When I got this week's issue of Investment News in my email this morning, I thought it'd be fun to share it for anyone who's curious as to what salaries investment professionals command. It's a gift since just yesterday info on the top 25 jobs was offered in another email for the bargain price of just $500. (And you will see that same offer at the bottom of this one.) Today they offered for free summary info on the top ten jobs. So for those who are curious ... I'll just say that, for being top jobs, I was frankly surprised at how few of them had CFP, CFA, and Series 7 designations which everyone I know in the industry had to get (especially Series 7) in the first year or two after hiring in at entry level. Hope everyone is enjoying this nice crisp fall weekend.
10 highest paid jobs in
financial advice
By Brittney Grimes and Devin McGinley --
Investment News 10-16-21
According to the latest InvestmentNews Compensation and Staffing Study, here are
the highest paying jobs within the finance industry. The rankings include years
in the business and designations received, along with salary.
Lead
adviser
Median annual base
compensation: $132,933
Average years of
experience: 17
Designations
(percentages):
CFP: 61%
CPA: 11%
CFA: 12%
Series 7: 21%
Senior
research analyst
Median annual base
compensation: $136,755
Average years of
experience: 12
Designations
(percentages):
CFP: 14%
CPA: 5%
CFA 59%
Series 7: 14%
Chief
compliance officer
Median annual base
compensation: $149,250
Average years of experience: 17
Designations
(percentages):
CFP: 15%
CPA: 9%
CFA: 3%
Series 7: 18%
Senior
portfolio manager
Median annual base
compensation: $160,000
Average years of
experience: 19
Designations
(percentages):
CFP: 14%
CPA: 19%
CFA: 32%
Series 7: 18%
Chief
operations officer
Median annual base
compensation: $185,000
Average years of
experience: 18
Designations
(percentage):
CFP: 27%
CPA: 15%
CFA: 2%
Series 7: 21%
Business
development officer
Median annual base
compensation: $187,500
Average years of experience: 20
Designations
(percentage):
CFP: 32%
CPA: 42%
CFA: 0%
Series 7: 11%
Practicing
partner
Median annual base
compensation: $200,000
Average years of
experience: 21
Designations
(percentage):
CFP: 75%
CPA: 10%
CFA: 9%
Series 7: 23%
President
Median annual base
compensation: $210,000
Average years of
experience: 27
Designations
(percentage):
CFP: 75%
CPA: 22%
CFA: 13%
Series 7: 22%
Chief
investment officer
Median annual base
compensation: $225,750
Average years of
experience: 21
Designations (percentage):
CFP: 38%
CPA: 10%
CFA: 69%
Series 7: 14%
CEO/managing
partner
Median annual base
compensation: $285,000
Average years of
experience: 26
Designations
(percentage):
CFP: 62%
CPA: 10%
CFA: 16%
Series 7: 28%
10 most in-demand
advisory jobs
By Brittney Grimes and Devin McGinley --
Investment News 10-16-21
Which jobs at advisory firms had the greatest number of hires in
the past year? The 2021 InvestmentNews Compensation & Staffing Study analyzes data covering industry employees and
hires to find the most roles hired by advisory firms. These are the ten most
hired roles.
Senior
research analyst
Percent of professionals hired: 14%
Performs research and analysis and/or manages investment options. Provides
information and makes recommendations to professional staff on managers,
advisory service products, investment selection, suitability guidelines and
reporting decisions.
Internal
accountant / bookkeeper
Percent of professionals hired: 15%
Responsible for internal accounting and generating firm's financial statements.
Portfolio
manager
Percent of professionals hired: 16%
Responsible for actively managing a client portfolio using individual
securities or a combination of securities and third-party managers. May
participate in or develop an investment strategy.
IT
manager
Percent of professionals hired: 19%
Installs, configures, and maintains firm’s software and hardware.
Administrative
assistant
Percent of professionals hired: 20%
Performs secretarial and clerical duties such as typing correspondence,
memoranda, reports and meeting notes; scheduling appointments and meetings; and
operating office equipment such as photocopier, facsimile, etc.
Client
service administrator
Percent of professionals hired: 23%
Support employee responsible for paperwork, client reports, maintaining contact
with clients to provide or obtain updated information, scheduling meetings with
preferred staff and troubleshooting problems.
Support
adviser
Percent of professionals hired: 23%
Junior adviser/support position that provides technical support for the lead
adviser or service adviser. Responsibilities include data gathering, modeling,
case design, scenario building, plan development, presentation development,
etc. May participate in client meetings, but not in an advice capacity.
Research
analyst
Percent of professionals hired: 24%
Performs research and analysis and/or manages investment options. Provides
information and makes recommendations to professional staff on managers,
advisory service products, investment selection, suitability guidelines and
reporting decisions.
Human
resources manager
Percent of professionals hired: 25%
Responsible for managing the human capital concerns of the practice. This
includes managing compliance with labor laws, facilitating employee performance
reviews and maintaining personnel files.
Business
development specialist
Percent of professionals hired: 38%
Business development specialists are non-partner professionals, primarily
responsible for bringing new business to the firm. New business developed by
the BDS is transitioned to an adviser for service. The BDS may report to the
Business Development Officer (BDO) or the managing principal and is responsible
for networking with target clients and referral sources.
For more in-depth
information on salary ranges and structures, additional positions and
year-over-year trends from the longest-running benchmarking of the advisory
workforce, see the full 2021 Compensation &
Staffing Study.
2021 InvestmentNews Adviser Compensation &
Staffing Study
InvestmentNews is now
offering its 2021 Adviser Compensation & Staffing Study, which covers key
changes in the salaries for more than 25 different positions within an
independent advisory firm.
$499.00
ADD TO CART
InvestmentNews is now
offering a 2021 update of its Adviser Compensation & Staffing Study, which
covers key changes in hiring and salaries for the 30 most common positions
within an independent advisory firm.
InvestmentNews is now offering its 2021 Adviser Compensation & Staffing
Study, which covers key changes in hiring and salaries for more than 25 of the
most common positions within an independent advisory firm. This premier study
will allow you to benchmark your organization's compensation levels and
structures against other advisory firms. It breaks down key leadership,
advisory, investment and operational roles and clearly maps out the ranges of
base salaries and incentives offered for each position.
In addition, this updated study will:
- Provide you a baseline for evaluating your current
employees' salary and bonus levels, as well as the structure of their
compensation plans
- Help you offer competitive compensation and attractive
incentives for new roles and recruits
- Highlight hiring trends that have taken shape over the
last year
- Present common organizational strategies that drive
growth at each stage of firm development
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