How do I Become a Financial Advisor?

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  • Written By: Ken Black
  • Edited By: Bronwyn Harris
  • Last Modified Date: 19 November 2017
  • Copyright Protected:
    2003-2017
    Conjecture Corporation
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With an aging population, the demand for financial advisors will become even greater into the foreseeable future. While it may be difficult to become a financial advisor, those who do so often find they are in-demand in a job that is resistant to recession and very rewarding for those who are good at it. While a college degree may not be absolutely required in order to become a financial advisor, it is recommended for anyone looking at this as a career option. In most cases, it will be extremely difficult to be considered for a financial advisor position without one.

Those considering careers in the world of finance would do well to consider a number of different college majors. While there may not be one major specifically geared for someone wanting to become a financial advisor, there are a number that will work. Those with economics degrees may find the principles and skills learned in order to obtain that degree will suit them will when applying to become a financial advisor. A business degree or a marketing degree can also be of benefit.

Anyone wishing to become a financial advisor will likely have to pass a couple of different tests. One of those tests is the Series 7 stockbroker's exam. The other is the Series 66 Uniform Combined State Law Exam. Together, these exams will show potential employers that you have the skills necessary to succeed at the job. Getting these exams completed while in the process of earning a college degree could mean you are well on your way to meeting the requirements that many employers are looking for.

As the time comes closer to graduation, it is also good to look for internships. There is no substitute for practical experience, and working with someone who has already gone through the necessary steps to become a financial advisor can be invaluable. While the road traveled to become a financial advisor is not easy, it is always nice to be able to talk to someone who has already traveled it.

Also, it is important to understand that meeting all the requirements to become a financial advisor is only the first step. When getting that first job, it is vital to find a company willing to understand that you may not have the same earnings potential as a seasoned financial advisor. Most financial advisors get paid by commissions earned from their clientèle. However, a young financial advisor will not have that clientèle built up yet. Therefore, finding employment that offers some kind of base salary, until the commissions start coming in, is very important.

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