Tell me about it
Financial advisers work with clients to find financial products that suit their needs. A client could be one person, an organisation or a group of individuals. The sorts of products they give advice on may include investments, life insurance and critical illness cover, pensions and savings plans, mortgages and other borrowings, secured and unsecured.

There are two quite distinct types of financial adviser:
· They may be tied to an individual bank, building society or insurance company, advising solely on the financial products of that organisation
· They may have a broader role as an independent adviser, recommending suitable investments, mortgages, pensions and insurance policies on an impartial basis.

When they have identified a product that is appropriate, financial advisers need to explain all the details clearly, with the minimum of jargon. They need to point out the potential benefits and any limitations so that the client can make an informed decision.

Entry level
While there are no formal academic entry requirements, the most prestigious employers would require a high standard of education. Many financial advisers are graduates. A degree in finance and accountancy, business studies or related subjects may be an advantage, but a confident, professional character is just as important. Clients look for maturity in their adviser, so school leavers are rarely employed directly into this role.

Entry to a degree is with at least two A levels/three H grades and five GCSEs/S grades (A-C/1-3), or equivalent qualifications.

Making the grade
You would have to undertake recognised industry training, regulated by the Financial Services Authority (FSA).

Training for an FSA-recognised qualification normally takes between two and three years. Employers tend to be fully supportive of all professional qualifications, and most would provide training and pay for exams, but you would be expected to put in a lot of study time outside your normal working hours. To pass, you would need to show a good understanding of the financial services sector and to be able to share this knowledge with clients.

Younger financial advisers tend to start as tied consultants. As they gain experience, they may join a firm of independent financial advisers, or go into business by themselves. If you are enthusiastic, can make clients feel comfortable and have good product knowledge, you can progress quickly.

Personal qualities
As a financial adviser, you would need to be capable of understanding financial products, which may be complex, yet able to communicate the benefits of these products simply.

You must be a clear and concise communicator, with good listening and questioning skills, you must be numerate and comfortable using computers, and you must be able to inspire trust.

Looking ahead
Financial advisers can work anywhere in the UK, although the opportunities are mostly centred on the major cities and the suburbs. Although tied advisers may be on the payroll of a bank or insurance company, a significant proportion of financial advisers are self-employed.

As you gain more experience, you may move on to advising on other financial products, which will require you to obtain further qualifications. The Financial Services Authority (FSA) is currently reviewing the large number of qualifications issued by the approved institutes.

Alternative suggestions
Other possibilities might include accountant, banking executive, insurance broker or investment analyst.

Take-home pay
This can vary considerably. Your method of payment could range from a full salary to a salary with bonuses for achieved targets, to commission only or fees only. So, to a certain extent, what you earn would be up to you. As a graduate, you could expect to earn £18,000 to £24,000 in your first year and considerably more later if you exceed your targets. You could achieve very high earnings as an experienced and successful independent adviser, but remember that a high proportion of your earnings will be performance based.

Effects
Advisers' hours of work are often dictated by the availability of clients. If you deal with larger organisations or are a tied adviser, you would normally work office hours. Otherwise, you would have to arrange meetings when it suits clients, and could expect to work in the evenings and occasional weekends.

Sources of information
Association of Independent Financial Advisers: www.aifa.net
Institute of Financial Planning: www.financialplanning.org.uk
The Personal Finance Society: www.thepfs.org
Institute of Financial Services: www.ifslearning.com
Chartered Institute of Bankers in Scotland: www.ciobs.org.uk
Chartered Insurance Institute: www.cii.co.uk
Institute of Chartered Secretaries and Administrators: www.icsa.org.uk
Financial Services Skills Council: www.fsnto.org.uk
Securities Institute: www.securities-institute.org.uk
UK Society of Investment Professionals: www.uksip.org

CRCI: IF