What does a financial consultant do?
The job of a financial consultant (also referred to as financial advisor, financial analyst or financial planner) is to help manage and direct funds. The specific nature of this work depends on the business or individual the financial consultant works for. Businesses of all sizes use financial consultants, either by employing their own, or by outsourcing with an independent consulting firm. Individuals also rely on financial consultants from time to time, especially when it comes to long-term financial planning and investment.
Financial planners are expected to have a big picture viewpoint of their client’s or employer’s finances and make informed decisions to promote financial growth. They should have the expertise to know how much money to invest and where to invest it. For businesses, this also means knowing how to broker business deals with other companies to bring additional revenue in.
Overall, financial advisors need to be familiar with the various investment options and the legalities associated with investing money. People employed in financial advisor jobs may focus solely on buying, selling or both, depending on the nature of the position.
What kind of training does a financial consultant need?
For financial analyst jobs, most employers desire candidates with a bachelor degree in business or finance. Employers look for applicants with a strong background in financial management and sound decision making and communication skills, which are vital for a successful financial consultant.
Additional schooling and certification, such as earning a master degree or a Chartered Financial Analyst (CFA) classification, can be helpful for higher level positions. (1)
What are the prospects for a career in financial consultation?
According to projections by the Bureau of Labor Statistics, the job outlook for financial consultants is on an upswing. Between 2006 and 2016, the BLS predicts job growth to increase by 37%. One reason for this increase is due to the number of people nearing retirement, when considering investments is especially pivotal. Experts believe many of the new financial analyst jobs are likely to open in consultation firms, which assist individuals with their long-term financial planning. (1)
How much do financial consultants make?
Those starting out as a financial consultant can expect salaries ranging from $36,000 to $58,000. Those with additional schooling and work experience can expect to make $47,200 up to $71,800 per year. Managerial and director positions have even higher earning potential, well over $100,000. (2)
As businesses and individuals alike focus more on their finances, the possibilities for qualified financial consultants are enticing. Those who are interested in investment and financial planning careers will find this career path engaging and rewarding.