Are you considering a financial advisor career? If you can combine analytical expertise with empathy and possess excellent communication skills, this might be the right role for you. Learn more about the path to becoming a financial advisor as well as trends in the field.

What Does a Financial Advisor Do?

At the most basic level, financial advisors use their expertise to create personalized plans designed to help clients reach their financial goals. Of course, that’s a broad description. Just as doctors can specialize in many different areas of medicine, financial advisors can also focus on different areas of financial planning.

“The term financial advisor can mean a lot of things to a lot of different people,” says Geoffrey VanderPal, CERTIFIED FINANCIAL PLANNER™, securities arbitrator with the Financial Industry Regulatory Authority, and faculty member at Purdue Global. “Generally, a financial advisor advises people on their personal finances.”

According to VanderPal, some financial advisors focus on insurance and risk management, while others sell investment securities or work within large commercial or investment banks.

“Financial advisors can work in retirement planning, estate planning, taxation, insurance, investments, and general personal financial planning,” he says. “This profession covers the whole spectrum.”

What Is the Job Outlook in the Financial Advising Field?

The U.S. Bureau of Labor Statistics (BLS) projects that national employment of personal financial advisors will grow 10% from 2024 to 2034, much faster than the average for all occupations. The BLS expects about 24,100 openings for personal financial advisors each year, on average, over the 2024–2034 decade.

Below is the job growth data for personal financial advisors in your area:

What’s Driving Growth in Financial Advising?

There are several reasons for the growth of opportunities in the financial advising field, including:

  • Retiring baby boomers and their need for financial guidance
  • Over 109,000 financial advisors retiring or changing careers by 2033
  • The expected limited impact of robo-advisors and AI technology, which many older investors may be uncomfortable using
  • The anticipated transfer of more than $84 trillion in assets between generations by 2045, as heirs and beneficiaries seek guidance on how to manage, invest, preserve, and plan around newly inherited assets

“There are not enough new people coming into the industry to replace the baby boomer financial advisors who are retiring,” VanderPal says. “There’s a shortage. This could create meaningful opportunities for students to begin careers in the field, especially women and minorities. The industry needs a more diversified employee base so we can more accurately reflect the needs and diversity of our population.”

What Is a CERTIFIED FINANCIAL PLANNER™?

The CERTIFIED FINANCIAL PLANNERTM designation is granted by the CFP Board, a nonprofit dedicated to fostering professional standards in personal financial planning.

“It gives you training and exposure to material that informs proper and ethical financial planning,” VanderPal says. “Having this credential means you meet the board’s standards of excellence.

“CFP® certificants tend to be more professional and knowledgeable in financial planning and have a lower client complaint-in-arbitration rate, which is good for the industry, customers, and clients,” he adds.

Who Is a Good Fit for a Financial Advisor Career?

You might be a good fit for a career as a financial advisor if you:

  • Are good at saving, budgeting, and investing money
  • Like working with people
  • Are comfortable listening to others and offering guidance
  • Possess strong communication, networking, and planning skills
  • Are adept at promoting yourself and your offerings
  • Enjoy learning about other people’s dreams, goals, and risk and return preferences
  • Are capable of developing a network of qualified attorneys, accountants, and insurance professionals

“This is a great career for someone who enjoys helping people,” VanderPal says. “Helping people reach their financial goals is very rewarding.”

However, there are some drawbacks. VanderPal notes that most financial advisors work more than 40 hours a week. “As an industry, that's pretty common,” he says. “I know I certainly did.”

What Education Do You Need to Be a Financial Advisor?

Personal financial advisors typically need a bachelor’s degree, the BLS reports, although employers don’t usually require one specific course of study. The CFP Board also does not require that you have any particular bachelor’s degree — just that you have one (and that you meet the other requirements to sit for the exam).

Start Your Financial Advisor Career With Purdue Global

If you are looking for a career path that demands a healthy balance of consultative selling skills as well as a level of analytical ability and general business acumen, consider the financial services industry. Whether you want to focus on retirement, investments, or any other niche, there are many opportunities for capable financial advisors.

The first step is a strong education. Purdue Global offers an online Bachelor of Science in Finance for busy working adults who need the flexibility of an online program. The online Master of Science in Finance program is designed to align with three financial professional certifications, preparing students to sit for the CFP®, Certified Treasury Professional (CTP), and Certified Corporate FP&A Professional (FPAC) certification exams.

To learn more about Purdue Global’s degrees in finance, request more information today.

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About the Author

Purdue Global

Earn a degree you're proud of and employers respect at Purdue Global, Purdue's online university for working adults. Accredited and online, Purdue Global gives you the flexibility and support you need to come back and move your career forward. Choose from 175+ programs, all backed by the power of Purdue.

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