9% compared to financial professionals who don’t have the certification. Employers advertising jobs in the financial services industry may require applicants to already hold or commit to earning a CRPC as a condition of employment. Nationwide, earnings average $73,000 a year, according to one source. Earnings can vary widely by state, with New Jersey CRPCs earning the most and Florida CRPCs paid the least, according to another data source. Earnings also vary widely by job titles.
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