This article aims at informing you about the job description of a typical financial planner as well as the salary prospects of the job.
The career of a financial planner is considered to be a very lucrative one and attracts many youngsters these days. The salary range largely depends on educational qualification and other finance related talents.
The trend of seeking advice for personal budgeting, managing expenses, and getting suggestions regarding big ticket investments has been on the rise for years. Hence, due to the increasing demand for sound investing and financial planning advice, the job market for professionals such as these is booming. They advise clients on their investments in real estate, bonds, stocks, etc., and have a thorough knowledge on the various instruments of investment. They also play a crucial role in activities such as corporate takeovers, mergers, and acquisitions, and can have individual as well as corporate clients.
To develop a career in this domain, you need to choose subjects such as mathematics, statistics, or economics in high school. Obtaining a bachelor’s and master’s degree in the field of finance, accounting, or management can help you launch a successful career as a financial planner. Further, you need to obtain related certifications by clearing exams of concerned authorities. Good communication skills, consistent efforts, hardworking nature, and a keen interest in the subject are the qualities which you need to acquire as you go along with your career.
The salary largely depends on the educational qualification, years of experience, location of job, and the skill set possessed by the candidate. Most positions related to this field are created in the top business hubs of New York, Texas, and California. Therefore, the salary is higher in such places. In the initial stages of their career, they can earn anything between $40,000 to $50,000 per year. In case of candidates graduating from top business schools, this figure can be much more. The salary can be in the broad range of $40,000 to $70,000 per year, after two to five years of experience. Those with eight to fifteen years of experience can earn anything between $70,000 to $130,000 per year. Financial analysts working at top positions in well-known corporations can earn in excess of $140,000 per year. Other than the salary, benefits such as bonuses, perks, and incentives are also received by the employees.
Professionals who are independent consultants may have to go through some difficulties in finding clients in the initial stages of their career. However, once they have an established clientele in the industry, they can earn much more than their counterparts who work for private organizations. They can also conduct lectures, seminars, and workshops on finance management and earn more.
The aforementioned content will help you plan a career in the field of finance. Financial planners are considered to be talented individuals with great aptitude. So, if you are planning to make a career in this field, be ready to work smart and be challenged every step of the way.