Education programmes of job
Tax Accounting MPS Financial Economics and Banking MSc
Financial Markets MSc
Economy MSc
Economy
Banking
Nature of work
As a Financial Adviser you will have a huge responsibility on your shoulders. People will seek your advice and make important financial decisions accordingly. You will research and analyze marketplace from various resources and provide clients with the best information and plans. You will also inform clients of new changes that may affect their savings and investments, so you must keep up to date with financial products and legislations. Conducting in-depth reviews of clients’ current provision and future aims is one of your responsibilities. So you will be meeting clients in offices or in their homes to help them design financial strategies.In fact, your tasks as vary depending on the role. If you want to know more about this job, here are some additional duties financial advisers deal with:
promoting and selling financial products to meet given or negotiated sales targets;
negotiating with product suppliers for the best possible rates;
liaising with head office and financial services providers;
liaising with other professionals, e.g. estate agents, solicitors and valuers;
meeting the regulatory aspects of the role, e.g. requirements for disclosure, costs of the services provided and the advised products.
Environment of work
Since you have to be in constant contact with clients, be prepared to be on the move most of the time. You should have the flexibility to go for evening and weekend meetings at the clients’ homes, especially if you are working for a banking contact center or as an independent financial adviser.Some jobs offer regular office hours, but you might also be working from home. You can choose to be self-employed or to have career breaks if you want.
Expect to have a little bit of traveling within working day when needed, but overnight stays away from home are unusual.
Professional life
Make sure you work so hard and build an excellent reputation as a financial manager because this will open new horizons for you. If you become a trusted and successful financial advisor, you might start working on behalf of clients with larger investments. You could also be referred to by colleagues as you are the acknowledged expert in the office. You could choose to specialize in one type of financial advice, such as pension and retirement, and become a specialist in it.You should continue to develop your skills and knowledge throughout your career because this will help you move upwards within your company and become responsible for the work of several other advisers, for the recruitment and training of new staff or for marketing and promoting the company.
Moving into compliance work is another option for you where you will ensure that all advisers follow company rules and regulations. There may also be opportunities to become a director or partner in your firm.
If you feel confident enough to be Self-employed, you can go for it. You can launch your own businesses as independent financial adviser as a result of your successful employment experience.
Range of typical monthly salaries for adviser: 60000 – 80000 SYP
Getting the job
If you want to become a Financial Adviser, you should get a Bachelor's Degree in one of the following: Finance/Financial Studies;
Business Management;
Accountancy.
Interestingly, it is possible to enter this domain with no degree because in this particular job employers often regard personal qualities as important as academic qualifications. Relevant experience in a customer service, sales or financial services is a plus. You can start in a bank, and shadow experienced advisers to learn from them.
It is also possible to enter the financial advice sector as a Para planner, providing research and administrative support to a financial adviser. Postgraduate qualification is not a must. However, certification provides an advantage in the job market for it shows professional competence in a specialized field of accounting and auditing. Accountants and auditors seek certifications from a variety of professional societies.
The Certifications are :
Certified Public Accountant (CPA)
Certified Management Accountant (CMA)
Certified Financial Manager (CFM)
Certified Fraud Examiner (CFE)
Certified Financial Planner (CFP)
Certified Internal Auditor (CIA)
Enrolled Agent (EA)
Certified Financial Consultant (CFC)
Skills
As mentioned previously, it is very essential for you as a financial adviser to have special characteristics. Personal qualities and skills count big time in this job. Here are some important skills that will help you get such a position: excellent communication, interpersonal and listening skills;
the ability to explain complex information simply and clearly;
the ability to network and establish relationships with clients;
research and analytical skills;
negotiation and influencing skills as well as determination and tenacity;
the ability to work in a team;
time management skills;
self-motivation and organization;
a good level of numeracy;
a target-driven mindset;
a flexible approach to work;
decision-making skills;
discretion and an understanding of the need for client confidentiality;
an ethical and professional approach to work.
In fact, a full driving license is useful, particularly if you become an independent financial adviser for you may have to travel to visit clients in their own homes.
Sources and references
If you need further information about what is included in this file, you can visit the following websites: http://www.ftadviser.com, News and analysis for financial advisers.
www.alolabor.org, Arab Labor Organization.
Summary
As a financial adviser, you will provide clients with advice on financial matters and make recommendations on ways to best utilize their money. So you will have to research the marketplace and advise clients on products and services available and provide them with enough information to secure a sale.You may specialize in particular products, e.g. selling employee pension schemes to companies or offering mortgage, pension or investment advice to private clients. Or you may remain generalist, offering advice to clients various areas, plus savings plans and insurance.
In order to give financial advice, you must have professional qualifications and follow strict financial industry rules.