Financial advisors are generally responsible for conducting various client meets for assessing the financial position. They provide valuable advice for financial investment strategies. Sometimes, they need to monitor the accounts of their clients for determining necessary changes. Besides working full time, they require working on holidays and weekends to search for additional clients for their database.
Now, let us know the career requirements:
You will require a minimum degree of Bachelors in Accounting, Finance, Business or mathematics. Sometimes, licenses are mandatory for buying or selling stocks or bonds or any other insurance policies. You are required to possess great interpersonal skills along with good mathematical or analytical skills.
Step 1: Earn a Bachelors Degree Program: The first step to become a financial advisor is to earn a bachelors degree. The typical program will include subjects like financial management, accounting, and finance. Concepts like financial planning and risk management can also be focused. You are required to develop some marketing skills throughout your course which can be beneficial for your career. Sometimes, these types of programs may include guidance for writing resume or methods for searching jobs.
Step 2: Obtain License: You are required to obtain license for registration purpose. Some states require a mandatory license before the personal financial advisors can start their business. For example, the advisors who practice selling bonds and securities may require a registration from FINRA (Financial Industry Regulatory Authority). When the advisors are registered under some exchange commissions or authorized bodies, general public can easily trust them without any hesitation in their mind.
Step 3: Work Experience: Gaining work experience is very important in this field. You may be employed by some firms or can be self employed, but experience is necessary. With the experience, the advisors can easily provide guidance to the clients just by assessing their present status of income and expenditure.
Step 4: Obtain Certification: Financial boards and standards can offer certifications after you have successfully completed your bachelor’s degree. But the certification must be obtained from an accredited institution. After completing the certification exam, the candidates must go through some ethics standards for gaining the professional designation of a financial advisor.
Step 5: Earn Advanced Degree: Some employers may look for professionals with advanced degrees such as Master of Business Administration or Master of Science in Finance. Most of the post graduate programs can be customized according to the preferred specializations like financial accounting, financial management etc. Focused courses may also include concepts like fixed income analysis.
It is always advisable to the finance students that they join some students’ clubs. The groups must be devoted to financial related topics such as investment management and financial accounting. The financial clubs can also be helpful in the improvement of interpersonal skills so that the likeminded students are well connected with their subjects. If you can build a successful career in financial sector, you can earn lucrative money. According to the research in 2014, an average financial advisor can earn around $80,000 per year which is not a very small amount.
Author Bio: John Marshall is a well known financial advisor. In this article, he is providing tips to the upcoming financial advisors for preparing themselves for their career in finance. If you want to know in details, just visit www.leasequit.com.