Investment Management Consultant: Job Description and Requirements

Sep 09, 2019

Learn about the education and preparation needed to become an investment management consultant. Get a quick view of the requirements as well as details about education, job duties and national licensure to find out if this is the career for you.

An investment management consultant offers investment advice to clients, providing specific financial strategies and goals based on an individual's needs and preferences. They must also monitor investments and provide ongoing performance reports for investors. Most employers require at least a bachelor's degree.

Essential Information

Investment management consultants help investors reach their financial goals by monitoring their investment performances and coming up with investment strategies based on their needs. This career usually requires a minimum of a bachelor's degree, and national licensure may be required for some positions.

Required Education Bachelor's degree; master's degree required for some positions
Other Requirements Licensure may be required
 Median Salary (2018)   $88,890 (for all personal financial advisors)*
 Projected Job Growth (2018-2028)   7% growth  (for all personal financial advisors)*

Source: *U.S. Bureau of Labor Statistics

Investment Management Consultant Job Description

Investment management consultants meet with clients and advise them on investment strategies, taking into account a client's needs, tolerance for risk and long-term goals. They keep a close relationship with clients so that they can monitor their investments, creating both quarterly and comprehensive annual performance reports. Investment management consultants meet with their clients at least once a year to review and update their investment strategies if necessary.

Investment management consultants also might be required to actively seek out new clients and pitch their services to them. Since they spend a lot of time interacting with clients, investment management consultants should have good interpersonal skills. They also need strong communication skills since they often have to explain complex concepts in simple terms. Prospective investment management consultants should realize that some positions in this field can require traveling for up to 50% of the year. Many employers offer a base salary, plus quarterly or annual sales incentive bonuses for recruiting new clients and meeting sales goals.

Investment Management Consultant Requirements

Most employers expect job candidates to have at least a bachelor's degree. Preferred majors include finance, economics and related subjects. Some employers give special consideration to those who have master's degrees. Others place more importance on professional certifications, such as the Chartered Financial Analyst (CFA) designation offered by the Association for Investment Management and Research. CFA certification is earned by completing a structured graduate-level curriculum and passing a series of three exams.

Investment management consultants commonly need to hold the National Association of Securities Dealers (NASD) Series 63 license, which qualifies a person as a securities agent. This license is obtained by passing the Uniform Securities Agent State Law Examination, which covers principles of the Uniform Securities Act and state securities regulations. Other licenses that might be required by employers include Series 66 and Series 7. The Series 66 license, which is obtained by passing the Uniform Combined State Law Examination, qualifies a person as both a securities agent and investment adviser representative. A Series 7 license, which allows an investment consultant to buy and sell all securities products, is earned by passing the General Securities Representative examination.

Jobs for investment management consultants generally are not entry-level positions and typically require previous work experience in sales or as an investment analyst. Job candidates also should have investment knowledge and be good with numbers. These skills can be obtained by working at an investment bank or accounting firm.

Salary and Job Outlook

Investment management consultants, also called personal financial advisors, made a median annual salary of $88,890 as of May 2018, according to the U.S. Bureau of Labor Statistics (BLS). The BLS predicts that this profession will experience much faster-than-average employment growth of 7% over the 2018-2028 decade. Growth is likely due to an increasing number of people needing financial guidance as they approach retirement.

Certain investment management consultant positions require licensure. Some employers may also prefer to hire candidates who hold a master's degree in a related field, though a bachelor's degree is the standard requirement. Professional certifications can be beneficial as well, and include the CFA (Chartered Financial Analyst) designation.

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