High-paying financial positions are some of the most sought-after, with high salaries, bonuses, and prospects for advancement. Is finance, however, a suitable professional path?
According to the Graduate Management Admission Council, 35% of prospective business school students are interested in a job in finance after graduation.
Why Should You Pursue a Career in Finance?
After college, a job in finance offers high compensation and rapid professional placement. For example, the U.S. Bureau of Labor Statistics predicts that the number of financial analysts’ employment would increase by more than 12% through 2024, much outpacing most other categories.
The growth rate for personal financial advisers over the same period is approximately 30%, indicating no shortage of potential for anyone interested in finance as a vocation, particularly in the United States. Finance occupations are increasing at the same or higher rates than most other industries in regions of Europe and Asia.
Job chances are incredibly high for people with a solid background and professional certifications. Finance roles are seen as critical organizational responsibilities and a profit center within organizations, not simply for Wall Street investment firms.
List of Finance Careers
Most people have heard of investment banking because of its famed competition and high compensation. Still, not everyone is aware that a vast spectrum of finance occupations expand beyond supporting banks — and yet provide comparable pay packages.
Some financial careers demand abilities comparable to accountants. However, while accounting is a component of the profession, there is an emphasis on managing and investing rather than inspecting how money is spent.
Common Investment Banking Careers in Finance Include:
- Financial Analyst
- Financial Consultant
- Portfolio Manager
- Investment Banker
- Financial Advisor
- Risk Manager
- Credit Analyst
- And Many Others
Each has its professional path in finance; nevertheless, it takes two years or more to advance to a higher-level job. Thus, significant career advancement necessitates a long-term commitment.
Salaries in Finance
Finance jobs pay well. According to Glassdoor statistics, financial analyst jobs in the United States may make $72,000 or more, while accounting managers, financial managers, and account executives can earn $80,000 to $90,000 per year.
Finance Career Advancement
Whatever business section you choose, there are several prospects for long-term advancement in a financial career path.
Careers in these industries frequently follow well-defined trajectories, from associate to vice president to managing director.
In corporate finance, however, there is no such thing as a “typical” path.
Finance Careers Require Specific Skills
1. Interpersonal abilities
There was a time when financial experts were confined to an office, each with their cubicle. Interpersonal skills, on the other hand, are more crucial than ever.
2. Formal Qualifications
A few things can set you apart from the crowd if you are seeking a career in finance. While hands-on expertise and a captivating personality might get you in the door in certain businesses, finance necessitates a bit more documentation. Because strict rules and regulations govern the field, proper accounting degrees are required.
3. Problem-Solving Ability
Specializing in finance ensures that no two days are the same. While a proper understanding of systems and processes is required, it is also necessary to be able to deal with complicated problems as they emerge.
4. Analytical Capabilities
Some of the most prominent financial leaders are capable of thinking laterally, assessing situations and drawing suitable judgments. They embrace and use this part of their job, demonstrating their capacity to think clearly and sequentially.
5. Technologically Savvy
Technological advancements have had an effect on the financial industry. They have made it simpler to optimize time-consuming tasks, but they have also increased the pace and productivity of most firm activities. Technology skills must be prioritized in the education of financial professions.
6. Desire to Innovate
While a career in finance has traditionally been associated with rules and routines, this does not mean that there is no potential for innovation. This industry is driven by productivity, which is constantly looking for new ways to accomplish and complete jobs.
7. Relationship Management Capabilities
People come to you because they are facing financial difficulties.. To be successful as a financial professional, you must maintain sensitivity and professionalism in your relationships. This comes with the territory, as does your ability to comprehend various personality types. You must ask the correct questions, strive to settle conflicts, and educate and coach clients regularly.
8. Outstanding Leadership
Those who drive themselves ahead via leadership and encouragement are the most wanted and recognized financial experts. Even if you are not at the top management level, even entry-level financial jobs demand a high lead level.
The Verdict: Is Finance a Good Career Path?
I’d say sure in the near term. Even while finance positions no longer offer a significant premium over other chances, they pay more than 95% of the time.
In addition, unlike some other, more profitable possibilities, you do not need to be an expert in math, statistics, or programming to enter this profession.