Financial advisors are professionals who help clients manage their money. When people are wealthy, it’s usually a good idea to put the money into different investment accounts. However, managing investments and planning finances can be stressful and time-consuming. This is where financial advisors come into play. If you’re looking to become a financial advisor, find out more about how much you can expect to be paid throughout your career.
Median Salary
Out of all financial advisors in the United States, the middle portion makes $67,750 per year or $32.46 per hour. This essentially means that half of all financial advisors make more than $67,750 per year and half make less than $67,750. The top 10% make over $187,200 and the bottom 10% make $32,280 per year. The amount you will end up making will depend on common pay across similar occupations, experience level, education, and industry.
Starting Salary
If you are a recent graduate, you may be looking for an entry-level position as a financial advisor. Keep in mind that salary always increases as you gain years of experience, so your starting salary isn’t likely to reach the media salary. A good estimated salary is the salary for the lowest 10% of financial advisors, which sits at around $32,280.
Job Outlook
Over the next 10 years, the job growth across all occupations in the United States is 11% by 2022. For business industries, the job growth is even higher than that national average at about 13%. If you’re considering a career as a financial advisor, you’re in luck, because jobs for financial advisors are expected grow by a whopping 27%, which means the creation of 60,300 new jobs by 2022.
Education
The lowest level of education needed to become a financial advisor is a bachelor’s degree. However, financial advisors with an MBA or master’s degree in finance have greater salary options because education represents a level of expertise. If you want a greater salary, consider getting a master’s degree in a related field.
Industry
The industries that pay financial advisors the highest amount are Investment Activities Industries, Securities and Commodities Contracts Intermediation Industries, Securities and Commodities Exchange Industries, Management of Companies and Enterprises, and Accounting, Tax Preparation, Bookkeeping, and Payroll Services Industries.
Location
The top paying states for financial advisors are New York, Connecticut, Massachusetts, Georgia, and Tennessee. The states with the highest levels of employment for financial advisors are New York, California, Texas, Illinois, and Florida.
