Information Provided by the Bureau of Labor Statistics Occupational Outlook Handbook
A college degree and good interpersonal skills are among the most important qualifications for these workers. Although both occupations will benefit from an increase in investing by individuals, personal financial advisors will benefit more. Financial analysts and personal financial advisors who have earned a professional designation are expected to have the best opportunities; competition is anticipated to be keen for highly lucrative positions in investment banking. About 4 out of 10 personal financial advisors are self-employed.
On average, Personal Financial Advisors earn $ 66,120 per year.
Job Opportunities for Personal Financial Advisors are expected to:
Increase faster than average.
Financial analysts and personal financial advisors provide analysis and guidance to businesses and individuals in making investment decisions. Both types of specialists gather financial information, analyze it, and make recommendations. However, their job duties differ because of the type of investment information they provide and their relationships with investors.
A bachelors or graduate degree is required for financial analysts and is strongly preferred for personal financial advisors. Most companies require financial analysts to have at least a bachelors degree in finance, business administration, accounting, statistics, or economics. Coursework in statistics, economics, and business is required, and knowledge of accounting policies and procedures, corporate budgeting, and financial analysis methods is recommended.
Financial analysts and personal financial advisors held 397,000 jobs in 2006, of which financial analysts held 221,000. Many financial analysts work at the headquarters of large financial institutions, most of which are based in New York City or other major financial centers. More than 2 out of 5 financial analysts worked in the finance and insurance industries, including securities and commodity brokers, banks and credit institutions, and insurance carriers. Others worked throughout private industry and government.
