What is the career path for a financial advisor?

The career path for a financial advisor includes jobs as a financial advisor, a loan officer, and a finance associate. There are many qualifications you need to advance on the financial advisor career path.

Here are some of the key areas you should focus on:

• Education

You need at least a bachelor's degree in finance to become a financial advisor. Bachelor's degrees in economics, business, or statistics, are also acceptable to be a financial advisor.

In addition to a bachelor's degree, financial advisors have to pass one to several exams for licenses and certifications. The number of exams depends on what type of financial advising they wish to pursue.

For certain options on this career path, you might want to consider a bachelor's degree in accounting or another related field to be eligible to take the Certified Public Accountant (CPA) exam.

In addition, the Financial Industry Regulatory Authority (FIRNA) oversees the necessary exams to be a financial advisor.

Here is a brief breakdown of some of the licenses needed and exams that must be passed:

• Securities Industries Essentials exam (SIE)

This exam covers general securities industry information, concepts, products, agencies, and practices. Many licenses require the passing of the SIE exam as a corequisite to other license exams.

The SIE exam includes 75 multiple-choice questions. You have one hour and 45 minutes to complete the exam. The FINRA requires a score of at least 70 to pass.

• Series 6 exam

This exam is on the functions of investment companies and their contracts. Passing this exam, along with the SIE, qualifies you to sell, solicit, and purchase security products, such as unit investment trusts, mutual funds, variable annuities, municipal fund securities, and variable life insurance.

The Series 6 exam has 50 multiple-choice questions. You have one hour and 30 minutes to complete the exam. The FINRA requires a score of at least 70 to pass.

• Series 7 exam

The Series 7 exam has 125 multiple-choice questions. You have three hours and 45 minutes to complete the exam. The FINRA requires a score of at least 72 to pass.

Other exams that may need to be passed to become a financial advisor include the Series 65 exam and the Series 66 exam.

• Certifications

Certifications are also crucial to advance on the financial advisor career path.

There are different entities that you can become certified from like The Mortgage Bankers Association (MBA) and the American Bankers Association (ABA), which offer a variety of certificates that could help you land a job as a financial advisor or another related role on this career path.

These organizations offer different helpful certifications, such as:

• Certified Trust and Financial Advisor (CTFA)

• Certified Financial Marketing Professional (CFMP)

• Certified Lender Business Banker (CLBB).

Depending on which specific career track you want to take in financial advising, you might consider gaining one or more of these certifications and others.

• Skills

There are also many different skills needed for the career paths of a financial advisor, including:

• Accounting

• Analysis skills

• Banking

• Business development

• Communication skills

• Computer skills

• Customer relationship management

• Customer service

• Financial concepts

• Financial planning