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What sort of degree will I need to be a financial adviser?

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Tessa’s Answer

Hi Ashton,

A Bachelor's degree in Business/Business Administration is common, often with a major in - you guessed it - Finance. However, you could also consider majors/minors in Accounting, Economics, International Business, Business Administration, etc. Beyond an undergraduate degree, I would say a Master's in Business Administration (MBA) is also common. Essentially, you'll likely want to shoot for a business degree for a career in financial advising!


Tessa recommends the following next steps:

Review business schools/degree programs online (e.g. Forbes, US News rankings). Although prestige carries a certain amount of weight, also consider where you think YOU will thrive academically, where the 'best fit' for YOU is, and which schools/programs will best support you in your goals.
Apply for internship or job shadowing opportunities in Financial Advising. I know this can be difficult right now with COVID, but even getting involved and attending meetings virtually can be helpful to get your foot in the door!
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Paula-Ann’s Answer

Hi Tessa,


Investopedia says that some majors are more related to different types of financial advising than others, such as an advisor working for an investment brokerage firm versus a fee-only independent financial advisor.

Some students major in business with a concentration in finance. Others are attending colleges that offer a bachelor in science in financial services with a certificate in financial planning. Others major in economics, or accounting to set the foundation for being a financial advisor. The website recommends that any business major that requires accounting, economics, marketing, and finance should be a good introduction to the financial planning/advising field. Some students major in finance and take business courses. All of these majors, concentrations, and courses are interelated.

I have attached a very informative link describing the advantages, disadvantages, and details of the majors students usually choose to pursue a career in financial advising.
https://www.investopedia.com/articles/financial-advisors/041415/what-should-aspiring-financial-advisor-major.asp

When choosing a college, I would research the best business, finance, and economics programs in your area, to ensure that you are getting the best education and preparation for your career.

Good luck with everything!
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Bob’s Answer

I agree with Tessa's answer. Also, you can look at job postings or ask one or more companies that have financial advisor services for additional advice.
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Ramona’s Answer

Great question. To be a Financial Advisor, a degree with a major in Finance is highly recommended. Although, you can still be successful by pursuing a business related field as well, such as Accounting or Statistics. In addition to the education component, a role of Financial Advisor requires a good level of interpersonal skills. A successful person will not only know the numbers but also be able to understand the client needs and communicate that effectively. Today's university programs are very focused on teaching you both.
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karthik’s Answer

A bachelor's degree is required for a career as a financial advisor. Majors in finance, economics, business, statistics or similar fields are acceptable. Financial advisors can be generalists, or they may specialize in one of several areas, including retirement, taxes, estate planning, or insurance and risk management
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