The financial industry is the backbone of the modern economy, and it plays a crucial role in our society. The financial services sector can be broadly classified into five areas: banking, securities trading, investment banking, insurance, and pension funds management. As an employee in this field, you will work primarily in one or two of these segments. The types of jobs in this field are varied and include positions in areas such as operations management, risk management, investment analysis and asset allocation.
Is Finance a Good Career Path?
Finance is a broad field that can be an excellent career path for many people, and there are many reasons why finance is a great career choice. One of the most important reasons that finance careers are so desirable is that they offer opportunities to work in many different areas. You can find jobs in banking, investing, management, accounting, insurance, and more! If you’re considering becoming a finance professional but aren’t sure if it’s the right career for you, here are some more reasons why it might be perfect!
- The pay is excellent
- You get to make decisions every day
- You have opportunities for promotion all throughout your career
The finance industry is one of the fastest growing industries in the world. And with the increasing globalization of the world’s economies, there are more opportunities for work at multinational finance firms located all around the world. With this, it’s no surprise that there are many high paying jobs available in this field. Not only are salaries high, there are many opportunities to advance in your career.
What Types of Finance Jobs Can You Get?
The finance industry is one of the most in-demand industries for jobs. The number of people that are looking for a job in this field is far greater than the number of available jobs. This is why it’s very important to know about different areas of finance jobs so you can choose an area that you are interested in and will be able to find work.
Some areas of finance jobs are: accounting, banking, financial analysis, investment banking, insurance, and wealth management and fintech.
Accounting
The accounting profession is one of the oldest professions in history. Accountants are responsible for the accurate recording and reporting of financial information. They are also responsible for the preparation of balance sheets, income statements, and other financial reports.Accounting professionals usually work in a variety of industries such as manufacturing, retail, health care, banking and finance, non-profit organizations, etc.
Banking
Banking is one of the most lucrative and stable professions. It is also a profession that has always been in demand. Banking offers many opportunities for career growth with continuous training offered by banks for employees. It also provides stability because there are not as many risks involved.
FinTech
Fintech, or financial technology, refers to the use of software, algorithms, and other technological tools to innovate in the financial sector. This industry has been around for decades, but it’s only recently that it has seen a boom in popularity and usage. Fintech companies have been able to innovate in areas such as lending, payments, credit scores, and investing.
Fintech has helped many aspects of our lives by providing us with more options for how we can manage our money. For example, fintech companies have produced apps that allow us to securely manage our money, giving us the freedom to stay on top of bills, payments, and other financial details. Fintech companies have also allowed many people to access assets they would not otherwise be able to use.
Investment Banking
Investment banking is the process of raising funds for companies, governments, or other entities by issuing securities. The professionals who help in this process are called investment bankers. They are usually high-level executives with a degree in finance and economics and have extensive experience in the field.
The role of investment bankers is to assess a company’s needs and then provide advice on how to raise funds. Investment banks can provide advice on how to structure an offer, how much money should be raised, at what price the securities should be offered and so on.
Insurance
The insurance field is an industry that is rapidly growing. As the population continues to grow, there will be an increased need for insurance coverage. The insurance field has been and will continue to be a lucrative career choice for many years to come.
Insurance careers are not just limited to the insurance industry. Insurance professionals can find career opportunities in a wide range of industries, such as banking and finance, healthcare, marketing and advertising, or even engineering.
Wealth Management
Wealth management is a service provided by financial advisors to help people and organizations manage their wealth. Private Wealth Managers work with individuals, families, and small businesses, while Institutional Wealth Managers work with large corporations, universities, and other organizations.
Wealth managers can help clients meet their financial goals by making sure that they have an appropriate mix of assets (such as stocks, bonds, and mutual funds) in their portfolio. They also provide advice on taxes and insurance. They can assist clients with estate planning by helping them create wills or trusts to distribute assets after they die.
Highest Paying Finance Jobs
In this post, we’ll discuss the following finance jobs that you’ll find that pay well and have a wealth of opportunities:
Personal Financial Advisor
Personal Financial Advisors are the number one highest finance job according to BLS. They are responsible for providing financial advice to clients. This includes assessing the client’s needs, goals, and risk tolerance, and then recommending appropriate investments based on their analysis. The advisor also monitors the performance of the investment portfolio regularly and makes recommendations on when to buy or when to sell.
Some responsibilities that a Personal Financial Advisor might have include:
- Meet with clients to discuss and assess their needs and recommend appropriate solutions, including securities, insurance products, or retirement plans
- Prepare proposals for the client based on the needs assessment that outlines the risks, costs, and benefits of each proposed solution
- Manage accounts on behalf of clients in accordance with the objectives outlined in the proposal
- Develop expertise in a particular area of finance or product specialization
- Understand the client’s financial situation and work with them to reach their financial goals
- Provide ongoing education on how to achieve their goals
- Keep abreast of new developments in the finance industry through reading publications, attending conferences, etc.
- Communicate with clients about changes in investments or insurance coverage that may affect them
Personal Financial Advisor Salary and Education Requirements
You’ll need a minimum of a bachelor’s degree to gain entry into this field. You should have a background in accounting, finance, economics or business
According to the BLS, the Personal Financial Advisor is the number one highest-paying finance job. It currently tops the list with an average salary around $89,000 per year.
Budget Analysts
Budget analysis ensures that the project consumes the appropriate amount of funds and also makes sure that the company does not run out of money. It’s a process where all the expenses and income are calculated. It’s a way to create an estimate for how much money is needed to complete a project and how much time it will take.
It’s an important part of any successful business venture, as it helps determine how much money can be spent on certain items or tasks, what needs to be pushed back or even scrapped altogether, based on what funds are available.
The Budget Analyst is responsible for working with the finance team to identify and forecast budget needs, as well as analyze and report on actual spending. The Budget Analyst will also be responsible for maintaining the company’s budget, as well as forecasting future revenue and expenses.
Some responsibilities that a Budget Analyst might have include:
- Collaborate with Finance team to develop annual budget forecast
- Create quarterly budgets based on forecasted revenue or expense, or both
- Develop monthly reports to inform executive team of detailed budget status
- Coordinate with departments to identify cost savings opportunities
- Create and maintain departmental budgets within the appropriate system
Budget Analyst Salary, Education, and Certification Requirements
Most Budget Analysts have earned a minimum of a Bachelor’s degree. Degrees that may help prepare you for this type of job include accounting, finance or economics.
Jobs in this field are expected to grow by around five percent through 2030. Budget Analysts make, on average, $78,970, and it clocks in as the second highest-paying finance job in the industry.
There are currently no requirements for Budget Analysts to be certified to be qualified to enter this profession.
Financial Analysts
Financial analysis is the process of evaluating a company’s current financial standing in order to ascertain its economic health, future prospects, and the value of its securities. It’s used to help larger companies grow their potential investments. It can also be used to figure out what kind of capital investments are needed in order to meet certain business goals. Most people use financial analysis when they’re interested in investing in a company or making an investment.
The Financial Analyst is responsible for the daily management of the company’s financials and financial forecasting. This includes working with the CEO and CFO to develop annual budgets, quarterly forecasts, and monthly budgets.
Some responsibilities that a Financial Analyst are similar to those of a Budget Analyst and may include:
- Manage and analyze daily sales activity to ensure that revenue is being generated
- Manage day-to-day cash flow projections to ensure that the company has enough cash on hand to meet payroll and other expenses
- Analyze financial reports from suppliers, clients, partners, and competitors as needed
- Analyze data from a variety of sources in order to make recommendations or predictions regarding future trends or directions
- Track operating costs on a daily basis in order to make recommendations for cost savings on a regular basis
- Track expenses on a weekly basis in order to make recommendations for cost savings on a regular basis
- Assist with the development of annual budgets, quarterly forecasts, and monthly budgets
Financial Analyst Salary, Education, and Certification Requirements
The minimum degree required to enter the field is a bachelor’s degree. Degrees in finance or accounting are best suited to prepare you for a career in this field.
The financial analyst field is expected to grow by six percent through the year 2030. According to the BLS, Financial Analysts make a median salary of around $83,660, which makes it the third highest-paying finance job available in the industry.
Licensing is required for anyone who intends to sell financial products, such as investments and securities. The series 7 and 63 are the most common licenses available. These licenses are employer-sponsored so you won’t be required to have one to get a job; however, you will be required to obtain a securities license within a period of time after being employed.
Financial Analysts can also get a Chartered Financial Analyst (CFA) certification. In order to be qualified to sit for this exam, you’ll need bachelor’s degree and prior work experience.
Financial Examiners
The Financial Examiner is responsible for monitoring the financial condition of the company, including reviewing the company’s financial statements and other important financial information. The Financial Examiner will also review reports from external auditors, regulatory agencies, and brokerage or investment advisors.
Some responsibilities that a Financial Examiner might have include:
- Review all aspects of the company’s financial statements including receivables, inventory, accounts payable, etc. to assess the company’s financial condition
- Monitor compliance with applicable laws and regulations
- Work with management to identify potential risks that may impact profitability
- Report on findings to management
- Provide recommendations for improved compliance with applicable laws and regulations
Financial Examiner Salary, Education and Certification Requirements
Financial Examiners usually hold a minimum of bachelor’s degree in finance, business or accounting.
This field is expected to be one of the fastest growing financial fields with an 18% growth through 2030. Financial Examiners can expect to earn a median salary of $81,430 annually.
There is currently no certification required to enter this field.
Logistics Analyst
Logistics refers to the process, systems and procedures of planning, organizing, directing and controlling the efficient and effective movement of goods from point of origin to point of consumption. It’s a huge industry. Logistics is a broad term that covers all aspects that are related to the movement of goods from one location to another. These areas include transportation, warehousing, inventory control and distribution.
The Logistics Analyst is responsible for providing supply chain management and material handling services to the company. This includes managing all aspects of inbound and outbound freight, warehousing, order fulfillment, and returns.
Some responsibilities that an Analyst may have includes:
- Develop and maintain logistics policies and procedures for the company
- Manage all inbound freight, including monitoring incoming shipments and ensuring accurate order processing
- Manage outgoing freight, including coordinating with shipping vendors to ensure timely deliveries
- Work with the warehouse manager to ensure that materials are stored in an organized manner for efficient retrieval and storage of materials
- Provide customer service by answering questions about orders and facilitating returns
- Assist in developing budgets for logistics operations
Logistics Analyst Salary, Education and Certification Requirements
In order to become a Logistics Analyst, you’ll need a minimum of an associate degree with a background in operations, supply chain management or business. To increase your chances of getting a job in this field, you should consider earning a bachelor’s degree.
This field is expected to grow at one of the fastest rates of 30% through 2030. This is due to a higher percentage of people either leaving the field or retiring. Logisticians make, on average, $76,260 per year.
There are currently no certifications required to get a job as a Logistics Analyst.
Conclusion
The financial services industry is a dynamic and rewarding space, in which there are a number of high-paying finance job opportunities available such as the ones we listed above. And the industry provides huge opportunities to excel in various fields. Regardless of which career choice you choose to get into, you can feel assured that you’re making a great choice when you choose a career path in the financial services industry.
Search online degree programs and get started on the path to a high-paying job in finance.