Becoming a Financial Planner in Illinois
The Illinois Department of Employment Security, Economic Information & Analysis Division projects a monumental increase of 29.41 percent in the number of jobs available to personal financial advisors in Illinois during the current ten-year period ending 2018. This represents an annual compound growth rate of 2.61 percent. Projections for other financial planning positions in Illinois are also optimistic. Insurance sales agents, some of whom sell fixed annuities under life producer licenses, are expected to see opportunities increase by 13.81 percent during this period. Securities, commodities, and financial services sales agents will see a 10.26 percent increase in the number of jobs in Illinois during this same ten-year period.
The Illinois State Board of Education reports that since 2000, SAT scores of college-bound seniors in the state have steadily increased and often outpaced the national average. As of 2008, the National Center for Higher Education Management System found that 57.4 percent of Illinois high school graduates were immediately enrolling in college. These are extremely strong indicators that suggest demand will increase for financial planners who assist Illinois families as they look for investment strategies and savings plans to fund their children’s college education.
How to Obtain an Investment Adviser License in Illinois
The Illinois Department of Securities requires that all prospective investment adviser (IA) firm owners and investment adviser representatives (IAR) in the state adhere to a specific licensing and registration process. When registering with the state, those who wish to establish IAs must register through the Financial Industry Regulatory Authority (FINRA)-managed Investment Adviser Registration Depository (IARD). Those who intend to become IARs for established firms must be registered through the CRD (Central Registration Depository) system. The FINRA Uniform Investment Adviser Examination (Series 65 examination) must be passed, or as an alternative, both the General Securities Examination (Series 7 examination) and the Uniform Combined State Law Examination (Series 66 examination) will be accepted.
How to Obtain a Stockbroker License in Illinois
Securities salespersons must also be registered with the Illinois Department of Securities through the FINRA-managed Central Registration Depository (CRD). Any prospective stockbroker in Illinois must be at least 18 years old and pass the Series 63 or Series 66 exams and the Series 7 exam or another securities exam specific to the type of products they’ll be selling.
How to Obtain a License to Sell Life Insurance and Fixed Annuities in Illinois
The Illinois Department of Insurance regulates life insurance producers in the state, who also often provide financial planning services by dealing in fixed annuities. Prospective life insurance producers must complete 20 hours of pre-licensing education, of which 7.5 hours must be completed in a classroom setting. Insurance licensing exams for Illinois residents are administered by third-party exam provider, Pearson Vue. To maintain a producer’s license, every two years life insurance agents must complete 24 hours of continuing education (three of these hours must be in ethics courses).
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