The role of financial advisors is very broad. Generally speaking, their job is to guide clients through the confusing and sometimes overwhelming fields of investment, taxation, real estate, and financial management. Ultimately, the goal of financial advisors is to help each of their clients get enough money to spend their lives, and in some cases, protect and preserve a portion for future generations. A person can also hire a financial adviser for specific goals, such as funding a child’s college education or buying a holiday home. Therefore, in addition to personal advisers and confidantes, financial advisers may also be required to become all-round financial advisers.
- Generally speaking, the job of a financial adviser is to help each of their clients get enough money to spend their life, but one can also hire a financial adviser for specific goals, such as funding their children’s college education or buying a holiday home .
- When deciding on a college major, the consultant’s expected field of expertise—stocks, retirement, education, taxation, insurance, real estate, or financial planning—may be relevant.
- For students entering university with the goal of becoming a financial adviser, a strong prospect is to pursue a business degree in finance.
- One of the benefits of a career as a financial consultant is that you do not need a college major to enter the industry.
Financial advisors come from a variety of academic backgrounds. When deciding on a university major, the consultant’s expected field of expertise may be relevant. Some professional topics that financial advisors can focus on include stocks, retirement, education, taxation, insurance, real estate, and financial planning.
For example, a financial consultant working for an investment brokerage company may require different skills than a fee-based financial planner who owns his own small business. In addition, in order to pass the necessary license exams, many financial consultants need to receive professional training on the basis of their chosen university degree. For aspiring financial advisors, here are some college degrees to prepare you for a career.
Business degree with a focus on finance
For students entering university with the goal of becoming a financial adviser, a strong prospect is to pursue a business degree in finance. During the study of business, students have a broad understanding of banking and economics, which is an important subject for understanding financial planning. In addition, focusing on finance can provide an in-depth understanding of how to value companies, stocks, or other financial products.
Some universities also offer financial planning majors and certificate programs. For example, San Diego State University offers a bachelor’s degree in financial services and a certificate in personal financial planning. In general, the strong quantitative and analytical background of the business profession is an important asset of the financial consulting industry. Possess a business degree and focus on financial planning, and sometimes postgraduate courses that require a financial consultant license can be minimized.
An economics degree with a finance course can also lay the foundation for aspiring financial advisors. Economics covers global and broad macroeconomic concepts, as well as important microeconomic topics such as monetary and fiscal policies. Financial consultants who have a thorough understanding of economics are better able to help their clients navigate the business and financial market cycles.
Generally speaking, you can’t go wrong with a business or economics major; both will lay a good foundation for a career in financial planning or consulting. The basic courses you must complete in order to earn a degree—accounting, economics, marketing, finance, and management—will help you transition into the field of financial planning.
Although a business or economics degree is more suitable for future financial advisors, individuals who decide to enter the field of financial planning after college or later in college may successfully move on. This is one of the benefits of a career as a financial consultant; a university major is not required to enter the industry.
Liberal arts, communication or psychology degree
A liberal arts degree-even a communication or psychology degree-can provide important communication and analysis skills. Although it is important to understand investment and business concepts, most of the tasks of financial advisors are to deal with people and their emotions about money. The ability to communicate and connect with customers is an equally important skill.
Obviously, money and financial issues can be highly emotional issues. Psychology students learn about emotions, fear, anxiety, and how the brain works. This training helps financial advisors handle customer relationships.
Communication students also benefit from analytical skills and the ability to simplify complex topics. When supplemented by financial and investment concepts, planners with a communication degree can become successful financial advisors.
Some financial advisors want to be able to advise their clients on buying and trading stocks. Even just to provide investment advice requires a license. Similarly, financial advisors of insurance companies need additional licenses to sell professional insurance products and advise them. These permits require timely courses and exams.
Generally speaking, liberal arts teach reasonable reasoning and analytical skills. When integrating and proposing financial plans, consultants with excellent critical thinking skills will be fully prepared to introduce and explain various options to clients.
The career of a financial advisor does not require a college major. In other words, certain degrees can provide an advantage to aspiring financial advisors. Obtaining a license is not necessarily a prerequisite for becoming a financial adviser. Depending on your major, you may need to undergo additional studies and certifications before you start working as a financial adviser. In the final analysis, dedicated applicants can have a successful career as a financial advisor in a variety of different university majors.