There are no official requirements for training to become a financial management consultant, but most successful consultants have received substantial education, training, or certification. Organizations such as the Certified Financial Advisor Standards Board provide certification for those who have a bachelor’s degree, three years of experience, and can pass the board exam. Most companies that hire financial advisors expect candidates to have a bachelor’s or master’s degree in finance. Some companies may require financial management consultants to hold some kind of license or certification. Those advisors who deal with stocks, bonds, or securities for clients may be required to hold some type of license.
Financial advisors provide advice and guidance on financial matters such as retirement planning, insurance, and investment strategies. Anyone interested in this field should have some background or understanding of banking, economics, mortgage brokerage, stock markets, and financial management. Experience working with brokerage firms, trust companies, or companies dealing with mutual funds would also be beneficial.
Those who want to become financial management consultants may need to specialize in other specific areas related to finance. Many professional financial planning organizations also offer certification programs for those who already have degrees in financial management. Most financial advisors have been trained or certified in professional organizations and only specialize in certain areas of financial planning.
Universities and colleges offer a variety of undergraduate or graduate degrees in financial planning, accounting, economics, or business. Other educational or training organizations offer educational programs for those who want to become financial management advisors and qualify as a Certified Financial Counselor (CFC), Registered Financial Planner (CFP), or Registered Financial Planner (RFP). Some certification programs are offered online or through professional financial planning workshops at college or university campuses. These certification programs enable financial planners to deal with specific areas of finance, including tax planning strategies, risk management, specific types of insurance, and employee benefits.
Financial management consultants may specialize in and work only with certain clients or may work with a variety of clients, including corporations, trusts, families, private companies, and even individuals. Some financial management consultants are employed by a large corporation, are self-employed, or may serve as personal financial advisors to various individuals and companies. Other financial management consultants specialize in areas such as securities, estate planning, or real estate. Financial advisors who provide a variety of services tend to earn less than advisors who specialize in certain areas of financial management. Among those professionals, financial advisors who work in securities and commodity contracts tend to make more money.
To become a financial management consultant, interpersonal skills are also essential. Most people tend to be very sensitive and won’t easily hand over financial control to someone they don’t trust. Any training to become a financial management consultant should include instruction in working with various types of people and personalities.o become a financial management consultant, interpersonal skills are also essential. Most people tend to be very sensitive and won’t easily hand over financial control to someone they don’t trust. Any training to become a financial management consultant should include instruction in working with various types of people and personalities.