A career in financial services can offer strong earning potential, long-term growth opportunities, and the ability to make a meaningful impact on clients’ financial futures. Whether you’re interested in helping individuals plan for retirement, managing investment portfolios, advising high-net-worth families, or pursuing specialized roles in investment banking or compliance, the securities industry offers multiple career paths to explore.
The challenge for many aspiring professionals is understanding where to start. Should you take the SIE Exam? Do you need a Series 7 or Series 66 license? What’s the difference between a Financial Advisor, Wealth Manager, Registered Representative, and Investment Adviser Representative?
The answer depends on your career goals, the types of clients you want to serve, and the services you plan to provide.
If you’re still exploring whether the industry is right for you, read Why You Should Consider a Securities and Financial Advisor Career.
In this guide, you’ll learn about the most common career paths for securities professional’s , licensing requirements, salary opportunities, and the steps required to build a successful career in financial services.
Quick Answer: How Do You Become a Financial Advisor?
Most Financial Advisors begin by passing the Securities Industry Essentials (SIE) Exam and then obtaining securities licenses such as the Series 7 and Series 66. These licenses allow professionals to sell securities, make investment recommendations, and provide advisory services. Depending on the role, additional licensing, continuing education, or professional certifications may also be required.
What is a Financial Advisor?
A Financial Advisor helps individuals, families, and businesses make informed financial decisions. Advisors work with clients to develop investment strategies, manage risk, plan for retirement, save for education, and pursue long-term financial goals.
Financial Advisors may work for:
- Broker-dealers
- Registered investment advisers (RIAs)
- Banks
- Credit unions
- Insurance companies
- Independent wealth management firms
Common Responsibilities
Financial Advisors typically:
- Meet with clients to discuss goals and objectives
- Analyze financial situations
- Recommend investment strategies
- Build and monitor portfolios
- Assist with retirement planning
- Educate clients about financial products
- Maintain regulatory compliance
- Develop new business relationships
Because many advisors work directly with clients, strong communication and relationship-building skills are often just as important as technical financial knowledge.
What is the Difference Between a Financial Advisor and a Wealth Manager?
The terms Financial Advisor and Wealth Manager are often used interchangeably, but they typically describe different scopes of service.
Financial Advisor
A Financial Advisor generally focuses on:
- Investment recommendations
- Retirement planning
- Brokerage services
- Financial planning
- Portfolio management
Financial Advisors often work with a broad range of clients across different income levels and life stages.
Wealth Manager
A Wealth Manager typically provides more comprehensive planning services that may include:
- Advanced investment management
- Tax-efficient planning strategies
- Estate planning coordination
- Trust and legacy planning
- Business succession planning
- Multi-generational wealth transfer
In practice, many professionals begin as Financial Advisors and later evolve into Wealth Managers as they gain experience and build larger client relationships.
Many professionals follow a traditional Financial Advisor career path before transitioning into advanced wealth management roles.
Quick Comparison
| Financial Advisor |
Wealth Manager |
| Investment-focused | Holistic wealth planning |
| Broad client base | Often high-net-worth clients |
| Entry-level career path | Advanced career progression |
| Focus on investments and planning | Focus on long-term wealth preservation |
Securities Career Paths: Which One is Right for You?
The securities industry offers multiple career paths depending on your interests, strengths, and long-term objectives.
Many professionals begin by exploring SIE Exam career paths before selecting a specific licensing journey.
Financial Advisor
Financial Advisors help clients create and implement investment and financial plans.
Common Licensing Path
- SIE Exam
- Series 7
- Series 66
Best For
- Relationship builders
- Client-facing professionals
- Individuals interested in investments and financial planning
To learn more, explore Financial Advisor Career Path: Opportunities in Securities
Registered Representative (Broker)
Registered Representatives work through broker-dealers and help clients buy and sell securities.
Common Licensing Path
- SIE Exam
- Series 7
- Series 63
Typical Responsibilities
- Executing trades
- Opening accounts
- Recommending securities
- Supporting client investment goals
This remains one of the most common entry-level securities careers.
If you’re comparing licensing options, review Series 7 vs Series 6 vs Series 66
Investment Adviser Representative (IAR)
Investment Adviser Representatives provide investment advice under registered investment advisory firms and operate under a fiduciary standard.
Common Licensing Path
- Series 65
OR
- Series 7 + Series 66
Typical Responsibilities
- Investment recommendations
- Portfolio management
- Financial planning
- Ongoing client reviews
If your goal is to provide fee-based investment advice, understanding the Investment Adviser licensing path is essential.
You can learn more in How to Become an Investment Adviser Representative
Wealth Manager
Wealth Managers often hold the same core securities licenses as Financial Advisors but provide broader planning services.
Common Licensing Path
- SIE Exam
- Series 7
- Series 66
Additional credentials may include:
- CFP® certification
- Retirement planning designations
- Advanced planning certifications
Wealth management is often viewed as a long-term career progression for experienced advisors.
Compliance Professional and Principal
Not every securities career involves sales or advisory work. Entry-level compliance professionals typically begin by earning the SIE, Series 7, and Series 63 licenses. Those interested in managing or supervising representatives must obtain principal-level registrations, such as the Series 24, Series 9/10, or Series 4.
Professionals interested in supervisory roles may find a securities compliance career to be an attractive alternative.
Common Licensing Path
- Series 24
- Series 9/10
- Series 4
Typical Responsibilities
- Supervising representatives
- Reviewing transactions
- Developing compliance programs
- Managing regulatory risk
- Conducting audits and inspections
Explore these opportunities in Series 24, 9/10, and 4 Compliance Careers
Specialized Finance Careers
Some finance professionals pursue highly specialized roles that focus on institutional markets rather than retail clients.
Examples include:
Investment Banking Analyst
Typical Licensing Path:
- SIE Exam
- Series 79
Equity Research Analyst
Typical Licensing Path:
- SIE Exam
- Series 86/87
Operations Professional
Typical Licensing Path:
- SIE Exam
- Series 99
Commodities and Futures Professional
Typical Licensing Path:
- Series 3
These specialized careers often involve working on mergers and acquisitions, securities offerings, institutional research, trading operations, and commodities markets.
For a deeper look at these opportunities, see Top Specialized Finance Careers.
How to Become a Financial Advisor
While career paths vary, most professionals follow a similar progression.
Step 1: Pass the SIE Exam
The Securities Industry Essentials (SIE) Exam is often the first step into the securities industry.
The SIE covers:
- Capital markets
- Investment products
- Trading fundamentals
- Regulatory agencies
- Industry ethics
One major advantage is that candidates do not need sponsorship to take the exam.
Learn more about SIE Exam Career Paths and Opportunities
Step 2: Secure Firm Sponsorship
Many FINRA registration exams require sponsorship from a member firm.
Examples include:
- Series 7
- Series 6
- Series 24
- Series 79
Common sponsors include:
- Wealth management firms
- Broker-dealers
- Banks
- Investment firms
- Insurance-affiliated organizations
Step 3: Earn the Appropriate Securities Licenses
Your career goals determine which licenses you’ll need.
Step 4: Continue Building Your Expertise
Successful financial professionals commit to lifelong learning.
Continuing education may include:
- FINRA Regulatory Element
- Firm Element training
- IAR Continuing Education
- Product-specific education
- Professional certifications
Ongoing education helps professionals stay current with evolving regulations, market conditions, and client expectations.
Explore Continuing Education
Financial Advisor Salary and Career Outlook
Financial Advisor compensation varies significantly based on:
- Experience
- Geographic location
- Employer type
- Assets under management
- Client relationships
- Revenue model
Many professionals earn a combination of:
- Base salary
- Commissions
- Advisory fees
- Performance bonuses
Entry-level advisors may begin in support roles before transitioning into full advisory positions and eventually building their own books of business.
For detailed compensation benchmarks and industry trends, download our Financial Services Salary Guide.
Most Common Securities Licensing Paths
Retail Financial Advisor Path
- SIE
- Series 7
- Series 66
Most common modern advisory pathway.
Registered Representative Path
- SIE
- Series 7
- Series 63
Ideal for brokerage-focused professionals.
Investment Adviser Representative Path
- Series 65
OR
- Series 7 + Series 66
Designed for fee-based advisory services.
Compliance and Supervision Path
- SIE
- Series 7
- Series 63
- Series 24
- Series 9/10
Best suited for management and oversight positions.
Specialized Finance Path
- Series 79
- Series 86/87
- Series 99
- Series 3
Ideal for investment banking, research, operations, and commodities careers.
Building a Long-Term Career in Securities
The securities industry offers far more opportunities than many people realize. While Financial Advisors and Wealth Managers represent some of the most visible career paths, professionals can also pursue opportunities in brokerage, investment advisory services, compliance, supervision, investment banking, research, operations, and commodities markets.
The key is identifying the career path that aligns with your interests and understanding the licensing requirements needed to get there. For many professionals, that journey begins with the SIE Exam and expands into specialized licenses that create long-term career opportunities throughout the financial services industry.
Start Here
Whether you’re preparing for the SIE Exam, pursuing the Series 7 and Series 66, exploring investment advisory careers, or planning your next professional milestone, the right training can help you move forward with confidence.
Explore STC’s trusted securities licensing exam prep programs, continuing education, and career resources to build the knowledge, skills, and credentials needed for long-term success in financial services.
Select Your Program
Frequently Asked Questions
What licenses do Financial Advisors need?
Most Financial Advisors earn the SIE, Series 7, and Series 66 licenses. Specific requirements depend on the services offered and employer requirements.
Do I need a degree to become a Financial Advisor?
Many employers prefer bachelor’s degrees, but licensing requirements are separate from educational requirements.
Is the SIE Exam required?
The SIE Exam is required for many FINRA registration pathways and is often the first licensing milestone for aspiring securities professionals.
What is the fastest way to become a Financial Advisor?
A common route is passing the SIE Exam, joining a sponsoring firm, and earning the Series 7 and Series 66 licenses.
What is the difference between the Series 65 and Series 66?
The Series 65 qualifies many professionals to provide investment advice, while the Series 66 combines Series 63 and Series 65 content and is typically paired with the Series 7.
Can I become an Investment Adviser Representative without the Series 7?
Yes. Many professionals qualify through the Series 65 pathway.
What does a Registered Representative do?
Registered Representatives help clients buy and sell securities, open brokerage accounts, and implement investment strategies.
What is the best license for a Wealth Manager?
Most Wealth Managers hold the Series 7 and Series 66 licenses and often pursue advanced credentials such as CFP® certification.
Are compliance careers available without sales responsibilities?
Yes. Compliance professionals focus on supervision, risk management, regulation, and firm oversight.
What are the highest-paying careers in financial services?
Compensation varies, but experienced Wealth Managers, Financial Advisors, Investment Bankers, and specialized finance professionals often have strong earning potential.
