Steps To Become A Financial Advisor
The demand for financial advisors is growing significantly and the outlook is robust for the next several years. The business of financial advisors is expected to grow by 27% by the year 2022 according to the US Bureau Of Labor Statistics. The growth figures predicted will create an additional 60,000 jobs in addition to the 225,000 financial advisers that are already providing services.
Financial advisers are also working in a field which is one among the highest paying jobs in America. Financial advisors in the US are earning approximately $52 per hour or taking home $108,000 every year. The figures could encourage students to pursue careers as financial advisors which would be a good option for those who are interested in the business of finance. However, students are required to understand they need to hold the right qualifications and also become accredited by the regulatory bodies before they can begin work as financial advisors. What are the requirements to become a financial advisor?
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Having The Right Qualifications
When considering the option of working as a financial advisor students are required to have a bachelor’s degree. It will be even better if they have majored in finance, economics, business, statistics and similar fields. Financial advisors can prefer to work as generalists or specialize in one of the several areas that are increasingly being sought after by consumers. These fields can include retirement, taxes, estate planning, risk management and insurance.
The possibilities of major firms and high-end clients requiring financial advisors who have continued their education to the graduate-level also exist. Financial advisors can also pursue a degree in MBA after being in the business for several years even as they continue with their full-time employment.
Serving As an Intern
Academic instructions received within the classroom will provide the student the foundation he or she needs for the learning but it will be essential for the individual also to get some real world experience. It is extremely important for students to attend classes in a school that has relationships with companies in financial firms because they can provide an opportunity for the students to use their education practically by gaining instructions and learning from experienced mentors that are already working in the field.
Obtaining Licenses And Certification
After obtaining three years of work experience students who are trying to be financial advisors will have an opportunity to apply for one of the several certifications which are available. This is another process of the learning because the certification will need specialized training and coursework. Students will also have to clear an exam and continue their education as specified by the regulatory bodies. The National Association Of Personal Financial Advisors recommends at least one of the following certifications for individuals trying to work as professional financial advisors.
- Certified Financial Planner [CFP].
- Personal Financial Specialist [PFS].
- Chartered Financial Consultant [CH FC].
- Chartered Financial Analyst [CFA].
Facility areas of some types also require licensing. Financial advisors who are also interested in selling insurance must obtain a license within their state of residence as an accredited advisor in insurance. Similar requirements will also apply for financial advisors that are focusing on investments because they will be required to register with the Securities and Exchange Commission [SEC] as an investment advisor who is registered.
The Willingness To Return To School
The fast moving world of finance is changing constantly. The strategies and the laws governing finance are consistently changing and financial advisors are required to educate themselves about the current trends. Some of the certifications which have been mentioned earlier require continuing education and the demand for an advanced degree will also be essential particularly for senior positions. A graduate degree in finance will be offered as a Masters in finance but an MBA which concentrates in finance will provide the individual a competitive edge.
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