Who is a Financial Advisor?
Financial advisors give financial guidance and counselling to clients like helping them in investing their money in a proper manner to reach their financial goals, generation, and management of money, income tax preparation and more. Various professions such as investment managers, wealth relationship manager, and insurance agents are some of the financial advisors.
Qualifications required to become a Financial Advisor
The minimum qualification required in order to become a financial advisor is a Bachelors degree. A degree in any major is acceptable but a major in finance, accounting, economics, and related fields are desired and have more job opportunities.
In order to advance your career as a financial advisor, you may need a Masters degree. Those who wish to advance their careers or change their careers and don’t have time to attend college traditionally can choose to study online. The online education is more affordable than the traditional one and you can study at whichever university you prefer from anywhere in the world. In order to find suitable colleges online, you can search for the online finance colleges, best online accounting colleges and colleges with related majors.
Skills required to become a Financial Advisor
For every work, a certain skill set is required. A person can’t cook good food if he/she doesn’t have the necessary culinary skills. To be a good financial advisor, the various skills required are good analytical skills, handling stress, being unbiased, be able to explain complex things and situations in a simple and understanding manner.
The person should know how to communicate with people and form a good network. One can’t discuss their financial matters with anyone especially if it’s a huge company or institution and hence a financial advisor should be trustworthy and completely reliable.
You need to do your research and be updated on subjects and news relating to your field which will help you to pave your way in becoming an expert in your profession. The social skills needed are honesty, willingness to learn new things, dedication and determination.
Is a Bachelors degree enough to become a Financial Advisor?
It depends on what type of services you wish to provide as a financial advisor that decides your required qualifications but a Bachelors degree is the minimum qualification. If you wish to obtain a certificate in the field, you must indulge in a coursework related to financial planning and a good amount of experience in the field. The criteria may vary in each country. The certificate is a designation to show that you are knowledgeable in the field. What really matters is your potential and expertise in the field.
Pros and cons of becoming a Financial Advisor
Every job has its own pros and cons. Nothing is perfect in this world but one should know what they are signing up for. Determination and a positive attitude towards failures and struggles will help you become successful in whatever profession you are in.
Some of the pros of this profession are given below.
- You can be your own boss. You need not work under any firm and can even work from home. The cost to start your own institution or anything as such is very low.
- You can build up your qualification level easily through online courses which will help you in obtaining a certificate. The degrees obtained from reputed universities will have a great value.
- If you want to study online, you can go check out the online finance degrees in institutes such as Colorado State University, Capella University and more.
- This profession lets you keep learning new things.
The cons of working as a financial advisor are mentioned below.
- It is a profession that involves a lot of stress.
- In order to get certifications and licensing, there are certain standards for an individual to be eligible. This may take a few years.
- At first, one may have to work in some company in order to get experience or certification.
In conclusion, being a financial advisor is a reputed job with its own challenges and experiences. It is a good option to pursue education from a reputed institution, as it can give you high rewards and job opportunities.