Finance

How to become a Financial Advisor

From no experience: every step, how long it takes, and the credential it earns.

Time to get there

6–18 months

Typical pay

$55k–$110k

Starting from

No experience

Pay is an estimate of typical US entry-level pay for this role and varies by state, employer and shift. The timeline assumes you are starting from no experience and includes any licence or programme legally required, not just course length.

The route

1. 1

   1–3 months

   Get hired by a firm that sponsors you

   You need a sponsor to sit the securities exams. Nobody does this alone at the start.

2. 2

   3–6 months

   Pass the SIE and Series 7

   SIE can be taken unsponsored; Series 7 requires a sponsoring firm.

   ◆ FINRA SIE and Series 7

3. 3

   Add Series 66 and insurance licences

   Needed to advise on managed accounts and to sell annuities or life cover.

   ◆ FINRA Series 66, state insurance licence

4. 4

   2–4 years

   Build a book of clients

   Said plainly: the first two years are prospecting, and most new advisors leave in them.

5. 5

   Work toward CFP

   The credential that shifts you from selling products to genuine planning work.

   ◆ CFP (CFP Board)

6. ✓

   Destination

   Financial Advisor

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