Personal financial advisors ranks among the top jobs with large growth expectations, according to a new report by Kiplinger.
As more Americans — particularly the Baby Boomer generation — move into retirement, investment advice is likely to pick up, and this area could be an opportunity for younger generations, including millennials, to enter financial advisory and other professions like accounting.
“As Americans age and pensions become a thing of the past, the value of good investment advice will only grow,” Kiplinger states in its write-up for advisors. “Baby boomers, especially, could need more professional help as they plan for and enter retirement.”
Kiplinger picked the Top 10 jobs out of 785, based on professions that are expected to grow substantially in the next decade, currently offer above-average salaries, and don’t necessarily require degrees beyond a bachelor’s.
Based on that criteria, personal financial advisors rank fourth in job growth between 2016 and 2026, with an expected rate of 23.8 percent, and fifth in salary with median annual pay of $86,780. They claim 251,715 jobs. It’s worth noting that personal financial advisors weren’t listed in Kipler’s top jobs last year.
While a bachelor’s degree in finance, economics, accounting or similar field would probably be the best choice, most employers don’t specify a required major, according to the magazine. The Certified Financial Planner Board of Standards requires candidates to have a bachelor’s degree, at least three years of “relevant work experience” — though that isn’t described — and pass an exam that covers a wide range of financial issues. A license also is required for advisors who want to sell certain types of insurance and investment products.
In comparison, job growth is projected to be 8.6 percent for all jobs, while median annual salaries are expected to be $43,233.
The nine other positions in Kiplinger’s Top 10 list are app developer, computer systems analyst, nurse practitioner, physical therapist, health services manager, physician assistant, dental hygienist, market research analyst and speech language pathologist.
Terry Sheridan is an award-winning journalist who has covered real estate, mortgage finance, health care, insurance, personal finance, and accounting and taxation issues for newspapers, magazines, and websites. A Chicago native and former South Florida resident, she now lives in New England.