OVERVIEW
What is a Financial Advisor?
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Financial advisors actively work on their clients鈥� behalf, to research and pursue reliable investment opportunities that will yield a sufficient return. In addition, they help clients navigate a range of financial challenges, including income taxes, property investments, and stock trading.
Client communication is also a large part of a financial advisor鈥檚 job. They will regularly meet with clients to review their current financial needs and habits, crafting portfolios that reflect a client鈥檚 investing preferences.
RESPONSIBILITIES
What Does a Financial Advisor Do?
Though the day-to-day tasks of a financial advisor can vary, the role itself is geared toward a single goal: analyzing a client鈥檚 financial situation and improving it. Daily responsibilities of a financial advisor can include:
- Researching financial markets听to determine the best possible investment opportunities.
- Recommending financial investments听to clients, based on market activity.
- Managing client portfolios听to monitor account fluctuations as they develop.
- Pursuing new clients听to help broaden their base and opportunities.
- Communicating with clients听to identify their financial needs and make corresponding investments.
- Advising clients on long-term financial strategies听that can prepare their finances for retirements and pending expenses.
Keep employees happy and the company on track.
What Certifications Does a Financial Advisor Need?
Financial advisors often require several certifications, especially when operating on behalf of a larger investment firm. These certifications can include:
- , a license recognized by organizations associated with the Financial Planning Standards Board (FPSB).
- , a CPA-specific credential that identifies advisors especially qualified to provide wealth management services.
- , a designation from the American College of Financial Services recognizing an individual specializing in advanced financial planning.
- , licensure from the CFA Institute offered specifically as a postgraduate certification to identify individuals with high financial integrity.
These certifications provide specific licensure that qualifies financial analysts to analyze, plan, and execute financial strategies on behalf of client interests. Candidates must meet individual education and experience requirements to earn each respective certification.
EDUCATION & BEST DEGREES
What Education Does a Financial Advisor Need?
Financial advisors require specialized education to prepare them for situations when they will accurately manage client finances. They will first need to earn a听bachelor鈥檚 degree in accounting,听business management,听finance听or a closely related field.
Applicants looking to further enhance their qualifications should consider a听master鈥檚 degree in accounting, attainable online. These programs provide specific instruction in financial law, tax structure, and global markets. The program also offers preparatory education for the Certified Public Accountant exam by meeting the 150 semester hour requirement for听CPA licensure by state.听
Best Degrees for a听Financial Advisors
Business
Finance 鈥� B.S.
This online finance program is career-focused so you will gain relevant...
This online finance program is career-focused so you will gain relevant industry skills.
- Time: 62%听of graduates finish similar programs within 24 months
- Tuition:听$3,755 per 6-month term
- Courses: 41 courses in this program
Some careers and jobs this business degree will prepare you for:
- Management
- Accounting
- Finance
- Spreadsheets
- Financial Analysis
- Problem Solving
The competency-based model at 黑料传送门 allows you to move as quickly as you can master the material, and do your coursework on your schedule. Flexibility is key with the B.S. in finance at 黑料传送门.
Business
Accounting 鈥� B.S. Business Administration
Have a knack for numbers or fine-tuning finances?...
Have a knack for numbers or fine-tuning finances?
- Time: 62%听of graduates finish within 24 months
- Tuition:听$3,755 per 6-month term
- Courses: 41 courses in this program
Skills for your r茅sum茅 you will learn in this program include:
- Accounting
- Finance
- Financial Statements
- Communication
- Detail Oriented
- Research
Take your first step toward CPA certification and learn how to use GAAP, ledgers, and journals.
Business
Accounting 鈥� M.S.
Become better qualified to pursue a greater variety of public and private...
Become better qualified to pursue a greater variety of public and private accounting positions:
- Time:听62%听of grads finish within 19 months.
- Tuition:听$4,755 per 6-month term.
- Courses:听10-11 total courses in this program
This program offers 4 unique specializations for students to choose from, allowing you to gain specific experience and skills that will help you in your career. Choose from concentrations in taxation, auditing, management accounting, and financial reporting to boost your r茅sum茅.
Skills for your r茅sum茅 that this program will prepare you for:听
- Accounting
- Auditing
- Tax Planning
- Financial Management
- Communication
- Data Analysis
- This MAcc program is designed to prepare you for the CPA exam and also the CMA or CIA exams.
How Much Does a Financial Advisor Make?
$94,170
While the income of a financial advisor will vary 鈥� depending on their years of experience, employer, location, and other factors 鈥� a听听can average $94,170. This can mean that exact salaries often range from $听47,570 to an amount greater than $208,000 per year.
A financial advisor鈥檚 exact compensation can also vary based on their industry. For example, financial advisors who manage investment funds can earn $137,090 on average; by contrast, financial advisors investing on behalf of insurance and employee benefit funds can see salaries that average $83,240 per year.
What Is the Projected Job Growth?
4%
Expected to expand 4% from 2019 to 2029, the听听is experiencing an increase roughly the same as the market average. Primarily, aging populations are behind the increasing demand for financial advisory services. As a larger percentage of the population is driven toward retirement, they will pay more attention to the state of their finances.
Elsewhere, computer programs that provide automatic financial advice are expected to temper the growth of the industry somewhat. And with a decrease in the number of companies offering pensions that extend into retirement, the demand for reliable financial advisors will likely continue well into the future.
SKILLS
What Skills Does a Financial Advisor Need?
The career of a financial advisor requires the daily use of certain skills to help clients achieve financial goals through smart investment practices. The skillset of a financial advisor can include the following:
- Data analysis.听The ability to advise a client鈥檚 financial decisions in light of recent market trends.
- Client communication.听The ability to correspond effectively with clients regarding the success of their investments and the state of their portfolios.
- Financial calculation.听The ability to calculate and comprehend financial trends, often with the help of variable statistical models and financial prediction programs.
- Technical skills.听The ability to successfully use a variety of investment financial analysis, communication, and market research tools to better fulfill the position.
- Sales.听The ability to sell new clients on your ability to invest on their behalf.
- Problem-solving.听The ability to provide creative solutions that can overcome fluctuations in investment returns.
These skills and others make for successful financial advisors. Many successful financial advisors are defined by an ability to invest in the right opportunities, while maintaining transparent communication with all clients regarding the state of their respective portfolios.
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