How To Become A Financial Advisor Without A Degree

Finance has long been seen as a field reserved for college graduates, but that’s quickly changing. As the industry evolves, so does the path to becoming a financial advisor. Today, firms are looking beyond degrees and welcoming diverse backgrounds, real-world experience, and fresh perspectives. If you're curious about how to break into the profession without a traditional academic route, keep reading.

In this article, we’ll guide you on how to build a successful and reputable career without a degree. We’ll explain how education, licensing, and practical experience play into a career as a financial advisor. 

Redefining "Qualified": What Truly Matters for Success?

In today’s era, we’re redefining what it means to be “qualified” to be a financial advisor. A college degree isn’t always a prerequisite for becoming a financial planner. Practical skills, demonstrable knowledge, and client-centric qualities shine brighter than a diploma. Credibility is earned through competence and ethics, not a college education. 

While a degree isn’t required, thriving as a financial advisor takes a mix of soft and hard skills. Think strong communication, analytical thinking, empathy, and the ability to solve complex problems. A natural sales instinct and a hunger to keep learning are also key.

These skills help advisors do more for their clients. Financial advisors guide individuals, families, and businesses through complex financial decisions, tailoring their advice to each client's specific goals, including mortgages, investments, estate planning, and retirement planning.

The day-to-day tasks of a financial advisor can vary depending on the nature of their clients, so adaptability is essential. However, there are some responsibilities advisors can count on to be constant:

  • Meeting with clients to discuss their financial goals

  • Analyzing their clients’ financial situation by examining their credit history, savings, investments, and debt

  • Developing personalized financial plans and investment portfolios based on their clients' objectives

  • Making recommendations for specific financial products like stocks, bonds, or mutual funds that align with their clients' goals

  • Regularly monitoring clients' progress to assess the effectiveness of their plans and portfolios, making adjustments as needed

Today, certain firms and clients are increasingly valuing experience, certifications, and specialized knowledge over traditional degrees. The industry is shifting to a more modern perspective that favors experience over higher education. 

How Do You Become a Financial Advisor with No Experience?

A college degree is, surprisingly, not necessarily required to become a successful financial advisor. Neither FINRA (Financial Industry Regulatory Authority) nor NASAA (North American Securities Administrators Association)—the two central financial licensing bodies in the United States—lists a degree as a requirement to be a financial advisor.

Despite this distinction, some financial practices do list a bachelor’s degree in their job descriptions. In this case, a degree can give you a competitive advantage if you’re planning to join an existing company instead of opening your own practice.

There are several accepted alternative options to a college degree, including certifications, licensing, and real-world experience. Let’s delve into each of these alternative pathways to becoming a financial planner without a degree. 

Laying the Educational Foundation: Certifications and Courses

Just because you don’t have a college degree doesn’t mean you don’t have the proper education. You can use strategic certification choices to showcase foundational knowledge and industry credibility. 

The Series exams, such as Series 6, 7, 65, and 66, are commonly pursued by financial advisors to demonstrate their knowledge and gain permission to sell certain investment products. 

  • Series 6 exam

  • Series 7 exam

    • The Series 7 license allows you to sell a wide range of securities, including options, stocks, and bonds. It’s considered a general securities representative license. The exam you need to pass for the Series 7 license, the General Securities Representative Qualification Examination (GS), is administered by FINRA and covers various topics such as options, debt securities, and equity securities.

  • Series 65 exam

    • The NASAA Investment Advisers Law Examination, also known as the Series 65 exam, is a FINRA-administered exam required by most states for individuals seeking to work as an investment advisor representative and provide financial planning services. 

    • After passing the Series 65 exam, you’ll be allowed to provide investment advice on a non-commission basis and charge hourly fees. Alternatively, if you want to receive a commission from the sale of securities products, you can obtain the Series 65 license administered by NASAA.

  • Series 66 exam

    • The Series 66 exam, also known as the NASAA Uniform Combined State Law Examination, is a test administered by FINRA on behalf of NASAA. Passing this exam allows you to be recognized as both an investment advisor representative and a securities agent. The Series 7 exam is a core requirement for this exam.

The CFP® board website states that “You do not need to complete the bachelor's degree requirement before sitting for or registering for the CFP® exam. Note that you must fulfill the bachelor's degree requirement within 5 years of passing the CFP® exam.”

This means you can begin working toward your CFP designation without a college degree—as long as you complete a bachelor’s degree before officially earning the certification. It’s a valuable opportunity to start your career while pursuing higher education on your own timeline.
Other certifications include the Chartered Financial Consultant program (ChFC®) and the Chartered Financial Analyst program (CFA®). You can also create a structured self-study plan by identifying reliable online courses and programs and showing the discipline required for success. 

Navigating the Licensing Labyrinth

There are several regulatory bodies for financial advisors, including the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC), and state securities regulators. 

FINRA is a self-regulatory organization that oversees broker-dealers and registered representatives. The SEC is a federal agency regulating national securities markets to protect investors and facilitate capital formation. State securities regulators are state-level agencies that enforce securities laws within their respective jurisdictions. 

It’s critical to secure the necessary licenses to become a financial advisor in your jurisdiction. Standard required licenses include the Series exams and state-specific insurance licenses. 

Typically, to obtain a license, you need to be hired or sponsored by a firm for your exam. That’s why it’s important to find entry-level roles that provide this opportunity. It’s also crucial to understand ongoing compliance requirements from day one to avoid regulatory violations, penalties, and potential loss of licensure.

Gaining Real-World Experience: The Practical Pathway

One of the most prominent steps to becoming a financial advisor without a degree is gaining real-world experience through entry-level roles. Common entry-level positions include paraplanner, financial planning assistant, client service associate, and insurance agent. 

Additionally, you can complete internships or apprenticeships within a financial firm. These structured learning opportunities provide mentorship and hands-on experience. Speaking of mentorship, it’s critical to find experienced mentors and actively network within the financial industry to gain valuable insights, build meaningful connections, and discover new opportunities. 

Actively seek opportunities to learn through hands-on experiences. Find opportunities to take on more responsibility, observe client interactions, and contribute to the planning process. Real-world experience is often seen as just as beneficial as a degree. 

Building a Sustainable and Reputable Career

To build a sustainable career without a college degree, continuous professional development is necessary. Stay current with industry trends, regulations, and new planning strategies to serve your clients best. 

Also, developing a niche or specialization can help you build credibility and attract clients. You might specialize in tax planning, retirement planning, estate planning, or other related areas. Specialization enables you to delve deeper into the intricacies of a specific client segment or planning area.

Client relationships are the foundation of a sustainable career in financial advising. Cultivate strong client relationships through communication, empathy, and trust-building. These behaviors are foundational elements for client retention and referrals. 

You should also leverage technology and modern tools to enhance your advisor capabilities. These advanced tools help streamline operations and visually communicate value to clients. Platforms like Asset-Map become indispensable for advisors building a practice based on clarity and visual communication, regardless of their academic background.

When a Degree Does Matter (and How to Address It)

Specific designations and career paths may require a bachelor’s degree. For example, roles within larger financial institutions might explicitly require a bachelor’s degree. Sometimes, no matter how much real-world experience you have, a company will still require a degree. 

Some advisors may choose to pursue a degree later in their career. This enables them to specialize further and open up new opportunities, such as becoming a CFA. You can always start your own financial advisory practice and pursue higher education down the line. 

It’s essential to know how to confidently articulate your qualifications and experience to clients who might expect a degree. Focus on client outcomes and the value you bring to the table rather than academic credentials.  

Charting Your Course: A Credible Future in Financial Advising

The good news is that there are alternative pathways to becoming a financial advisor without a traditional four-year degree. Success is built on the foundation of knowledge, ethics, and practical skills—all of which can be gained through real-world experience.

Lack of a college degree is not a barrier to entry or success as a financial advisor, but rather an opportunity to demonstrate your drive and dedication. Proactively build your credentials by making strategic certification choices and networking with other professionals. 

Platforms like Asset-Map empower all advisors, regardless of their academic background, to deliver professional, clear, and client-centric financial guidance. Schedule a demo today to see how Asset-Map can elevate your practice. 

TJ Hill