Financial Planner Career Zone
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If you're considering a career as a financial planner, you've made a good choice – this is projected to be one of the fastest growing careers over the next ten years, with an astonishing 37% predicted increase from the current employment levels. The highest level of growth in this field is expected to be in the market for personal financial advisors, due to the increasing number of baby boomers who will be entering their retirement years throughout the next decade.
Financial Planner Earnings
If you decide this is the career for you, you've still got time to pursue a bachelor's or master's degree in the field and still catch the growth in your industry’s sector.
While this growth is something good to consider, it’s not a guarantee that you'll get a job.
Because of the highly competitive nature of the field, new applicants will still need to have outstanding grades and a high level of understanding in the financial sector and the transactions they'll be handling. To gain experience in the field, many college students take on unpaid internships for a summer or two while they're earning their degrees. However, this experience can be considered an investment in your future – since financial planners are generally well-paid, you should be able to make up for any debt you incur in the process.
In 2006, the average income of financial planners was $66,000/year. Of course, there are some earning differences depending on whether you become an analyst or a personal planner. However, for the most part, their salaries tend to be very closely aligned. The median salary range for financial analysts was $50,000/year to $90,000/year, with the bottom 10% earning $40,000/year or less while the 10% earned more than $130,000/year. Many analysts get bonuses depending on how well their recommendations and stock picks work out, meaning that the top analysts can make out very well indeed.
For personal financial advisors, the median salary range was between $44,000/year and $114,000/year. The bottom 10% of planners made less than $32,000/year, while the top 10% earned more than $145,000/year. As you can see, there's a much wider discrepancy between the earnings of personal financial advisors and analysts. While this may sound like a bad thing, it actually makes sense in that you have the potential to earn more working as an advisor than as an analyst, since you'll likely earn commissions on the products you sell in addition to your salary.
The amount of money you'll make working as a financial planner is influenced by a number of other factors as well. Planners and analysts working in rural areas will earn less on average than those based in larger cities. If you make a name for yourself in a major financial center, like New York City or Los Angeles, you may find yourself managing multi-million dollar portfolios for individuals and businesses, reaping the rewards of the sizeable commissions that come with these accounts. You'll also find that your income is tied to your ability to attract and retain new clients, so it's important to work to improve your sales and marketing skills throughout your career.
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