The Chartered Financial Consultant (ChFC®) designation, awarded by The American College in Bryn Mawr, Pennsylvania, provides a valuable credential to financial consultants of the insurance industry. The curriculum for the Chartered Financial Consultant includes nine courses in financial, insurance, tax, retirement, investment, estate planning and applications topics. Two electives must be chosen, such as financial economic policy and executive compensation.

Requirements. A Chartered Financial Consultant must have at least 3 years of work experience in the financial services industry. The ChFC® prepares professionals to manage the needs of individuals, families and small business. According to American College, ChFCs earn 51 percent more than their peers. The ChFC® does not require a board examination. Holders of the CFP® certification may opt out of some of the course requirements for the ChFC®.

Considerations. The ChFC® distinguishes financial advisors in the insurance industry. The education curriculum, while similar to the Certified Financial Planner (CFP®) examination, concentrates on the needs of the insurance industry and its products. Respected throughout the sell-side of banking, broker-dealers, financial planners, and insurance, many ChFC® charter holders go on to earn the CFP® designation.

Compensation. CHFCs' annual earning range compares with the CFP® designation, at about $46,000 to $77,000 per year in salary, commissions, profit sharing, and bonuses.