Personal financial advisors

Detailed Occupation

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2023 Workforce

415k

Average Age

44.9

Estimated Job Growth

17.1%

10-year projection

Average Salary

$174,596

Average Male Salary

$201,357

Average Female Salary

$118,161

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 $174,596 in 2023.

The locations that employ the most Personal financial advisors are NYC-Manhattan Community Districts 1 & 2--Financial District & Greenwich Village PUMA, NY, Chicago City (Central)--Near North Side, Loop & Near South Side PUMA, IL, and NYC-Manhattan Community Districts 5 & 6--Midtown, East Midtown, & Flatiron 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, Cook County (Northeast)--Northfield & New Trier Townships PUMA, IL, and NYC-Manhattan Community Districts 1 & 2--Financial District & Greenwich Village PUMA, NY.

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 2023 was 414,985 people, of which 32.2% were women and 67.8% 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

281,500

Male Workforce

± 13k

133,485

Female Workforce

± 8.97k

The Personal financial advisors workforce in 2023 was 414,985 people (32.2% women and 67.8% men). This implies an average annual growth of 34.8% between 2014 (307,932) and 2023 (414,985).

Employment by Location

Level

Metric

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

During 2023, the states that concentrated the best average annual wage were North Dakota ($230,727), Connecticut ($226,100), and New York ($222,124).

Yearly Wage Ranking

$174,596

AVERAGE WAGE

#11 in the ranking (2023)

$67,727

NATIONAL AVERAGE WAGE

For all occupations across the US

In 2023, Personal financial advisors earned an average of $174,596, $106,869 more than the average national salary of $67,727

The graph shows the ranking of Personal financial advisors in relation to all Detailed Occupation in 2023.

Wage Distribution

Gender

0.451

WAGE GINI

In 2023, Personal financial advisors had a wage GINI coefficient of 0.451, which is lower than the national average of 0.476. 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 Real estate property managers, offices of real estate appraisers, and other activities related to real estate ($354,884).

Occupations by Industries

Metric

Value

415k

2023 Workforce

± 15,794

3.78%

1 YEAR GROWTH

± 5.24%

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 71.3%, followed by uninformed with 12.1% and Nondepository credit & related activities with 10.9%.

Diversity

Demographic information on Personal financial advisors in the US. The workforce of Personal financial advisors in 2023 was 414,985 people, with 32.2% woman, and 67.8% men. The average age of male Personal financial advisors in the workforce is 45.4 and of female Personal financial advisors is 44, and the most common race/ethnicity for Personal financial advisors is White.

Gender and Age

Metric

The workforce of Personal financial advisors in 2023 was 414,985 people, with 32.2% woman, and 67.8% men.

The age ranges that concentrated the largest workforce were 35 to 39 years (54,580 people), 40 to 44 years (49,317 people), and 30 to 34 years (48,432 people). Among them they concentrated 36.7% of the total workforce.

Ethnicity

Gender

In 2023, 9.55% of Personal financial advisors workers were Hispanic and 90.5% non-Hispanic.

The treemap shows the distribution of Hispanic workers according to their origin, highlighting Mexican (40.9%), Puerto Rican (12.9)%, and Cuban (8.26)%

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

Races

In 2023, 77.5% of the Personal financial advisors workforce were White, of which 29% were women and 71% men. Other races that concentrated a significant number of workers were Two or More Races (7%) and Black (6.54%).

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 2023 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 2023 (counting all academic degrees) were Business (171,142 people), Social Sciences (44,232 people), and Engineering (14,122 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 (227,845 people), Graduate Degree (106,278 people), and Some college (41,335 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, Speaking.

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.