Rohit Dubey

What does it take to be a financial advisor? What are the pre-requisites and the eligibility criteria?


by Rohit Dubey
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RE: What does it take to be a financial advisor? What are the pre-requisites and the eligibility criteria?

Surabhi Dewra
Surabhi Dewra
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Are you aspiring to be a financial advisor? Perhaps you have chosen the best track of career which and it’s going to be hugely rewarding. To be a financial advisor your job will be to make a financial plan for your clients thereby guiding them how to earn maximum out of investing a considerable amount of money. A professional having a fair idea of all subjects in finance will be the best person to advice. But your role does not end over here because you will be called for execution if the same or might be asked to give advice if everything does not go well.

What is the work of a financial planner?

The job of a financial planner is to sketch out a financial outline and sell his plans to his clients who in return expect good ROI (return on investment). Anyway, financial advice might be given in the following fields.

  • Savings plan: Mainly given to working individuals. The plans include how to invest in mutual funds, fixed deposits, and insurance in order to secure a certain amount of money in the future.
  • Investment plan: Given to working as well as those who are willing to do business. Investment can be in any aspect of share and stockholding or might be for any factory/manufacturing unit which will bear good returns in the future.
  • Insurance plan:  Insurance plan is mainly for individuals who go for life insurance, medical insurance, car insurance or any other property related insurance. Travel insurance is also becoming increasingly famous and it’s preferred by all tourists.
  • Tax plan:  Tax plan is mainly targeted towards individuals like income tax and property tax. It could be for the companies like corporate tax and sales tax for government agencies. Anyway, tax is a huge part and a lucrative career nowadays.
  • Retirement plan: Retirement plan mainly involves how a person can draw money for life after retirement. He can invest money in fixed deposits or might be a retirement plan, children’s plan or a huge range of options.
  • Estate planning: to invest in real estate is the best financial advice. Real estate price goes u and bears a steady return irrespective of any economic slowdown.

The motto is to give a concrete financial strategy aimed at attaining financial goals in life. A financial planner is hugely respected and always called upon by clients during conferences so that his plan could be executed by beneficiaries. Sometimes they are reviewed and given insights by industry tycoons who are insanely remarkable. The best prospective people lies in metro cities compared to other smaller towns since the flow of money is better in metro cities. There could be no retirement in this profession.

Pre-requisites And Criteria To Be A Financial Advisor

To be a financial advisor, one needs to be an SSC pass/matriculation/ 10th equivalent pass at the time of enrolment. There are two pathways to get into the course which is namely- regular and challenge status.

  • Regular: After passing 10th equivalent examination a candidate can either do self-study or might be enrolled in some institutions that offer certified study in the following subjects:
  1. Risk analysis and insurance planning (Paper 1)
  2. Retirement planning and employee benefits ( Paper 2)
  3. Investment planning (Paper 3)
  4. Tax planning and estate planning (Part 4)

All the exams are facilitated by NSE and conducted on NCFM platform regulated by NSE. Examination centers are regulated all through India.

  • CPRF challenge pathway:  The criteria for this is that candidate requires being a CA/ Intermediate level/ CFA (US), ICWA, CAIIB, CS, LLB or PH.D by qualification. The criteria for initial certification needs to be 4E’s manly
  1. Candidate must complete the academic coverage of financial planning curriculum by undergoing the 5 modules of CFP (certified financial planning). They have to appear for 4 exams and the last one could be exception provided they have enough qualification for the said position.
  2. The candidate has to pass the 5 modules certified by CPRF. Then the students have the confidence of presenting in public that they are financial planners. Only the highly qualifies candidates can skip the last paper. They need to have experience of real life planning.
  3. The candidates need to have experience of working with clients as an apprentice. The regular pathways examinations have to be completed pre or post appearance of the 4 modules.
  4. The candidates must agree to the ethics of CFP certification. They need to abide the rules of professional conduct and stick to the standard practice and disciplinary roles.

In one word, if you have a knack in mathematics and accounts, you already possess the basic criteria of being a financial advisor. Being in this profession one can work until retirement.

RE: What does it take to be a financial advisor? What are the pre-requisites and the eligibility criteria?

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