I am looking to change careers and I am interested in becoming a financial advisor. I do not have a degree.?
Question:
Answer:
The U.S. Department of Labor, Bureau of Labor Statistics
Occupational Outlook Handbook has a whole section on financial advisors. This is what they say about "financial analysts and advisors"
A college education is required for financial analysts and is strongly preferred for personal financial advisors. Most companies require financial analysts to have at least a bachelor’s degree in business administration, accounting, statistics, or finance. Coursework in statistics, economics, and business is required, and knowledge of accounting policies and procedures, corporate budgeting, and financial analysis methods is recommended. A master’s degree in business administration is desirable. Advanced courses in options pricing or bond valuation and knowledge of risk management also are suggested.
Employers usually do not require a specific field of study for personal financial advisors, but a bachelor’s degree in accounting, finance, economics, business, mathematics, or law provides good preparation for the occupation. Courses in investments, taxes, estate planning, and risk management also are helpful. Programs in financial planning are becoming more widely available in colleges and universities. Working for a broker-dealer is a good way to gain experience that can help individuals pass the security license exams needed to practice financial planning. Individuals who start out as independent financial planners may find it more difficult to build their client base, and they often start by servicing their family members and friends. However, many financial planners enter the field after working in a related occupation, such as accountant; auditor; insurance sales agent; lawyer, or securities, commodities, and financial services sales agent.
Mathematical, computer, analytical, and problem-solving skills are essential qualifications for financial analysts and personal financial advisors. Good communication skills also are necessary, because these workers must present complex financial concepts and strategies in easy-to-understand language to clients and other professionals. Self-confidence, maturity, and the ability to work independently are important as well. Financial analysts must be detail oriented, motivated to seek out obscure information, and familiar with the workings of the economy, tax laws, and money markets. Strong interpersonal skills and sales ability are crucial to the success of both financial analysts and personal financial advisors.
Although not required for financial analysts or personal financial advisors to practice, certification can enhance one’s professional standing and is strongly recommended by many employers. Financial analysts may receive the Chartered Financial Analyst (CFA) designation, sponsored by the CFA Institute . To qualify for this designation, applicants need a bachelor’s degree and 3 years of work experience in a related field and must pass a series of three examinations. These essay exams, administered once a year for 3 years, cover subjects such as accounting, economics, securities analysis, financial markets and instruments, corporate finance, asset valuation, and portfolio management. Personal financial advisors may obtain the Certified Financial Planner credential, often referred to as CFP (R), demonstrating extensive training and competency in financial planning. This certification, issued by the Certified Financial Planner Board of Standards, requires relevant experience, the completion of education requirements, passing a comprehensive examination, and adherence to an enforceable code of ethics. The CFP (R) exams test the candidate’s knowledge of the financial planning process, insurance and risk management, employee benefits planning, taxes and retirement planning, and investment and estate planning. The exam has been revised in recent years. Candidates are now required to have a working knowledge of debt management, planning liability, emergency fund reserves, and statistical modeling. It may take from 2 to 3 years of study to complete these programs.
Personal financial advisors also may obtain the Chartered Financial Consultant (ChFC) designation, issued by the American College in Bryn Mawr, Pennsylvania, which requires experience and the completion of an eight-course program of study. The ChFC designation and other professional designations have continuing education requirements.
A license is not required to work as a personal financial advisor, but advisors who sell stocks, bonds, mutual funds, insurance, or real estate may need licenses to perform these additional services. Also, if legal advice is provided, a license to practice law may be required. Financial advisors who do not offer these additional services often refer clients to those who are qualified to provide them.
You can find more information at the Department of Labor site here http://www.bls.gov/oco/ocos259.htm... or at the organizations below:
For information on a career in financial planning, contact:
The Financial Planning Association, 4100 E. Mississippi Ave., Suite 400, Denver, CO 80246-3053. Internet: http://www.fpanet.org
For information about the Certified Financial Planner (CFP) (R) certification, contact:
Certified Financial Planner Board of Standards, Inc., 1670 Broadway, Suite 600, Denver, CO 80202-4809. Internet: http://www.cfp.net/become
you will need one to get a lisence... consiter being a financial "coach"
Then your choices are limited. You will have to take the required classes. If you don't have the education and experience, no one will hire you. So get started and find out exactly what classes you need to take and do it as soon as possible. The longer you wait, the harder it will be for you to change careers.
Chuck
http://www.ebusinesswiz.com/work_from_ho...
There are a few ways you can do this. If you are wanting to get a degree file for a grant through FAFSA to get your associates degree in business management, If you are working at this moment earn your way to management (no matter where you are working) work as manager for 6 months or longer, get a job in sales show your math/financial skills and impress everyone! The best way is get your degree, but trust me the other two work just as well (they take a little longer is all).
More Related Questions & Answers...