Financial Advisor Jobs Overview
Financial advisors help individuals and businesses make smart decisions with their money. Some advisors assist with a variety of financial aspects, like budgeting and saving, investment management, tax planning, and retirement planning. While others choose to specialize in a single area, such as estate planning. Those filling financial advisor jobs as investment consultants assist clients by monitoring their investments, making investment recommendations, and rebalancing their portfolios.
Some of the most common duties performed by financial advisors include:
- studying the market and its trends
- transferring funds across accounts as required by law
- making budget plans and putting together investment reports
- strategic guidance on investments, insurance, and debt management
- strategy implementation
- buying stocks and bonds and starting progressive savings accounts
- auditing financial records
The entry-level education requirement for financial advisor positions is often a bachelor's degree in finance or a related field of study. Gaining professional certification and a master's degree will help open doors to better employment and higher-paying positions.
Financial advisors often have jobs in the banking or insurance sector or operate independently. They usually put in at least 40 hours a week, with some working extra hours and on weekends to meet the demands of their clients.
The United States Bureau of Labor Statistics projects a 15% job growth rate for personal financial advisors over the next several years. Those wanting to work for corporations and businesses as financial analysts can expect a nine percent job growth rate.
Financial Advisor Jobs: Salary Range
Financial advisors earn an annual salary ranging from $36,160 to $90,838, with the median salary being $65,073 per year. The cities with the highest demand for financial advisors are New York, NY; Houston, TX; Chicago, IL; Los Angeles, CA; and San Francisco, CA.
A financial advisor's salary range is vastly different depending on whether you work for an established business or break out on your own and how many customers you manage to attract. To get an idea of how much money you can earn in different financial advisory jobs, check out these average annual salaries:
Want to learn more about typical wages in the financial advice industry? Use Monster's Salary Tool to find out how much you can earn in your area.
Finding the Ideal Financial Advisor Job for You
You can find financial advisor jobs that fit your ideal lifestyle and professional goals by establishing concrete long-term objectives. Common career goals among financial advisory professionals include:
- earning certification
- earning a bachelor's or master's degree
- advancing into a leadership role
- becoming an expert in financial consulting
To determine whether a certain job fits your career goals, use these tips when reading job descriptions for financial advisor positions:
- Am I comfortable performing the required job duties?
- Does the company's management style fit my preferred way of working?
- Will the company pay for ongoing training and certification?
- Is there any type of tuition reimbursement?
Professional development opportunities are essential to your career path as a financial advisor. Although certification is not required to work as a financial advisor, many firms only consider certified candidates. Working for an employer that offers or covers the cost of certification is an excellent way to grow in your career as a financial advisor.
Tips to Apply for Financial Advisor Jobs
Everyone faces competition while looking for work, but those who are just out of school, have been out of the labor force for a while, or have been in their current job role for an extended period often find it more difficult. This is why it's so important to attach a strong resume and cover letter to your applications. Use the tips below to ensure you make it through the application process successfully and land an interview.
Application Preparation
The beginning of any career path starts with sending an application. Carefully read the application as this is crucial to making sure you follow all the required guidelines. It also allows you to underline all the skills and qualifications that you see and determine whether you meet the necessary criteria for the job.
Once you've determined that you are a good fit for the job, do the following when filling out the application:
- Add the skills and qualifications that you underlined to your financial advisor resume.
- Provide at least three credible references.
- Describe your relevant experience.
- Proofread for spelling and grammar mistakes.
Some of the most common skills to include in applications for financial advisor jobs are:
- situational awareness
- mathematics
- accounting
- wealth management
- business development
- analytical thinking
- detail orientation
Create a Financial Advisor Resume
Attaching a resume to your application is a great way to show prospective employers how your skillset and expertise can contribute to their company. Always use a professional resume format, choosing one based on your skill set and work history.
- Create a functional resume if you lack an extensive work history but have solid skills in financial management and consulting.
- Create a chronological resume if you have an extensive work history to highlight how you've helped other employers in your role as a financial advisor.
- Create a combination resume if you have strong financial skills and an extensive work history.
- Use our sample financial analyst resume for inspiration or take a look at our other finance resume examples.
To prove your ability to effectively fill the role and to have your resume picked up by recruiters that use applicant tracking software, include resume keywords relevant to the financial advisory industry. Popular resume keywords for financial advisor jobs include:
- portfolio management
- risk management
- corporate finance
- investment advisory
- estate planning
- investment banking
- wealth accumulation
- asset management
- financial reporting
Do you need assistance writing resumes that will get you interviews for a financial advisor job? You can have optimized resumes written for you that meet the requirements of applicant tracking systems when you use Monster's Resume Writing Service.
Create a Detailed Cover Letter
A cover letter is a great way to give your application a little more of a human touch. It also helps the prospective employer identify the connections between your background and their needs. More so, it demonstrates your writing skills, which are essential for a career in finance.
When applying for a financial advisor job, your cover letter needs to include the following:
- A description of your skills and background in finance, focusing on your experience with profit and loss management, compliance, valuation, forecasting, risk management, cost-benefit analysis, mergers, and acquisitions.
- An explanation of what you can bring to the table.
- An explanation of your career goals and how the position aligns with them.
- How many years you've worked in the finance industry.
- The fields you have experience in, such as retail, wealth management, or banking.
- Your ability to develop profitable relationships.
- The funding you've helped clients secure through closed loans.
- How you've increased monthly productivity percentages for previous clients.
- Your contact information and an invitation for the hiring manager to contact you with questions or an interview request.
Submit the Application
Submitting your application is easy when you join Monster for free. To get started, sign up with your email and fill out your profile. Upload your resume and cover letter, and then click the Submit button. Your profile will go live, making it simple for recruiters to assess your qualifications and skills and contact you for an interview.
You can also use Monster to search for job openings in the finance industry. When you come across roles that interest you, just hit the Apply button on the job listing. The recruiting manager will automatically receive your application along with your resume, cover letter, and a link to your profile.
Application Follow-Up Methods
If you're unfamiliar with the employer's hiring process, it's best to send a follow-up note after submitting your application for financial advisor jobs. Not only does this show how proactive you are, but it also helps you set realistic goals and objectives for your job hunt.
Knowing How and When to Follow Up
Doing a follow-up roughly five to seven business days after sending your application can boost your chances of landing an interview. Waiting this long also gives the hiring manager enough time to review your application. It's usually easiest to follow-up by email. Either the job posting or the company's human resources department will provide you with the email address of the hiring manager.
Financial Advisor Jobs Interview Tips
Preparing for an interview will help you feel less nervous and can increase your chances of getting a job offer. Use the advice in the following sections to ensure your next interview is a success.
Preparing for the Financial Advisor Job Interview
Always conduct research on an employer before consenting to an interview. Carefully research its management style, mission, and values to ensure they align with your own. In addition to researching, do the following as preparation for the interview:
- Do mock interviews with a friend.
- Practice with these commonly asked interview questions for financial analysts.
- Compare pay rates for similar positions.
- Pinpoint your two biggest strengths and develop stories to highlight them during the interview.
- Write down any questions you have about the finance role, including its required duties, the compensation that you'll earn, the benefits and perks that the job comes with, and whether it comes with professional development opportunities.
Record yourself when doing mock interviews so you can review the recordings and see where you need improvement. If you want some additional questions to practice with, use these:
- If someone needed a financial counselor, why should they choose you?
- How do you maintain your familiarity with ever-changing tax and investing rules?
- When a customer is too demanding and requests unethical guidance, how do you respond?
- In terms of financial planning, what guidelines would you recommend to a client?
- How do you, as a financial advisor, assess your client's financial health?
During the Interview
Most hiring managers contact applicants for interviews by phone or email. When you respond to an invitation for an interview, ask about its format. Will it focus more on your skills or work behaviors?
The purpose of behavioral interview questions is to help hiring managers discover more about your character and how you respond in certain professional settings. Competency interview questions help hiring managers get to the bottom of how a candidate plans to put their experience to use at their company.
These tips can help you shine during your interview once you've agreed to take part.
- Study and implement the STAR method for behavioral-based interviews.
- Follow these competency-based interview tips for competency interviews.
- Follow a strict dress code; business casual is the standard for financial advisors, which means a collared shirt and formal pants.
After the Interview
Sending a thank-you email within 24 hours after an interview can help the hiring manager remember you and your interview from the day before. It also demonstrates your eagerness to work for the employer. Check the application's instructions to find the hiring manager's email address.
Your follow-up email should reaffirm your enthusiasm for the financial advisor role, highlight your relevant experience, and encourage the hiring manager to get in touch if they have any questions. It's okay to send another follow-up email if you haven't received a response within two weeks.
Responding to a Financial Advisor Job Offer
Getting a job offer is exciting, but there is usually no need to respond right away. When you first respond, ask whether a decision-making time limit exists, say thanks for the offer, and let the employer know you will respond within the set time limit.
To help you make the best decision possible, carefully read the offer several times, writing down any questions you may have. Never rush into accepting the offer. Pay, start date, and other details of the contract are all fair game for inquiry. When negotiating your salary, provide authoritative information from credible sources to back your salary request.
Depending on the exact offer, you may find you want to make a counteroffer or even decline it. Regardless of your decision, always ask for clarity on any part of the offer that confuses you and thank the employer for their time and consideration.
Career Paths for Financial Advisors
You have lots of financial advisor jobs to choose from, making it simple to follow your desired career path. Some of the most popular lines of work for financial advisors are:
- Financial aid counselor: find out how much money each student needs, determine which students qualify for aid in the form of grants, loans, and scholarships, assist students with administrative tasks, introduce students to available funding sources, and help students with payment arrangements.
- Financial compliance: work for financial institutions to guarantee conformity with federal securities legislation and FINRA standards, evaluate and approve all relevant financial and non-financial disclosures, and develop contingency measures.
- Finance director: analyze budgets, monitor cash flow, manage risk, improve financial processes, train accounting staff, follow legal policies, and supervise financial reporting procedures.
- Financial reporting manager: oversee the compilation of financial statements for distribution to the board of directors, shareholders, auditors, and governing bodies.
Financial Advisor Jobs: Related Professions
As a financial advisor, you may also select from a wide range of related careers. Related fields that see a lot of demand include: