Financial Adviser in Investment Bank

Some people would argue that money cannot buy happiness. However, money is needed for people to afford things in the current economic times. People start businesses or income generating programs with the hope that they will be operating in a going concern. They fear that their initiatives can turn out to be challenging. That is why a financial consultant is needed. Financial consultant can work at his/her own firm, bank or factory. First of all, one needs to know who is a financial consultant. A financial consultant is a person who works for a company or an individual and is responsible for planning taxation, investment, and retirement for his/her employer. “Financial consultants work with companies or individuals to plan their financial futures by offering information and guidance on topics that include taxes, investments and insurance decisions” (Education Portal). Every financial consultant has their own right to choose where they want to work. They can choose from several options, such as an investment bank, a big corporation or even a household.

This paper will mainly discuss financial consultants that work on at investment banks. Having explained what a financial consultant is, it would be wise to move on to defining an investment bank. As quoted by Joshua Kennon, “investment bank is a special type of financial institution that works primarily in higher finance by helping company access the capital markets (stock market and bond market, for instance) to raise money for expansions or other needs.” From his article titled “What is an Investment Bank?” one can acquire knowledge about the investment bank. Kennon tried to explain that an investment bank is a place where people try to sell some percentage of their company assets, such as company value. Usually, the money they get from selling will be used for another investment or expansion.

The main objective of this study is to look into career development of a financial consultant at an investment bank. For that reason, this study will mainly focus on several important factors that are necessary for a financial consultant at an investment bank. First, this study will look into both the current demand for new hires in the field of Financial Consultants at the entry level and in a continuing period of five years. Secondly, the paper will look into the most appropriate methods and steps that a financial consultant should follow when looking a job. The paper will also analyze various compensations provided at the beginning of the job, general compensation compared to national average of all jobs, and compensation in the next period of three to five years. Lastly, this study will seek to find out possible career growth paths in the field of financial consultancy. In other words, the current research paper seeks to provide a critical overview of financial consultancy in an investment bank including the current demand, compensation and career growth in the field.

The Role and Responsibilities of a Financial Consultant

A good financial consultant has to be responsible, honest and reliable. If he/she misses one of those aspects, it will decrease their chance to get a good workplace. Obviously, any type of work in the world needs responsibility. The responsibility in this case is exploring if a financial consultant is brave enough to make a decision or not, and whether he/she will give any compensation if he/she makes a wrong decision or not (Russell). Making a decision is not difficult, but it can be tricky. Every choice has advantages and disadvantages, but the matter is how one manages to choose the one with more advantages. The ability to choose the right option is learned; it is not something that people are born with. The experience that one gets in life will help them to a make good and emotionless judgment.

Moreover, every financial consultant has to be honest with his or her employer because every suggestion he/she makes will affect the employer judgment toward any investment, stock, or insurance earning. They cannot give any suggestion without considering profit and loss. Honesty will help the employer to receive a clear judgment from the consultant. Reliability is also a vital trait that should be possessed by a consultant. Financial consultant has to be relied upon when it comes to judgment and any confidential files. The employer has to show the consultant his/her financial statement, cash flow and total assets. At that time reliability is quite an epitome of a successful consultancy period. If by any chance the consultant leaks confidential data, he/she can be fired or even prohibited to work as a consultant anymore. It is clear that every career choice comes along with its roles and responsibilities.

Working as a financial consultant can be considered as easy work, but at the same time it needs a lot of effort. The financial consultant only needs to watch the market for his/her daily activities, but when the economic growth suddenly decreases or increases, they are pretty busy about it. They also have to plan for the customer’s short-term and long-term financial commitments. Whether it is about stock, investment, or taxes, they have to plan carefully and make it as accurate as possible. For the short-term, the consultant has to consider the costumer’s daily expenses, and for the long-term, they have to plan the best investment, such as stock market and assets. It is said in the Education Portal that “consultants help clients with financial planning decisions for retirement, education, day-to-day expenses and investments” (Education Portal). It means that the consultant will take care of planning, but the decision itself comes back to the employer. The main job of a financial consultant is to give a fair judgment and suggestion about any type of investment, but they do not have the right to decide which one to stand by. Customers of investment banking are usually company owners who come to the bank to consult with the financial consultant about the time, price and value of their company to be sold. But the customer is not only a company owner; it can be a housewife who wants to get more money. As Gresham said in his article, “[Financial consultant] must be prepared to meet with clients regularly and to change course as the clients’ financial situations and needs change over time.” This means that the job of a financial consultant can change suddenly without any preparation. Working as a financial consultant is not hard, but there are times when it gets challenging.

In most cases, a financial consultant will be required to meet with clients in order to assess their financial conditions. That assists him or her to offer a financial plan that incorporates both long-term and short-term goals. Financial consultants ought to offer critical decisions to clients in terms of retirement, education, daily expenses as well as investments. Financial consultants also provide financial planning teachings through seminars in order to reach potential clients. It is also the role of a financial consultant to update job knowledge. That is done by tracking financial markets, the overall economic situations along with new financial elements. Moreover, it is the duty of a consultant to accomplish the goals of the firm by accepting ownership towards the accomplishment of new and diverse requests. That provides a platform for exploration of chances in order to add value to their task accomplishment (Brigham & Ehrhardt 24). There is also a need to explain the advantages as well as risks to clients by providing the most critical information about financial commitments.

Contribution to the Society

A financial consultant offers many things for his/her surrounding and the society. Not only will he/she be able to give some good pieces of advice about financial planning, but he/she will also make the surrounding think differently. The society will be able to have a further plan for the economical condition that can be applied to their social life. The further their plan goes, the better their condition will be. Everything needs to be prepared in order to get a better outcome, and if people learn from a financial consultant, they will be able to improve their skills. In addition, it will helps with regard to planning the actions that a financial consultant takes to affect people’s views towards an unstable economical condition, whether it is favorable or unfavorable (Lencioni 44). With the action that financial consultants undertake, people are able to guess what will happen next in the economical area. All the suggestions and actions that financial consultants give or do will help the society to be better and have more knowledge than a society without any financial consultants. With that in mind, it can be deduced that that financial consultants bring many positive effects and also broaden knowledge about economic conditions. They also help people to be prepared to anticipate any challenges that will happen in the financial world.

Sources of Interest

Knowing a person’s natural talent is a critical aspect in life. Before selecting a career, one ought to know the working style that they prefer. It is a good career where an individual is comfortable with and enjoys social interaction as well. Financial consultancy offers a platform for work-life balance. It is essential that one will not only be in a position to clearly define the learning goals, but also clearly identify where he/she would like to work upon completing his or her studies in career development. While that is the case, the main agenda here is not to get a lucrative job in one of those big companies or organizations and assume that is the end. It is a successful career development area that calls for growth in terms of work experience. It also requires one to seek a lot for exposure in working and interact in different companies and organization (Arndt 22). Most importantly, a well-established career development process is one that will provide financial satisfaction. Financial satisfaction is interpreted in terms of whether the job a person is engaged in is sufficient to make a decent living through meeting his/her day–to-day needs.

Required Education and Degrees

If one has to qualify for the financial consulting job, he or she ought to meet some minimum requirements. Most of the requirements are obtained through learning or through gaining experience (Forbes, Leonard, and Johnson 12). In addition to this, one shall embark on a formal procedure to find a job that meets his/her financial needs and corresponds to his experience and qualifications. It is not easy to be a financial consultant. He/she has to pass certain requirements and certification. Gresham said, “[Financial consultants] need bachelor’s degrees to break into the field, and they often acquire degrees in business-related majors, such as finance, economics and accounting”, which means that a degree is important for a consultant to be able to work in the professional business environment.

However, it has not been easy for consultants to get a certification since one has to finish at least his/her bachelor’s degree in a business major. Moreover, one ought to have at least three years of experience in the field. After a financial consultant meets the requirements, he/she does not automatically get a certificate. He/she has to pass the comprehensive test that the board of certification asks for. If the financial consultant manages to pass the test, he/she will get the certification. However, he/she has to renew the certification every two years by passing 30 hours of continuing education. In addition, a financial consultant is bound to the code of ethics that is applied in the world of financial consultancy (Forbes, Leonard, and Johnson 13).

Required Continuing Education

As a financial consultant advances in education, it becomes easier for him/her to find a job at well-known investment bank, such as Goldman-Sachs and Merrill Lynch. When they have already worked for a famous investment bank, the commission is also more profitable for them. But as the law of nature suggests, the bigger their income is, the harder it is for them to make a decision. They have to face difficult choices. Those options are risky to take as they can also affect their professional reputation. While Gresham talks about degree, Education Portal states that “Certifications, such as the Certified Financial Planner (CFP) credential help consultants improve their professional standing and are looked favorably by employers.” That means that a certification is not required, but it is strongly advised to have one. With a certification, a financial consultant is perceived to be credible in the eyes of his/her employers and customers.

Required Licenses

Financial consultants can be sponsored by broker-dealers. They can also acquire license from the Financial Industry Regulatory Authority (FINRA) in order to enable them to act as stockbrokers (Gresham). Moreover, they can register with the Securities and Exchange Commission (SEC) and acquire a license for financial consultancy. The financial consultant should also have an account with the Investment Adviser Registration Depository (IARD) that is under the control of FINRA. In such a way, he or she can acquire a formal document from the government in order to become a fully registered financial consultant (Gresham). Before acquiring the license, one ought not to be sponsored by any broker-dealer since most of the tests are securities-related.

Legal Requirements

Financial consultants are required by the Investment Advisers Act that was enacted in the year 1940 to abide by the regulations highlighted by the Securities and Exchange Commission (SEC) (Gresham). They should be able to meet all the requirements defined in the Advisers Act. They ought to fully register with the SEC as well. Moreover, only those who hold more than $25 million and above are given the permission to register with SEC. However, the smaller ones are under the state regulation within the state securities bodies (Lencioni 45). He or she ought to be registered under section 202 of the Act and should not escape from it. One should also not be restricted by SEC by section 203A.

Current Demand for Financial Consultants

The demand for financial consultants has increased over the past couple of years. Moreover, the overall employment of financial consultants is expected to increase in average through 2015. That has resulted from the rising investments by both businesses and individuals. Most importantly, the employment of financial consultants is expected to increase faster than in other professions. The rapid growth is attributed to retirement plans including the 401 (k) plans that are expected to expand in the future (Brigham and Ehrhardt 22). In fact, as the number of complex investments rise over years, more financial consultants will be needed in order to assist businesses and individuals to manage their money. The growth is projected to grow by 27 percent between the years 2015 and 2022 (Brigham and Ehrhardt 34). That is quite faster compared to other occupations, such as computer engineering.

Furthermore, the primary reason for increasing demand is the aging of population across the world. That is mostly due to the generation of baby boomers, which is constantly approaching the age of retirement and will need to have clear financial plans. That will be offered by financial consultants. Moreover, it is expected that a longer life span of people will result in longer periods of retirement. That means that there will be a further increase in the need for financial consultants. Most importantly, the decreased level of finances allocated for the organizational and state pensions will lead to an increased demand in financial consultants. It has become evident that the majority of private firms as well as state and local authorities encounter shortfalls on regards to pension funds, which leads to benefit declines (Kennon). That calls for increased financial planning that will be provided by financial consultants.

The current demand for financial consultants is explained by the need for young talents in the field. It has been highlighted that there is a shortage of young people in the industry. In fact, less than 5 percent of all present financial consultants in the United States are aged below 30 years old (Kennon). Adding to that, a large number of financial consultants are approaching the retirement age, meaning that there is a great need to search for young individuals to replace such older people. That is one of the reasons why the demand for financial consultants and the average salary are forecasted to increase in the next decade. The salaries will also increase four times compared to the current medium pay. If a financial consultant is an independent practitioner, he/she can have a stake in a firm. Therefore, the demand is currently high and will continue to increase in the future.
In order to ensure that banks make profit from the services they provide to customers, it has become very important for them to create job opportunities for financial consultants. These personnel will be required to advise the bank on various ways it can market it services to potential clients (Golubov, Petmezas, and Travlos 299). They will also use their knowledge and experience to convince clients to take a loan from banks. In line with that, they will provide free advice to clients on how they can invest their accumulated money to come up with a successful business. Today, individuals have privately been looking for qualified and experienced financial consultants. These individuals will turn to financial consultant to enquire on what exactly they should do with their accumulated money in banks in order to realize vast profits. For instance, an individual might be having $1000 in the bank that he/she wants to invest (Brigham and Ehrhardt 43).

Methods to Get the Job

The first step in this case is coming up with a valid decision about the company, organization or institution where one is willing to work. The second step is writing a CV (Brigham and Ehrhardt 33). Researchers recommend that a CV should be smart and outstanding. In order to come with a well-established curriculum vitae, it is essential that an individual considers the following important factors. He/she should look around for inspiration and motivation. A willing financial consultant will not hesitate to talk to recruiters from the field of finance. In this case, he or she will seek to establish what they call as a well-developed CV. At the same time, one can consider requesting a CV-writing agent to write the CV for him instead (Kennon). It will ensure that the CV is written in the correct format and has little or no mistakes at all.

Before writing a CV, it is recommended that one finds appropriate channels through which he/she can easily identify the job. Financial consultant jobs are mostly available online. In this case, one shall find the job in relation to the company he/she is most comfortable with. A person should Google the job in the Internet using both the job title and the area (Jin, Drozdenko, and DeLoughy 15). Researchers recommend that one repeats the exercise every day until he/she gets the most favorable job. In addition, one will also be required to look for the same job in the local news papers and magazines. In some cases, potential hirers may avoid the internet. Therefore, one should skim the newspapers and magazines instead. One should not forget to aim for both high and low-paid jobs, especially when he/she is starting a career or does not look for high salaried jobs (Arndt 45). It is important in this case to be smart and realistic. It is extremely very important to be on the lookout. Today, a lot of people have become very unscrupulous. The intention of some people is to take an advantage of those individuals who are honestly looking for a job. Their objective has been to make a kill through coning jobseekers. Therefore, people must analyze the identity of their hirers. If one will have doubt about the hiring individuals, organization or company, he or she should not apply for the job (Golubov, Petmezas, and Travlos 277).

Five Years Outlook in Finance Consulting

Similar to any other job, anyone practicing financial consulting is expected to experience growth in the future. One is expected to have a profound knowledge about the job he/she undertakes after being engaged in the same field for some years (Furtmueller, van Dick, and Wilderom 317). Therefore, there is no doubt that those people who have been in the same job will have a different way of tackling a problem than employees at the entry level. Research has found that individuals who had spent a lot of time in handling a specific job were likely to easily and conveniently arrive at a solution to a problem. For this reason, it is possible to assume that by the end of five years of working as a financial consultant at an investment bank, one will have gathered a lot of experience in performing the same job (Brigham and Ehrhardt 45). It is expected that one will conveniently handle the needy clients with a lot of diligence. At the same time, it is also expected that one will have different mechanisms of responding to various questions raised by the clients. It is also important that the financial consultant will be in a better position to help the bank realize its vast profits. Having gathered sufficient information about the financial market, the financial consultant will be able to predict possible and positive outcomes for the bank (Bhagat and Romano 136). Apparently, at the end of five years the financial consultant is expected to receive an increased compensation defined by handsome salaries and decent allowances such as house allowance, travelling allowance and others.

Compensation

Even though it is not easy to get employed as a financial consultant by people from big factories and companies, many people keep trying to get the job. The most vivid reason for that is money. Here is an example of the salary from Education Portal; “As of May 2012, the median annual wage for personal financial advisors, a career related to that of financial consultants, was $67,520, according to the U.S. Bureau of Labor Statistics (BLS). The BLS projects employment in this field will grow much faster than average during the 2012-2022 decade, at a rate of 27%.” The number given above is only the salary of personal financial advisors, which is one of the lower divisions of financial consultancy. However, they already get that big amount of money annually, excluded the bonus and percentage of profit. One can now imagine how much money a financial consultant makes every year. The most important thing, however, is that the rate of employment will increase by 27 percent at least for this decade (Prior and Lott 65). The reason why many people pursue their goal to be financial consultants is not bound only to money, but some of them are able to enjoy the life of a financial consultant. Their lives are not as intense as in other jobs, but still challenging. One has to turn everything over to be able to make right decisions for their employers. Every decision they make will affect their income and also their future at the business world. This work is easy but risky, relaxing but challenging, and fun but tiring. Working as a financial consultant is one of small jobs that have prospects in the future. There are many reasons why one is suggested to be a financial consultant rather than any work at other jobs.

A financial consultant will be compensated through fees, commissions or both with fees and commissions. The terms and conditions guiding financial consultant compensation are interpreted as follows. He/she can be compensated through an hourly fee or receive a flat fee such as $600 in a year (Forbes, Leonard, and Johnson 14). Nowadays, companies and organizations have established a plan whereby financial advisors can get compensated through fee assets under management. For example, as 1 percent annually of assets managed. The following are the statistical aggregate items as included by the United Nations System of National Accounts (UNSNA) defining financial consultant compensation (Forbes, Leonard, and Johnson 12).

Cash allowances, tips, bonuses, overtime pay, and commissions paid by the employer to an employee.
Gross wages and salaries paid by the employer to an employee in cash.
Remuneration paid by the employer that comprises meals, accommodation, drinks, uniform worn, transport, and parking subsidies.
Social contributions in regard to a hired labor paid by the employer. These may be in provision of social security or funding the financial consultant insurance schemes (Jin, Drozdenko, and DeLoughy 22).

Beginning Compensation

According to various statistics gathered from various states across the world, it was identified that
compensation for financial consultants varies greatly. For an entry level, the compensation is $45, 527 each year. The medium yearly compensation for financial consultants was $75,320 in the year 2013. In that case, the lowest and the highest salaries paid to financial consultants ranged between $33,190 and $187,199 (Jin, Drozdenko, and DeLoughy 16). Moreover, many financial consultants tend to earn bonuses apart from their basic salaries. That was influenced by factors such as the varying economic growth, different economic ideologies, and the influence of labor and non-labor organizations towards salary and remuneration commissions. It became evident that financial consultants at different investment banks and from different countries have varying opinion regarding their compensation (Forbes, Leonard, and Johnson 14).

Between years 2004 and 2012, the starting mean compensation for a financial consultant was the highest in 2008 at roughly $95,000 whilst it was the lowest (below $85,000) in the year 2004 (Furtmueller, van Dick, and Wilderom 319). While some financial consultants appeared very satisfied with the compensation they received from the bank, others felt that the bank that had employed them had done very little to raise a decent living for them. The opinions from financial consultants were found to differ after analyzing the opinions of the respondents from a developed country and from a developing country. At the same time, the varying opinions were triggered by the fact that some banks had included a lot of allowances in addition to the common type of allowances offered by many banks across the globe.

It is also important to remember that the compensation of different financial consultants in various investment banks will be influenced by the level of skills, qualifications, and job experience. Therefore, a financial consultant at the entry level should not expect the same compensation as a financial consultant who has been in the same field for a couple of years (Jin, Drozdenko, and DeLoughy 24).

The knowledge about compensation is of extreme importance for every aspiring financial consultant. It not only helps him/her understand and appreciate the current financial status of the employing bank, but also keep in touch with the appropriate salary, remunerations and allowances that he/she should expect at the entry level and after some years of working in the same job (Furtmueller, van Dick, and Wilderom 319). The chart presented below shows the compensation of a financial consultant working in an investment bank, who has less than twenty years working experience in the United States (Golubov, Petmezas, and Travlos 279). The statistics in this case are in accordance to the National Salary Data updated in the year 2013.

Compensation Compared to Other Professions

With an average compensation of $99,920 in the year 2013, financial consultants tend to earn a good living, which helps them to support their families. It is evident when their salary is compared to other jobs. However, financial consultants make less than marketing managers, who get a yearly average salary of $133,700. They earn more than the insurance personnel, who make approximately $63,610 per year. Their salary can also be compared to compliance officers, who make approximately $66,770, and financial analysts, who make $91,620 every year (Jin, Drozdenko, and DeLoughy 18). The further explanation can be framed under the basis of the best paying cities for the financial consultants. These cities are Wilmington in North Carolina, where financial consultants get $141,150, and Bridgeport in Connecticut, where they make $144,270 every year. Those in New York City make $137,150 every year (Furtmueller, van Dick, and Wilderom 320).

Finance consulting jobs have always found place in the list of well-paid jobs. According to several studies and researches done over the last couple of years, financial consultant jobs have become very lucrative. It is evident from an article posted in Forbes magazines that listed top hundred highly-paid jobs. Therefore, financial consultant jobs have gained a significant ground in today’s job market, which is identified by the fact that such jobs have been listed together with other prominent jobs such as surgery, engineering, pharmacy and others (Golubov, Petmezas, and Travlos 289). Though financial consultant jobs have not always been at the top of the list, there is no doubt that they are above average in compensation. Financial consultants are in the best position to make a decent living from the job, this is simply because their compensations has always included a basic salary and several allowances, such as house allowance, medical allowance, travelling fee, to mention but a few (Furtmueller, van Dick, and Wilderom 321). Another factor that have identified financial consulting jobs in the list of above average jobs is that they encompass a wide spear of life, thus making financial consulting jobs very demanding. A lot of agencies, governments and nongovernment sectors are in the rising need for individuals who can work as financial consultants.

Compensation Based on Experience

In the event that if one have worked as a financial consultant in an investment bank for a period amounting to three years, it is possible that his/her compensation will rise drastically (Furtmueller, van Dick, and Wilderom 333). A financial consultant makes between $72,000 and $108,000, depending on level of experience as well as education (Arndt 99). For this reason, the bank is expected to experience considerable growth because the financial consultant had engineered positive outcome financial strategies in the bank.

As stated earlier, a first year financial consultant gets $45,525 every year. The mid-career experience of a financial consultant is compensated as $51,128 every year across Canada. A highly experienced financial consultant is paid $54,998 every year (Furtmueller, van Dick, and Wilderom 321). Moreover, a financial consultant in the late-career is compensated $57,061 every year. In the process of acknowledging and recognizing the efforts of the financial consultant, his/her compensation will rise, and he/she will also get promotion for the good job (Golubov, Petmezas, and Travlos 297). In addition to this, a financial consultant can decide to change his working environment at the end of three or five years. The financial consultant can resolve to work with another investment bank from a different region. If this is the case, it is clear that he/she will look for a greater compensation in the new bank. It is very possible that his/her dream will come true since a lot of banks are not only fond of employing qualified financial consultants, but also promote financial consultants who have adequate knowledge in financial planning, strategies and the like.

Career Growth Opportunities

Finance consulting can lead to a lot of other job opportunities in future. After pursuing a course as a financial consultant, one can also become a sales manager and a marketing manager, an accountant, a finance engineer, etc. However, it is important to note that one can never become all these professionals. It is therefore crucial for one to choose a clear career development path that will lead to his career dream. It is also important to understand that, all goals cannot be achieved at the same time (Brigham and Ehrhardt 67). Goals will only be attained if they will be structured into a realistic time frame.

One can attend part-time classes while still working with the bank. Further studies will target obtaining additional knowledge. The best careers to follow as a finance consultant is that one which will help one not only participate in advising local banks, but others that are situated overseas (Furtmueller, van Dick, and Wilderom 340). In this case, learning something that relates to sales and management in the next three years is a good idea. It will be ensured that the financial consultant gets exposed to various strategies that can be used by market bank services. Adequate marketing knowledge has proved to be one of the most important pillars in many businesses. The enterprises that are in a position to easily reach out clients have an ability to realize significant profits. Another way through which a financial constant will maintain a viable career development is his/her working experience and continuous seeking for new knowledge through learning. In this case, it is important that a financial consultant gets advanced learning through studying master’s and PHD courses (Brigham and Ehrhardt 77). The courses must relate to the current job he/she is undertaking. Pursuing a master’s degree in Business Administration is the best way for a finance consultant to ensure that he/she remains updated to the current events taking place in the market (Brigham and Ehrhardt 87).

Lastly, career growth and development will easily be achieved if the financial consultant works with different banks; he/she should not be limited to one bank. Working in different environments is important at exposing one to different challenges, thus helping him/her to find different ways to address the challenges and problems at hand. It also leads to a lot of knowledge as one interacts with different people. Working in different environments can help the financial consultant realize his potential. He/she might find out leadership qualities through interacting with different personalities, which might motivate him to become a CEO of a big company or even starting his/her own company.

Conclusion

The study presented in this paper has successfully presented some significant information regarding a financial consultant. One has learnt from the study about the various duties and roles of a financial consultant in an investment bank; it has been established that a professional financial consultant must be in a position to appropriately advice clients. He/she should also be in a position to predict future outcomes in regard to financial strategies and plans. The main objective of a financial consultant in an investment bank is to market services to clients by convincing them to invest in the bank. He/she will also advise the bank on how it can manage to make vast profits after selling services to clients. All in all, it can be noted that financial consultants must be highly qualified. They will be updated with the relevant information about finance. Last but not the least, it has been identified that financial consultants are liable to large compensations. However, their compensation will vary according to their level of skills, qualifications and experience.

The work of a financial consultant is easy, yet challenging. People with no responsibility, honesty, and reliability as well as ex-criminals will not be able to survive in this career . Working in financial consultancy area is about trust because the financial consultant will be granted access to the company’s deepest darkest secret of its cash flow, financial health, and assets. If one has passion to get deeper to this area, one can get a higher level of degree and certain certifications, which will make him/her stand higher among the other consultants. To sum up what has been discussed above, a financial consultant has a possibility to work from scarp or if he/she gets lucky, he/she will be able to start at a company that has a high financial status. Passionate financial consultants will be able to survive and climb to a higher position and enjoy the life itself.