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The differences between investment representatives and investment consultants can be seen in a few details. Each job has different responsibilities and duties. While it typically takes 4-6 years to become an investment representative, becoming an investment consultant takes usually requires 2-4 years. Additionally, an investment consultant has an average salary of $109,300, which is higher than the $65,361 average annual salary of an investment representative.
The top three skills for an investment representative include money management, mutual funds and financial services. The most important skills for an investment consultant are financial services, FINRA, and financial products.
| Investment Representative | Investment Consultant | |
| Yearly salary | $65,361 | $109,300 |
| Hourly rate | $31.42 | $52.55 |
| Growth rate | 10% | 15% |
| Number of jobs | 35,914 | 48,111 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 77% |
| Average age | 43 | 45 |
| Years of experience | 6 | 4 |
Investment representatives, also known as financial advisers, usually work in a bank, investment company, credit institution, or other financial firm. They handle the marketing and promotion of financial services and give clients investment advice. They do this is the phone or through face-to-face transactions. This position requires someone to be customer-oriented, communicate effectively, and know how to handle a crisis.
An investment consultant is an individual who gives investment products, planning, and/or advice to investors. Investment consultants formulate investment strategies to help clients fulfill their necessities and realize their financial objectives. They create internal research documents that outline real estate investment opportunities and private equity. It is also part of their job to review strategies of asset management that recognize estate and income tax needs.
Investment representatives and investment consultants have different pay scales, as shown below.
| Investment Representative | Investment Consultant | |
| Average salary | $65,361 | $109,300 |
| Salary range | Between $37,000 And $112,000 | Between $60,000 And $196,000 |
| Highest paying City | New York, NY | New York, NY |
| Highest paying state | New York | New York |
| Best paying company | American Century Investments | Bailey & Glasser |
| Best paying industry | Finance | Finance |
There are a few differences between an investment representative and an investment consultant in terms of educational background:
| Investment Representative | Investment Consultant | |
| Most common degree | Bachelor's Degree, 78% | Bachelor's Degree, 77% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Minnesota - Twin Cities |
Here are the differences between investment representatives' and investment consultants' demographics:
| Investment Representative | Investment Consultant | |
| Average age | 43 | 45 |
| Gender ratio | Male, 72.1% Female, 27.9% | Male, 79.7% Female, 20.3% |
| Race ratio | Black or African American, 5.9% Unknown, 4.2% Hispanic or Latino, 12.4% Asian, 9.9% White, 67.4% American Indian and Alaska Native, 0.2% | Black or African American, 5.7% Unknown, 4.4% Hispanic or Latino, 9.5% Asian, 8.4% White, 71.9% American Indian and Alaska Native, 0.1% |
| LGBT Percentage | 6% | 5% |