Being a financial advisor in India is like attaining the highest strata of a career ladder for an aspirant. It’s truly lucrative in terms of salary and perks. The advantage of being a financial planner is that you might work with a company as well as start you own business as a consultant. Basically, there is no retirement in this field. After successful completion of the financial planner course, you can become a financial analyst. Aspirants who are from the profession like chartered accountant, cost accountant, company secretary and MBA (finance) can opt to be a financial advisor.

Salary and perks of a financial advisor in India: Let’s have a look at the salary scale of people who are in this profession. Different designations have a different scale of compensation.

• Account manager: He is entitled to an average salary of 65K per month and perks
• Assistant finance manager: He is entitled to an average salary of 75K per month and perks
• Assistant financial consultant: he is entitled to an average salary of 70K per month and perks
• Assistant general manager: He is entitled to an average salary of 1.65 lacs per month and perks
• Assistant manager mortgage lending: He is entitled to an average salary of 80K per month and perks
• Associate investment banking: He is entitled to an average salary of 65K per month and perks
• Chartered Accountant: He is entitled to an average salary of 60K per month and perks
• Financial advisor: He is entitled to an average salary of 45K per month and perks
• Financial planner:  He is entitled to  an average salary of 40K per month and perks
• Relationship manager: He is entitled to an average salary of 35K per month and perks

According to data the average salary of a financial planner is 357,070 INR per month. Experience strongly influences the pay scale.

Let’s see the breakup of the compensation which is like (according to national salary data):

• Salary: 1, 94,365 INR to 7, 42,035 INR
• Bonus: 4,055 INR to 1, 45,017 INR
• Profit sharing: 0- 1, 01,736 INR
• Total pay: 1, 95,932- 7, 97,525 INR

Comparative analysis of salaries of a financial advisor: Let’s have a look at salaries in various cities of India. The base salary has been considered as 3, 81,388 INR per annum.

• Delhi: higher by 16%
• Bangalore: higher by 15%
• Mumbai: higher by 25%
• Chennai: lower by 10%
• Kolkata: Lower by 15%
• Chandigarh: Lower by 15%
• Pune: higher by 5%
• Kolkata: lower by 12%
• Bhopal: lower by 185
• Surat: Lower by 16%
• Guwahati: lower by 20%
• Bhubaneswar: Lower by 13%

While 24% of the workforce comprise of women, 76% are men. The average pay scale for men ate higher by (15-25) % compared to women. The perks allowed are- medical expenses (58%), dental (3%), vision (2%) and other benefits (41%).

The pay scale depends on companies. Insurance sectors generally offer higher salaries compared to financial companies. It’s a common phenomenon that people in the same designation are offered different salaries. The reason underlying can be explained on the basis of following factors:

Credentials: Employees who hold an advanced degree are generally entitled to a better salary compared to the ones who hold a lower degree. Say, a chartered accountant will be paid more as a financial advisor compared to a B. com graduate. This is a common practice.

Experience and skills: Years of experience counts the salary scale. Generally, freshers are hired at a pay scale quite lower to those with some more years of experience. It’s a common belief that experience makes a candidate better in terms of handling clients.

Industry or employer:  The salary scale largely depends on the industry where a person is working for. Real estate companies and insurance companies are the best pay masters compared to normal financial advising companies. The environment, clientele and training process varies from one company to another. Basically good companies with better HR policy believe in upgrading the employee rather than hiring newer ones.

Job tasks: The nature of tasks or responsibility is the determinant factors for salary difference. Those positions which demand better compensations than those who are expected to handle a smaller number of clients. Business volume is a good determinant factor for salaries.

Geographic location: Metro cities offer better salaries than B grade towns.

Success and performance: The more successful a person is in a particular field the better is his salary scale. Generally, recommendations from industry seniors or pros make a difference in credentials which is the reason of salary difference.

Being a financial consultant is lucrative in terms of salary. In case if he becomes a consultant then he will be paid on hourly basis. So, basically in terms of compensation sky is the limit. It’s a recommendable field for the aspiring professionals. Especially, India will need more financial consultants in near future than compared to the past years.