Financial Careers

Financial analysts and personal financial advisors held 397,000 jobs in 2006, of which financial analysts held 221,000. Many financial analysts work at the headquarters of large financial institutions, most of which are based in New York City or other major financial centers. More than 2 out of 5 financial analysts worked in the finance and insurance industries, including securities and commodity brokers, banks and credit institutions, and insurance carriers. Others worked throughout private industry and government.

Personal financial advisors held 176,000 jobs in 2006. Jobs were spread throughout the country. Much like financial analysts, more than half worked in finance and insurance industries, including securities and commodity brokers, banks, insurance carriers, and financial investment firms. However, about 30 percent of personal financial advisors were self-employed, operating small investment advisory firms, usually in urban areas.

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Median annual earnings, including bonuses, of wage and salary financial analysts were $66,590 in May 2006. The middle 50 percent earned between $50,700 and $90,690. The lowest 10 percent earned less than $40,340, and the highest 10 percent earned more than $130,130. The bonuses that many financial analysts receive in addition to their salary can be a significant part of their total earnings. Usually, the bonus is based on how well their predictions compare to the actual performance of a benchmark investment.

Median annual earnings of wage and salary personal financial advisors were $66,120 in May 2006. The middle 50 percent earned between $44,130 and $114,260. The lowest 10 percent earned less than $32,340 and the highest 10 percent earned more than $145,600. Personal financial advisors who work for financial services firms are generally paid a salary plus bonus. Advisors who work for financial investment or planning firms or who are self-employed either charge hourly fees for their services or opt to earn their money through fees on stock and insurance purchases. Advisors generally receive commissions for financial products they sell, in addition to charging a fee. Those who manage a client’s assets may charge a percentage of those assets. Earnings of self-employed workers are not included in the medians given here.

About the Authors
George Mentz is the founders of the American Academy of Financial Management Board of Standards , a global Certifying Body dedicated to improving the skills and careers of financial professionals worldwide..