HOW TO BECOME A PERSONAL FINANCIAL ADVISOR
Personal financial advisors typically need a bachelor's degree. A master's degree and certification can improve chances for advancement in the occupation.
It is also called
- Account Executive
- Asset Analyst
- Asset Manager
- Budget Counselor
- Credit Counselor
- Debt Counselor
- Estate Planner
- Certified Financial Planner (CFP)
- Chartered Financial Analyst (CFA)
Quick Facts: Personal Financial Advisors
$64,750 per year
2010 Median Pay $31.13 per hour
Entry-Level Education Bachelor's degree
Work Experience in a Related Occupation None
On-the-job Training None
Number of Jobs 2010 206,800
Job Outlook 2010-20 32% (Much faster than average)
Employment Change 2010-20 66,400
Personal financial advisors typically need a bachelor's degree. Although employers usually do not require a specific field of study for personal financial advisors, a degree in finance, economics, accounting; business, mathematics, or law
is good preparation. for this occupation. Courses in investments, taxes, estate planning, and risk management are also helpful. Programs in financial planning are becoming more available in colleges and universities.
What Personal Financial Advisors Do
Personal financial advisors typically do the following:
- Meet with clients in person to discuss their financial goals.
- Explain the types of financial services they provide.
- Educate clients and answer questions about investment options and potential risks.
- Recommend investments to clients or select investments on their behalf.
- Help clients plan for specific circumstances, such as education expenses or retirement.
- Monitor clients' accounts and determine if changes are needed to improve account performance or accommodate life changes, such as getting married or having children.
- Research investment opportunities.
During 2008, this occupation employed approximately 28,4:00 people in California.
It is projected that there will be 34,600 employed in 2018.
This occupation will have about 620 openings due to growth and about 300 replacement openings for approximately 920 total annual openings.
Personal Financial Advisors Percent change in employment, projected 2010-20
Industries that Employ this Occupation
- Personal Financial Advisors 32%
- Business and Financial Operations Occupations 17%
- Total, All Occupations 14%
Note: All Occupations includes all occupations in the U.S. Economy. Source: U.S. Bureau of Labor Statistics, Employment Projections program
- Other Financial Investment Activities
- Depository Credit Intermediation
- Agencies, Brokerages, and Other Insurance Related
- Management of Companies and Enterprises
- Other Investment Pools and Funds
- Management. Scientific, and Technical Consulting Sei
Employment projections data for personal financial advisors, 2010-20
Occupational Title SOC Code Employment, 2010 ProjectedEmployment,2020 Change, Percent 2010-20 Numeric
Personal Financial Advisors 13-2052 206,800 273,200 32 66,400
SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program
- Budget Analysts
- Financial Analysts
- Financial Managers
- Insurance Sales Agents
- Insurance Underwriters
- Securities, Commodities, and Financial Services
- Sales Agents
- Real Estate Brokers and Sales Agents
Finance Degree Colleges