The job of a financial consultant mainly involves rendering financial services to clients. Their median salary is reported to be around USD 78,000 approximately.
As businesses are searching for ways to deal with financial problems, there is a requirement for the services of professionals, who can assist companies in financial planning. One of the most prominent business career opportunities is that of a financial consultant/advisor. When it comes to advising individuals, these professionals help people in carrying out debt management, investment planning, and long-term savings. Organizations generally require their services, in order to carry out all corporate financial aspects of the employees and the business.
Salary Range Based on Different Factors
Years of Experience
This factor matters a lot when it comes to the salary range. Freshers or those with less than a year of experience in financial consulting can expect to be paid anywhere between USD 31,000 and USD 48,000. The per annum remuneration increases from USD 39,000 to USD 61,000 for the ones working for one to four years in the field. You can earn about USD 45,000 to USD 76,500, if you have an experience of a good five-to-nine years. An experience of 10 to 19 years can make you eligible for earnings between USD 49,000 and USD 98,500 approximately. With more experience, you can even demand up to USD 121,500 from the employer.
State of Employment
The salary range also varies significantly according to the State. New York is the highest-paying state for financial consultants, with a pay scale of USD 58,000 to USD 114,000. Texas follows with a pay range between USD 47,000 and USD 97,000. In California, they are likely to make anywhere between USD 48,000 to USD 85,000 annually. States, like Illinois and North Carolina, have a pay scale of around USD 47,500 to USD 75,500, and USD 43,000 to USD 64,000 respectively. The lowest paying state is considered to be New Jersey, with the earning potential of around USD 31,000 to USD 50,000 per year. The State of Pennsylvania also highlights low pay prospects, with the per annum income being under USD 29,000 and USD 55,000.
City of Employment
The city you work in is also a notable factor for deciding the salary range. The highest paid city is San Francisco, which has a range of USD 50,000 extending up to USD 87,000 annually. New York City pays well in the range of USD 58,000 and USD 82,500 per annum. In cities like Washington and Chicago, professionals may receive a pay anywhere from USD 49,000 to USD 78,000. It is considered that in Charlotte and Denver, the pay scale falls between USD 44,000 and USD 72,000 per year. Lastly, the lowest paying city was reported to be Pittsburgh, with a pay from just about USD 25,000 to USD 33,000.
Apart from the basic criteria for finding out the salary range, there are many other determinants that have an impact on it. Certification plays a crucial role in salary negotiations for the job. If you are a Chartered Financial Analyst (CFA) with considerable experience, you can easily make around USD 123,000, or even more. Those holding the Certified Public Accountant (CPA) certification can earn from USD 55,000 to USD 80,000 on an annual basis. Certified Financial Planners (CFPs) have a potential to earn anywhere between USD 49,000 and USD 96,000 yearly. Self-employed individuals are believed to earn up to a whopping USD 196,500 per annum.
Apart from these factors, the actual pay depends on the company, employer type, industry, commission, and other additional benefits. If you aspire to become a financial consultant, education and certifications in the fields of accounting, financial management, economics, and business would be needed.