Money Adviser

Job Description:

Money advisers help people whose debts have become too large or difficult for them to handle.

Job Category:
Financial Services

What you will do:

As part of your day-to-day duties you may:

  • talk to clients about their money problems
  • look at income and outgoings
  • carry out a benefits check and support benefit claims
  • work out a sensible budget
  • help put debts in order of importance
  • talk with creditors to sort out a practical repayment plan
  • gain the client’s agreement to any repayment plan
  • talk about other options like bankruptcy and what happens in court
  • take the place of clients in court when asked to do so

Skills:

You’ll need:

  • knowledge of economics and accounting
  • maths knowledge
  • to be able to use a computer and the main software packages competently

As well as:

  • customer service skills
  • to be thorough and pay attention to detail (organisational skills)
  • sensitivity and understanding
  • persistence and determination (drive)
  • analytical thinking skills
  • excellent verbal communication skills are vital for explaining complex financial concepts in a clear and accessible manner to clients from diverse backgrounds.
  • interpersonal skills to understand clients’ financial needs and provide appropriate advice. They must act ethically and always act in the best interests of their clients.
Illustration of employee looking at workspace

Entry Requirements:

You can get into this job through:

  • an apprenticeship
  • volunteering
  • applying directly
  • specialist courses run by a professional body

Apprenticeship
You could do a debt adviser intermediate apprenticeship.

This typically takes 18 months to complete as a mix of learning in the workplace and off-the-job study.

Volunteering
A common way into this career is to volunteer in an advice centre. You’ll often start by giving general advice, then get special training in money advice once you have more experience.

It usually takes at least a year to get enough experience and knowledge to apply for paid work as a money adviser.

Direct Application
It may be possible to apply directly to employers if you have some of the relevant skills and knowledge required for this role. It will be useful to have experience in other areas like:

  • consumer advice
  • welfare rights work
  • debt recovery for a bank, council, utility company or similar organisation

Employers may not ask for qualifications as your experience would be the most important thing. You will need a reasonable standard of English and maths.

Your employer may ask you to do additional specialist training.

Other Routes
In the UK, you can do a Level 3 Certificate and Diploma in Money and Debt Advice through the Chartered Institute of Credit Management.

Career tips
For some jobs, it may be an advantage if you speak a minority community language.

School Subjects

To become a Money Adviser in the UK, specific GCSE subjects are not mandatory. However, certain subjects can be beneficial in developing the skills and knowledge required for this role, such as:

  1. Mathematics: Strong mathematical skills are essential for analyzing financial data, calculating interest rates, and creating budget plans.
  2. Business Studies: This subject can provide insights into financial principles, economics, and understanding personal finance.
  3. Economics: Studying economics can help in understanding macro and microeconomic factors that influence personal financial planning.
  4. ICT (Information and Communication Technology): Knowledge of ICT can be valuable for using financial software and tools.
  5. English: Good language and communication skills are essential for explaining complex financial concepts to clients and providing clear advice.
  6. Citizenship or Personal, Social, Health, and Economic (PSHE) Education: These subjects can provide knowledge about personal finance, budgeting, and responsible money management.

Working Hours and Environment:

You could work at a client’s business, at a client’s home or in a court.

Career Path & Progression:

With experience you could become a specialist caseworker, or be promoted to a team leader or management post.

You could move into training other money advice workers.