Choosing a career as a financial advisor can be difficult, but there are some things to consider. In this article, we will examine the Education required, the job outlook, and the salary of this career path. In addition, we’ll provide some tips for choosing a career as a financial advisor. This career field offers many benefits, but it’s important to know the facts to make a good decision.
There are several important questions to ask before you make a final decision.
A career as a financial advisor has many benefits. The highest level of pay, benefits, and recognition of the profession make it an excellent career choice for those with a bachelor’s degree. However, earning an MBA may not be the best choice for everyone. While earning your MBA may require you to spend more time in a classroom than you would in your day job, it will definitely help you gain the knowledge you need to be a financial advisor. There are several online MBA programs available, including one at Villanova University.
A financial advisor’s career path is often illustrated in the form of a 5-rung ladder. Each step is measurable. Detailed scorecards accompany the path so that you can follow your career progression. You’ll also gain clear expectations and know the next step you should take. This career path can be difficult to follow, but it is worth pursuing. If you’re passionate about this profession, there’s no better way to achieve your financial goals than to help others.
The Education required for a career as a financial advisor depends on your background and experience. While many financial advisors have at least an undergraduate degree, the requirements for other financial services careers may vary a bit. The Financial Industry Regulatory Authority (FINRA) offers information on educational requirements. If you have a bachelor’s degree in a field related to finance, you can transfer your credits to an accredited school. You should complete a minimum of 12 hours of post-secondary education.
Most entry-level positions as a personal financial advisor are accompanied by on-the-job training. However, most financial advisor certifications require at least 6,000 hours of relevant professional experience, including at least four years of apprenticeship. After completing your education, you may find yourself pursuing a lucrative and rewarding career as a financial advisor. Despite the high entry-level salary and benefits, many people who start their careers in this field lack the educational background.
Although financial advisor compensation can vary greatly, there are some trends that are worth noticing. According to an Investment News study, the base salary of a lead advisor can be 20 to 30 percent more than that of a service advisor. The difference between the two types of advisors isn’t as substantial, but it’s worth noting nonetheless. As the financial advisory industry continues to evolve, career tracks and compensation scales are beginning to become more formalized.
The following are some tips for determining your compensation:
Typically, a financial advisor works with between 100 and 150 clients. As such, they are expected to put in around 1,400 hours a year and spend about 29 hours a week on the job. In addition to client-facing work, these advisors are responsible for managing a team of employees. They also receive training to oversee and manage these employees. This may be the most important aspect of a financial advisor career, so it’s important to understand all aspects of your position before committing to a specific company.
A career as a financial adviser has a bright job outlook. According to the Bureau of Labor Statistics, employment opportunities for financial advisors will grow by 15 percent between 2016 and 2024. This growth is higher than the average for all occupations. By 2026, personal financial advisor employment will reach 312,300. While this growth is not as fast as the average, it is still a good chance for those with the right education to find a great job in this field.
The number of financial advisor jobs will increase as more women join the profession. With the Meetoo movement gaining momentum, more women are entering the field. In 2014, only 16% of advisors were women. However, that number has increased to 35% by 2018.