Job Description - Financial Advisor:
A financial advisor helps people plan for their short and long term financial goals including retirement and their children's education expenses. He or she may provide investment, tax and insurance advice.
Employment Facts - Financial Advisor:
There were 208,000 financial advisors employed in the U.S. in 2008.
Educational Requirements - Financial Advisor:
To work as a financial advisor one must have at least a bachelor's degree. Many people who work in this field have an MBA or a master's degree in finance.
Other Requirements - Financial Advisor:
A financial advisor who sells financial products including stocks, bonds and insurance policies, needs licenses to do so. See the Directory Of Securities Laws & Regulations on the North American Securities Administors Association (NASAA) Web Site for licensing information. Many financial advisors earn the credential, Certified Financial Planner, which is issued by the Certified Financial Planner Board of Standards. To do this one must pass an exam and have a bachelor's degree and three years of experience in financial planning.
Advancement Opportunities - Financial Advisor:
With experience, a financial advisor can move into a managerial position. Alternatively, one may open his or her own branch office of a security firm.
Job Outlook - Financial Advisor:
The job outlook for financial advisors is excellent. This occupation is projected to experience faster growth, through 2018, than other occupations requiring a bachelor's degree (The U.S. Bureau of Labor Statistics).
Earnings - Financial Advisor:
Financial advisors earned a median annual salary of $68,200 in 2009 (U.S.).
Use the Salary Wizard at Salary.com to find out how much a Financial Advisor currently earns in your city.
A Day in a Financial Advisor's Life:
On a typical day a financial advisor's tasks might include:
- marketing his or her services to potential clients by giving seminars or networking
- meeting with clients to assess their financial needs and goals
- updating clients on potential investments
- adjusting clients' financial plans to accomodate life changes such as marriage, divorce, disability or death of a spouse
Sources:
Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2010-11 Edition, Financial Advisor, on the Internet at http://www.bls.gov/oco/ocos302.htm (visited April 15, 2010).
Employment and Training Administration, U.S. Department of Labor, O*NET Online, Financial Advisor, on the Internet at http://online.onetcenter.org/link/details/13-2052.00 (visited November 22, 2010).
