Growth Trends for Related Jobs
How Much Do You Make as an Entry-Level Financial Adviser?
Entry-level financial advisers help individuals and businesses find the best investment vehicles for their particular situations, whether they're planning retirement or investing for future business growth. These financial advisers explain available investments and returns and make other recommendations based on how investments perform. If you want to get a job as an entry-level financial adviser, you need at least a bachelor's degree in finance or a related major. In return, you can expect to earn a salary averaging more than $60,000 annually.
Salary and Qualifications
The average annual salary of an entry-level financial adviser was $62,000 as of 2013, according to the job site Indeed. These advisers may also earn bonuses and commissions for meeting certain investment quotas, which may add significantly to their annual income. To become an entry-level financial manager, you need a minimum of a bachelor's degree in finance, accounting, economics, business or mathematics. Other essential qualifications are analytical, interpersonal, speaking and selling skills.
In 2013, average salaries for entry-level financial advisers varied considerably within four U.S. regions, according to Indeed. In the Midwest, they earned $46,000 in Nebraska and South Dakota and $68,000 in Illinois -- the lowest and highest salaries in the Midwest. Those in the West made $40,000 to $67,000 per year in Hawaii and California, respectively. If you worked as an entry-level financial adviser in Louisiana or Washington, D.C., you'd earn $53,000 or $73,000, respectively, the lowest and highest salaries in the South. In the Northeast, you'd make the least in Maine or the most in New York -- $53,000 or $75,000, respectively.
The $62,000 salary that Indeed reported for entry-level financial advisers falls significantly below the average annual salary the U.S. Bureau of Labor Statistics listed for all personal financial advisers as of May 2012 -- $90,820 per year. The top 25 percent made salaries of more than $111,450 annually. In comparison, financial analysts, who monitor all types of funds and investments, earned average salaries of $89,410, while the top 10 percent exceeded $148,430 in earnings.
The BLS predicts a 32-percent increase in jobs for personal financial advisers through 2020, much faster than the 14-percent national average for all jobs. Increases in population among baby boomers as they seek more financial advice before retiring should boost jobs for financial planners, including those at entry level.
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: What Personal Financial Advisors Do
- U.S. Bureau of Labor Statistics: Occupational Outlook Handbook: How to Become a Personal Financial Advisor
- U.S. Bureau of Labor Statistics: Personal Financial Advisors: Job Outlook
- U.S. Bureau of Labor Statistics: Occupational Employment Statistics: Personal Financial Advisors
- Indeed: Entry-Level Financial Advisor Salary
- Indeed: Entry-Level Financial Advisor Salary in Maine, and New York
- Indeed: Entry-Level Financial Advisor Salary in Hawaii, and California
- Indeed: Entry-Level Financial Advisor Salary in Louisiana, and Washington, DC
- Indeed: Entry-Level Financial Advisor Salary in South Dakota, Nebraska, and Illinois
- U.S. Bureau of Labor Statistics: Occupational Employment Statistics: Financial Analysts