With the introduction of the liberalisation reform in the 90s, the country witnessed a positive growth in many sectors, specifically in the service sector. The steep increase in the service sector has resulted in the rise of banking, insurance and financial services which has opened the doors for many professions and that of a financial advisor is one amongst them.
A financial advisor is the one who helps individuals make decisions related to investment, tax, insurance, retirement planning, the stock market and money management. They help their clients or customers with their financial goals besides preparing a plan for investment. This profession has earned much attention in the recent times because of the increase in the cash outlay and inflow.
In order to become a financial advisor, one can opt for many pathways. Here, we will discuss in detail about this career option that includes details about the employment opportunities and salary package.
How To Become A Financial Advisor
To take up a financial advisor profession, one should have a related education in it. Candidates who have a bachelor's degree related to finance can think about this career option. One can also take up this profession with specialisations in the fields such as accounting and financial management.
One can also register for the financial programme where they will be taught subjects such as investments, financial planning and risk management. One who has an MBA along with finance studies will have an edge during the hiring process.
If you are the one looking to become a self-employed financial advisor, you need to hone your skills in marketing because you have to establish, build and maintain relationships with the clients. Candidates who are aspiring to become a self-employed financial advisor are suggested to start their preparation based on their interest which will in turn help once the course is completed.
One can obtain a valid certification from the National Institute of Securities Market (NISM) to become a financial advisor. This is an educational institute established by the Securities and Exchange Board of India (SEBI) in 2006. Candidates can also choose the certification exam conducted by the Certified Financial Planner.
Skills Required For Financial Advisor
- Interpersonal skills
- Interest towards research
- Presentation skills
- Analytical skills
- Communication skills
- Critical thinking ability
- Logical skills
There will be a plethora of job opportunities for a financial advisor in metro cities such as Mumbai, Delhi and Bengaluru. One can find employment in brokerages, credit counselling firms, financial consultancies, fund managing companies, investment banks, life insurance companies, wealth managing firms, etc.
One will find opportunities in both the public and the private sectors. Some of the top recruiting private companies are HDFC, HSBC, ICICI and Kotak Mahindra. The public sector insurance companies such as LIC and NIACL also provide many jobs for financial advisors.
Financial Advisor Salary
A qualified financial advisor can start their career with more than INR 3.5 lakhs per annum. With more than 3 years of experience, they can draw over INR 6 lakhs per annum. However, the sky will be the limit for candidates who have more than 15 years of experience. One who has opted for self-employment will also get a lucrative pay which will be based on the client's work.