Financial Advisor Training and Jobs
Schools and Degrees
Financial advisors should have a bachelor’s degree in finance, business administration, accounting, statistics or economics. Knowledge of accounting policies and procedures, corporate budgeting and financial analysis methods is also helpful. Courses in investments, taxes, estate planning and risk management can be included in the degree course. Financial advisors can also obtain the Chartered Financial Consultant designation, which is issued by American College in Bryn Mawr, Pa. and requires an eight-course study program with continuing education requirements.
Training and Education
Employees often obtain a bachelor's degree before starting. The percentage of financial advisors with college degrees is 81%. Workers with some college (less than a bachelor's degree) represent about 15% of the total. Some employees, about 4%, had a high-school education.
Financial Advisors Job Overview
Financial advisors provide analysis and guidance to businesses and individuals when making investment decisions. They gather financial information, analyze it and make recommendations. They use their knowledge of investments, tax laws and insurance to recommend financial options to individuals. They help them identify and meet short and long term goals. Financial advisors begin their work by setting up a consultation with a client. They assess the economic performance of companies and industries for firms and institutions with money to invest. Many of them spend a lot of time making sales calls and marketing their services. To become a successful financial advisor, the most important thing is finding clients and building a customer base.
Job Requirements
Financial advisors are required to possess Series 7 and Series 63 or 66 licenses, which give them the right to work as a registered representative of a security firm. They are then eligible to give financial advice. The main organization providing licenses to the securities industry is the Financial Industry Regulatory Authority. In order to sell insurance, financial advisors are required to have additional licenses issued by State licensing boards. They can also gain Certified Financial Planner credential, which is offered by the Certified Financial Planner Board of Standards. Three years of relevant experience is required to earn this certificate.
Financial advisors must place a strong emphasis on customer service. Their essential qualifications are strong mathematical, analytical and problem-solving skills. Good communication skills, self-confidence, maturity and the ability to work independently are also necessary. They should be very comfortable with computers.
Nature of Work
Financial advisors usually work in offices or their own homes. They may work long hours, travel frequently to visit companies or potential investors and face the pressure of deadlines. Much of their research must be done after office hours because their days are filled with telephone calls and meetings. Financial advisors usually work standard business hours, but they also schedule meetings with clients in the evenings or on weekends.
Area Job Conditions
Popular locations for financial advisors include Bridgeport (Connecticut), West Palm Beach (Florida), and New York (New York). Fewer are found in Stockton (California), El Paso (Texas), and Baton Rouge (Louisiana).
Workers looking for high salaries should look at Worcester (Massachusetts), San Francisco (California), and New York (New York), and should avoid Tallahassee (Florida), Gulfport (Mississippi), and Pascagoula (Mississippi).
Part-Time and Self Employment
Part-time financial advisors are 8% of all surveyed. Some workers, about 31%, work for themselves.
Career Videos
Financial Advisors by Metropolitan Area (city and its surroundings)
In the table below, a Job Density near 0% means the area has an average number of people in this occupation, for its population. A higher or lower Job Density (e.g., +22% or -45%) tells you there are that many more or fewer workers of that type there than in the average US metro area. So, the higher the number, the more common the occupation.
Alabama
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Birmingham | $86,000 | 680 | +14% |
| Huntsville | $113,000 | 120 | -51% |
| Mobile | $117,000 | 160 | -23% |
| Montgomery | $121,000 | 130 | -32% |
| Tuscaloosa | $46,000 | 70 | -31% |
Alaska
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Anchorage | $66,000 | 120 | -39% |
Arizona
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Kingman | $56,000 | 30 | -40% |
| Phoenix | $58,000 | 2,340 | +8% |
| Prescott | $54,000 | 40 | -31% |
| Tucson | $52,000 | 480 | +16% |
Arkansas
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Fayetteville | $127,000 | 140 | -42% |
| Fort Smith | $84,000 | 70 | -50% |
| Little Rock | $95,000 | 320 | -23% |
California
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Bakersfield | $72,000 | 200 | -36% |
| Fresno | $72,000 | 300 | -22% |
| Los Angeles | $73,000 | 5,990 | +20% |
| Modesto | $66,000 | 100 | -45% |
| Napa | 30 | -56% | |
| Oakland | $72,000 | 1,120 | -8% |
| Oxnard | $100,000 | 240 | -33% |
| Riverside | $62,000 | 900 | -39% |
| Sacramento | $65,000 | 2,040 | +92% |
| Salinas | $72,000 | 180 | -4% |
| San Diego | $80,000 | 1,700 | +6% |
| San Francisco | $151,000 | 4,050 | +233% |
| San Jose | $102,000 | 1,320 | +20% |
| San Luis Obispo | $58,000 | 130 | +24% |
| Santa Ana | $86,000 | 2,550 | +43% |
| Santa Barbara | $78,000 | 250 | +27% |
| Santa Cruz | $62,000 | 60 | -39% |
| Santa Rosa | $75,000 | 180 | -12% |
| Stockton | $57,000 | 100 | -60% |
| Visalia | $48,000 | 90 | -42% |
Colorado
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Boulder | $51,000 | 230 | +29% |
| Colorado Springs | $68,000 | 150 | -50% |
| Fort Collins | 70 | -52% | |
| Grand Junction | $66,000 | 90 | +46% |
Connecticut
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Bridgeport | $131,000 | 2,100 | +307% |
| Danbury | 60 | -20% | |
| Hartford | $100,000 | 810 | +16% |
| New Haven | $76,000 | 150 | -54% |
| Norwich | $111,000 | 40 | -72% |
Delaware
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Wilmington | $84,000 | 730 | +86% |
District of Columbia
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Washington | $105,000 | 1,530 | -49% |
Florida
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Cape Coral | $65,000 | 170 | -26% |
| Deltona | $56,000 | 150 | -16% |
| Fort Lauderdale | $63,000 | 940 | +10% |
| Fort Walton Beach | $85,000 | 70 | -18% |
| Gainesville | $64,000 | 60 | -57% |
| Jacksonville | $69,000 | 760 | +4% |
| Lakeland | $53,000 | 70 | -69% |
| Miami | $63,000 | 1,780 | +48% |
| Naples | $89,000 | 300 | +134% |
| Orlando | $61,000 | 1,710 | +38% |
| Palm Bay | $55,000 | 190 | -19% |
| Pensacola | $48,000 | 170 | -2% |
| Port St Lucie | $57,000 | 80 | -42% |
| Punta Gorda | $57,000 | 30 | -26% |
| Sarasota | $93,000 | 390 | +33% |
| Sebastian | $86,000 | 110 | +119% |
| Tallahassee | $42,000 | 160 | -15% |
| Tampa | $59,000 | 1,940 | +38% |
| West Palm Beach | $91,000 | 2,010 | +219% |
Georgia
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Athens | $104,000 | 40 | -49% |
| Atlanta | $100,000 | 3,180 | +12% |
| Augusta | $66,000 | 210 | -14% |
Hawaii
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Honolulu | $83,000 | 240 | -55% |
Idaho
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Boise | $58,000 | 340 | +9% |
| Coeur Dalene | $89,000 | 40 | -26% |
Illinois
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Bloomington | $72,000 | 30 | -61% |
| Champaign | $107,000 | 60 | -48% |
| Chicago | $81,000 | 5,670 | +23% |
| Peoria | $81,000 | 90 | -55% |
| Rockford | $82,000 | 100 | -39% |
| Springfield | $69,000 | 80 | -35% |
Indiana
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Bloomington | 40 | -48% | |
| Elkhart | $77,000 | 30 | -76% |
| Evansville | $94,000 | 80 | -60% |
| Fort Wayne | $80,000 | 210 | -13% |
| Gary | $97,000 | 90 | -72% |
| South Bend | $113,000 | 70 | -53% |
| Terre Haute | $60,000 | 60 | -20% |
Iowa
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Cedar Rapids | $76,000 | 90 | -44% |
| Davenport | $69,000 | 90 | -59% |
| Des Moines | $76,000 | 700 | +76% |
| Iowa City | $76,000 | 40 | -49% |
| Waterloo | $52,000 | 60 | -38% |
Kansas
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Topeka | $80,000 | 50 | -60% |
| Wichita | $94,000 | 250 | -28% |
Kentucky
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Bowling Green | $57,000 | 60 | 0% |
| Lexington | $78,000 | 280 | -2% |
| Louisville | $75,000 | 390 | -47% |
| Owensboro | $53,000 | 40 | -21% |
Louisiana
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Alexandria | $53,000 | 30 | -57% |
| Baton Rouge | $50,000 | 120 | -73% |
| Lafayette | 50 | -70% | |
| Monroe | $81,000 | 50 | -41% |
| New Orleans | $63,000 | 340 | -47% |
| Shreveport | $62,000 | 40 | -81% |
Maine
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Portland | $69,000 | 120 | -49% |
Maryland
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Baltimore | $85,000 | 1,820 | +13% |
| Bethesda | $92,000 | 930 | +32% |
| Hagerstown | $43,000 | 30 | -73% |
| Salisbury | $72,000 | 60 | +4% |
Massachusetts
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Boston | $121,000 | 4,700 | +120% |
| Framingham | $100,000 | 80 | -58% |
| Lowell | $91,000 | 60 | -57% |
| Peabody | $115,000 | 40 | -65% |
| Springfield | $93,000 | 130 | -64% |
| Worcester | $137,000 | 240 | -20% |
Michigan
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Ann Arbor | $96,000 | 140 | -29% |
| Detroit | $96,000 | 300 | -63% |
| Flint | $99,000 | 130 | -14% |
| Grand Rapids | $97,000 | 200 | -56% |
| Kalamazoo | $88,000 | 150 | -5% |
| Lansing | $89,000 | 210 | -11% |
| Saginaw | $74,000 | 60 | -35% |
| Warren | $100,000 | 1,590 | +20% |
Minnesota
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Duluth | $50,000 | 130 | -14% |
| Mankato | $54,000 | 40 | -34% |
| Rochester | $69,000 | 80 | -32% |
| St Cloud | $54,000 | 70 | -35% |
Mississippi
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Gulfport | $46,000 | 50 | -59% |
| Jackson | 240 | -21% |
Missouri
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Kansas City | $92,000 | 1,240 | 0% |
| St Louis | $86,000 | 1,410 | -14% |
Montana
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Billings | $43,000 | 50 | -47% |
Nebraska
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Lincoln | $67,000 | 110 | -41% |
| Omaha | $62,000 | 510 | -11% |
Nevada
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Las Vegas | $74,000 | 570 | -45% |
| Reno | $79,000 | 260 | +15% |
New Hampshire
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Manchester | $74,000 | 210 | +78% |
| Nashua | $64,000 | 580 | +264% |
| Portsmouth | 30 | -52% |
New Jersey
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Camden | $73,000 | 260 | -59% |
| Edison | $86,000 | 610 | -52% |
| Newark | $95,000 | 930 | -24% |
| Trenton | $109,000 | 380 | +40% |
New Mexico
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Albuquerque | $51,000 | 240 | -49% |
| Farmington | $46,000 | 30 | -43% |
| Santa Fe | $72,000 | 90 | +33% |
New York
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Albany | $107,000 | 670 | +22% |
| Binghamton | $101,000 | 50 | -61% |
| Buffalo | $100,000 | 430 | -36% |
| Kingston | 40 | -39% | |
| Nassau | $118,000 | 2,060 | +33% |
| New York | $142,000 | 19,810 | +210% |
| Poughkeepsie | $104,000 | 170 | -42% |
| Rochester | $84,000 | 560 | -9% |
| Syracuse | $108,000 | 220 | -42% |
| Utica | $140,000 | 60 | -58% |
North Carolina
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Charlotte | $61,000 | 1,620 | +55% |
| Durham | $92,000 | 270 | -18% |
| Greensboro | $62,000 | 230 | -47% |
| Greenville | $59,000 | 50 | -33% |
| Hickory | $92,000 | 50 | -71% |
| Raleigh | $64,000 | 670 | +7% |
| Wilmington | $79,000 | 70 | -56% |
| Winston Salem | $70,000 | 200 | -20% |
North Dakota
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Bismarck | $40,000 | 70 | -2% |
Ohio
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Akron | $77,000 | 390 | +1% |
| Canton | $101,000 | 110 | -44% |
| Cincinnati | $87,000 | 1,620 | +30% |
| Cleveland | $85,000 | 1,140 | -9% |
| Columbus | $72,000 | 990 | -12% |
| Dayton | $67,000 | 210 | -55% |
| Toledo | 130 | -63% | |
| Youngstown | $68,000 | 190 | -30% |
Oklahoma
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Oklahoma City | $64,000 | 280 | -60% |
| Tulsa | $77,000 | 240 | -54% |
Oregon
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Bend | 70 | +1% | |
| Eugene | $100,000 | 110 | -33% |
| Portland | $55,000 | 770 | -39% |
Pennsylvania
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Allentown | $62,000 | 190 | -55% |
| Erie | $89,000 | 110 | -26% |
| Harrisburg | $66,000 | 180 | -53% |
| Lancaster | $134,000 | 220 | -22% |
| Philadelphia | $116,000 | 2,660 | +13% |
| Pittsburgh | $88,000 | 1,790 | +27% |
| Reading | $64,000 | 120 | -39% |
| Scranton | $89,000 | 220 | -30% |
| State College | $76,000 | 90 | +31% |
| York | $73,000 | 110 | -47% |
Rhode Island
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Providence | $78,000 | 600 | -12% |
South Carolina
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Charleston | $65,000 | 180 | -48% |
| Columbia | $93,000 | 340 | -20% |
| Florence | $54,000 | 80 | -10% |
| Greenville | $99,000 | 350 | -3% |
| Spartanburg | $72,000 | 50 | -62% |
South Dakota
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Rapid City | $65,000 | 50 | -28% |
| Sioux Falls | $75,000 | 110 | -32% |
Tennessee
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Knoxville | $87,000 | 170 | -58% |
| Memphis | $112,000 | 280 | -63% |
| Nashville | $87,000 | 410 | -55% |
Texas
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Austin | $83,000 | 890 | -8% |
| Beaumont | $76,000 | 70 | -63% |
| Brownsville | $44,000 | 120 | -20% |
| College Station | 40 | -62% | |
| Corpus Christi | $66,000 | 70 | -67% |
| Dallas | $91,000 | 3,320 | +29% |
| El Paso | $57,000 | 130 | -60% |
| Fort Worth | $87,000 | 1,040 | -2% |
| Houston | $75,000 | 3,120 | -4% |
| Lubbock | $67,000 | 80 | -45% |
| Mcallen | $53,000 | 160 | -41% |
| Midland | 50 | -27% | |
| San Antonio | $69,000 | 1,490 | +39% |
| Tyler | 90 | -12% | |
| Waco | $48,000 | 140 | +23% |
| Wichita Falls | $80,000 | 40 | -33% |
Utah
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Ogden | $42,000 | 140 | -41% |
| Provo | $64,000 | 180 | -10% |
| Salt Lake City | $71,000 | 1,500 | +102% |
Vermont
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Burlington | 90 | -30% |
Virginia
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Charlottesville | $127,000 | 120 | +23% |
| Lynchburg | $95,000 | 90 | -20% |
| Richmond | $83,000 | 680 | -9% |
| Roanoke | $109,000 | 90 | -51% |
| Virginia Beach | $78,000 | 500 | -46% |
Washington
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Bellingham | $56,000 | 60 | -27% |
| Bremerton | $72,000 | 60 | -36% |
| Kennewick | $103,000 | 30 | -74% |
| Olympia | $84,000 | 50 | -56% |
| Seattle | $65,000 | 1,230 | -29% |
| Spokane | $87,000 | 210 | -14% |
| Tacoma | $64,000 | 230 | -27% |
West Virginia
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Charleston | $44,000 | 140 | -17% |
| Huntington | 40 | -69% | |
| Wheeling | $64,000 | 40 | -44% |
Wisconsin
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Appleton | $79,000 | 120 | -9% |
| Eau Claire | $79,000 | 100 | +22% |
| Green Bay | $58,000 | 190 | -4% |
| Janesville | $45,000 | 50 | -28% |
| La Crosse | $79,000 | 50 | -37% |
| Madison | $80,000 | 470 | +15% |
| Milwaukee | $85,000 | 1,350 | +33% |
| Oshkosh | 50 | -49% | |
| Racine | $53,000 | 50 | -40% |
| Sheboygan | $48,000 | 40 | -34% |
| Wausau | $72,000 | 50 | -31% |
Wyoming
| City and Area | Median Salary | Employees | Job Density |
|---|---|---|---|
| Cheyenne | 60 | +35% |