Cities with the Highest Wages
Believe it or not, Cheyenne, Wyoming is the metropolitan area that pays its financial advisors the most money—by far. The mean annual wage for personal financial advisors in that area is $171,580. The next four highest metropolitan areas trail far behind: San Francisco ($139,300); New York ($138,680); Worcester, Massachusetts (135,280); and Trenton-Ewing, New Jersey ($129,280).
Bear in mind, however, that we don’t know how many personal financial advisors work in the Cheyenne area. It’s possible that it is only a handful, and they were all well paid. If that’s the case, Cheyenne is probably not the best location for starting your career as a financial advisor because there aren’t many jobs. We do know that the New York metropolitan area had over 20,000 jobs for personal financial advisors in 2008.
As you decide on your career path, it is important to consider where you can practice your profession and live the lifestyle you want. As a personal financial advisor you will find more opportunities in urban areas. However, if you have your heart set on being a financial advisor and you long to live a country life, don’t be discouraged. People who live in the country need financial advice. You won’t find as many job openings in the country as in the city, but after all, you just need one. Or you can set yourself up in a business of your own once you get some experience.
Cities with the Highest Employment Levels
Of the five top paying metropolitan areas for personal financial advisors, San Francisco has the highest employment level for that occupation ($139,300). The New York area is a close second at $139,300. The Bridgeport area has a mean annual wage of $122,690. Boca Raton, Florida ($69,880) and Tallahassee, Florida ($40,260) trail behind.
Financial advisors assess the needs of people and organizations and help them manage their money. Some specialize in investment, real estate, or estate planning, but most advise on a range of finance issues. As a financial advisor you may be licensed to buy and sell stocks, bonds, annuities, insurance products, and other financial products directly for your clients. To succeed as a financial analyst you need strong math, analytical, and interpersonal skills. You must also have excellent communication skills in order to understand your clients’ needs and desires and make them feel confident in your ability to manage their money well. In other words, you have to sell yourself before you can sell your products and services.
While employers do not require a degree in financial advising, they do prefer candidates who have taken college courses in business, math, law, finance, accounting, and economics. A bachelor’s degree in a related field is a must to get hired as a financial advisor. It goes without saying that you need a mastery of computers and spreadsheet software to quality for even an entry-level position in financial advising.
