Career as a Financial Advisor can be very lucrative, and as well as competitive.  Understanding the financial advisor requirements and what it takes in becoming a financial advisor is the first critical step.

Today, most financial advisors have a college education and have a good understanding of the complex financial markets and a good command over financial subjects in general. However, in view of the ever-growing complexity of the financial industry, a good grasp of the economy is essential to conduct technical financial analyses. This is an integral part of the job of a successful financial advisor. You must also be able to build deep relationships and gain the trust of your clients.

Financial Advisor Licensing Requirements

Obtaining a license is a must for a financial advisor career. To qualify for the license, there are specified examinatoin that need to be taken and passed. Once the license is obtained, it becomes eligible to represent clients. The license is issued by the state, though there may be some minor differences in the licensing requirements of different states. It is common that most states require applicants to be sponsored by a brokerage firm, such as American Express or Fidelity.

Financial Advisor Licensing Examinations

The licensing examination is conducted by 'National Association for Security Dealers' or the NASD. The examination is also referred to as the General Securities Registered Representative Examination or the Series 7 Examination. After passing this examination, the candidate is expected to work with a registered brokerage firm for at least four months, before they can work independently. Many states require the advisor to pass a secondary examination. This is known as the Uniform Securities Agents State Law Examination. This examination is designed specifically to test the candidate's general knowledge in securities and stock business and knowledge and understanding of customer protection laws, procedures and liabilities. It also covers record keeping and administrative procedures.

Although in-person training classes are available, the mode of study preferred by most candidates is through the Internet or correspondence courses.

Average Salary Of A Financial Advisor - So what is the earning potential of a financial advisor

Career as a financial advisor does have its share of risks; any career where you are solely working on commission can be risky. The fact remains that people who choose to pursue a career in this field are usually possessed with a strong belief in the success rate and work independently only after they have gained in-depth knowledge of the business. Brokers that are new to the business can benefit by approaching clients of large firms, as well as friends and family. A great number of the client base of a financial advisor is won through referrals.

Successful career as a financial advisor takes a great deal of persistence - you simply can't take 'no' for an answer, particularly when you are just starting out in this business. However, once you are well established in your career, your earnings can rise well into the six-figure range and higher.

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