Career Research Personal Financial Advisor Research Paper

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Challenging markets can also be a drive of growth, as fewer people will attempt to manage their own finances.

With this much growth in the industry, it can be relative easy to find a job, if one is qualified. The qualification process is challenging, and acts as a barrier to entry. This bodes well for anybody with the relevant formal education and industry qualifications. If you have access to money (rich family who will invest with you, for example), your career path will be smoother. Most major financial institutions will advertise for entry-level positions in the industry. It should not be hard to identify opportunities in such a growing industry. The OOH states that there is going to be competition for new job openings because of the desirability of the career -- only the formal barriers should limit this somewhat. The work is similar to financial analysis, financial managers, and insurance sales.

Economist

Economists often start with just a bachelor's degree but for most jobs at least a Master's degree is required, if not a PhD. The work involves a mix of analysis, critical thinking, mathematics (sometimes quite advanced) and the ability to write.

The position is mostly office work, so no physical risk. The typical work involves analyzing economic data and identifying trends, often making recommendations for actions based on the analysis.

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The median annual wage for economists is $89,450 per year, well above the norms for the social sciences industry. Even the low end is over $60K. The career is expected to have 6% growth in the years 2010-2020. Job prospects for those with Master's or higher, however, is expected to be good, but there are few positions. A lot of work is in consulting services. The field is similar to other financial analysis occupations, actuarial work and other quantitative jobs.

Reflecting on these, the personal financial advisor seems like a promising career. Certainly the growth prospects are good, as it means there will be many openings. There are fewer openings for economists, despite the higher pay. Both positions will require significant subsequent education, which is not a barrier but might be pause for thought. I look at the nature of work and the big difference that stands out is the necessity for sales skills in the financial planning business. Economists have no such need. This makes a difference in that while the work can be quite similar in terms of analysis and quantitative skills, one is a position well suited for social, outgoing people and the other there is no such requirement.

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