Industries with the Highest Wages
Personal financial advisors who work in real estate rental and leasing (“lessors of real estate”) have the top salaries. With a mean annual wage of $150,000, personal financial advisors in this industry earn nearly 50% more than those in the second highest industry, which is financial investments ($102,270). Real estate offices ($102,920), securities brokerages ($100,200), and computer systems design ($95,060) round out the top five industries.
Whatever industry they work in, financial advisors make decisions on their own, using their creative abilities, autonomy, and sense of responsibility. Financial advising is a results-oriented profession, producing a sense of accomplishment and achievement. The profession offers advancement opportunities and leadership possibilities. Above all, a career in financial planning requires rigorous honesty and ethical conduct. Attention to detail is also essential for financial advisors.
You will have strong competition for financial advising jobs in the top paying industries. A bachelor’s degree in accounting, business administration/management, economics, finance, statistics, or mathematics is a good start. An internship with a financial advising office will help you apply your education to real-world situations. How about becoming your own first client? Do the research and decide where to invest your money. You don’t have to actually purchase the investment products, just track them and see how good your choices were. It’s a great way to learn and prepare yourself to advise other people on decisions that can have tremendous impact on the quality of their lives in the short term and well into the future.
Industries with the Highest Employment Levels
An industry that pays top wages but has very few jobs is a risky prospect for an entry-level financial advisor. While the financial investments industry is not even close to being the top paying industry for financial advisors, it is the highest paying of the five industries with the highest employment levels. That means, while at a mean wage of $102,270 your pay won’t be the highest, you have a greater chance of landing a job because there are more jobs.
Of the five industries with the highest employment levels, the securities brokerage industry ranks number two at $100,200. Insurance activities ($86,790), company management ($76,970), and credit intermediation ($73,550) trail behind.
Before you enter this highly competitive and lucrative career field, be sure you understand what a financial advisor does. Here’s a sample job description: A financial advisor advises clients on financial planning using his or her knowledge of tax and investments strategies, insurance, real estate, securities, and pension plans. To do this the financial advisor assesses the client’s assets, liabilities, tax status, cash flow, insurance coverage, financial obligations, and investment objectives. Typical tasks include building and maintaining a client base, interviewing clients, monitoring market trends, researching investment opportunities, explaining and interpreting financial information for clients, and recommending investment strategies. If these sound like tasks you would enjoy doing, and if you have a combination of strong analytical and interpersonal skills, this could be the right profession for you.
