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I am really interested in being a financial advisor because I see myself working with money very effectively, and I’m efficient at problem-solving. Math has always been one of my specialties, and that is a major skill to have in finance. I have also believed that in stocks and bonds for a very long time, and working with those is my passion. My ambition has always been to complete my MBA after graduating, and this degree is excellent for this career. By working in a family business for the longest time, I acquired a certain set of skills such as active listening, critical thinking, and verbal communications. To be a constructive advisor, you must be able to listen to and understand your clients’ financial goals and clearly explain the financial services you can provide to them. My critical thinking and great analyzation skills are crucial in the financial analysis world and will alleviate my ability to figure out how I can best facilitate my clients and meet their goals.
Financial advisors advise clients on investments, taxes, estate planning, college savings accounts, insurance, mortgages, and retirement. Some of their daily tasks consist of providing financial planning support to clients, helping clients on insurance, investments, tax planning, debt management, estate planning, and one of the most important tasks of a financial advisor is building your client base because you won’t become a financial advisor unless you have clients to advise. Financial advisors usually work in offices and in the field, either alone or in teams. They may hold financial advisory workshops with local community groups or at adult evening schools. Some financial advisors even meet their clients at their homes or businesses and although there is no set time for financial advisors to work, they usually tend to work more than forty hours per week, especially in the beginning when they are trying to establish a clientele. Some financial planners work evenings and weekends to meet with clients. Since all of the major certification bodies require a few years of industry experience, most financial advisors start out in junior positions working part or full-time while completing their studies. After obtaining certification, the financial planner can take clients without supervision. Many financial planners are quite content to remain in their roles, merely moving to higher net worth clients and higher compensation levels. A senior financial planner at a large firm can have a six-figure base salary with a matching annual bonus with a relatively low-stress work situation. Some financial planners prefer to become self-employed after completing their certifications. Since the cost of doing business is basically just a small office space, many find the earnings potential higher than regular employment at a finance firm.
The key for this path is to have a good network of contacts to build a stable base of clients. The average financial advisor salary in Canada is $66, 777 per year or $34 per hour. This is around 2 times more than the median wage of the country. Entry-level positions start at $47, 000 while most experienced workers make up to $93, 000. People who want to become financial advisors can also obtain one or all of these certifications: Certified Financial Planner (CFP), Chartered Financial Analyst (CFA), or Chartered Financial Consultant (ChFC). Although the certifications aren’t necessarily required to become a financial advisor, having one can help you get more work and higher-paying jobs.
The CFA certification is considered the most prestigious since it’s harder to get. It takes about four years to earn the CFA credential, which involves passing three exams that require more than 300 hours of study each. Other requirements include a bachelor’s degree, four or more years of professional work experience (it doesn’t have to be related to finance), and two or three letters of reference. Majors in finance, economics or accounting also offer convenient preparation for this occupation. Major firms or high-end clients may require their financial advisors to continue their education at the graduate level and pursue an MBA. Earning an MBA (Master’s of Business Administration) or a master’s degree in finance could help you eventually advance into a management position and help advance into potential career advancements. If the job includes selling financial products such as stocks, bonds, and insurance policies, there will be licenses that you need. Universities such as UBC Sauder and SFU Beedie Commerce provide courses to build your way up to becoming a financial advisor. At Sauder, you would first have to complete your Bachelors of Commerce and afterward pursue your MBA. The BCom program is 4 years and requires an interim average of 84% or higher are eligible to be considered for admission. They also require math courses such as Principles of Mathematics 12 or Pre-Calculus 12. SFU also offers the Beedie School of Business Bachelor of Business Administration (BBA) degree, which combines applied problem-solving and hands-on experience with a foundation in contemporary business principles and practices. Secondary school applicants are required to have an English 12 course with a minimum final blended grade of 70%. It is also required to have a minimum of 5 Grade 12 courses, including English 12, from SFU’s approved course list.
After all this research about the occupation of a financial advisor, I have perceived that I am still very keen in pursuing this career because I can really succeed in this field and eventually gain a plethora of experience that I can use to utilize a management position later on. Considering all aspects, the benefits outway the costs, because I love working in business fields and feel that it is of my realm of interests. It is worth the hard work at the end, but I will enjoy making money off a career I love. This job will be a reputable learning experience because I surmise that I can never in my life spend all day helping people understand and improve their finances without learning a little something about myself and the client. Although I will need to work out the financial aspect of pursuing this degree, it will be worth the cash I will earning in the future. Overall, I am really eager to become a financial advisor and see bigger management plans for me.
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