How to Become a Financial Advisor: Steps

Most financial advisors earn a bachelor’s degree, often in finance, economics or business, then join a firm that sponsors them for securities licensing exams such as the SIE, Series 7 and a state exam like the Series 65 or 66. Many later pursue the CFP designation, which requires coursework, an exam, years of experience and an ethics commitment. This page describes the career path only; it is not financial advice.

What the job involves

Financial advisors help clients plan around goals like retirement, education costs and taxes, and many manage investments. The relationship side is as big as the numbers side.

Client meetings: learning about a family’s goals and worries, explaining options in plain language and checking in through life changes.
Planning and analysis: building plans, running scenarios and reviewing accounts.
Finding clients: in many firms, new advisors are expected to build their own client base, which means networking, referrals and a lot of rejection early on.
Compliance: the industry is heavily regulated, so documentation, disclosures and rules about what you can say are constant.

Advisors work at large brokerage firms, banks, independent advisory firms, insurance companies and on their own. How they are paid (fees, commissions or a mix) shapes the job, and it is worth understanding before you accept an offer.

Education and training routes

Bachelor’s degree: finance, economics, accounting and business are common, but psychology and communications graduates also do well. Our guide to what you can do with a finance degree shows the broader landscape.
Firm training programs: many firms hire new graduates into structured programs that cover licensing, products and sales.
Support roles first: client service associate, paraplanner and operations roles let you learn the business before carrying clients.
Financial planning coursework: programs registered with the CFP Board, offered through colleges and online, satisfy the education piece of the CFP.

Licenses and credentials in general terms

The licenses depend on what you sell or advise on. The Securities Industry Essentials (SIE) exam can be taken without a sponsoring firm. The Series 7, administered by FINRA, generally requires sponsorship and allows you to sell a broad range of securities. State exams like the Series 63, 65 or 66 cover state securities law and advisory work, and selling insurance products requires a state insurance license. The CFP designation is voluntary and, in general, asks for a bachelor’s degree, approved coursework, a comprehensive exam, several thousand hours of relevant experience and adherence to ethics standards. Rules change, so confirm current requirements with FINRA, your state securities regulator and the CFP Board.

From high school to first clients

Take economics, statistics and any personal finance class your school offers, and practice explaining ideas out loud.
Join a business club or competition, or work a customer-facing job. Comfort with strangers matters.
In college, pick a related major or add finance and accounting courses to another one.
Look for internships at advisory firms, banks or insurance offices.
Take the SIE before or right after graduating to show commitment.
Join a firm that sponsors your remaining exams, learn under experienced advisors, and decide whether to pursue the CFP.

Testing the fit

Do informational interviews with an advisor at a large firm and one at a small independent practice. Ask how they found their first clients.
Work a summer or part-time role answering calls and handling paperwork at an advisory office.
Take an intro financial planning course and see whether the material holds your interest.
Try a sales or fundraising job for a few months. If asking people for meetings drains you, that is useful information.

Who does well, and why many leave early

Advisors who last tend to be trustworthy, organized, comfortable with numbers and genuinely interested in people’s lives. Turnover is common in the first few years, mostly because building a client base is hard and income can be uneven. Some move into planning support, compliance, operations or corporate finance roles, where the knowledge still pays off.

Coming from another career

Financial advising is a common second career because clients often trust advisors with life experience and a network. Teachers, accountants, lawyers, salespeople and military veterans all make the switch. Our guides to changing careers and career change at 50 can help you plan. For current pay and outlook, check the Bureau of Labor Statistics Occupational Outlook Handbook.

Where a mentor helps

A mentor helps students and career changers explore whether advising fits, plan coursework and exam timelines, stay accountable through study and the slow early years, prepare applications and get through the first job. Mentors are not financial advisors, investment professionals, credentialed career counselors or licensing experts, and they do not give financial advice. See career and education mentoring and mentoring for professionals.

Common questions

Do you need a degree to be a financial advisor?

Not every license requires one, but most firms prefer a bachelor’s degree, and the CFP designation requires one.

Can I take the Series 7 on my own?

Generally no. The Series 7 usually requires sponsorship by a FINRA member firm, while the SIE can be taken without one.

What does CFP mean?

It is a voluntary professional designation from the CFP Board that requires education, an exam, experience and an ethics commitment. Many advisors earn it a few years into their careers.

Is financial advising a sales job?

In many firms, especially early on, finding clients is a large part of the role. Some advisory firms hire planners who focus on analysis while others bring in clients.

Get started

Exploring a finance career and want help building a realistic plan? Call (888) 305 5422, email contact@blackburnmentoring.com or start with a short assessment. A member of our team reviews every assessment personally and sets up a free intro call.

How to Become a Financial Advisor: Licenses, Training and Paths