The financial industry offers a world of opportunities for those seeking a rewarding and dynamic career. In this guide, we'll walk through the career path, qualifications, skills, and steps to becoming a financial advisor, along with why now is a particularly strong time to start.
A financial advisor is a professional who provides guidance on financial planning, investments, retirement, and wealth management, helping clients work toward their financial goals.
The field offers several paths depending on your interests:
These career paths offer flexibility and the opportunity to cater to your interests and expertise.
According to the Bureau of Labor Statistics, the median pay for personal financial advisors was $102,140 as of May 2024, with the top 10% earning more than $239,200. Many advisors earn a combination of fees and commissions, which can significantly increase compensation for those who build a strong client base.
The industry is heading into a period of real demand, driven by three separate trends converging at once:
The workforce is aging out. The BLS projects 10% employment growth for personal financial advisors from 2024 to 2034, well above the average for all occupations, with about 24,100 openings projected each year. The primary driver is the wave of advisors themselves reaching retirement age: research firm Cerulli Associates found that 105,887 advisors plan to retire over the next decade, and more than a quarter of them don't yet have a succession plan in place.
McKinsey projects a real capacity gap. A widely cited McKinsey & Company study estimates the industry will be short roughly 100,000 financial advisors by 2034 relative to client demand, calling it "a monumental challenge... with no easy solution."
There's a historic amount of wealth changing hands. Cerulli projects $124 trillion will transfer between generations through 2048, with roughly $105 trillion going directly to heirs. That transfer creates sustained demand for advisors who can guide both the generation receiving the wealth and the families managing the transition.
None of this means the path is easy. Industry research also shows more than 70% of new advisors leave within five years, often because they underestimate the licensing and client-building work up front. Going in with the right preparation and realistic expectations matters as much as the opportunity itself.
Most financial advisor roles look for a bachelor's degree in finance, economics, or a related field, though requirements vary by employer and role. Beyond the degree, securities licenses like the Series 6, Series 7, Series 63, and Series 65 build the credibility and legal authority to actually do the work.
To excel in this field, you'll need a set of key skills, including:
Here's a step-by-step guide to becoming a financial advisor:
There are many securities certifications that can help your path to becoming a financial advisor, but some of the common licenses held by U.S. financial advisors include:
ExamFX's online securities training courses for these exams are built to align with the exam guidelines set by FINRA and NASAA, with study materials, flashcards, and practice exams designed to get candidates ready for exam day.
Ready to start? Explore ExamFX's securities licensing courses and take the first step toward your financial advisor career.
ExamFX's Pass Guarantee currently applies to our insurance prelicensing courses; securities candidates get the same practice exams, checkpoint exams, and instructor support that back that guarantee, without the guarantee itself attached to these exams yet.