Financial Specialist Job Description
A financial specialist uses tax acumen and business expertise to review a client's financial data and recommend investments options in the long-term. A financial specialist also may be referred to as financial adviser, private banker or wealth manager. A private banker generally has a bachelor's degree in a business field.
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Responsibilities
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A financial specialist may work for a financial institution, such as an investment bank or an insurance company, or may be an independent professional. A financial adviser generally reviews a client's data, understands her investment goals and recommends asset selection strategies that may help achieve those objectives. For instance, a private banker may review a sales manager's personal income statement, assess his long-term investment goals and advise him to buy corporate stocks of companies in the pharmaceutical sector.
Education and Training
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A financial specialist typically holds a four-year college degree in accounting, finance or economics. A private banker also may be a liberal arts major, in which case she receives practical training before performing her duties. Alternatively, a wealth manager may have an advanced degree, such as a master's or doctorate, in economics or investment analysis, especially if he advises high net-worth individuals or families. Some financial specialists have certified public accountant (CPA) licenses.
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Salary
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A financial specialist's compensation levels depend on economic trends, seniority, performance and academic training. A wealth manager's total remuneration package includes wages and performance-based bonuses. The Bureau of Labor Statistics reports that median wages of financial specialists were $73,150 in 2008, excluding cash and stock bonuses. The same research shows that the lowest 10 percent of the occupation earned less than $43,440, and the highest 10 percent earned more than $141,070, excluding cash and stock bonuses.
Career Development
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A financial specialist may improve career growth opportunities by seeking a professional certification or an advanced degree. For instance, an undergraduate private banker may enroll in a university's finance program and seek a master's degree in investment analysis. Alternatively, he may seek a CPA, certified financial manager (CFM) or chartered financial analyst (CFA) designation to be promoted quickly. A competent wealth manager moves to a senior role within two to five years.
Working Conditions
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A financial specialist who works for an insurance company or an investment bank may have a standard 8 a.m. to 5 p.m. shift. An independent private banker typically has flexible working hours and may perform his tasks even on weekends. A financial specialist at an investment bank occasionally may work late nights or early mornings, depending on business conditions and client availability. For example, a wealth manager may call a high net-worth client at 11 p.m. to discuss investment strategies.
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References
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