Becoming a Financial Advisor – Obtaining a License

The decision to become a financial adviser might be easy for some, but it’s still necessary to make sure that you choose the correct career path. A financial advisor will have to provide financial advice to businesses and professionals, on purchases, investments, stocks and more. It takes hard work, but if you follow the right path you can become a qualified financial advisor and get started on your road to success.

The first step towards becoming a financial adviser is to enroll in a four-year degree; this is crucial if you want to be licensed as a CFP (Certified Financial Planner) or a CFA (Certified Financial Advisor). Although you can choose any major, it might look better on your resume if you choose mathematics, accounting or finance. Next, you should gain some work experience in order to build up your portfolio, skills and background.

Find a Training Program You can look for a training program at a large firm as this will significantly boost your work experience. These programs might be competitive and often hard to get into, but it’s definitely worthwhile. If you want to get your foot in the door you can start with a smaller company and gain the skills you need, while moving on to more challenging programs and internships as you gain momentum.

Becoming a Financial Advisor

Get Licensed Obtaining your degree and your license is extremely important as potential clients will want to verify your credentials before they work with you. With the amount of resume fraud doing the rounds, it’s no wonder that recruiters are becoming more and more diligent with background checking. It’s estimated that around 80% of job applicants in all industries provide misleading information, which is why recruiters are spending more than double their time confirming license credentials these days.

You have several options when it comes to licensing. You can become a CFP after passing an exam as well as your four-year degree, or you can choose to become a CFA, which will require around six exams as well as a bachelor’s degree and four years of work experience.

Then you might want to go for a Registered Investment Advisor. This refers to professionals who receive compensation for providing financial advice to companies. If you manage a portfolio of more than $100 million you will need to register with the Securities and Exchange Commission.

Prepare to Work Hard After obtaining your licenses and degrees, you need to be willing to work hard on your way to the top. You might need to start with smaller clients and portfolios, before being able to handle larger business clients. The results are worth it but you need to put the effort in. This is why it is important to assess whether or not you want to go ahead with this career move before you start your training.

A good idea is to speak to successful financial advisors about what their job entails on a daily basis and gain the knowledge and guidance necessary to make the right career move early in your life. License Direct provides a centralized license search for more than 20 million registered professionals across the United States.

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Daniel M Sanchez

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