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Financial Consultant Job Description

If someone is unsure, hesitant, even clueless about where to invest, where to store their money, where to insure their property, where to ask for loans, then a financial consultant is a person to go to. Basically, should someone wish to seek advice about finance, a financial consultant role is the informer they are looking for. A financial consultant job is rather prestigious because the individual may be called the ‘mastermind’, the ‘brains’ behind any organization or company without whom the business would lose its backbone, turn spineless. A person whose profession happens to be this very financial consultant job provides sound advice to many, incredibly knowledgeable about all matters related to finance. 

What is a financial consultant?

A financial consultant job requires an individual to guide companies and people regarding issues about monetary situations. They aid clients, helping them plan strategies about the distribution and storage of their assets. In the case of organizations, a financial consultant chalks out rough blueprints about the company’s financial status and how best to deal with it, increasing profit and revenue. They predict the income of the upcoming year, forecasting how the organization may fare according to their various suggested options using incredibly sharp acumen. 

What does a financial consultant do?

A financial consultant job entitles a person to carry out quite a several tasks. Meticulously going into detail while giving the financial status of a company, the once-over is the primary financial consultant role. This is not just limited to a company. Advice is given to individuals as well, should they ask for it. Strategies for investment and loans are planned out carefully. Financial consultants calculate and extrapolate the capital of a business, working in close association with all company members, helping them extensively comprehend the finer details of commerce and finance.

A financial consultant job duties include:

Providing guidance to people about

  • Fixed deposits in banks and post offices
  • Interest rates in different banks
  • Loans offered by banks and various other schemes
  • General insurance, including life insurance
  • Mediclaim rates, offers, discounts
  • Private banks
  • Taxes
  • Investments in shares, in businesses as stakeholders
  • Mortgages

Other duties involve

  • Meeting clients personally
  • Delving into the financial status of a client and assessing it thoroughly
  • Planning out a financial strategy for clients keeping their domestic and job-related circumstances in mind
  • Helping in decision-making with regards to plans after retirement
  • Aiding clients in narrowing down expenses, thus helping them use their assets and properties effectively.
  • Purchasing and selling bonds, stocks, and policies related to insurances in case they possess a license
  • They are financial experts, and they are often invited into conferences and seminars, thereby allowing them to reach out to new clients.

Job brief for financial consultant

A financial consultant job recruiter seeks an intelligent and insightful candidate who can assist businesses and companies in making decent decisions, investing in the right financial schemes, auditing the expenses garnered, budgeting and finally cutting down costs.

A candidate must be able to analyse the revenue plans of the business using their expertise in financing and monetary management. Therefore, they ought to possess an Honours degree in commerce. 

Responsibilities of a financial consultant

Financial Consulting responsibilities are several, as stipulated by a stereotypical financial consultant job description. These responsibilities are as follows:

  • Calculating the monetary profits and losses of a company and analysing them for their betterment in the future
  • Working with the management unit to discuss issues with regards to investment and expansion of the company
  • Managing funds and educational, housing, health and personal loans
  • Guiding companies on how to purchase and sell bonds, stocks, shares
  • Conducting market research
  • Predicting the rise and fall in share markets
  • Statistically forecasting gains and mitigating losses to the very best of their abilities
  • Calculating taxes and GSTs and arranging for their payment
  • Adhering to the principles of finance and scrutinizing each procedure as carried out by the company, rectifying their mistakes
  • Suggesting ways to improve the company’s image and reputation
  • Closely monitoring transactions.

Requirements for a financial consultant job

There are a few eligibility criteria that must be met by one applying for a financial consultant job. These requirements are as follows:

  • An Honours graduate in commerce or finance or economics or accounting or business management
  • A Mathematics or a Statistics degree is also acceptable
  • Must possess credentials as a Certified Financial Planner or CFP
  • Must have at least three years of experience in this field or in similar domains, such as a financial advisor
  • Candidates in the certification course must factor in 30 hours of training to keep up with the latest trends in the realm of finance
  • Great prowess in mathematics
  • Highly skilled in statistical analysis
  • Capable of working with spreadsheets and balance sheets
  • Must be well-versed in pecuniary principles and techniques.

Average salary for a financial consultant role. 

The average salary for a financial consultant job varies from city to city. Here is a table that notes the differences city-wise:

CityAverage salary
DelhiRs. 637281
MumbaiRs. 740725
KolkataRs. 228000
ChennaiRs. 329828
AhmedabadRs. 450000
BangaloreRs. 722817

Key skills

The key skills every company looks for in an individual applicant for a financial consultant job are as follows:

  • A knack for professionalism
  • Building a trustful and positive relationship with clients so that they feel free to seek advice without hesitation
  • Be sensible enough to understand the circumstances of a client.
  • A good negotiator
  • Be capable of working in liaison with other company associates, such as suppliers, agents, executive officers.
  • Flexible and can adjust to any scenario, no matter how difficult.
  • Must be a good orator
  • Must be practical enough to investigate the backgrounds of each client 
  • Must be capable of thinking up a ton of possible outcomes and must have several backup plans that cater to every situation
  • Aligning themselves with the recent commercial principles which are altering, shifting ever so often
  • Must be able to handle cash well
  • Must have a solid understanding of the company’s end goals so that correct financial plans can be thought of
  • Must have an eye for details
  • Must be a good listener
  • Must be willing to take a couple of risks and place faith in a reasoned gamble.

Why pursue a career as a financial consultant job?

There are a number of benefits attached to this financial consultant job. An advisor in finance has a lot of avenues spread out before them. Their salaries are rather hefty, and there are plenty of opportunities for them to rise to greater heights in a company, such as a director or chief executive officer. Furthermore, advising people is always satisfying to a person, no matter which profession they are in. Once a consultant has gained a good set of clients, their work hours are in their own hands. They need not give up on their home lives for the sake of their occupation. Consultants need a great deal of creativity while establishing their clientele. These required traits help in their personal growth.

How to become a financial consultant? An examination that candidates must take, which tests them on their comprehension of the financial and marketing domains. There are questions regarding taxes, insurances, shares, stocks, bank policies, banking schemes, investments, etc. One must first become a finance graduate, followed by a master in business management, commerce, or economics. Additionally, one requires a certification or license from the National Institute of Securities Market to become a finance consultant. A finance consultant job requires a candidate to look for a post in broker firms, insurance companies, and public and private sector banks.

More Resources : Finance officer job description | Top 10 finance interview questions | Finance analyst interview questions | Career in finance service sector

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