When you are considering entering into any career, one of the most important things to think about is the salary. This should not be your primary consideration but it should definitely be something you think about. This means that if you are considering a career as a financial advisor, one of your foremost questions should be ‘how much can a financial advisor earn?’
The answer will help you decide whether this particular job position would be worth studying for, in order to get the qualifications you need.
When you are asking ‘how much can a financial advisor earn’, it is wise to consider the entry level salary. This will show you what you can expect to earn initially. The amount you can expect to earn will depend on which specific job you get and the company you will be working for. But in general you can expect to earn upwards of £22,000 per year to begin with. This can rise to as much as £30,000 depending on the employer.
Yes you can. Trainees will always be on the lower end of the pay scale. This is good news because as soon as you get your qualifications you can expect to earn from £30,000 upwards. The upper limit of this salary range for newly qualified advisors can be as much as £40,000 per annum.
When someone asks ‘how much can a financial advisor earn’, the answer really needs to be split into two parts. The first part talks about the basic salary, as we have done above. But since this job position is in the financial services industry, there is also the possibility of enjoying bonuses. This can vastly increase the amount of money a financial advisor can earn, but of course the salary plus bonuses will be dependent on how successful the advisor is. The more successful they are, the more opportunities there are to earn larger bonuses along the way.
Some financial advisors may receive perks as part of their salary package. These perks could include bonuses, but typically they will also include a company car and other similar items. It is also important to understand the difference between working for a financial institution and working for yourself as an independent financial advisor. There is often a better chance of earning more money in the second situation, although you must be the best at what you do to enjoy the higher rewards in this job.