How to Become a Personal Financial Advisors in Minnesota
Personal Financial Advisors in Minnesota earn a median salary of $94,420/year, which is 8% below the national average. Minnesota has a state income tax of ~5.3%. After taxes and rent, a personal financial advisors takes home approximately $4,406/month. Most positions require Bachelor's degree.
What a personal financial advisors can afford in Minnesota
Becoming a personal financial advisors in Minnesota
Meet education requirements
Personal Financial Advisors positions in Minnesota typically require Bachelor's degree. Programs are available at colleges and training institutions across Minnesota. Research accredited programs in your area.
Gain required experience
Many personal financial advisors positions in Minnesota require hands-on experience through internships, apprenticeships, or entry-level roles. Look for training programs and mentorship opportunities in your metro area.
Obtain Minnesota licensure or certification
Minnesota may require specific licensing or professional certification for personal financial advisorss. Requirements vary by state — contact the Minnesota Department of Labor or relevant licensing board for current requirements, exam schedules, and application procedures.
Find positions in Minnesota
Minnesota employs 6,360 personal financial advisors. The highest concentrations are in Rochester and Minneapolis-St. Paul-Bloomington.
Personal Financial Advisors salary by metro area in Minnesota
| Metro area | Median | Hourly | Employment |
|---|---|---|---|
| Rochester | $103K | $49.62/hr | 70 |
| Minneapolis-St. Paul-Bloomington | $99K | $47.63/hr | 4,860 |
| St. Cloud | $92K | $44.21/hr | 210 |
| Mankato | $91K | $43.95/hr | 60 |
| Duluth | $80K | $38.65/hr | 100 |
Personal Financial Advisors salary range in Minnesota
Personal Financial Advisors careers in other states
Frequently asked questions
How much does a personal financial advisors make in Minnesota?▼
The median personal financial advisors salary in Minnesota is $94,420 per year ($45.39/hr). This is 8% below the national median of $102,140. Salaries range from $44,380 to $0.
What are the requirements to become a personal financial advisors in Minnesota?▼
Personal Financial Advisors positions in Minnesota typically require Bachelor's degree. Minnesota may have specific licensing or certification requirements. Check with the Minnesota licensing board or department of labor for current requirements.
Can a personal financial advisors afford to live in Minnesota?▼
At the median salary of $94,420, a personal financial advisors in Minnesota would take home approximately $5,818/month after taxes. With median 2-bedroom rent at $1,412/month, that's 24.3% of take-home pay going to housing. This is within the recommended 30% guideline.
What are the best cities for personal financial advisors in Minnesota?▼
The highest paying metro areas for personal financial advisors in Minnesota are Rochester ($103,220), Minneapolis-St. Paul-Bloomington ($99,070), St. Cloud ($91,950). However, cost of living varies significantly between metros — a higher salary may not mean more purchasing power.
Does Minnesota have state income tax for personal financial advisors?▼
Yes, Minnesota has a state income tax rate of approximately 5.3%. On a $94,420 salary, this means roughly $4,993/year in state income tax. Use our take-home pay calculator for a detailed breakdown.