Average Certified Financial Planner Salary Ranges
The financial sector has a reputation as a source of high-paying jobs
. The people who are at the top of the food chain, like successful stock brokers or upper-level bank management, easily make six figures per year, not including bonuses and benefit packages. So, how does financial planning stack up next to those other careers? The truth is, it depends. On average, financial advisors in the United States earn between $40,000 and $75,000 per year. Some people in the field make much more than that, and others make much less. Many factors can affect your earning potential as a financial planner, including education, number of certifications, personal motivation and even the part of the country where you work.
Education is a great asset for those who want to earn more money. Just to break into the field of financial advising, you will need a degree from a four-year institution. Popular majors for this career are finance, business, accounting, marketing, communications, and economics. It typically doesn't really matter what you major in, each of the disciplines listed above can teach you valuable skills for this job. There is one exception, however. Accounting is in high demand, and financial advisors with a strong background in accounting can charge much higher rates for their services than those who lack experience in this area. So if you want an edge as you enter the job market, it makes sense to take at least a couple of courses in accounting.
When you have fulfilled the basic education requirement, it's time to get certified. It is possible to give people financial advice without any official licenses, but if you want to really advance, you need to earn a few different certifications. There are individual certifications that will allow you to sell a variety of financial products, such as mutual funds or stock portfolios. These are always useful, but the two most important certifications you can earn are the CFP (certified financial planner) and the CPA (certified public accountant). These require a lot of study and practical experience, but they are definitely worth the effort. On average, certified financial planners earn fifteen percent more than their unlicensed peers, and certified public accounts often earn even more than that, with an average salary that tops out at $100,000 per year.
In order to maximize your earning potential, it's important that you get the right job, at the right company, in the right city. Big cities, like New York and Chicago, can be the best places to work, because the major financial companies are located there, along with plenty of potential clients. If you can land a position at one of the big names, and work your way up the ladder there, you should do well. Another career path might be to gain experience at a small firm, and then go into business on your own. Financial planning is really like any other career- the more qualified you are, and the harder you work, the more money you will earn.
by: Cheryl Duff
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