How to Become a Financial Guru

By Chloe Dowley
Learning & Life Columnist
January 8, 2008

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Like fiscal sherpas, personal financial advisors offer information and suggestions based on their clients' specific situations and goals. Whether they're working with a couple planning for retirement or a family hoping to save enough for their children's education, personal financial advisors use their knowledge of tax law, investing, and insurance to create an investment plan catered to each client's needs.

The Pros for Financial Planners

In addition to the obvious benefit of being able to manage your own money, working as a personal financial advisor has other perks as well. The career was recently named one of the "25 Top Jobs of 2005-2009" by Fast Company, which means that financial planning is a fast-growing field, offers a wide salary range, and involves some creativity. The Bureau of Labor Statistics (BLS) reports that 40% of personal financial advisors were self-employed in 2004, allowing for a great deal of on-the-job flexibility.

Get in the Know

A head for numbers, great interpersonal skills, and enthusiasm can certainly help you become a personal financial advisor. But a college degree is also required; to fully understand the complexities of the investment world, a bachelor's degree in finance or business is recommended and an MBA is often required for advancement. Employers and clients are more likely to feel comfortable entrusting their retirement planning to someone who's completed formal study in the field. If you can't take time off for a traditional college degree, many online education programs offer degrees you can complete at your convenience.

According to the BLS, the employment of personal financial advisors is expected to grow over 30% through 2014. This complements the already lucrative nature of the profession, with professionals in the field earning a median annual salary of $67,400 in 2004.

Sources:

Fast Company, "Top Jobs for 2005-2009"
US Bureau of Labor Statistics, "Financial analysts and personal financial advisors"

About the Author
Chloe Dowley is a teacher and freelance writer. She holds a B.A. in education and sociology from Swarthmore College.

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