Are you good with numbers and studying business administration? Then the job as a financial advisor could be just right for you. Find out how to become a consultant here.
What exactly does a financial advisor do?
A financial advisor advises private individuals and companies on all questions relating to private pension provision, investments, real estate and insurance issues.
What kind of training does a financial advisor have to complete?
A very good prerequisite is of course a degree in business administration or banking management; training in the banking or insurance sector can also serve as a basis. The term financial advisor is not protected by law, which means there is no uniform training like there is for apprenticeships.
After initial vocational training, for example as a bank clerk, qualification is often achieved through further training courses, for example as a financial advice specialist (IHK) . University dropouts and career changers also have good opportunities: financial service providers such as MLP, the Swiss Life Germany branch tecis and DVAG offer a whole range of trainee programs. While career changers at DVAG receive extensive coaching in the team, trainees at tecis have the choice between a management or consulting career.
What other skills and knowledge are required?
In addition to a good understanding of numbers, the ability to analyze complex content and quick comprehension, consulting skills and empathy are required: The consultant must recognize the individual needs of his clientele in order to be able to provide optimal advice.
Of course, this also includes a wide range of know-how - regarding the global financial markets, finance and accounting, the real estate industry and the insurance industry.
If you want to work as a freelance financial advisor, you also need the ability to work independently and a lot of self-motivation.
Who do financial advisors work for?
Consultants primarily work for banks and insurance companies. They also work for auditors, financial advisory firms and building societies. Alternatively, you can become self-employed as an independent financial advisor for private customers.
How much do financial advisors earn?
On average, financial advisors with professional experience in Germany earn almost 4,000 euros gross per month; with several years of professional experience, the salary can increase to 7,000 euros and more. The size of the employer's company can influence the level of salaries.
What are the career opportunities?
Further training and specialization in certain areas such as financial and tax law, funding programs or financial advice for business increase the chances of climbing to the next career level. Positions as team leaders in sales or management of a company are possible – with corresponding earning potential. A move to a larger city such as a banking metropolis like Frankfurt am Main, which offers a wealth of potential employers, can give your career a further boost.
Are you good with numbers and studying business administration? Then the job as a financial advisor could be just right for you. Find out how to become a consultant here.
