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Become A Finance Consultant

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Working As A Finance Consultant

  • Getting Information
  • Evaluating Information to Determine Compliance with Standards
  • Interacting With Computers
  • Making Decisions and Solving Problems
  • Establishing and Maintaining Interpersonal Relationships
  • Mostly Sitting

  • $68,583

    Average Salary

What Does A Finance Consultant Do

Personal financial advisors provide advice on investments, insurance, mortgages, college savings, estate planning, taxes, and retirement to help individuals manage their finances.  

Duties

Personal financial advisors typically do the following:

  • Meet with clients in person to discuss their financial goals
  • Explain the types of financial services they provide to potential clients
  • Educate clients and answer questions about investment options and potential risks
  • Recommend investments to clients or select investments on their behalf
  • Help clients plan for specific circumstances, such as education expenses or retirement
  • Monitor clients’ accounts and determine if changes are needed to improve the performance or to accommodate life changes, such as getting married or having children
  • Research investment opportunities

Personal financial advisors assess the financial needs of individuals and help them with decisions on investments (such as stocks and bonds), tax laws, and insurance. Advisors help clients plan for short- and long-term goals, such as meeting education expenses and saving for retirement through investments. They invest clients’ money based on the clients’ decisions. Many advisors also provide tax advice or sell insurance.

Although most planners offer advice on a wide range of topics, some specialize in areas such as retirement or risk management (evaluating how willing the investor is to take chances and adjusting investments accordingly).

Many personal financial advisors spend a lot of time marketing their services, and they meet potential clients by giving seminars or through business and social networking. Networking is the process of meeting and exchanging information with people, or groups of people, who have similar interests.

After financial advisors have invested funds for a client, they and the client receive regular investment reports. Advisors monitor the client’s investments and usually meet with each client at least once a year to update the client on potential investments and to adjust the financial plan based on the client’s circumstances or because investment options may have changed.

Many personal financial advisors are licensed to directly buy and sell financial products, such as stocks, bonds, annuities, and insurance. Depending on the agreement they have with their clients, personal financial advisors may have the client’s permission to make decisions about buying and selling stocks and bonds.

Private bankers or wealth managers are personal financial advisors who work for people who have a lot of money to invest. These clients are similar to institutional investors (commonly, companies or organizations), and they approach investing differently than the general public does. Private bankers manage a collection of investments, called a portfolio, for these clients by using the resources of the bank, including teams of financial analysts, accountants, and other professionals.

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How To Become A Finance Consultant

Personal financial advisors typically need a bachelor’s degree. A master’s degree and certification can improve one’s chances for advancement in the occupation.

Education

Personal financial advisors typically need a bachelor’s degree. Although employers usually do not require personal financial advisors to have completed a specific course of study, a degree in finance, economics, accounting, business, mathematics, or law is good preparation for this occupation. Courses in investments, taxes, estate planning, and risk management are also helpful. Programs in financial planning are becoming more available in colleges and universities.

Training

Once they are hired, personal financial advisors often enter an on-the-job training period. During this time, new advisors work under the supervision of senior advisors and learn how to perform their duties, including building a client network and developing investment portfolios. This training usually lasts for more than a year.

Licenses, Certifications, and Registrations

Personal financial advisors who directly buy or sell stocks, bonds, or insurance policies, or who provide specific investment advice, need a combination of licenses that varies with the products they sell. In addition to being required to have those licenses, advisors in smaller firms that manage clients’ investments must be registered with state regulators and those in larger firms must be registered with the Securities and Exchange Commission. Personal financial advisors who choose to sell insurance need licenses issued by state boards. Information on state licensing board requirements for registered investment advisors is available from the North American Securities Administrators Association.

Certifications can enhance a personal financial advisor’s reputation and can help bring in new clients. The Certified Financial Planner Board of Standards offers the Certified Financial Planner (CFP) certification. For this certification, advisors must have a bachelor’s degree, complete at least 3 years of relevant work experience, pass an exam, and agree to adhere to a code of ethics. The exam covers the financial planning process, insurance and risk management, employee benefits planning, taxes and retirement planning, investment and real estate planning, debt management, planning liability, emergency fund reserves, and statistical modeling.

Advancement

A master’s degree in an area such as finance or business administration can improve a personal financial advisor’s chances of moving into a management position and attracting new clients.

Important Qualities

Analytical skills. In determining an investment portfolio for a client, personal financial advisors must be able to take into account a range of information, including economic trends, regulatory changes, and the client’s comfort with risky decisions.

Interpersonal skills. A major part of a personal financial advisor’s job is making clients feel comfortable. Advisors must establish trust with clients and respond well to their questions and concerns.

Math skills. Personal financial advisors should be good at mathematics because they constantly work with numbers. They determine the amount invested, how that amount has grown or decreased over time, and how a portfolio is distributed among different investments.

Sales skills. To expand their base of clients, personal financial advisors must be convincing and persistent in selling their services.

Speaking skills. Personal financial advisors interact with clients every day. They must explain complex financial concepts in understandable language.

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Finance Consultant jobs

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Finance Consultant Career Paths

Finance Consultant
Account Executive Sales Manager Office Manager
Accounting Manager
7 Yearsyrs
Project Manager Construction Manager Operations Manager
Assistant Vice President
7 Yearsyrs
Project Manager Vice President Chief Finance Officer
Chief Finance And Operating Officer
14 Yearsyrs
Senior Finance Analyst Controller
Corporate Controller
12 Yearsyrs
Account Manager Business Manager Controller
Director Of Operations And Finance
11 Yearsyrs
Senior Consultant Product Manager Director Of Sales
Director Of Sales & Business Development
13 Yearsyrs
Finance Manager Controller
Finance Controller
9 Yearsyrs
Account Executive Office Manager Accounting Manager
Finance Manager
7 Yearsyrs
General Manager Finance Advisor Finance Analyst
Finance Planning Manager
8 Yearsyrs
Branch Manager Credit Analyst Senior Finance Analyst
Finance Project Manager
7 Yearsyrs
Office Manager Accountant Controller
Finance Vice President
9 Yearsyrs
Senior Finance Analyst Finance Manager Sales Manager
General Manager
7 Yearsyrs
Business Analyst Senior Finance Analyst
Manager Finance Planning And Analysis
8 Yearsyrs
Senior Consultant Project Manager Program Manager
Portfolio Manager
7 Yearsyrs
Business Developer Business Development Manager Director Of Sales
Sales Vice President
9 Yearsyrs
Office Manager Account Manager Relationship Manager
Senior Relationship Manager
10 Yearsyrs
General Manager Account Executive Assistant Vice President
Vice President & Sales Manager
9 Yearsyrs
Business Analyst Assistant Vice President
Vice President And Manager
10 Yearsyrs
Account Manager Account Executive Assistant Vice President
Vice President And Portfolio Manager
10 Yearsyrs
Finance Manager Sales Manager Business Developer
Vice President, Business Development
13 Yearsyrs
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Average Length of Employment
Finance Director 3.9 years
Finance Controller 3.8 years
Finance Manager 3.7 years
Investment Advisor 3.3 years
Finance Executive 3.1 years
Finance Leader 3.1 years
Finance Consultant 3.0 years
Finance Specialist 2.9 years
Finance Analyst 2.8 years
Finance Auditor 2.8 years
Finance Planner 2.8 years
Finance Advisor 2.7 years
Consultant 2.4 years
Auditor/Consultant 2.4 years
Finance Associate 2.3 years
Finance Internship 0.5 years
Top Employers Before
Controller 7.4%
Consultant 4.7%
Accountant 4.6%
Manager 3.8%
Internship 3.2%
Top Employers After
Consultant 10.0%
Controller 6.3%
Manager 4.2%
Owner 2.7%

Finance Consultant Demographics

Gender

Male

65.1%

Female

31.6%

Unknown

3.4%
Ethnicity

White

75.2%

Asian

11.5%

Hispanic or Latino

10.0%

Unknown

2.3%

Black or African American

1.0%
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Languages Spoken

Spanish

39.6%

French

12.2%

Mandarin

7.1%

Chinese

7.1%

German

6.3%

Portuguese

4.8%

Russian

3.5%

Italian

3.3%

Hindi

2.6%

Korean

2.4%

Cantonese

2.4%

Japanese

1.8%

Arabic

1.8%

Vietnamese

1.2%

Urdu

0.9%

Gujarati

0.8%

Hebrew

0.8%

Romanian

0.6%

Greek

0.6%

Bulgarian

0.5%
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Finance Consultant Education

Schools

University of Phoenix

12.2%

New York University

7.6%

Arizona State University

6.4%

DePaul University

6.1%

University of Southern California

5.9%

George Washington University

5.3%

Georgia State University

5.1%

Michigan State University

4.6%

Pace University - New York

4.5%

Fordham University

4.4%

University of Chicago

4.1%

George Mason University

4.0%

Hofstra University

3.9%

Temple University

3.8%

University of Houston

3.8%

Fairleigh Dickinson University

3.8%

University of Connecticut

3.8%

Villanova University

3.7%

Southern Methodist University

3.6%

Northeastern University

3.6%
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Majors

Business

30.8%

Finance

25.1%

Accounting

17.5%

Economics

4.3%

Management

3.6%

Marketing

2.9%

Political Science

2.1%

Law

1.8%

Communication

1.6%

Psychology

1.4%

Computer Science

1.1%

Education

1.0%

International Business

1.0%

Criminal Justice

0.9%

Health Care Administration

0.9%

Human Resources Management

0.9%

Mathematics

0.8%

Insurance

0.8%

History

0.8%

Computer Information Systems

0.7%
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Degrees

Bachelors

42.9%

Masters

35.8%

Other

12.7%

Associate

3.2%

Certificate

2.3%

Doctorate

2.2%

License

0.4%

Diploma

0.4%
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Job type you want
Full Time
Part Time
Internship
Temporary

Real Finance Consultant Salaries

Job Title Company Location Start Date Salary
Financial Consultant Syngery Services New York, NY Feb 01, 2015 $221,556 -
$730,450
Financial Consultant It Spin Inc. Frisco, TX Mar 08, 2016 $163,883
Bi-Lingual Financial Consultant Saad & Associates Inc. Anaheim, CA Oct 28, 2016 $149,656
SAP Finance Consultant Populus Group LLC Redmond, WA Oct 14, 2015 $125,220
Finance Consultant Pricewaterhousecoopers Advisory Services LLC Seattle, WA Nov 23, 2016 $124,571
Lead Financial Consultant Metlife Group, Inc. New York, NY Aug 18, 2016 $124,093 -
$134,093
Financial Analysis Consultant Dell Products L.P. Austin, TX Apr 09, 2016 $118,400
Financial Analysis Consultant Dell Products LP Austin, TX Jun 22, 2016 $118,400
Financial Analysis Consultant Dell Products L.P. Austin, TX Aug 23, 2015 $118,400
Finance Consultant Eli Lilly and Company Greenfield, IN Aug 24, 2015 $117,530
Oracle Financial Consultant Global Applications Solution LLC New York, NY May 24, 2016 $117,437
Oracle Financial Consultant Global Applications Solution LLC New York, NY Jan 06, 2016 $117,437
Financial Analysis Consultant Dell Products LP Austin, TX Dec 13, 2016 $115,900
Finance/Controlling Consultant IBM Corporation Secaucus, NJ Feb 20, 2015 $96,600 -
$200,800
Financial Consultant, Actuarial Nationwide Insurance Columbus, OH Nov 21, 2016 $96,000 -
$105,000
Dynamics AX Finance Consultant Mazik Global Inc. Park Ridge, IL Feb 09, 2016 $95,000
Finance Consultant IMG Advisory LLC Bethesda, MD Jan 08, 2016 $95,000
Dynamics AX Finance Consultant Mazik Global Inc. Park Ridge, IL Aug 28, 2015 $95,000
Dynamics AX Finance Consultant Mazik Global Inc. Park Ridge, IL Aug 19, 2016 $95,000
Peoplesoft Finance Consultant IBM India Private Limited Stamford, CT Apr 22, 2016 $94,819
Oracle Finance Consultant Unique System Skills LLC Keene, NH Sep 10, 2015 $80,000
Financial Reporting and Planning Consultant Swanktek Inc. Sacramento, CA Sep 05, 2015 $80,000
Principal Financial Consultant Global Applications Solution, LLC New York, NY Mar 23, 2016 $80,000
Principal Financial Consultant Global Applications Solution, LLC New York, NY Oct 19, 2015 $80,000
Principal Financial Consultant Global Applications Solution, LLC Princeton, NJ Aug 07, 2015 $80,000
Principal Financial Consultant Global Applications Solution, LLC New York, NY Dec 21, 2016 $80,000
Principal Financial Consultant Global Applications Solution, LLC New York, NY Sep 16, 2015 $80,000
Principal Financial Consultant Global Applications Solution, LLC Cleveland, OH Dec 19, 2016 $80,000

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Top Skills for A Finance Consultant

FinancialConsultantAssetAllocationExternalAuditorsIncomeFinancialStatementsFinancialPlansCustomerServicePayrollGeneralLedgerFinancialAnalysisRetirementPlanningFinancialServicesLifeInsuranceFinancialGoalsBusinessPlanClientBaseBalanceSheetFinancialNeedsHighNETRealEstate

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Top Finance Consultant Skills

  1. Financial Consultant
  2. Asset Allocation
  3. External Auditors
You can check out examples of real life uses of top skills on resumes here:
  • Contracted Financial Consultant (2012 to Present) Currently a contracted financial consultant performing the job responsibilities described below.
  • Managed investment portfolios for clients using the principles of asset allocation and diversification.
  • Prepared audit schedules and reporting package for external auditors.
  • Prepared interim Forecasting of the Income Statement and Balance Sheet.
  • Prepared Kaiser's consolidated financial statements.

Top Finance Consultant Employers

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Finance Consultant Videos

Personal Financial Advisor Career Information : Personal Financial Advisor Salary

A Day in the Life of a Financial Advisor

Careers in Financial Planning : Average Salary of a Financial Planner

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