Personal financial advisors

Detailed Occupation

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2022 Workforce

400k

Average Age

44.9

Estimated Job Growth

17.1%

10-year projection

Average Salary

$168,465

Average Male Salary

$192,649

Average Female Salary

$113,974

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 $168,465 in 2022.

The locations that employ the most Personal financial advisors are NYC-Manhattan Community Districts 1 & 2--Financial District & Greenwich Village PUMA, NY, NYC-Manhattan Community Districts 5 & 6--Midtown, East Midtown, & Flatiron PUMA, NY, and NYC-Manhattan Community District 7--Upper West Side PUMA, NY. The locations with a relatively high concentration of Personal financial advisors are Miami-Dade County (East)--Miami City (South) & Key Biscayne Village PUMA, FL, NYC-Manhattan Community Districts 1 & 2--Financial District & Greenwich Village PUMA, NY, and Cook County (Northeast)--Northfield & New Trier Townships PUMA, IL.

Photo by paul bica

Management, business, & financial occupations Management, business, science, & arts occupations Business & financial operations occupations

Employment

Employment and salary information for the Personal financial advisors workforce. Personal financial advisors workforce in 2022 was 399,640 people, of which 30.7% were women and 69.3% were men. Personal financial advisors are paid most in Cattaraugus & Allegany Counties PUMA, NY but are relatively concentrated in Miami-Dade County (East)--Miami City (South) & Key Biscayne Village PUMA, FL.

Employment Over Time

Metric

Grouping

276,796

Male Workforce

± 12.9k

122,844

Female Workforce

± 8.6k

The Personal financial advisors workforce in 2022 was 399,640 people (30.7% women and 69.3% men). This implies an average annual growth of 29.8% between 2014 (307,932) and 2022 (399,640).

Employment by Location

Level

Metric

This map shows the states in the United States shaded by average wage for Personal financial advisors.

During 2022, the states that concentrated the best average annual wage were Connecticut ($217,864), New York ($215,466), and New Jersey ($210,083).

Yearly Wage Ranking

$168,465

AVERAGE WAGE

#11 in the ranking (2022)

$64,683

NATIONAL AVERAGE WAGE

For all occupations across the US

In 2022, Personal financial advisors earned an average of $168,465, $103,782 more than the average national salary of $64,683

The graph shows the ranking of Personal financial advisors in relation to all Detailed Occupation in 2022.

Wage Distribution

Gender

0.451

WAGE GINI

In 2022, Personal financial advisors had a wage GINI coefficient of 0.451, which is lower than the national average of 0.478. In other words, wages are distributed more evenly for Personal financial advisors (shown in red) than for the overall labor force (shown in gray).

The graphic shows the distribution of average salaries by buckets for Personal financial advisors compared to the entire workforce in the country.

Industry

Information on the industries that employ Personal financial advisors and on wages 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 Beverage manufacturing ($336,600).

Occupations by Industries

Metric

Value

400k

2022 Workforce

± 15,500

3.76%

1 YEAR GROWTH

± 5.34%

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 76.2%, followed by Banking & related activities with 12.7% and Nondepository credit & related activities with 11.1%.

Diversity

Demographic information on Personal financial advisors in the US. The workforce of Personal financial advisors in 2022 was 399,640 people, with 30.7% woman, and 69.3% men. The average age of male Personal financial advisors in the workforce is 45.3 and of female Personal financial advisors is 43.8, and the most common race/ethnicity for Personal financial advisors is White.

Gender and Age

Metric

The workforce of Personal financial advisors in 2022 was 399,640 people, with 30.7% woman, and 69.3% men.

The age ranges that concentrated the largest workforce were 35 to 39 years (52,026 people), 40 to 44 years (49,392 people), and 30 to 34 years (47,037 people). Among them they concentrated 37.2% of the total workforce.

Ethnicity

Gender

In 2022, 9.14% of Personal financial advisors workers were Hispanic and 90.9% non-Hispanic.

The treemap shows the distribution of Hispanic workers according to their origin, highlighting Mexican (66%), Puerto Rican (22.3)%, and Cuban (11.6)%

You can review this information by gender using the selectors above.

Races

In 2022, 79% of the Personal financial advisors workforce were White, of which 27.7% were women and 72.3% men. Other races that concentrated a significant number of workers were Black (6.38%) and Asian (6.19%).

Education & Skills

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 the most specialized major according to RCA in 2022 were Business.

Among the necessary skills for Personal financial advisors, Reading Comprehension stands, but the revealed comparative advantage (RCA) shows that Personal financial advisors need more than the average amount of Management of Financial Resources.

Majors

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

Type of Majors

Degree

The most common majors achieved by Personal financial advisors in 2022 (counting all academic degrees) were Business (165,550 people), Social Sciences (43,394 people), and Engineering (14,021 people).

You can review this information for different academic grades by modifying the option selected in the selector above.

Education Levels

Metric

The main educational levels achieved by the Personal financial advisors workers were Bachelors Degree (218,077 people), Graduate Degree (104,292 people), and Some college (40,436 people).

The graphic shows the Personal financial advisors workforce by gender and educational level.

Skills

Chart

Value

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, Active Listening, Writing.

Projections

Projections on job growth for Personal Financial Advisors from the Bureau of Labor Statistics. The 10-year national workforce is projected to grow 4.02%, but Personal Financial Advisors are expected to see a growth of 17.1% over the same period. This occupation is expected to grow more than the national average.

Job Growth

17.1%

Estimated Job Growth

10-year Projection

4.02%

National Growth

10-year Projection

This line chart shows the projected 10-year growth in the number of jobs for Personal financial advisors. This profession is expected to grow more than than 4.02%, the average rate of national job growth.