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Career and Education Opportunities for Personal Financial Planners in Michigan

Michigan has a population of 9,969,727, which has grown by 0.31% over the past 10 years. Nicknamed the "Great Lakes State," its capital is Lansing, though its biggest city is Detroit.

There are currently 4,800 working personal financial planners in Michigan; this should grow by 28% to about 6,130 working personal financial planners in the state by 2016. This is not quite as good as the national trend for personal financial planners, which sees this job pool growing by about 30.1% over the next eight years. Personal financial planners generally advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate.

The income of a personal financial planner is about $28 per hour or $59,060 yearly on average in Michigan. In the U.S. as a whole, their income is about $33 per hour or $69,050 yearly on average. Incomes for personal financial planners are better than in the overall category of Accounting and Auditing in Michigan, and better than the overall Accounting and Auditing category nationally. People working as personal financial planners can fill a number of jobs, such as: investment counselor, personal banker, and securities counselor.

In 2008, there were a total of 5,397,807 jobs in Michigan. The average annual income was $34,953 in 2008, up from $34,185 the preceding year. The unemployment rate in Michigan was 13.6% in 2009, which has grown by 5.3% since the previous year. Approximately 21.8% of Michigan residents have college degrees, which is lower than the national average.

The top industries in Michigan include transportation equipment manufacturing, motor vehicle manufacturing, and motor vehicle parts manufacturing. Notable tourist attractions include the Detroit Hydroplane Museum, the Dearborn Historical Museum, and the Detroit City.

CITIES WITH Personal Financial Planner OPPORTUNITIES IN Michigan


JOB DESCRIPTION: Personal Financial Planner

Personal Financial Planner video from the State of New Jersey Dept. of Labor and Workforce Development

In general, personal financial planners advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. They also duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.

Every day, personal financial planners are expected to be able to articulate ideas and problems. They need to deal with basic arithmetic problems. It is also important that they think through problems and come up with general rules.

Similar jobs with educational opportunities in Michigan include:

  • Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
  • Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
  • Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
  • Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
  • Cost Analyst. Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
  • Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
  • Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
  • Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
  • Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
  • Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
  • Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
  • Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

LOCATION INFORMATION: Michigan

Michigan
Michigan photo by Jjegers

Michigan has a population of 9,969,727, which has grown by 0.31% over the past 10 years. Nicknamed the "Great Lakes State," its capital is Lansing, though its most populous city is Detroit. In 2008, there were a total of 5,397,807 jobs in Michigan. The average annual income was $34,953 in 2008, up from $34,185 in 2007. The unemployment rate in Michigan was 13.6% in 2009, which has grown by 5.3% since the previous year. About 21.8% of Michigan residents have college degrees, which is lower than the national average.

The top industries in Michigan include transportation equipment manufacturing, motor vehicle manufacturing, and motor vehicle parts manufacturing. Notable tourist destinations include the Bullock Edwards & Associates, the Detroit Historical Society, and the Charles H Wright Museum of African American Histry.