To become a financial advisor in the US, you typically need a bachelor's degree, then on-the-job training under senior advisors that usually lasts more than a year. Depending on what you do, you'll also need licences: advisors who give specific investment advice usually sit the Series 65, the NASAA Investment Advisers Law Examination administered by FINRA.
The licence you need depends on the products and advice you offer, not on a single job title. BLS says advisors who buy or sell stocks, bonds or insurance, or give specific investment advice, may need a combination of licences.
This is a careers guide, not financial advice. The steps and pay come from the US Bureau of Labor Statistics (BLS) Occupational Outlook Handbook and the exam facts from FINRA, read in October 2026.
Financial advisors in numbers
| Measure | BLS figure |
|---|---|
| Median pay (May 2025) | $105,070 a year, $50.51 an hour |
| Lowest 10% and highest 10% | Under $50,190 and over $357,020 |
| Typical entry-level education | Bachelor's degree |
| Jobs in 2025 | 299,400 |
| Projected growth 2025 to 2035 | 1%, slower than average |
| Openings each year | About 17,100 on average |
Those pay figures are as of October 2026. The very wide range, from under $50,190 to over $357,020, reflects how much pay depends on clients, bonuses and commissions.
How to become a financial advisor, step by step
- Earn a bachelor's degree. Employers usually don't require a specific subject, but BLS lists business, social science and mathematics as common, and courses in investments, taxes, estate planning and risk management help.
- Get hired and train. New advisors work under senior advisors, learning to build a client network and develop investment portfolios. This usually lasts more than a year.
- Pass the licensing exams your role needs. For investment advice, that's often the Series 65.
- Register. BLS says advisors in small firms that manage clients' investments register with state regulators, while those in large firms register with the U.S. Securities and Exchange Commission.
- Consider certifications, which BLS says may enhance your reputation and help bring in clients.
- Think about a master's later. A master's in finance or business administration may improve your chances of becoming a financial manager.
What the Series 65 involves
| Feature | FINRA figure |
|---|---|
| Questions | 130 scored plus 10 unscored |
| Time | 180 minutes |
| Passing score | 92 of the 130 scored questions |
| Corequisites | None |
| Exam fee | $187 |
The exam fee is as of October 2026. FINRA says the exam is a North American Securities Administrators Association (NASAA) exam that FINRA administers, and it's only available online for candidates who need a testing accommodation.
The insight: your exam can expire
Here's a detail that matters if you take a break from the industry. NASAA has a model rule called the Examination Validity Extension Program, which lets eligible people keep their Series 65 valid for up to five years by completing annual continuing education, in the states that adopt it. Every registered investment adviser representative in a state that has adopted NASAA's continuing education rule is also subject to those requirements. Plan for ongoing learning, not a one-off test.
How advisors are paid
BLS says advisors at financial services firms are often paid a salary plus bonuses. Those at investment or planning firms, or who are self-employed, either charge a flat fee or earn commissions on the products they sell. Median pay was highest in securities and investment firms, at $120,870.
What the job is like
Most advisors work full time in offices, and some work more than 40 hours a week. BLS says they may meet clients on evenings and weekends, and some travel to conferences, teach evening finance seminars and go to networking events to bring in clients. About 65% work for securities, commodity contracts and other investment firms.
Client relationships are the business. A good CRM for financial advisors keeps track of every conversation, and financial planning software handles the modelling. Many advisors now use AI tools for financial advisors to cut admin, within their firm's compliance rules.
Skills that help
- Interpersonal skills: BLS says making clients feel comfortable and building trust is a major part of the job.
- Speaking skills: explaining complex financial ideas in words clients understand.
- Analytical skills: weighing economic trends, regulatory changes and each client's comfort with risk.
- Sales skills: being persistent and convincing as you grow your client base.
- Math skills: tracking how portfolios grow, shrink and are spread across investments.
Licences also depend on what you sell. BLS says advisors who buy or sell stocks, bonds or insurance policies may need a combination of licences that varies with the products, so an advisor who also sells insurance will need more than one exam. Your employer will usually tell you which ones the role needs, and many firms support you through them.
Sales is the one people underestimate. Advisors who build their own client base need to keep finding new clients, which is why BLS mentions evening seminars and networking events.
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My verdict
Becoming a financial advisor takes a degree, more than a year of supervised training and the right licences for the work you do. Growth is slow at 1%, but about 17,100 openings a year come from retirements and career changes, and pay at the top is very high. Get a degree with some finance courses, join a firm that trains new advisors, and work out early which licences your role will need.
Frequently asked questions
Do you need a degree to be a financial advisor?
Usually. BLS says personal financial advisors typically need a bachelor's degree, though a specific subject usually isn't required.
What is the Series 65?
The NASAA Investment Advisers Law Examination, administered by FINRA. It has 130 scored questions and 10 unscored, with 180 minutes to finish.
What score do you need to pass the Series 65?
You must answer at least 92 of the 130 scored questions correctly, according to FINRA.
How much does the Series 65 cost?
FINRA lists the fee as $187, as of October 2026.
How much do financial advisors make?
BLS reports median pay of $105,070 a year for personal financial advisors in May 2025, as of October 2026.
Do financial advisors have to register?
Yes, if they manage clients' investments. BLS says advisors in small firms register with state regulators, while those in large firms register with the U.S. Securities and Exchange Commission.
How are financial advisors paid?
It varies. BLS says those at financial services firms often get a salary plus bonuses, while others charge a flat fee or earn commissions on the products they sell.
How long does financial advisor training take?
BLS says on-the-job training under senior advisors usually lasts more than a year.
