Koramangala, Bangalore +91-9108510058 [email protected]
How can we help?

Post your enquiry

×

How to Become a Financial Counsellor?

Explore the journey to becoming a financial counsellor, including key steps, eligibility, tasks, and career opportunities. Find out how you can start your career in financial advising today!

Published By Team SetMyCareer
Last Updated: 10 August 2024
compass image

In this Career Outline


find-your-career

Introduction to Financial Counsellor

"A financial counsellor's advice is like a compass—it helps you navigate through the financial landscape with confidence and purpose."

Financial counsellors provide clients with crucial financial information and manage economic accommodations. They build relationships to meet organizational needs, offer one-on-one advice, handle paperwork, and review financial data. They also manage payment settlements, verify program qualifications, and maintain detailed records. Prior experience in economic counseling is often preferred, along with a strong understanding of collection procedures, organization, communication skills, and attention to detail.


Steps to Become a Financial Counsellor:

Step-1

Get acquainted with the responsibilities and daily duties of a financial counsellor.

Step-2

Pursue a degree in finance, economics, or a related field.

Step-3

Work in financial services or related areas to build your expertise.

Step-4

Consider certifications such as Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA).

Step-5

Enhance your communication and interpersonal skills.

Step-6

Stay updated on the latest financial trends and regulations.

Step-7

Connect with professionals and join industry associations for career growth.

Eligibility Criteria

Eligibility Criteria Description
Eligibility Must possess at least 50% aggregate from a recognized institution (PUC/CBSE/ICSE/ISC, etc.)
Educational Background High school diploma or equivalent.
Undergraduate Degree To become a financial counselor, one should earn a B.Com/BBA degree or a Diploma. This is a basic qualification you must require to enroll in this line of work.
Postgraduate Degree A Master's degree in finance, accounting, or a related field is advantageous and may enhance career prospects.
Entrance Exams Valid scores in entrance exams such as CAT, MAT, CMAT, or state-specific exams. Some institutions have their own entrance exams.

  • Achieve at least 50% aggregate in 12th grade from any recognized board (PUC/CBSE/ICSE/ISC), though cut-offs may vary by college.
  • Obtain qualifying scores in Entrance exams after 12th, such as CAT, MAT, CMAT, or state-specific tests. Some institutions conduct their own entrance exams.
  • Earn a B.Com/BBA degree or a Diploma to qualify as a Financial Counsellor.
  • An MBA in Finance can enhance prospects for advanced positions and learning.

CTA-1

Not eligible to pursue this career?


Find out different career options based on your current academic accomplishments. Enquire with our career experts and build a roadmap to your career success!

Tasks to perform as a Financial Counsellor:

Execute monetary management advice or direct consumers to somebody who can help them carry out their plans.

Generate or evaluate statistics for customers, such as financing achievement statements, economic documentation summary, or revenue estimates, for example.

Encourage working capital, medical healthcare, capital management, and other techniques to customers to assist them accomplish their financial goals.

Evaluate monetary data acquired from customers to develop approaches for achieving their economic goals

Demonstrate to consumers the role of the personalized economic adviser and the solutions that will be given.

Knowledge & Skills Required

Financial Counsellors must possess a wide array of skills to succeed in their careers. Here are the key knowledge areas and skills needed to excel in this field:

Knowledge Required
Understanding of financial principles, products, and services. The ability to review and manage financial documents while ensuring regulatory compliance is essential.
Knowledge of financial adjustments and accommodations for clients. Skills in arranging and managing payment settlements between parties.
Understanding of authorization processes and criteria for financial services. Proficiency in collection techniques and managing overdue payments.
Skills Required
Organization Customer Service
Technical Proficiency Regulatory Knowledge
Communication Problem-Solving

Understanding What are soft skills? and why is it important,as they complement technical abilities and enhance overall performance in the field of Financial Counsellor.

CTA-2

The Knowlegde and Skills don't intrigue you?


The reason is that your interests don't align with this career. Identify your interests and match them with careers that require those skills. This alignment will help you grow and succeed in your career faster than you might expect!

Job roles offered for a Financial Counsellor:

Once you qualify as a Financial Counsellor, various career paths open up:

Bank Manager:

Oversees bank operations, improves profitability, and manages staff, ensuring smooth daily operations and high performance.

Credit Manager:

Manages credit issuance, terms, collections, and compliance, using strong analytical and negotiation skills to minimize bad debts.

Finance Officer:

Handles an organization’s financial activities, ensures compliance with legal and accounting standards, and supports strategic decisions.

Financial Manager:

Manages budgeting, accounting, and financial planning, supporting senior management in financial decision-making and strategic planning.

Financial Risk Analyst:

Analyzes financial data to forecast investment success, specializing in sectors or instruments, and providing crucial recommendations for investment decisions.

CTA-3

Not sure where you fit in?


With the wide variety of careers and job roles available, pinpointing the best option for you can be challenging. Thorough analysis and dedicated sessions can provide clarity on what to study, which industry and role to pursue, and the most suitable career path to follow.

Career Opportunities for a Financial Counsellor:

Financial Counsellors can opt for various fields of work in the companies listed below:

HDFC Life Apex Services Axis Securities Limited
PrimeWealth LIC ASP Finserv Pvt. Ltd
ICICI Prudential Life Insurance Company Limited Acme Services L.F.C. Securities Pvt. Ltd.
HBF Direct Limited

Colleges offering courses for Financial Counsellor:

Here is the list of colleges offering the Best courses after 12th:

St Xaviers College, Ranchi KJ Somaiya College of Science and Commerce, Mumbai
PSGR Krishnammal College for Women, Coimbatore Sri Krishna Arts and Science College, Coimbatore
JBIMS Mumbai - Jamnalal Bajaj Institute of Management Studies School of Distance Education, Andhra University, Visakhapatnam
BJB Autonomous College, Bhubaneswar Karmaveer Bhaurao Patil College, Vashi
Samrat Prithviraj Chauhan Government College, Ajmer Serampore College, Serampore

End Note

Becoming a financial counselor can lead to a rewarding career where you assist others in reaching their financial goals. With the right education, skills, and dedication, you can make a significant impact in the field. For more personalized Career counselling after graduation and to explore career opportunities, connect with our experts at SetMyCareer. We’re here to guide you along your journey to success!