How to become a Financial Advisor

Finance is a field that offers great career opportunities as the depth of knowledge and expertize in this field is boundless. A lucrative career path for students and people interested to work in the finance field is that of a financial advisor. According to a research, financial advisors are in great demand owing to the fluctuating trend of economy in today's time. As people have become aware of various investment opportunities, the crucial aspect of financial planning has made them think of various options available to them in terms of saving their hard earned money. The art of financial planning has assumed great significance. Retirement planning, mutual funds and real estate investments are some of the issues for which financial advisors are sought for assistance. Read more on financial advisor job description.

What is a Financial Advisor?

For the uninitiated, financial advisors are trained professionals who are entrusted with the job of gaining and retaining clients who have large sums of extra money to invest. Some people get utterly surprised to know that the basic job of a financial advisor is that of sales. Financial advisors sell investment products, like property, to people who can invest their money in these properties. For instance, financial advisors are hired by a management firm or by some individual traders to sell investment opportunities cited by them to big clients. So, in essence, the job of a financial advisor is that of sales. Financial advisors advise people on matters related to retirement and also as how should older people or young couples make investments that are beneficial for them in the long run. Read more on duties of a financial advisor.

Become a Financial Advisor

The first step in the process of becoming a financial advisor is to take registered financial advisor exams. The person aspiring to become a financial advisor must pass two major exams, the Series 7 Stockbroker' s Exam, and the Series 66 Uniform Combined State Law Exam. These exams are mandatory to pass if you want to become a financial broker. In these exams, you are expected to achieve a score of nearly 70%. In case you fail to achieve this score than you are eligible to give the exam after a waiting period of 30 days. Read more on asset management.

After passing the exam, the selected candidates have to go through a very competitive and difficult training program. The duration may last for 17 weeks to 3 years depending on the type of program for which the candidate has been short listed. The cost incurred during the training of the candidates are at the brokers or the dealers expense and so the sponsors ensure that only the right candidates are hired for this job. In the initial months, financial advisors have to work for 50 to 60 hours a week. After working for some months, when the aspirants are ready with a list of prospective clients, they can reduce their working hours up to 40 hours a week. During the training period, these trainee financial advisors are paid small stipends.

If you want to become a personal financial advisor then you have to ensure that you are interested to work in this field as you have to play with numbers, statistics and data all through the day. Most financial planner advisors come from different backgrounds and the sole criteria for admissions into these coveted training programs are the financial advisor exams. So, even if you are not from a finance background, you too can prepare for the financial advisor exam and then opt for this career option. However, a educational degree is finance is always helpful as you are aware of the basics of finance. People with few years of work experience are also preferred, as they have better knowledge of the industry.