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Occupation Details

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Financial Adviser

Job Zone

Education
Most of these occupations require qualifications at NFQ Levels 7 or 8 (Ordinary / Honours Degrees) but some do not.

Related Experience
A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, you may need to complete three - four years of college and work for several years in the career area to be considered qualified.

Job Training
Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.

Job Zone Examples
Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, computer programmers, chemists, environmental engineers, criminal investigators, and financial analysts.

€22k > 125
Financial Adviser
Salary Range
(thousands per year)*
€22 - 125
Related Information:
Equity Analyst: 22 - 125
Credit Analyst: 22 - 65
Financial Adviser: 28 - 50
Senior Financial Analyst: 29 - 80
Financial Analyst: 26 - 70
Data Source(s):
Sigmar / Brightwater / CPL / Robert Walters / Hudson / Abrivia / Lincoln

Last Updated: March, 2017

* The lower figures typically reflect starting salaries. Higher salaries are awarded to those with greater experience and responsibility. Positions in Dublin sometimes command higher salaries.
Shortage Indicator

Shortages have been identified in the National Skills Bulletin 2017 for the following areas:

▪ FinTech: "business and financial professionals with skills in specific software packages and experience (including international)
financial management/financial analysis: trustee managers; deposit managers; payroll managers"

5%
Occupational Category

Finance & Investment Analysts

Also included in this category:

Financial advisers; financial analysts; financial consultants; mortgage advisers; pensions consultants.

Number Employed:

8,600

Part time workers: 4%
Aged over 55: 8%
Male / Female: 56 / 44%
Non-Nationals: 13%
With Third Level: 84%
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At a Glance... header image

Advises people on how to get the most from their financial earnings and savings.


Videos & Interviews header image

Follow the links below to watch videos related to this occupation:

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Go..Finance Manager - from: icould [UK] Video
Go..Financial Consultant - from: icould [UK] Video
Go..Financial Planner - from: iCould [UK] Video
Go..Group Financial Controller - from: icould [UK] Video
Go..Syndicate Finance Manager - from: icould [UK] Video

Go..Search YouTube for Financial Adviser videos

The Work header image

Independent financial advisers (IFAs) provide financial advice to suit the needs of their clients (ranging from individuals to large companies). They also make arrangements for that advice to be carried out if the client wishes. Clients may be seeking investment advice for the short, medium or long term.  
 
IFAs are known as independent because they advise on products from a range of companies; they are not 'tied' to dealing with only one company. The products that IFAs deal with are known broadly as personal investment products. These include things like mortgages, life insurance, pensions, savings accounts, protection policies (for example, income protection and personal health insurance) and stock market investment schemes. New products are being designed all the time, so IFAs need to keep up-to-date. Some IFAs specialise in one kind of product.  
 
When the IFA first meets a client they discuss the client's current situation and their financial needs. For example, a person may be self-employed and need to make financial plans to provide an income in case they are ill. Another may want to set up a health protection policy to cover their family for private medical care.  
 
The IFA then researches the financial market for appropriate products and recommends different options to the client. The client might then ask the IFA to act on the recommendations (for example by making arrangements for a policy to be set up) or to do further research.


Tasks & Activitiesheader image

The following is a list of the most commonly reported tasks and activities for this occupation

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Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan.

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Answer clients' questions about the purposes and details of financial plans and strategies.

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Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals.

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Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives.

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Implement financial planning recommendations or refer clients to someone who can assist them with plan implementation.

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Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment.

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Manage client portfolios, keeping client plans up-to-date.

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Contact clients periodically to determine any changes in their financial status.

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Prepare or interpret for clients information such as investment performance reports, financial document summaries, or income projections.

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Recruit and maintain client bases.

Work Activities header image

The following is a list of the most commonly reported work activities in this occupation.

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Making Decisions and Solving Problems: Analyzing information and evaluating results to choose the best solution and solve problems.

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Analyzing Data or Information: Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.

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Developing Objectives and Strategies: Establishing long-range objectives and specifying the strategies and actions to achieve them.

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Establishing and Maintaining Interpersonal Relationships: Developing constructive and cooperative working relationships with others, and maintaining them over time.

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Updating and Using Relevant Knowledge: Keeping up-to-date technically and applying new knowledge to your job.

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Organizing, Planning, and Prioritizing Work: Developing specific goals and plans to prioritize, organize, and accomplish your work.

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Getting Information: Observing, receiving, and otherwise obtaining information from all relevant sources.

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Evaluating Information to Determine Compliance with Standards: Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.

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Provide Consultation and Advice to Others: Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.

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Communicating with Persons Outside Organization: Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.


Knowledge header image

The following is a list of the five most commonly reported knowledge areas for this occupation.

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Customer and Personal Service: Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

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Economics and Accounting: Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.

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English Language: Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.

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Sales and Marketing: Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.

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Administration and Management: Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.


Skillsheader image

The following is a list of the most commonly reported skills used in this occupation.

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Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

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Speaking: Talking to others to convey information effectively.

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Monitoring: Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.

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Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.

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Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

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Writing: Communicating effectively in writing as appropriate for the needs of the audience.

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Mathematics: Using mathematics to solve problems.

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Judgment and Decision Making: Considering the relative costs and benefits of potential actions to choose the most appropriate one.

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Service Orientation: Actively looking for ways to help people.

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Persuasion: Persuading others to change their minds or behavior.

Personal Qualitiesheader image

As an IFA you will need to be numerate and have excellent communication skills. Clients need advice at all stages of life, including events like redundancy and bereavement, so you will need to be sensitive to the pressures that people face.  
 
When you are carrying out research and writing up reports you will need to be methodical and thorough in your work. The ability to make strategic decisions is essential. The ability to handle complex information is also desirable.  
 
Familiarity with information technology is important.


Entry Routesheader image

Most Independent Financial Advisors are qualified accountants.  
 
To qualify as an accountant, you need to register with one of the appropriate professional bodies. You then combine on-the-job training with part-time study and written examinations.  
 
The relevant bodies are:  

  • Association of Chartered Certified Accountants  
  • Chartered Institute of Management Accountants  
  • Institute of Chartered Accountants in Ireland  
  • Institute of Certified Public Accountants in Ireland  

If you want to register with one of these bodies you must meet their minimum educational requirements. If you exceed the minimum entry requirements you may be exempt from some written examinations.  
 
Accountancy courses are available at many of the universities and I.T.s countrywide.  
 
These courses in accounting range from Ordinary Bachelors Degree (Level 7) to Honours Degree (Level 8) and Postgraduate Diploma/Masters Degree (Level 9)  
 
Other entry routes would involve gaining a business degree and obtaining a position with a company in the finance industry.

Last Updated: April, 2016


Further Informationheader image

A detailed description of this occupation can be found on a number of online databases. Follow the link(s) below to access this information:

Note: you will be leaving the CareersPortal Site

Go..Financial Adviser - from: N.C.S. [UK]
Go..Financial adviser - from: GradIreland
Go..Financial regulator - from: GradIreland
Go..Financial Services Customer Adviser - from: N.C.S. [UK]
Go..Money Adviser or Debt Counsellor - from: N.C.S. [UK]
Go..Mortgage Adviser - from: N.C.S. [UK]

Related Occupationsheader image

Contactsheader image

bullet

Organisation: Irish Brokers Association
Address: 87 Merrion Square, Dublin 2
Tel: (01) 661 3067
Email: Click here
Url Click here

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This occupation is popular with people who have the following Career Interests...


...and for people who like working in the following Career Sectors:

Business Management & Human Resources
Banking & Financial Services
Accountancy & Taxation

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