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A Career Changer’s Guide to Becoming a Financial Advisor

For many people, money matters a lot for various tasks like making investments, selecting the right advisor, managing savings, estate planning, and dealing with mortgage loans are intimidating. But, without chartered management account help on their side, it is like rolling the dice on their financial futures. The financial advisor will help in minimizing the risk by providing helpful information to people for making the right investment decisions.

Thus, if you are a person who has an interest in money management and is inclined towards managing finances, then an accounting and finance career is the right choice for you. In the USA, the financial advisor job is ranked in the top five business list. The financial career is growing, so; it might be the best career choice to consider how to become a financial advisor.

What Does Financial Advisor Do?

A financial advisor is a person who guides clients in selecting the best investment, insurance, retirement plans, estate planning, and many more. Also, they give guidance related to financial management and taxes. The qualified financial advisor is taken finance certification from a certified body.

To carry out daily responsibilities, the advisor requires specific skills like sales, analytical, and many others. The ultimate goal of an advisor is to improve the financial and investment picture.

Traditional Path of Becoming a Financial Advisor

Although, obtaining a college degree is not obligatory to become a financial advisor. You can gain experience by directly working in a firm. But, becoming a pro requires pursuing additional degrees, certifications, and training that enable them to specialize in a specific field of financial management.

So, the traditional path includes:

Earn Bachelor’s Degree

It is the same with most finance-related positions; a bachelor’s degree is the foundation of a successful career as a financial advisor. Degrees in economics, business, mathematics, accounting, and law help prepare financial advisors, but a bachelor’s in finance is the most helpful. A financial advisor aspirant should understand that financial advising entails more than planning.

Become an Intern

Obtaining a job without practicing its practical aspect is a challenging task. However, it is especially true in the financial advisor field. Start an internship before applying as a professional financial advisor when your bachelor’s degree ends. It is an excellent opportunity to apply theoretical concepts in practical terms and put them into practice under the guidance of an experienced financial advisor.

Meet Licensing and Certification Requirements

Financial advisors should obtain individual securities licenses according to the investment products they sell. Some state licensing board requirements also dictate which licenses and certifications financial advisors need. To get some certificates, it is mandatory to have a bachelor’s degree, work experience, pass an examination, and compliance with ethics.

The Financial Industry Regulatory Authority (FINRA) administers licenses, the most comprehensive series seven that enables advisors to sell most investment products. However, earning of certified financial planner credential can lead to career advancement.

Find an Entry Level Job

For your first level job, you will need to search for the job opportunity that will teach you what you need to excel in your career, like creating a network and winning cold calls. You will succeed at a large brokerage firm in this entry-level job. However, it largely depends on goals.

For example, to become a financial planner Newcastle, you should search for job opportunities in small and mid-size companies. Before embarking independently, a financial advisor work under the guidance of a senior financial advisor for at least one year.

Pursue Higher Education

After completing a bachelor’s degree in financial planning, there are various opportunities for career advancement, management positions, and higher salaries by completing a master’s degree in business administration or finance.

Skills Financial Advisor Needs

Valuable skills and knowledge that financial advisors need include:

  • Sales skills to sell financial plans and products
  • Strong communication skills to develop a connection and trust with clients and educate them about money matters
  • Accounting knowledge and math skills to manage investment options
  • Analytical skills to evaluate client needs and advise suitable investment based on gathered information.

Start Your Journey to Becoming a Financial Advisor Today

Pursuing a financial advisor career is the common choice among people, so if you are planning to pursue then don’t be hesitate. It is a lucrative career choice for many, but it also can give caregivers invaluable time flexibility without derailing personal goals. However, pursuing your dream age is never a barrier, and some advisors may ultimately work from their dream locale.

However, importantly the industry is going through some positive changes in diversity. So, becoming a financial advisor requires work, and it never stops. You should constantly educate yourself and learn.

Written By

My name is Mrunal Joshi from India. Freelancer blogger for the past 4 months and looking forward to connecting with you via content. Thanks!

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