- According to the Bureau of Labor Statistics, as of 2010, personal financial advisers make an average of $91,220 per year. Fifty percent make between $42,100 and $111,990, and median earnings lie at $64,750 per year. This substantial difference between average and median shows that those who are more established or who are more skilled can earn considerably more than those who are not.
- Financial advisers make considerably more in some states than in others. The states with the highest average pay for financial advisers are New York at $136,310, Connecticut at $119,770, Massachusetts at $118,400, New Jersey at $99,560 and Pennsylvania at $98,800. The states that have the highest total number of financial advisers are New York, California, Texas, Florida and Illinois.
- Financial advisers can earn income by helping their clients in a wide range of services. The basic requirement for a financial adviser is a bachelor's degree in finance, accounting, economics or a related field. An advanced degree in one of these fields can increase credibility and thereby increase job prospects. However, even with these credentials, financial advisers need the proper licensure and certification to engage in certain aspects of financial advisement. For instance, a financial adviser must have specific and separate licenses to sell bonds and insurance to clients.
- The Bureau of Labor Statistics reports that job growth for financial advisers from 2008 to 2018 will be very fast. This increasing demand for financial advisers can result in higher earnings, but the Bureau also predicts that competition growth for such work may even outpace work growth. This increasing competition may cut into some advisers' earnings.
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