How to Become a Financial Advisor

In order to become a financial advisor you will have to complete several important steps. However, once you have successfully become a financial advisor, you will have a very rewarding career to look forward to. Here are the basics of how to successfully become a financial advisor.


First of all, you will have to secure the proper education in order to eventually become a financial advisor. At the very minimum, you should plan on getting a bachelor's degree. However, it will definitely help you find a job if you go after a Masters degree. You could get your degree in a number of different fields. Some possible choices are business administration, finance, accounting, and economics. You could potentially have a degree in any other field as well, but these topics are typically preferred.

Depending on which company you want to work for, you might be able to take on-the-job training as well. Many companies have in-house education programs for financial advisors. 


Once you have obtained the proper education, you will also have to complete the proper licensing requirements. In order to become a financial advisor, you will have to pass two different licensing tests. You will first have to pass the Series 7 Stockbroker's Exam. Then you will have to pass the Series 66 Uniform Combined State Law exam. You will also have to get a score of at least 70% on the test. If you do not pass the test, you can wait a month and then take it again. You will have to pass these tests before you can go any further in the process.


After you have successfully completed the licensing requirements, you will have to go through a specific training course for the company that you will work for. Most financial organizations have a very detailed class designed to teach you about the different financial products that they offer. You will have to become an expert in these products so that you can sell them to your future clients. Most of the time, the company will start to work you in slowly while you are in training. You will be able to sell these products and earn a commission on them.

Prepare for Sales

One of the most important things to keep in mind when considering becoming a financial advisor is that you are basically going to be a salesperson. The majority of your work will entail selling certain securities to your clients. You will be paid based on a commission for each trade that they make as well as ongoing account maintenance fees. Therefore, your level of success will depend greatly upon how good of a salesperson you are.

Difficult Beginning

You also need to keep in mind that the beginning of your career will that only be the most difficult part. When you are starting out, you will not make much money because you will be trying to gain new clients. You will have to work long hours until you have developed a good customer base. At that point, the pay will start to increase and the job will become much more enjoyable.