The Lowdown on What It Takes to Become One
Becoming a financial consultant is one of the most rewarding careers out there. Financial consultants are considered experts in finance, which means they have specialized knowledge that few people have access to. They also have the opportunity to help others invest their money for their retirement or other savings goals. If you’re considering entering this field, here are some things you need to know about becoming a financial consultant.
What does it take to become a financial consultant?
After completing financial training, you’ll need to pass a test. Once you’ve passed, you’ll be able to earn your designation as a financial consultant, which signifies that you have a specialized area of knowledge that is suitable for helping others manage their finances. According to the Bureau of Labor Statistics, financial consultants earned an average of $100,811 as of May 2017. Qualifications for becoming a financial consultant After completing a financial training program, you’ll need to pass a test that will determine whether you have the knowledge and skills necessary to become a financial consultant. To qualify, you need to complete four parts of the test: The financial knowledge component of the test covers your knowledge of various financial topics.
What is its job description?
Every financial consultant’s job description is different, depending on which kind of financial firm they work for. Generally, financial consultants work with large corporations to help them implement and maintain the policies and processes that ensure their companies’ financial stability. A financial consultant’s responsibility is to increase company productivity while ensuring that the clients who pay them receive the highest return on their investments. These professionals often need to specialize their knowledge of investments and finance to help manage a specific kind of portfolio or network. Once these are in place, the financial consultant moves onto helping other small businesses grow and implement other operational improvements.
How much does he/she make per year?
Financial consultants can make anywhere from $55,000 to $91,000 per year, but the average salary is $82,000 per year. The vast majority of financial consultants earn more than $40,000 per year. How many hours do financial consultants typically work per week? According to a survey by New York based recruiting firm People’s Choice Corp., they work on average 20 to 30 hours per week. They also take on business-related travel in order to meet new clients. How do they get their start? After you get your start, you have to decide what type of financial consulting firm you want to work for. They typically have a career path, or they offer special training programs for their employees.
How long does it take to become one?
The process of becoming a financial consultant involves many steps that go into planning for your retirement. The first step to the process is to take courses and obtain the required licenses. Once you have those licenses in place, it is time to get registered. Every consultant must obtain the license through the various state insurance agencies. It is required that you are a licensed broker and a registered representative before you can be a financial consultant. The next step in the process is to attend and pass the state licensing exam. After passing the exam, you are able to start selling insurance products through one of your companies.