City colleges introduce financial planning courses in curriculum

The rise of “finfluencers”—social media personalities offering financial advice—has caught the attention of both the public and regulators

MUMBAI: Recognising the need for structured education in financial planning, a number of educational institutions in Mumbai are stepping forward with specialised programmes that blend academic learning with practical, real-world financial expertise.

Educational institutions in Mumbai are providing specialized programmes in financial planning blend academic learning with practical, real-world financial expertise. (Shutterstock)

From the upcoming academic year, institutions like Sydenham College, K J Somaiya Institute of Management and S P Jain School of Global Management will launch new courses in financial planning, wealth management and applied finance. These programmes aim to equip students not just with theoretical knowledge but with actionable skills and globally recognised certifications that can prepare them for careers in a rapidly evolving financial ecosystem.

The rise of “finfluencers”—social media personalities offering financial advice—has caught the attention of both the public and regulators. According to a recent study by the Chartered Financial Analyst (CFA) Institute, nearly 82% of retail investors influenced by social media reported acting on the advice received, yet only 2% of content creators are registered with SEBI. This alarming gap underlines the risks involved when financial literacy is shaped by unverified sources.

“What stands out in this research is the potential for social media and finfluencers to democratise access to financial information,” said Arati Porwal, senior country head, India, of CFA Institute. “However, with that potential comes the responsibility of ensuring that advice shared is transparent, accurate and ethical. Having spent years working to build trust between investors and finance professionals, this is a critical moment for collaboration between regulators, platforms and content creators.”

To address this growing need, several professional bodies around the world have begun partnering with universities and traditional educational institutions to integrate their specialised courses into formal academic programmes. Sydenham’s MSc in finance now integrates the globally recognised Certified Financial Planner (CFP) credential, with the Financial Planning Standards Board (FPSB) India as a knowledge partner. This full-time, two-year course, with access to internships, live projects and mentorship from industry leaders, opens the doors to careers in investment analysis, tax planning, corporate finance and more.

K J Somaiya Institute of Management is also offering an executive PGDM in financial planning—a dual qualification course tailored for professionals with at least three years of experience in financial services. Participants will receive a postgraduate diploma from the institute along with the CFP certification. “The Indian economy is projected to reach a GDP of $7 trillion by 2030, with the number of millionaires set to double by 2026,” said the institute’s director Raman Ramachandran. “This surge in wealth creation is driving a growing demand for skilled financial planners.”

Krishan Mishra, CEO of FPSB India, said there was a pressing need to distinguish between genuine financial expertise and unregulated advice. “This partnership represents a significant step in developing a workforce equipped with both the technical expertise and professional ethics required in today’s financial services sector,” he said.

Prof Rajanish K Kamat, vice-chancellor of Homi Bhabha State University, emphasised the value of empowering students with globally recognised credentials and future-focused skills. “Financial planning education is essential for building a secure future and we will equip students with globally recognised skills through the CFP certification, preparing them to excel as ethical and skilled professionals in the evolving financial planning landscape,” he said.

Meanwhile, the S P Jain School of Global Management is launching a 12-month Master of Applied Finance and Wealth Management (MFWM) programme, spanning Mumbai and Dubai. “The finance industry is evolving rapidly, and professionals today need a unique blend of technical expertise, practical experience, and global exposure to stay ahead,” said the programme director Arindam Banerjee.

Banerjee added that the curriculum would include the core principles of applied finance with in-depth training in wealth management, offering students a comprehensive understanding of client portfolio construction, risk and insurance advisory, tax planning, real estate and retirement strategies and financial engineering.

The CFA Institute is also playing a growing role in shaping ethical investment education in India. Paul Moody, managing director of global partnerships at the institute, highlighted ongoing efforts to reduce costs and expand access. “This is an international degree, and we’re working to make it more affordable,” he said. “We’ve recently reduced the cost of Level One and expanded scholarship options. We’re also in talks with several universities for academic tie-ups.” Currently, 37 Indian institutions, including IIM Mumbai and IIM Nagpur, are affiliated to the CFA program.