Most people aren’t too worried about their financial future because they have lived long enough to see the markets go up and down and have lived through what is being referred to as the Great Recession, which was just a short step away from taking the lead over the Great Recession of the last century. Because they have seen such volatility in the markets and are at a loss as to where to invest their life savings or even how to save for the future, financial planners and financial advisors are in great demand. Do you have what it takes to be a financial advisor?
Qualifications Begin with a Degree
Although you can find entry level positions with a bachelor’s degree, the really high earning jobs require an advanced degree, which you can get online as a viable alternative to studying an on-campus curriculum. An online MBA is the minimal suggested degree to work as a financial advisor and if you’d like to take your career even a step further as a financial planner you should seriously consider an online masters in business administration.
You’ll still need to take the two-day certification exam and show educational requirements, but it is a step above a financial advisor and why most people begin here after their MBA. Having said that, you can be automatically qualified with some doctorates, which is the next step after your online MBA degree (such as the one here).
Experience Is Essential on Either Path
If you are going to be advising others where they should put their money for the best and/or safest results, it is imperative that you have some sort of experience in the field. Most financial advisors begin their careers by doing volunteer work to get their feet wet. One experienced financial planner, Jeff Rattiner, says that he advises those he’s mentoring not to quit their day jobs just yet. Begin by working part-time at weekends or in the evening and work your way up from there.
References Hold Weight in Building Brand
If you are looking to start your own firm, this is the best way to begin building clientele and making your mark in the world. Build brand with references you get along the way and don’t forget to include any volunteer work you did that qualifies you to be a financial advisor. Did you help someone build wealth or realize a sizeable return on their investment? This is all good stuff for building brand!
If you have ever made any winning investments of your own, this is also experience under your belt. But what it really takes is that MBA, not only as a prerequisite to working in the field but for the knowledge this one degree imparts. Building wealth and/or securing your financial future takes strategies that can change from day to day, which why it is essential to fully understand the current state of the market. From there you can offer advice on where best to place investment capital, but if you are operating on an antiquated understanding of the market, chances are your advice will be bad. What’s a ‘bad advice’ financial advisor? Having an advanced degree helps you stay current and that’s just what you need as a financial advisor – a current understanding of market conditions as they occur so that ongoing advice is always in the best interest of those you serve. Anything less is unacceptable.
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