Personal financial advisors

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Total Workforce

355k

Average Age

44.2

Estimated Job Growth

14.9%

10-year projection

Average Salary

$133,779

Average Male Salary

$153,058

Average Female Salary

$94,259

About

Personal financial advisors are most often employed by the Securities, commodities, funds, trusts & other financial investments industry. The average yearly wage for Personal financial advisors was $133,779 in 2016. The top 3 most similar occupations to Personal financial advisors by wage are Podiatrists, Aircraft pilots & flight engineers, and Sales engineers.

Personal financial advisors are part of the Business & financial operations occupations, along with Agents & business managers of artists, performers, & athletes, Buyers & purchasing agents, farm products, Wholesale & retail buyers, except farm products, Purchasing agents, except wholesale, retail, & farm products, Claims adjusters, appraisers, examiners, & investigators, Compliance officers, Cost estimators, Human resources workers, Logisticians, Management analysts, Meeting, convention, & event planners, Fundraisers, Compensation, benefits, & job analysis specialists, Training & development specialists, Market research analysts & marketing specialists, Business operations specialists, all other, Accountants & auditors, Appraisers & assessors of real estate, Budget analysts, Credit analysts, Financial analysts, Personal financial advisors, Insurance underwriters, Financial examiners, Credit counselors & loan officers, Tax examiners & collectors, & revenue agents, Tax preparers, and Other financial specialists

Employment

Information on the businesses and industries that employ Personal financial advisors and on wages and locations for those in the field. Securities, commodities, funds, trusts & other financial investments is the industry that employs the most Personal financial advisors, both by share and by number, though the highest paid industry for Personal financial advisors, by average wage, is Real estate. Personal financial advisors are paid most in District of Columbia (West) PUMA, DC but are relatively concentrated in Fairfield, New Canaan, Wilton, Weston & Easton Towns PUMA, CT.

Wages

Yearly Wage

$133,779

AVERAGE SALARY

± $5,557

In 2017, Personal financial advisors earned an average of $133,779, $81,715 more than than the average national salary of $52,065.

Podiatrists make somewhat more than Personal financial advisors while Sales engineers make somewhat less. This chart shows the various occupations closest to Personal financial advisors as measured by average annual salary in the US.

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Wage Distribution

0.457

WAGE GINI

In 2017, Personal financial advisors had a wage GINI coefficient of 0.457, which is lower than than the national average of 0.479. In other words, wages are distributed more evenly for Personal financial advisors (shown in red) than for the overall labor force (shown in gray).

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Wage by Location

This map shows the Public Use Microdata Areas (PUMAs) in the United States shaded by average annual wage for Personal financial advisors.

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Spatial Concentration

This map displays which Public Use Microdata Areas (PUMAs) in the United States have a relatively high population of Personal financial advisors.

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Industries

Most Common

The most common industries employing Personal financial advisors, by number of employees, are Securities, commodities, funds, trusts & other financial investments, Insurance carriers & related activities, and Banking & related activities.

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Industries by Share

355k

2017 Workforce

± 14,606

1.91%

1 YEAR GROWTH

± 5.74%

The number of people employed as Personal financial advisors has been growing at a rate of 1.91%, from 348,122 people in 2016 to 354,760 people in 2017.

This graphic shows the share of Personal financial advisors employed by various industries. Securities, commodities, funds, trusts & other financial investments employs the largest share of Personal financial advisors at  54.8%, followed by Insurance carriers & related activities with 10.3% and Banking & related activities with 9.96%.

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Diversity

Demographic information on Personal financial advisors in the US. The average age of male Personal financial advisors in the workforce is 44.8 and of female Personal financial advisors is 43.2, and the most common race/ethnicity for Personal financial advisors is White.

Gender Composition

238k

MALE WORKFORCE

± 11,979

116k

FEMALE WORKFORCE

± 8,370

67.2% of Personal financial advisors are Male, making them the more common gender in the occupation. This chart shows the gender breakdown of Personal financial advisors.

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Race & Ethnicity

Most Common Race or Ethnicity of Personal financial advisors

  1. White

  2. Asian

  3. Black

82.7% of Personal financial advisors are White, making that the most common race or ethnicity in the occupation. Representing 7.12% of Personal financial advisors, Asian is the second most common race or ethnicity in this occupation. This chart shows the racial and ethnic breakdown of Personal financial advisors.

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Age by Gender

44.8

AVERAGE MALE AGE

± 0.7

43.2

AVERAGE FEMALE AGE

± 0.928

The median age of Personal financial advisors is 44.2, and Male employees are generally 1.58 years older than than their Female counterparts.

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Education

Data on higher education choices for Personal financial advisors from The Department of Education and Census Bureau. The most common major for Personal financial advisors is Business but a relatively high number of Personal financial advisors hold a major in Business.

Majors

ACS PUMS data only shows the major for bachelor's degrees. However, we can filter the data based on highest degree obtained.

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Skills

Data on the critical and distinctive skills necessary for Personal financial advisors from the Bureau of Labor Statistics. Personal financial advisors need many skills, but most especially Reading Comprehension, Speaking, and Active Listening. The revealed comparative advantage (RCA) shows that Personal financial advisors need more than the average amount of Management of Financial Resources, Operations Analysis, and Mathematics.

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Growth Projections

Projections on wages and job growth for Personal financial advisors from the Bureau of Labor Statistics. The ten-year national workforce is projected to grow 7.4%, but Personal financial advisors are expected to see a growth of 14.9% over the same period. This occupation is expected to grow higher than the national average.

Job Growth

14.9%

ESTIMATED GROWTH

7.4%

NATIONAL AVERAGE

This line chart shows the 10-year projected employment growth (from 2016 to 2026) for Personal financial advisors. This profession is expected to grow faster than 7.4%, the average rate of national job growth.

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