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Being a financial advisor in India is like attaining the highest strata of a career ladder for an aspirant. It’s truly lucrative in terms of salary and perks. The advantage of being a financial planner is that you might work with a company as well as start you own business as a consultant. Basically, there is no retirement in this field. After successful completion of the financial planner course, you can become a financial analyst. Aspirants who are from the profession like chartered accountant, cost accountant, company secretary and MBA (finance) can opt to be a financial advisor.
Salary and perks of a financial advisor in India: Let’s have a look at the salary scale of people who are in this profession. Different designations have a different scale of compensation.
According to data the average salary of a financial planner is 357,070 INR per month. Experience strongly influences the pay scale.
Let’s see the breakup of the compensation which is like (according to national salary data):
Comparative analysis of salaries of a financial advisor: Let’s have a look at salaries in various cities of India. The base salary has been considered as 3, 81,388 INR per annum.
While 24% of the workforce comprise of women, 76% are men. The average pay scale for men ate higher by (15-25) % compared to women. The perks allowed are- medical expenses (58%), dental (3%), vision (2%) and other benefits (41%).
The pay scale depends on companies. Insurance sectors generally offer higher salaries compared to financial companies. It’s a common phenomenon that people in the same designation are offered different salaries. The reason underlying can be explained on the basis of following factors:
Credentials: Employees who hold an advanced degree are generally entitled to a better salary compared to the ones who hold a lower degree. Say, a chartered accountant will be paid more as a financial advisor compared to a B. com graduate. This is a common practice.
Experience and skills: Years of experience counts the salary scale. Generally, freshers are hired at a pay scale quite lower to those with some more years of experience. It’s a common belief that experience makes a candidate better in terms of handling clients.
Industry or employer: The salary scale largely depends on the industry where a person is working for. Real estate companies and insurance companies are the best pay masters compared to normal financial advising companies. The environment, clientele and training process varies from one company to another. Basically good companies with better HR policy believe in upgrading the employee rather than hiring newer ones.
Job tasks: The nature of tasks or responsibility is the determinant factors for salary difference. Those positions which demand better compensations than those who are expected to handle a smaller number of clients. Business volume is a good determinant factor for salaries.
Geographic location: Metro cities offer better salaries than B grade towns.
Success and performance: The more successful a person is in a particular field the better is his salary scale. Generally, recommendations from industry seniors or pros make a difference in credentials which is the reason of salary difference.
Being a financial consultant is lucrative in terms of salary. In case if he becomes a consultant then he will be paid on hourly basis. So, basically in terms of compensation sky is the limit. It’s a recommendable field for the aspiring professionals. Especially, India will need more financial consultants in near future than compared to the past years.
Career Guide to 3000+ students till date
Have been conducting career guidance workshops in 30 schools in Mumbai, Pune, Panchgani, Nasik and Goa for the past 5
Have engaged with approx. 3,000 students both collectively in groups as well as individually for various programs
Deep knowledge of various career options available and the course details
Handled more than 5000 career queries on email over the last 5 years
Commerce Graduate and an MBA in Finance from IIM Indore
Founder - ReInventions (Professional Banker, Career & Image Coach
Reena Saxena comes with 25+ years experience in the BFSI sector.
She holds a MMS(Finance) from Symbiosis Institute of Business Management, Pune and professional certifications in Banking, Coaching and Training.
She has switched careers to being a Career & Financial Coach, through her initiatives ReInventions. and MoneyGoalz.
Founder And Director At Canvas Career
Mr. Prathamesh is a Certified Career Consultant by Psytech International (bps) UK and is also a Certified Trainer for Life Skills; he is pursuing Narrative Therapy from Adelaide, Australia. He has been in to career counseling for more than 8 years now he practices MINDFULNESS psychotherapy with students. He possesses vast experience in teaching and career counseling. Currently he is associated with FUEL NGO. He had counseled over laces of students and is a founder director of Canvas Career Consultancy, committed to conduct Psychometric assessments for students and do career counseling by making them aware about new career avenues
Counselor at Adaptive Minds
Mrs. Meghna is a Postgraduate in clinical Psychology. She had been a part of several workshops related to Personality Enhancement, Counseling, Child and Adolescent Psychiatry, Therapy, Hypnosis for self Healing etc. She works at Adaptive Mind as freelance counselor and had worked as an executive counselor at Growth Centre, School Counselor at Billabong High International School, Sri Sri Ravi Shankar Vidya mandir. Her areas of expertise include Human Resources Management with Clinical Psychology. Currently working as a Brain mapping analyst
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