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Ellie Creed

Mrs. Rodgers

Senior Thesis

29 March 2020

Career Research

Financial planners help people to properly organize and adjust their comprehensive

financial information. They help with investment selection, retirement planning, estate planning,

saving, and more. There are many routes that one can take in order to become a financial

planner. This includes different education and training routes, researching the best places to gain

this education, knowing which licenses and degrees to obtain, understanding the job

requirements, being knowledgeable about the career pay, and visualizing the future of financial

planning. This is the career that I see myself working in in the future.

The first step in becoming a financial advisor is to evaluate the best education path. This

includes scouting out the best secondary schools to attend and what to major in. According to

Heidi Pope, some of the best schools to attend for this career path are The Massachusetts

Institute of Technology, The University of Michigan, The University of Texas at Austin, The

University of California at Berkeley, and The University of North Carolina at Chapel Hill

(Pope). It is also seen that majors in finance, economics, business, statistics or similar fields are

acceptable routes to take. Most firms will hire you with a bachelor's degree, but major firms or

high-end clients may require their financial advisors to continue their education at the graduate

level (Learn How to Become). Additionally, to be a financial planner you do not necessarily

need a license unless your speciality requires it. However, obtaining these licenses is attractive to
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potential clients (Fiorillo). It is encouraged to obtain licenses pertaining to your field, which is

why many financial planners acquire as many as they are able to.

When working as a financial advisor, certain things are required of you. Primarily, you

should be able to prepare financial analysis and research, draft consolidated forecasts and

budgets, analyze trends, devise debt liquidation plans, determine clients’ current income,

expenses, insurance coverage, tax status, financial objectives, risk tolerance, and other

information needed to develop a financial plan. You should also be able to monitor market

trends, make recommendations in areas such as areas as cash management, insurance coverage,

and investment planning, sell financial products, review clients’ accounts and plans regularly to

determine life changes that would affect financial strategy, fully understand clients’ financial

goals and circumstances, and disburse funds according to financial goals (America’s Job

Exchange).

Nicely enough, the pay that comes alongside all of this work can be very notable. There

are a few different ways that a financial advisor can earn money. Some financial advisors work

on commission. These advisors will receive a percentage of each sale of a financial product or

service, or recieve a percentage of the clients’ income. These products and services can include

insurance products, mutual funds and other securities. Fee-based advisers charge an upfront fee

to their clients. They could also earn a commission. Fee-only advisors earn their pay strictly from

the fees they charge to their clients. They may charge a flat rate fee for their services or they may

charge clients at an hourly rate. A fee-only advisor may also calculate fees based on a percentage

of assets that they manage for a client. The median pay in 2018 was $88,890 a year (Silva). Just

as importantly, the future of financial planning is expected to continue increasing in necessity, as

it is a service that will always be required. It is seen that, “Employment of personal financial
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advisors is projected to grow 15 percent from 2016 to 2026, much faster than the average for all

occupations. As the population ages and life expectancies rise, demand for financial planning

services should increase” (U.S. Bureau of Labor Statistics).

Financial planners help others organize and make decisions with their money, and will

always be beneficial for the health of the economy. Although the job requirements vary widely,

obtaining a notable business education and certifications can help financial planners obtain many

clients. Financial planners are able to perform lots of tasks for clients, and some are paid very

generously. The financial planning industry is suspected to grow significantly, and the desire for

financial planners will continue to rise.

Works Cited
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Fiorillo, Steve. “How to Become a Financial Advisor: What You Need to Know.”

TheStreet, 22 Aug. 2019, 2:02 PM EDT, www.thestreet.com/how-to/how-to-become-a-financial-

advisor-14650926.

Job Exchange, America's. “Financial Planner Job Description: Americas Job Exchange.”

Financial Planner Job Description | Americas Job Exchange, 2019,

www.americasjobexchange.com/financial-planner-job-description.

Pope, Heidi. “Top Schools For Aspiring Financial Advisors.” Financial Advisor, 30 May

2018, www.fa-mag.com/news/top-10-finance-undergrad-programs-38808.html.

Silva, Derek. “How Much Do Financial Advisors Make?” SmartAsset, SmartAsset, 18

Feb. 2020, smartasset.com/financial-advisor/how-much-do-financial-advisors-make.

U.S. Bureau of Labor Statistics. “Personal Financial Advisors : Occupational Outlook

Handbook.” U.S. Bureau of Labor Statistics, U.S. Bureau of Labor Statistics, 4 Sept. 2019,

www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm.

Writers, Staff. “Finance Degrees & Careers: How to Become a Financial Advisor.”

LearnHowToBecome.org, LearnHowToBecome.org, 21 Apr. 2019,

www.learnhowtobecome.org/financial-advisor/.