If you’re searching for a job in finance that directly impacts the economy, then consider the role of a financial advisor. These days, financial advisors actually perform a wide range of jobs, because the title itself is a generic term that refers to a number of positions within the financial industry, according to Investopedia. For example, tax preparers, insurance agents, stockbrokers and estate planners are considered financial advisors because they help people manage their funds. The essential definition of a financial advisor is one who offers guidance to clients on making good financial decisions.
A Variety of Tasks
Contrary to popular conception, financial counselors don’t just give advice on investing, and their services aren’t restricted to people with a lot of assets. Regardless of how much you make or the value of any current assets, financial advisors can help you with everything from budgeting to retirement planning, according to US News and World Report. These professionals are trained in a variety of aspects related to finance, and some advisors specialize in specific categories such as investing, banking or insurance. Sometimes, financial advisors may be called upon during a contested divorce or another legal situation to resolve any baffling financial concerns. They might also advise large corporations on how to manage their funds, and they could also offer their services during unexpected crises such as a death in the family.
Education and Training
You need a license in order to practice as a financial advisor, and there are other regulations in place to make sure that consumers gain the benefit of working with legitimate professionals. There is no specific career path for becoming a financial advisor, but most of these professionals start with a bachelor’s degree. Business, economics, financial planning and even psychology are good options for starting a career in this field. In order to become a Certified Financial Planner, which is a distinction that opens a lot of doors in the industry, you need to take the CFP exam. There are several specialty routes available within finances, and you can take different exams to receive certification in specific areas such as retirement planning.
Outlook for the Profession
Financial advising is one of the fastest-growing occupations in the United States today thanks in part to general concerns about the future of the U.S. economy. An aging Baby Boomer population also contributes to the need for greater retirement planning services. The U.S. Bureau of Labor Statistics reports that job availability will increase by 27 percent by 2022. People always need help with money, which makes jobs in finance viable career options for those seeking stability and opportunity. In terms of salary, financial advisors earned an average of $75,320 per year in 2013. Even at the low end of the salary spectrum, these professionals made around $33,190 per year. Financial experts living in major cities and metropolitan areas tend to earn higher salaries.
Related Resource: Become a Stockbroker
The United States economy is always changing, and people look to professionals to help them manage their money and make sound investments for the future. With proper guidance, it’s possible to build solid savings accounts and prepare for times of uncertainty, and financial experts make it easier for people to utilize their assets appropriately. If you’re looking for a career in finance in which you can interact with people directly, then a job as a financial advisor should suit your needs.
