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If you decide to become a financial advisor, it’s important to know that you must get a quality education. A strong academic background is one of the most important factors for achieving a successful career as a financial advisor. One of the questions often asked is whether you need an MBA to succeed or is a Bachelors Degree adequate?
A Bachelors Degree is a minimum requirement to be a financial advisor. The degree can be in any of a number of disciplines too. Your financial advisor education may be in accounting, economics, finance, law or business administration. More and more schools are offering degrees in financial planning too. With these degrees you can have successful careers at banks, large businesses, insurance companies and investment firms.
An MBA in finance could open up new career opportunities. For example you could advance into securities buying and selling or investment portfolio management. As the population ages, retirement and benefits planning is becoming more important as is insurance management.
An MBA is almost certainly required if you want to advance to positions like account executive, securities analyst, capital planner and others. The globalization of markets is also creating a need for financial advisors with strong statistical skills and knowledge of global finance issues.
Skills
The education for a financial advisor is designed to teach the knowledge and skills needed for a successful career. They include:
- Knowledge of financial principles and practices – in financial and insurance markets and institutions
- Knowledge of relative disciplines – including math, economics, accounting and statistics
- Analytical skills – for analyzing financial data, charts and other information used in financial management
- Presentational skills – for presenting complex financial information in an understandable manner
- Communication skills – for interacting with customers and clients
- Sales skills – for selling financial products
Licensing
To become a financial advisor you must obtain the appropriate licenses. The type of license required depends on a combination of things including the types of financial products you will be dealing with and the state in which you live.
Generally speaking, most states require that you obtain a license to be a financial advisor. If you sell insurance products you will probably need another license from the state insurance board.
There are also licensing requirements for financial advisors and their firms who deal with buying and selling securities. More information can be obtained at the North American Securities Administrator Association and the Securities Exchange Commission (SEC).
Certifications
Once you have worked for 3 years in the financial field, you can take the Certified Financial Planner Board of Standards exam. Passing this exam will earn you certification as a Certified Financial Planner.
To insure you are properly prepared for the exam, you should attend a continuing education certified financial planner training program. This will insure you are up to date on current regulations, laws and industry standards. Continuing education and financial advisor training programs can be taken online while you continue working.
Continuing education and the financial advisor educational programs are not just for certification either. When you work in the financial advising field it is important to stay current on laws and practices related to investing, financial counseling and financial statements.
There are organizations that provide continuing education like the National Association of Personal Financial Advisors, the National Association of Independent Public Finance Advisors and the National Association of Insurance and Financial Advisors. Many colleges and professional societies also offer professional level workshops and seminars.
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