Embarking on a financial consultancy career makes so much sense.
Financial consultants are in high demand worldwide thanks to the fact that most companies and even individuals require professionals that can assist them in managing their money smartly and making sound investments.
However, before you decide if becoming a financial consultant is a job that intrigues you, you must know what this job is all about.
Read on to learn about this career path and other valuable information.
Who is a Financial Consultant?
Financial consultants assist companies and individuals in making sound financial decisions.
They achieve this by assessing the financial standing of their clients, analyzing their lacks, assisting them in setting financial targets, and providing valuable counsel on how they can achieve them.
Financial consultants possess an excellent knowledge of tax policies and government laws.
Their services are needed in many industries, making them one of the most sought-after professionals in the world.
Is Financial Consulting A Good Career Path?
Yes, pursuing a career in financial consulting is an excellent choice.
It remains an enjoyable, lucrative, and in-demand profession with much potential.
Moreover, you will get to travel frequently if you manage to secure a financial consulting job because you will likely work for several companies at the same time, especially if you develop an excellent professional reputation.
The job is ideal for any young professional who wants to explore the world.
Those who make it as financial consultants enjoy nearly limitless opportunities for income, flexible work schedules, and mastery over their careers.
In addition to providing helpful advice to clients, financial consultants are highly sought-after worldwide, and the job outlook for financial consultants is expected to grow in the coming years.
The field of financial consulting offers promising opportunities for success.
How Much Do Financial Consultants Make?
According to glassdoor.com, the average salary of a financial consultant is about $73,000 annually.
However, your salary as a financial consultant depends on your academic qualification, field experience, client type, and work location.
What Is The Length Of Time That It Takes To Become A Financial Consultant?
You may have to invest seven years or more in becoming a financial consultant.
While you will spend four years acquiring an undergraduate degree in this field which is the minimum requirement for most financial consultancy jobs, you may have to accumulate three years of experience to acquire a financial consultant license.
What Is The Job Outlook For Financial Consultants?
According to the US Bureau of Labour Statistics, the number of jobs available to financial consultants grew by 27% between 2012 and 2024.
However, in times like this, when the demand for financial experts is ever-increasing, this figure is expected to be at an all-time high in the next ten years.
Steps For Becoming A Financial Consultant
You can become a financial consultant by following the steps below:
1. Obtain an undergraduate degree
It would help if you had a bachelor’s degree to begin a career in financial consultancy.
Some areas you can major in while at college/university are finance, economics, statistics, or related fields.
Enrolling in a bachelor’s degree program will empower you with the foundational knowledge you need for this career, such as risk management, estate planning, etc.
Moreover, enrolling in an MBA program is great if you already have a bachelor’s degree.
2. Take part in an internship
An internship will empower you to acquire valuable field experience that will set you on a financial consultant career path.
It would be best if you didn’t wait till you graduate before you complete an internship, as the knowledge you will gain throughout an internship will boost your understanding of the final courses you will take in school.
Moreover, when searching for a firm to engage in your internship, make sure that you look for a company that specializes in financial consultancy services so that you can work in hand with seasoned professionals.
An internship will equip you with first-hand knowledge of your job roles as a financial consultant.
Also, you can build valuable professional connections and even find a mentor who will serve as an industry guide.
Furthermore, most companies always look to hire people for entry-level financial consultant positions with appreciable field experience.
An internship will enable you to fulfill the second criterion and boost your chances of landing the job over other candidates.
3. Obtain certifications and licenses
You need to acquire several professional certifications and licenses to stand out in this field.
Besides the fact that certifications will set you above your competition, they will also enable you to update yourself with the latest knowledge in the field.
There are many certification programs for financial consultants, but most are open to professionals with more than three years of experience.
Examples of certification programs for financial consultants are Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC), Personal Finance Specialist (PFS), and lots more.
On the other hand, licenses are not open to everyone but to professionals that want to specialize in certain areas.
4. Secure an entry-level job
Immediately after you have acquired a degree in a field relevant to financial consultancy and accumulated valuable experience via an internship, look for a job immediately.
You can talk to your professors in school and colleagues to connect you with available financial consultant entry-level job opportunities.
You can also check social networking sites such as LinkedIn, Indeed, and others for available entry-level financial consultant jobs and create a good CV showing your work experience, educational qualification, and certifications before applying for any job.
Also, ensure your CV discusses your career achievements and core and professional values.
5. Acquire advanced education
Enrolling in an advanced degree program will help you to succeed as a financial consultant.
You will gain more profound knowledge of this field, making you a more valuable professional.
Moreover, you should have no second thoughts about acquiring an advanced degree if you want to pursue a career in financial consultancy, as it is a minimum requirement for most senior financial consultant jobs.
Doing this will also prove to your potential employers that you are passionate about providing top-level service to clients.
Top Schools For Financial Consultancy
Here are some of the best schools that will equip you with the quality education you need to pursue a career in financial consultancy:
1. The Wharton School, University of Pennsylvania
The Wharton School, University of Pennsylvania, is one of the best business schools in the world.
It is also the first-ever business school established on the globe.
This school is renowned for producing graduates who desire fresh concepts, in-depth perceptions, and excellent leadership.
Wharton has many research centers, each focusing on projects transforming society and making students better professionals once they step into their chosen fields.
2. The Stephen M. Ross School of Business, University of Michigan-Ann Arbor
The Stephen M. Ross School of Business, University of Michigan-Ann Arbor, is another ideal destination to enroll in a degree program that will prepare you for a financial consultant career.
This school is committed to effectively developing solutions to the most pressing business problems of the world.
The curriculum that faculty at this school uses in training students adopts an action-based learning approach.
Enrolling in a financial degree program at The Stephen M. Ross School of Business, University of Michigan-Ann Arbor will empower you with problem-solving, critical thinking, and other skills essential for a financial consultant career.
3. Sloan School of Management, Massachusetts Institute of Technology
Sloan School of Management, Massachusetts Institute of Technology, is another excellent option to acquire the education you need for a career in financial consultancy.
For instance, the master of finance program that this school offers will prepare you for top career positions in the financial world.
This school has world-class faculty and teaches students using a comprehensive learning curriculum that will equip them with the knowledge they need for their chosen careers.
Sloan School of Management, Massachusetts Institute of Technology is a world-class business school, and many of its graduates are highly sought after worldwide.
Frequently Asked Questions (FAQs) On How To Become A Financial Consultant
To succeed as a financial consultant, you must possess the following skills: good experience in a financial role, proficiency in using accounting apps and statistical software, an in-depth understanding of financial policies, and good analytical skills.
There are lots of jobs that are open to financial consultants. Some are senior investment advisors, risk strategists, investment advisors, financial analysts, etc.
Economists, investment bankers, financial risk managers, financial analysts, and personal financial advisors are the finance industry jobs that attract the highest salaries.
The most taxing jobs in the finance industry are that of a tax manager, senior accountant, and valuation analyst.
Conclusion
Making a living as a financial consultant is a logical choice.
Financial consultants are in high demand worldwide since so many businesses and people require expert assistance with budgeting and investing decisions.
This article has done well to tell you all you need to know about this career option.
Yet, it is essential to remember that keeping up with the current advances in the sector is crucial to your success in this field.
Awesome one; I hope this article answers your question.
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