Jobs requiring a finance degree can offer prospects for growth, stability, comparatively high compensation, and reliable demand forecasts. Employee flexibility may also be provided by careers in finance, as these positions may permit remote work or hybrid work settings.
According to projections from the U.S. Bureau of Labor Statistics (BLS), there will be a demand for business and finance occupations from 2022 to 2032, with an average of 911,400 opportunities per year. Financial examiners are among the finance roles that are predicted to grow at a rate more than six times higher than that of all other vocations in the country.
Additionally paid above average are finance specialists. As to the BLS data, the median annual compensation of personal financial advisors was over $95,390 in 2022, which is more than twice the median annual salary of all jobs in the country. With a median yearly pay of $96,220, financial analysts are among the most common jobs in finance.
Overall, business and financial occupations were found to pay relatively well, according to the BLS. The mean yearly income of these experts was $76,850, which is roughly $30,000 higher than the median yearly income of all US occupations.
Fintech, or the nexus of finance and technology, is a cutting-edge development that keeps financial professionals current in a constantly changing area. There will always be a demand for financial professionals due to the necessity for skilled individuals to evaluate investment opportunities.
To grow in their career and assume greater responsibility and income, finance professionals might also look for advanced roles. Professionals can have positions as portfolio managers, chief financial officers, senior financial analysts, or in other finance-related roles with additional training, experience, or certification.
Careers in Finance
Professionals in finance can find employment in a variety of places, such as government offices, businesses, and financial institutions. In this area, most positions have good earning potential.
Even though we’ve included average salaries below, sometimes those figures don’t cover everything. Salary ranges for finance positions can differ significantly based on several variables, including company size, experience, duties, and location. Furthermore, a lot of specialists in this industry receive variable pay that is determined by the financial performance of their clients or employers.
High performers can find great financial success in the field, with executive salaries frequently reaching even higher levels and management positions typically paying over $150,000 yearly.
Corporate Financial Analyst
- The median yearly salary is $96,220.
- Growth Rate Predicted for 2022–2032: +8%
- Job Description: Financial experts are employed by numerous companies in a range of capacities. Business development analysts, treasury analysts, and budget analysts are three of the most popular jobs.
Financial planning and analysis (FP&A) analysts, sometimes referred to as budget analysts, are responsible for creating and evaluating annual financial performance reports and budgets. The executive and senior leadership decision-making process is supported by this analysis. FP&A analysts may make suggestions to resolve problems with financial performance in addition to frequently identifying the major drivers influencing profitability.
Treasury analysts evaluate a company’s short- and long-term cash demands and create plans to maximize cash utilization. They also help with evaluations of cash flows and financial risk. In addition to managing a company’s banking connections, treasury analysts may also be in charge of monitoring and documenting the issue of company shares.
When it comes to possible mergers or acquisitions, business development analysts assist with the financial examination of new company opportunities.
The success of a corporation’s finances is supported by a multitude of jobs in corporate finance. A chief financial officer position may eventually become available to candidates with proven success in a range of corporate finance responsibilities.
Investment Banking Analyst
- $95,080 is the median yearly salary.
- Growth Rate Estimated for 2022–2032: +8%
- Work Description: These analysts assess financial information for both people and companies. To optimize earnings, they evaluate financial statements, investigate business and economic trends, and offer investment advice.
Analysts in investment banking usually hold positions as sell-side or buy-side analysts. Buy-side analysts assist businesses in making investments through hedge funds, mutual funds, and pension plans to profit from them. They evaluate each client’s portfolio, or choice of investments, in light of their long-term objectives and aspirations.
Sell-side analysts do research on stocks and investments in certain industries to produce financial projections for prospective buyers. They collaborate with industry players to create investment forecasts, which financial experts then frequently combine into a single estimate.
Investment manager, securities analyst, fund manager, and financial risk specialist are further finance degree positions that fall within the financial analyst category.
Underwriters and Loan Officers
- $65,740 for loan officers and $76,230 for insurance underwriters is the median annual salary.
- 2022–32 Projected Growth Rate: +3% for loan officers, -2% for insurance underwriters.
- Job Description: Underwriters and loan officers are often people with financial backgrounds hired by banks, credit unions, and insurance organizations.
Loan officers assess clients’ creditworthiness and provide advice on the financial standing of their loans. They frequently work for commercial banks and credit unions.
Underwriters are often employed by investment, mortgage, insurance, and lending institutions that cater to both individuals and businesses. Depending on the sector, underwriters may be responsible for examining mortgage loans or insurance applications to assess the level of risk and decide whether to approve or reject them.
Financial Analyst (Commercial Banking / Insurance)
- Around $70,000 is the average annual salary.
- Position Description: Individuals with experience in finance are hired by numerous commercial banks for a range of positions in banking and insurance. Commercial banks provide their clients with financial products including loans and savings accounts.
- Bankers closely monitor the monetary policies and interest rate policies implemented by the central bank, modifying their approaches and product lines to best serve their clients’ demands and maintain the bank’s financial stability.
Mortgage underwriters, credit analysts, risk management analysts, and compliance analysts are among the other frequent finance positions in commercial banking. When a person or organization applies for a loan, credit analysts evaluate their creditworthiness and stability. Underwriters of mortgages verify that applicants meet all application requirements and are financially stable before approving a house mortgage. A defined risk appetite is adhered to by bank operations thanks to the assessment of the bank’s overall solvency or liquidity by risk management experts. Complying with regulatory requirements is the goal of compliance analysts, who help with transactional monitoring and compliance control assessments.
The insurance industry also offers comparable jobs (underwriting, risk management analysts, etc.).
Personal Financial Planner or Advisor
- $100,000 as the median yearly salary
- Growth Rate Estimated (2022–32): +13 percent
- Personal financial planners meet with individuals and families to evaluate financial objectives and offer financial services. These experts provide advice on financial matters such as investing, mortgages, taxes, estate planning, and other areas.
When major life milestones like retirement, marriage, and seeking further education occur, families turn to these professionals for support. Financial planners assist people in determining the risk involved in their investments to achieve both short- and long-term objectives. Suggestions to optimize profits are given to clients. Advisors in finance may invest on behalf of their customers in stocks, bonds, and annuities.
A financial planner can also offer advice to clients on personal budgeting, purchasing insurance, and filing taxes. When necessary, these experts offer suggestions for modifications based on their oversight of an individual’s account to determine whether they are on pace to reach their financial objectives.
Financial Examiner
- The median yearly salary is $82,210.
- Growth Rate Prediction (2022–2022): +20%
- Financial examiners monitor banks and other financial organizations to preserve consumers’ and borrowers’ safety from unforeseen losses and unscrupulous lending practices. These specialists, who work in consumer compliance or risk assessment, are among the most sought-after in the finance industry.
Financial inspectors reassure clients that their lenders are subject to strict guidelines regarding consumer compliance. This prevents financial firms from making unaffordable loan offers with excessive interest rates that borrowers are unable to repay. These experts also supervise lending procedures to prevent banks from discriminating against customers based on their color, ethnicity, sex, or disability.
To ensure stability throughout the entire financial system, examiners who specialize in risk assessment examine the revenue and costs of banks and other institutions. They also produce and disseminate reports on the general financial health of financial organizations.
Financial Auditor
- Average yearly salary: $78,000
- Forecasted Growth Rate: +4% for 2022–2032
- Financial auditors’ job description is to assess an organization’s accounting procedures and financial data to ensure that it complies with regulations and other reporting obligations and is accurate.
In addition, financial auditors reassure senior management and the audit committee about the effectiveness of internal control measures taken by the company about important accounting and financial procedures. Financial auditors frequently work as internal and external auditors.
Internal auditors can work for governments, businesses, and nonprofit organizations. To help with audits of important financial operations including payroll, accounts payable, and procurement cycles, internal auditors with experience in finance are frequently sought out.
To find gaps in internal controls that would stop or detect fraud, mistakes, or other problems, these experts evaluate the company’s procedures. They inform the board and management of the audit’s conclusions.
External auditors do financial statement audits for public accounting companies. They occasionally report to investors and regulators, as well as audit committees, with their thoughts or analysis.
To enhance their knowledge and comprehension of pertinent accounting principles, including U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards, finance professionals who are interested in pursuing careers in external auditing should take additional accounting courses.
What To Consider Before Beginning a Career in Finance
Education Qualification:
A bachelor’s degree in business, accounting, finance, or a similar discipline is usually required for those looking to pursue an entry-level position in the industry. Professionals with an M.B.A. in finance or a related graduate degree can work in government, insurance, investments, and finance in more advanced capacities.
Are there available careers in my city?
Career opportunities in finance can be found on Indeed, LinkedIn, Glassdoor, and other websites for anyone seeking or already holding a finance degree. Major cities with a high concentration of financial institutions, insurance providers, banks, and trading firms are usually better places to find careers in finance.
Can I work remotely?
Professionals in finance can work in both remote and hybrid environments. Accounting policy specialist, revenue accountant, accounts payable specialist, and risk monitor analyst are a few popular remote jobs in finance.
Do I need an additional certification for the career I want?
State-by-state regulations differ, but some finance jobs call for certification or licensure. For instance, to sit for the CPA Exam and get qualified, certified public accountants (CPAs) need to have a substantial amount of professional experience and education.
Additional qualifications, including the Certified Financial Planner® and Chartered Financial Analyst®, can assist finance professionals get hired since they show commitment to and expertise in particular financial industries. While they aren’t necessarily necessary for employers, these certifications can increase earning potential and career alternatives.
FAQ:
Q. Which is more lucrative, accountancy or finance?
Ans. According to data from the BLS, the median salary for occupations in finance, such as personal financial counselor, financial analyst, and financial examiner, is at least $4,000 greater than the median salary for accountants.
Q. Is accounting more difficult than finance?
Ans. Since both accounting and finance are technically demanding areas, your interests and strong points will determine which one you find more difficult.