One of the fastest growing career opportunities today is in the field of finance: the financial planner salary even for a novice is substantial. When you add the projections for increased employment in this field, you have several options that make it a good choice; both small and large firms employ these professionals. And with the many accounting certificate programs and finance certifications available consulting or beginning your own company is a reality as well.
The Starting Financial Planner Salary
The location of the company where you work will have a definite impact on your starting financial planner salary: in the San Francisco Bay area $50-75K is not uncommon. However this salary will be more if you have an accounting background. In addition, for individuals with finance certifications, the CFP salary is much higher still. If you decide to pursue this career path accounting certificate programs can be beneficial for you, but having a Masters degree will serve your purpose better.
However even though the current state of employment and level of the financial planner salary is good and the prospects for the future look bright; that’s no guarantee that you’ll get a job. It’s because of the highly lucrative financial rewards to be gained that you will face fierce competition. Newcomers to the arena will need to have top-level as well as a comprehensive understanding of the demands in the financial sector and the type of client transactions they will need to manage. College students are advised to apply for internships to build up their hands-on experience which is required for the Certified Financial Planner exam.
Factors that Influence the Financial Planner Salary
And for those who are lucky enough to land a position, the financial planner salary is dictated by the company policy. Some firms allow new members as much as 3 years to build a book of business paying the base salary during that time. However when that time period of your guaranteed draw is over, if you don’t have a book of business by that time you will be unable to compete and eventually be starved out of the firm.
To avoid this dilemma, the wise move is to live very frugally during your draw period to give you as much time to build your book of business. If you sincerely want to earn the highest level for a financial planner salary, study and imitate the methods and work habits of the top earners in the firm.
The Average Financial Planner Salary
Depending on your specialization, the financial planner salary that you earn can vary. Just a few years ago the average salary for these professionals was $66,000 per annum.
In general the greatest influence on the financial planner salary is whether you choose to be a personal financial advisor or an analyst. Here the bottom 10 percent earned $30K per year while the top 10 per cent recorded earnings of more than $130K per year. Your potential to earn is greater as an advisor because you will earn commissions in addition to your salary.
Building your book of business takes time, diligence and a good understanding of human nature. You also need to hone marketing skills and sales technique throughout your career in order to keep your financial planner salary rising.
If you require more information, please visit the following sites that are authorities in this topic...
financial advisor salary
accounting certificate of completion