You do not need a specific degree to call yourself a financial advisor, but you do need licenses, and most advisors hold a bachelor's degree

There is no legal requirement to have any degree at all to work in financial advice. What matters instead is licensing — the securities licenses and registrations that let you legally sell investments, manage client money, or give certain kinds of financial guidance. Most people who work as financial advisors do hold a bachelor's degree, usually in finance, business, economics, or accounting, but the degree itself is not what makes you legal to practice. The licenses do.

The path forward depends on what kind of advice you want to give and what products you want to sell. Someone who wants to manage investment portfolios needs different licenses than someone who wants to sell insurance products. Someone who wants to charge fees for advice needs different registration than someone who works on commission. This section explains what you actually need to get licensed, and what education typically comes before that.

Key Takeaways

  • You need a securities license (usually Series 7 or Series 65) to legally sell investments or manage client money, regardless of your degree.
  • Most financial advisors hold a bachelor's degree in finance, business, or accounting, but employers often hire people with other degrees and train them on the job.
  • To sit for a licensing exam, you typically need to be sponsored by a brokerage or advisory firm — you cannot take the test on your own.
  • The Series 7 exam requires 120 hours of study and covers investment products; the Series 65 requires similar study and covers fiduciary duty and investment law.
  • After licensing, many advisors pursue the Certified Financial Planner (CFP) credential, which requires a bachelor's degree, work experience, and a separate exam.

The licenses you need depend on what you want to do

If you want to sell stocks, bonds, mutual funds, or other securities, you need the Series 7 license (General Securities Representative License). If you want to manage client investment accounts or give personalized investment advice, you typically need the Series 65 license (Uniform Investment Adviser Law Exam). Some advisors hold both. If you want to sell insurance products like annuities or life insurance, you need a separate state insurance license. If you want to work with retirement accounts like IRAs and 401(k)s, you may need additional registrations depending on your employer and the services you offer.

The key point: you cannot sit for any of these exams on your own. You must be sponsored by a brokerage firm, investment advisory firm, or insurance company. The firm registers you with the Financial Industry Regulatory Authority (FINRA) or the Securities and Exchange Commission (SEC), and then you can study for and take the exam. This means your first step is usually to land a job or internship at a firm that will sponsor you.

What degree most financial advisors hold

Most financial advisors hold a bachelor's degree, and most of those degrees are in finance, business administration, economics, or accounting. These programs teach you the fundamentals you will need: how markets work, how to read financial statements, tax basics, and investment theory. A finance degree is the most direct path, but it is not required.

Many firms hire people with degrees in other fields — mathematics, engineering, liberal arts, even unrelated majors — and train them on the job. What matters more to employers is your ability to pass the licensing exams and your willingness to learn the business. Some firms have formal training programs for new hires that cover the material you need to know before you sit for the Series 7 or Series 65. If you do not have a finance background, expect to spend several months in training before you take the exam.

If you do not have a bachelor's degree at all, some firms will still hire you, but your options are more limited. You may start in a support role — client service, operations, or administrative work — and move into advisory work later. Some states and some firms have their own education requirements beyond the license, so check with the firms you are interested in before you commit to a path.

How to prepare for the Series 7 and Series 65 exams

Both exams are difficult and require serious study. The Series 7 covers investment products (stocks, bonds, mutual funds, options), sales practices, and regulations. Most people study for 120 to 150 hours before taking it. The Series 65 covers investment adviser law, fiduciary duty, ethics, and how to manage client accounts. It also typically requires 120 to 150 hours of study.

Your employer will usually provide or pay for study materials — textbooks, online courses, practice exams, and sometimes a prep class. You study on your own time, often while working. Most people take the exam within three to six months of starting a job. The pass rate for both exams is around 60 to 70 percent, so many people fail on the first attempt and retake it.

You can retake a failed exam, but there are waiting periods between attempts. After you pass, your license is valid as long as you stay registered with a firm and meet continuing education requirements. If you leave the industry and come back later, you may need to retake the exam or complete additional training, depending on how long you have been away.

The CFP credential and other advanced certifications

After you are licensed and have worked in the field for a few years, many advisors pursue the Certified Financial Planner (CFP) credential. This is not a license — it is a professional certification that signals you have met education, experience, and ethics standards. To earn the CFP, you must have a bachelor's degree from an accredited university, complete a CFP-approved education program, have at least three years of full-time financial planning experience, pass the CFP exam, and agree to a code of ethics.

The CFP is widely recognized and often leads to higher pay and more client trust. It is not required to work as a financial advisor, but it is common among advisors who want to build a practice or move into senior roles. Other credentials exist — the Chartered Financial Analyst (CFA) for investment specialists, the Chartered Special Needs Consultant (ChSNC) for advisors working with special needs clients — but the CFP is the most common in financial planning.

How to get hired without experience

Most people break into financial advice through entry-level roles at banks, brokerages, or advisory firms. You apply for positions like Financial Advisor Trainee, Associate Financial Advisor, or Client Service Representative. These roles do not require you to be licensed yet — the firm hires you, trains you, sponsors you for the license, and then you take the exam. Once you pass, you move into a licensed advisor role.

To land these entry-level jobs, a bachelor's degree helps, but what firms look for is sales ability, customer service skills, and willingness to learn. Your resume should show you can handle responsibility and work with people. Internships at financial firms during college are valuable — they give you experience and often lead to job offers after graduation. If you do not have an internship, apply directly to firms in your area and be clear that you are willing to get licensed.

Some firms are more willing to hire without a degree than others. Smaller advisory practices and some insurance agencies may be more flexible. Larger brokerages like Fidelity, Charles Schwab, and Vanguard typically prefer a degree but do hire people without one if they show strong potential. Call or email firms directly and ask what they require — do not assume you are disqualified.

State and employer requirements that vary

Beyond the federal licenses, some states have their own rules. A few states require financial advisors to hold a bachelor's degree or to have a certain amount of work experience before they can be registered. Some states require advisors to pass a state-specific exam in addition to the Series 65. A handful of states have continuing education requirements that go beyond what FINRA requires.

Individual firms also set their own standards. Some require all advisors to have a bachelor's degree. Others require advisors to pursue the CFP within a certain number of years. Some firms require you to pass the Series 7 before you can work with clients; others let you start with the Series 65. Before you commit to a job, ask the firm what their education and licensing requirements are, and ask whether they will pay for your exam fees and study materials.

Frequently Asked Questions

Can I become a financial advisor with just a high school diploma?

Technically yes, but it is difficult. You can be sponsored for a license without a degree, and some firms will hire you. However, most firms prefer a bachelor's degree, and some require it. You would likely start in a support role and work your way into advisory work over time. Your options for advancement and client trust would be more limited without a degree.

Do I need a finance degree specifically, or will any bachelor's degree work?

Any bachelor's degree can work. Finance, business, and accounting are common, but firms hire advisors with degrees in math, engineering, economics, and other fields. Your degree shows you can complete a rigorous program; the specific subject matters less than your ability to learn the financial material on the job and pass the licensing exams.

How long does it take to become a licensed financial advisor?

If you already have a bachelor's degree and are hired by a firm, you can typically be licensed within six to twelve months. That includes a few months of training and study, then taking and passing the licensing exam. If you do not have a degree, add four years for college. If you fail the exam on your first attempt, add a few months for retesting.

What is the difference between the Series 7 and Series 65?

The Series 7 is for people who sell securities on commission — stocks, bonds, mutual funds. The Series 65 is for investment advisers who manage client accounts and charge fees for advice. Many advisors hold both. Your employer will tell you which one you need based on the role they are hiring you for.

Do I need the CFP to work as a financial advisor?

No. You can work as a licensed financial advisor without the CFP. However, many advisors pursue it after a few years of experience because it increases credibility with clients and often leads to higher pay. It is common but not required.