New scholarship targets women switching careers to advising

Wealth management has long been a second-career opportunity for professionals looking for a change, but taking the time and having the resources to make the change isn't a given.

Cary Carbonaro, a longstanding industry veteran, is looking to change that, offering scholarships for a select number of women who might not otherwise be able to afford it to depart from their current careers and become advisors.

Among women entering the profession of late, "There is a percentage of college students and career-changers," said Carbonaro, who is a managing wealth advisor at Ashton Thomas Private Wealth, author, and CFP Board ambassador. "Believe it or not, there are more career-changers than there are students."

Recently, Carbonaro realized that when it came to available scholarships for CFPs, "all the other scholarships are for students," she said. "We have a complete hole. There's none for career- changers."

According to a survey by In Her Sight, in 2019, nearly three-quarters of women expressed interest in changing careers, citing better pay and doing work that they believed in as top reasons for making the switch. Yet, 16% said money was stopping them and they would make the leap if they could afford it. 

To address the problem, Carbonaro and the CFP Board announced the Cary Carbonaro Women & Wealth Scholarship, which offers up to $5,000 per recipient and is aimed at women career-changers specifically. It launched earlier this month and will award 20 scholarships over five years.

"The scholarship provides financial support to women who identify as career changers — individuals who have never worked in the financial services ecosystem," wrote the CFP Board in its announcement. "Eligible candidates must also demonstrate financial need." 

READ MORE: Growing group of women advisors seeks to jumpstart careers in the field 

The business case for career changers

Last year, the CFP Board reported that women make up 24% of CFP professionals. Among women who had already changed careers into financial services, work/life balance was an essential reason, while improved financial security and renewed passion and energy ranked high on their lists, alongside greater job security. 

A primary misconception women held about financial services, according to the survey, was that they needed high math skills to be good at the job, followed by worry that they weren't extroverted enough, and that the success of the career tied to the performance of markets and the economy. 

Interestingly, these details were considered more like obstacles rather than deal breakers, and with enough understanding about what the job entailed, interest in careers in the industry among women rose to 89% from 71%, according to the CFP Board. 

READ MORE: Quad-A conference urges women advisors to use their voices 

Building on talent that already exists

When Carbonaro and the CFP Board announced the scholarship earlier in the month, "I was actually super nervous [and hoped] this net was wide enough because it's women career-changers that have a financial need," she said.

The application process runs through September 30 and there are several criteria, including completion of an undergraduate degree and an essay that details their financial need. Eligible applicants "need to be enrolled in a certificate-level CFP Board Registered Program and must not have completed six or more courses at the time of application or must enroll in a certificate-level program within three months of receiving the award," wrote the CFP Board. 

In targeting women looking to switch careers, Carbonaro and the CFP Board are also banking on what career changers already bring to the table. Career changers have "real life experience," Carbonaro said. "You need age and wisdom in this profession."

Applications will be reviewed by a scholarship panel and recipients will be announced in December. All eligible applicants will also receive a copy of Carbonaro's latest book, "Women and Wealth: A Playbook to Empower Clients and Unlock Their Fortune."

"I feel like it's great for teachers or people who are working in nonprofits," said Carbonaro, "or somebody who is really interested in financial planning and the markets but does something different with their day job."

Response and feedback have already begun to come in, according to Carbonaro, who happened upon a testimonial from a woman who had to pay for her CFP and subsequently took a pay cut to start over. The woman shared how meaningful a scholarship like this would have been for her at the time. 

"I was like, 'wow. I didn't even realize that,'" said Carbonaro. "I'm removing the barrier."