Today, we’re taking a closer look at the financial manager job description, including the skills t Read More
Students enrolled in higher education programs focusing on finance have exciting and in-demand career prospects they can pursue after graduation. Some of the most common questions students ask as they assess their available opportunities concern particular job roles, associated responsibilities, and salary.
Northeastern University’s Online Master of Science in Finance prepares students for a number of important professional roles, including financial consultant. Let’s examine what these professionals do, as well as the financial consultant salary.
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Financial Consultant Job Description
As Study.com noted, financial consultant jobs typically involve working one-on-one with clients, including individual consumers or business leaders, with the goal of providing guidance on financial matters including investments, taxes, insurance, and more.
This role is highly similar to financial advisor and financial planner positions. In fact, financial consultants are often called financial advisors, and consultants may even become certified in financial planning so they may serve as a broker for financial products.
Financial consultants might work with individual consumers and assist them with key financial goals including retirement, funding higher education, creating a budget, and more. According to the U.S. Bureau of Labor Statistics, consultants also monitor the condition of their clients’ accounts and ongoing investments to help plan and accommodate for long-term financial goals.
Financial Consultant Salary
As with any professional position, the salary range for financial consultant jobs can vary, and salary estimates are based on years of experience, as well as the geographic region in which professionals work.
PayScale reported that the current national average salary is $68,000 annually in the United States. However, annual salaries for these professionals can range from $43,000 on the low end to $106,000 annually for the top 10% of earners.
The years of experience professionals have can greatly impact their average annual salaries. The entry-level financial consultant salary is typically $53,000, whereas those with five to nine years of experience make closer to $77,000 annually. According to PayScale, senior financial consultants with 20 years of experience or more earn an average pay of $83,000.
Pay can also differ according to the industries in which financial consultants work. The BLS found that consultants in the securities, commodities, and financial investments field earned an average salary of $95,540 as of May 2019. On the other hand, consultants working in credit intermediation earned $76,590 on average, and those in the insurance carrier industry took home an average pay of $71,280.
PayScale found that consultants working in Chicago and New York earned 15-18% more than the national average, whereas those in Denver were typically paid 15% lower than the average.
Financial Consultant Job Outlook and Career Path
The current job outlook for this occupation is positive, with 7% growth projected from 2018 to 2028, according to the BLS. This growth will create an estimated 19,100 financial consultant jobs during this timespan.
Those interested in the financial consultant role can prepare for employment with an advanced degree like the Online Master of Science in Finance from Northeastern University’s D’Amore-McKim School of Business. To find out more, check out our curriculum and connect with an enrollment advisor today.