Become a Financial Advisor
Financial Advisor Salary

It can be quite fulfilling to become a financial advisor for those interested in numbers and finances.

This position requires at least a Bachelor’s degree in business, economics, accounting, or finance.

Many find that taking classes on psychology is also useful just for understanding their clients better.

If you have worked in a financial services position before, you will have an edge for higher level positions.

However, anyone fresh out of college with their online degree will need specific financial advisor training in the specifics of financial advising and planning. These classes can be found online or usually are provided by financial companies.

You can find the financial advisor salary estimate on the Accounting Salary Table.

Financial Advisor Job Description

Your career as a financial advisor is a challenging one, where you will be studying the latest trends and advancements in the field and writing up reports for your clients, as well as making recommendations to help them build their portfolio. You could be handling everything from giving investment advice to advising on insurance policies, mortgages, and pension planning.

In order to successfully become a financial advisor, you’ll need to get along well with people, have a good sales technique and an understanding of the technical side of finances. It is also helpful to be able to explain everything in layman’s terms so your clients can understand your recommendations. Because of the delicate nature of the industry, anyone wishing to practice in it will be required to submit to a criminal background check. Having a criminal record can prevent you from becoming a financial advisor.

It is possible to work independently as a consultant to businesses and individuals, or you can look for a position within a company. Banks usually hire some personal financial advisors right out of school. They are often more open than other firms to taking on relatively new advisors, but with a little experience under your belt, you can find work with any financial institution, such as brokerages, insurance companies, and even private businesses.

Become a Certified Financial Advisor

While there are several exams to pass in order to become a certified financial advisor, you will also have to take annual exams to ensure that you are up to date on the latest information. This is usually provided by your employer. Most financial institutions also offer ongoing classes or will pay for you to continue studying and improving. Some people eventually go private, preferring to work independently instead of for a company, to increase their financial advisor salary.

There are three types of registrations available when you become a financial advisor: Insurance Producer, Investment Advisor Representative, and Registered Representative (Stock Broker). Which one you choose will depend on the area you wish to work in. Those who become financial planners are not required to take an exam, though there is one, the Certified Financial Planner (CFP), which gives a little extra credibility. Each certification requires work experience, taking an exam, and often requires being affiliated with a firm. You will also have to take exams on a regular basis to show your skills are up-to-date.