Posted on August 13th, 2025 in Blog, Business

Financial Advisor Salary, Requirements, and Job Description

Americans who use the services of a financial advisor expect to retire two years earlier than those who don’t, according to Northwestern Mutual’s 2024 Planning and Progress Study. They’ve also saved more than twice as much for retirement ($132,000 vs. $62,000). It’s no surprise, then, that financial advising is an in-demand career field.

Becoming a financial advisor usually starts with an undergraduate degree, such as a Bachelor of Arts (BA) in Accounting. Undergraduate programs like these typically focus on basic financial management, accounting software, accounting principles, compliance, and budgeting. Before they take that leap, however, individuals interested in this career should explore all aspects of the role, including the financial advisor salary, job outlook, and day-to-day duties.

Financial Advisor Job Description

The role of a financial advisor is to advise individuals and businesses on how to manage their finances. Personal advisors work only with individuals — from young people just starting to plan for their futures to retirees seeking to protect and grow what they’ve earned — but general advisors may work with businesses.

The consultation process usually begins with an assessment of the client’s financial situation before moving into the identification of short- and long-term goals. After meeting with the client, the advisor formulates a financial plan for them to review. They often meet regularly to review the client’s investments and make any necessary changes. Specialized and licensed advisors can also provide tax advice or sell insurance.

A financial advisor job description may include these day-to-day duties:

Educating clients on the benefits and risks of certain investments
Networking and marketing to meet new clients
Making approved investments on behalf of clients
Working with clients to establish budgets
Monitoring financial markets and adjusting client portfolios

Common Work Environments for Financial Advisors

Financial advisors may work for small firms or large corporations. Banks, brokerage firms, and insurance companies often employ them, or they may work as independent consultants.

Advisors typically spend most of their time in their offices meeting with clients. Some of them travel to networking events, consult with clients in their homes during evenings or weekends, or arrange remote meetings. It’s also common for financial advisors to attend finance-related conferences or community events. With experience, they may be able to create their own schedules to maximize their flexibility.

How to Become a Financial Advisor

Becoming a financial advisor involves education, experience, and licensing requirements.

Education

A bachelor’s degree is typically the minimum education required to become a financial advisor. Majors such as business administration, math, economics, accounting, and social science — covering courses in areas such as statistics, estate planning, taxes, risk management, and investing — can provide strong foundational knowledge.

Other majors, such as healthcare, sales, insurance, real estate, and education, have transferable skills that can also be useful for a career as a financial advisor.

A Master of Business Administration (MBA) or other relevant master’s degree is suitable for advisors interested in becoming financial managers. Continuing education is often needed to stay current on industry regulations and offerings.

Experience

After earning a degree, many new advisors begin on-the-job training, working under supervision to learn the basics of how to build a clientele and advise clients. This training could last from a few months to a year.

Another option to gain experience is to pursue internships either during or after college. Internships not only give a glimpse of daily life but also connect students with mentors and job opportunities.

Licensing and Certification

Depending on the employer, certification may be required before hiring — or it can be achieved while employed. Advisors who buy or sell financial products such as stocks, bonds, and insurance policies need to be licensed by their state licensing board. The North American Securities Administrators Association (NASAA) provides information on state licensing board requirements.

Optional certifications can enhance job prospects and salary potential. The Certified Financial Planner (CFP) credential from the CFP Board of Standards requires a mix of education and experience (4,000 to 6,000 hours of practical financial planning work). Applicants must also pass a rigorous 170-question exam, clear a background check, and adhere to a code of ethics.

Financial Advisor Salary Information and Job Outlook

The median annual personal finance advisor salary was $102,140 as of May 2024, according to the U.S. Bureau of Labor Statistics (BLS). Salaries often vary by region, experience, education, and industry. Advisors who work for financial firms may increase their income with bonuses, commissions, and other incentives. For an overview of salaries, the BLS noted median financial advisor salaries for the following industries:

Securities, commodity contracts, and other financial investments and related activities: $109,390
Credit intermediation and related activities: $94,480
Professional, scientific, and technical services: $85,000
Insurance carriers and related activities: $80,550

The BLS projects a significantly faster-than-average job outlook for personal finance advisors due to the increase in retirees who need financial planning advice and changes in how companies offer retirement plans. Employment of personal financial advisors is expected to grow 17% between 2023 and 2033.

Start Your Journey to Becoming a Financial Advisor

Getting started as a financial advisor generally requires formal education, such as a bachelor’s degree. If you’re ready to take that first step toward an in-demand career helping individuals or businesses improve their financial futures, Warner Pacific University Online offers multiple degree options to consider.

Its Bachelor of Arts in Accounting and Bachelor of Arts in Business Administration programs are both accelerated and designed for working adults who’ve completed some college courses. They’re available 100% online, although the business administration program is also available in a hybrid format. Depending on the program, coursework covers areas such as financial decision-making, risk analysis, reporting, and management principles.

WPU Online also offers an accelerated Master of Business Administration program, available online or in a hybrid format, for professionals pursuing a graduate degree. Its coursework covers leadership theory; change management; and higher-level accounting, finance, and marketing strategies.

Learn how a degree in accounting or business administration from WPU Online can prepare you for a career as a financial advisor.

Sources:
CFP Board of Standards, Eligibility
Edward Jones, “How to Become a Financial Advisor”
Fortune, “How to Become a Financial Advisor: 4 Steps to a Life-Long Career”
Investopedia, “Financial Advisor Career: Pros and Cons”
Northwestern Mutual, Americans With a Financial Advisor Expect to Retire Two Years Earlier According to Northwestern Mutual’s Planning & Progress Study
U.S. Bureau of Labor Statistics, Personal Financial Advisors
U.S. News & World Report, Financial Advisor