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The differences between finance consultants and investment advisors can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a finance consultant and an investment advisor. Additionally, an investment advisor has an average salary of $105,377, which is higher than the $77,551 average annual salary of a finance consultant.
The top three skills for a finance consultant include customer service, financial services and financial statements. The most important skills for an investment advisor are exceptional client, risk management, and client relationships.
| Finance Consultant | Investment Advisor | |
| Yearly salary | $77,551 | $105,377 |
| Hourly rate | $37.28 | $50.66 |
| Growth rate | 15% | 15% |
| Number of jobs | 94,259 | 63,438 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 76% |
| Average age | 45 | 45 |
| Years of experience | 4 | 4 |
A finance consultant is responsible for providing financial plans and advice for clients, managing their finances and investment decisions, and helping them achieve their long-term financial goals. Finance consultants carefully evaluate clients' financial situations, help them decide on insurance options, and patiently respond to finance-related inquiries and concerns. They should be able to monitor financial market conditions to decide on the right strategies for the clients' best interests. A finance consultant must have excellent analytical skills, as well as broad knowledge of the financial industry and stock market movements.
An investment advisor is responsible for managing the clients' financial portfolios, advising them of investment options according to their financial goals and objectives, and their ability to handle risks. Investment advisors should have excellent knowledge of the investment policies, providing the clients with the best financial strategies according to their interests. They also determine their expenses, income, and credit scores to identify a comprehensive financial plan. An investment advisor helps the clients with cash management techniques, as well as conducting data analysis on financial market projections.
Finance consultants and investment advisors have different pay scales, as shown below.
| Finance Consultant | Investment Advisor | |
| Average salary | $77,551 | $105,377 |
| Salary range | Between $54,000 And $110,000 | Between $60,000 And $184,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | Apple | McKinsey & Company Inc |
| Best paying industry | Technology | Telecommunication |
There are a few differences between a finance consultant and an investment advisor in terms of educational background:
| Finance Consultant | Investment Advisor | |
| Most common degree | Bachelor's Degree, 72% | Bachelor's Degree, 76% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Minnesota - Twin Cities |
Here are the differences between finance consultants' and investment advisors' demographics:
| Finance Consultant | Investment Advisor | |
| Average age | 45 | 45 |
| Gender ratio | Male, 68.5% Female, 31.5% | Male, 72.3% Female, 27.7% |
| Race ratio | Black or African American, 5.7% Unknown, 4.4% Hispanic or Latino, 9.6% Asian, 8.5% White, 71.8% American Indian and Alaska Native, 0.1% | Black or African American, 5.6% Unknown, 4.4% Hispanic or Latino, 9.4% Asian, 8.2% White, 72.3% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 5% | 5% |