A new program launched spring semester will help students working toward their masters of business administration gain a specialization in family financial planning by allowing them to double-list some classes.

The College of Business and the College of Family and Consumer Sciences are working together to offer this opportunity to students. Students can apply 12 credit hours of course work to both an MBA specialization and a certified financial planner certification, college administrators said.

The first step to getting the 18-credit certified financial planner certificate consists of online courses offered by Iowa State and six other universities. After students have completed those 18 credits, they can take the exam. If they pass the exam, they receive the certificate.

In the MBA program, a student must take 48 credits; 24 of those are MBA core classes and 24 are electives. Of the elective credits, students take 12 credits in one specialization area. The College of Business offers nine different specializations.

Tony Hendrickson, associate dean of logistics operations and management information systems, said by double-listing some courses, students will be encouraged to get their MBA.

More people with the CFP designation will potentially have an MBA as well, he said.

“[It is a] nice way to make headway toward a CFP certification while taking business classes,” he said.

Students with both “will have a well-rounded understanding of business skills and a broader base of skills.”

Kim Schroeder, business program coordinator, said one advantage of this program is the courses are Web-based.

“Students can take the classes online, and that’s important for people who don’t live in close vicinity to Des Moines or Ames, where the classes are offered,” Schroeder said.

There is a large financial services market in the Des Moines metro area. Iowa State is now addressing the needs of the population with this program, she said.

Mary Winter, associate dean of the College of Family and Consumer Sciences, said students have gotten both an MBA and CFP before, but it has taken more time. It can now happen at the same time, she said.

“Many people with an MBA work for financial companies or companies where employees need to know issues related to financial planning,” Winter said.

The two colleges started talking about putting this program together last spring, Winter said. They wanted to make it easier for students to get both an MBA and CFP.

Although students will be taking some courses online through other universities, they will be registering, paying and getting credit at Iowa State.

Winter said since students are required to pass the CFP exam after receiving the certificate, they will evaluate the program by how many students pass the examination.