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Yes, finance is a good career path. Being a career that’s in high demand with a wide variety of opportunities available, finance is a great way to start your professional career. If you have attention to detail, interpersonal relationship skills, listening skills, time management skills, and written and verbal communication skills, you will absolutely succeed in this type of environment.
It’s important to note that the financial sector can be competitive, and you’ll want to make sure it’s something you enjoy doing before pursuing it. There are a wide variety of benefits to having a career in finance, with plenty of ways to climb to the top.
Here are 8 great jobs in Finance:
The 8 Best-Paying Jobs in Finance
Jobs in the financial sector are typically highly lucrative, which is why they are constantly in such high demand. Breaking into the finance industry can be difficult as you must meet specific requirements in order to be considered for a wide variety of jobs. However, the pay is incredibly appealing and justifies the work it takes to enter this field.
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Mergers and Acquisitions (M&A) banker
Average Annual Salary: N/A
A banker who works in mergers and acquisitions is primarily responsible for providing strategic advice to companies looking to merge with competitors or partners or buy smaller companies. They may also work with owners looking to sell their business to buyers.
Bankers in this area of expertise typically use financial modeling to evaluate all possibilities of a merger or acquisition. On a regular basis, you would be regularly interacting with high-profile executives who you will need to persuade with data, reasoning, and expertise. This job may be difficult but incredibly rewarding.
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Average Annual Salary: $59,000
Underwriters are financial specialists who work in the banking and insurance industries, as well as the stock market. They are required to help the bank raise capital and typically focus on debt or equity, usually bringing some type of industry expertise with them as well.
Underwriters are often client-facing and work with outside contacts to determine capital needs. In conjunction, they work in-house with traders and security sales individuals to evaluate the best option for their clients. Underwriting can expand beyond investment banks to universal banks as well.
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Private equity banker
Average Annual Salary: N/A
Private equity bankers work with firms to collect high-net-worth funds and look for investment opportunities in other businesses. Most investment banks have private equity divisions, and working as a banker in this sector allows you to usually keep a portion of any profits generated through deals.
Although not necessarily required, private equity bankers often have experience at investment banks and specific academic credentials. You may be tasked with conducting research and due diligence investigations in the market, as well as analyzing risk and offering broader financial advice to clients.
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Venture capitalist
Average Annual Salary: N/A
A venture capitalist is a private equity investor that provides capital to companies that indicate high growth potential in exchange for an equity stake. This often means funding startup business ventures or supporting smaller companies that wish to expand but may not have the existing funds.
While many companies often fail, venture capitalists usually get their financial stake in and out at the early stages of development, minimizing risk and producing a large return on their initial investment. These individuals are usually highly skilled at number crunching and deal-making and understand how to vet new technologies and ideas.
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Average Annual Salary: $78,000
An actuary is a business professional who deals with the measurement and management of risk and uncertainty in deals. These risks can affect both sides of any deal and require asset management, liability management, and valuation skills. These individuals are highly skilled in math, statistics, and financial theory.
Actuaries work for entities or individuals who may need to manage their risk, including insurance companies, pension plans, banks, investment firms, accounting firms, consulting firms, governments, and hospitals. To be successful at this job, you’ll want to make sure you have a four-year degree in actuarial sciences or a related field.
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Average Annual Salary: $126,000
A portfolio manager, also known as a money manager, oversees both institutional and retail client investments. This is one of the most prestigious roles in the entire finance industry and is highly sought after. To land this job, you’ll need a four-year degree in business, economics, or finance, plus a FINRA license.
Portfolio managers recommend personalized investment strategies, suggestions, and decisions to clients and usually have the power to execute those to fulfill the client’s financial goals. You may also specialize in specific asset classes such as equities or fixed income to make your services more appealing.
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Average Annual Salary: $87,000
A quantitative analyst is an individual who works behind the scenes. This career involves analysis and creating mathematical models to help companies make business and financial decisions. Quantitative analysts are employed by asset managers, banks, insurance companies, and private equity firms.
In order to land this role, however, you’ll need a master’s or Ph.D. in a quantitative field such as math, statistics, finance, or economics. You’ll also want to ensure you have strong computer skills or a degree in financial engineering or computational finance. Quantitative analysts are typically in high demand in the trading world.
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Average Annual Salary: $86,000
An investment analyst is an individual who undertakes financial analysis for external or internal clients. They may have certain specifications like securities analyst, research analyst, equity analyst, investment analyst, or rating analyst. They may also specialize in geography or an industry sector.
Analysts may work for either the buy-side or sell-side of companies. The sell-side usually offers to buy and sell recommendations. Those working on the buy-side will recommend securities to buy or sell for portfolio managers. To land this position, you’ll need a four-year degree in finance, MBA, CFA certification, and FINRA license.
X Entry-Level Jobs in Finance
Breaking into the financial industry requires, at minimum, a four-year degree. However, to obtain higher positions or promotions, many in the industry also have advanced degrees in areas like business, maths, economics, or statistics. However, jobs aren’t just available on Wall Street – the financial sector offers a wide variety of entry-level positions.
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Average Annual Salary: $65,000
Financial planners are individuals who help their clients develop plans to ensure their present and future financial stability. They may ask their clients about their goals and then develop a strategy for saving, investing, and spending. The plan can focus on anything from wealth preservation to estate and tax planning.
Depending on where you are in your journey, you can work for a large company that reaches nationwide or smaller locally-based organizations. Depending on your preferences, you can charge a flat fee for your services or offer a percentage of the client’s assets under management to receive a commission on what you sell.
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Average Annual Salary: $78,000
A financial analyst is an individual that works at a financial-industry firm and is responsible for understanding, researching, and vetting potential investments. From that information, they offer their company opinions and recommendations to guide the traders and portfolio managers on their next steps.
Financial analysts can work at banks as well, where they may be responsible for analyzing the financial position of the company and using that information to create budgetary plans. To get a financial analyst job, you’ll want to make sure you have strong analytical, math, and communication skills.
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Average Annual Salary: $99,000
Economists observe broad areas of the economy and are responsible for analyzing market trends in a company. To succeed in this job, you’ll want to make sure you enjoy analyzing data, tracking trends, and developing opinions that speak to the future of financial markets.
Economists work at investment banks, asset management companies, and central banks. Government agencies and academic institutions also hire economists. This offers a fair amount of freedom, as you don’t have to stay at a bank but can move on to other jobs in government or academia while still performing the same job.
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Economic Strategist
Average Annual Salary: N/A
Economic strategists are not much different than economists, except that economists tend to focus on the broad economy while strategies are more focused on the financial markets. Strategies do exactly what it sounds like, create strategies for financial gain in terms of the specific industry they work in.
Economic strategist jobs are most likely to be found in banks and money management companies than in academic and government institutions. The easiest way to get into this career is by starting as a research analyst, focusing on a particular product or industry that you wish to work in.
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Sell-Side Trader
Average Annual Salary: N/A
A sell-side trader is a securities trader that works with companies looking to buy and sell products for the benefit of their clients or the company itself. Most commonly, these individuals are found at banks, including commercial banks, investment banks, and more.
Although it used to be possible to work your way up as a trader without a college degree, most traders now have a background in a finance-related field from a strong university. You should also consider an advanced degree in statistics, mathematics, or other related fields.
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Buy-Side Trader
Average Annual Salary: N/A
Buy-side traders are also securities traders, but they work with buy-side companies like asset management firms. These individuals conduct buying and selling under the direction of a portfolio manager that is also employed by the company.
Traders can work in different markets, including stocks, commodities, or crypto, and may specialize in a specific type of asset class or investment. To be considered for this type of role, it’s suggested to have a four-year degree plus any applicable FINRA licenses you may require.
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Hedge Fund Trader
Average Annual Salary: N/A
Hedge fund traders are investment professionals who buy and sell securities on behalf of the fund they work for. Hedge funds are investment companies that are not required to register with national securities regulators. As a trader, you would determine the best way for the hedge fund to make a profit.
Rather than working to satisfy a specific client, you would work to maximize profits for the fund only. Like buy-side trading jobs, hedge-fund traders may also report to a portfolio manager. In other instances, they may be able to decide on their own buys and sells; it just depends on the company.
Why Choose a Career in Finance?
A career in finance can offer professionals a variety of benefits. Because the finance industry reaches so far and wide, the job opportunities it offers are extensive. It’s a lucrative field making it competitive and demanding, but once you’re in, building a career can be incredibly rewarding. Here are some benefits of a career in Finance:
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High earning potential. Landing a career in finance will offer better compensation than in many other fields. Finance offers one of the highest-paid entry-level positions. Additionally, if you work hard early in your career, it’s easy to make big strides forward in your career and gain a generous increase in pay.
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Work-life balance. Depending on the organization you join, many jobs in the financial industry allow for a fairly balanced life between work and personal responsibilities or enjoyment. If you work as an independently employed individual, you can also seek the benefit of managing your own schedule.
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Room for growth. Due to the expansive nature of finance, there is a lot of room to move upward in your career in finance. Because finance isn’t location-specific, it’s also easier to move or find a role where you can work from the comfort of your home. If you’re interested in working abroad, there are multiple options for that as well.
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Job security. Finance is a field where you never have to worry that job opportunities will go away. It’s an incredibly in-demand occupation, and jobs often stay secure. Finance is fundamental to our economy, allowing for a multitude of job options. This also gives you the freedom to switch companies or cities if you should choose.
Education and Certification Requirements for a Career in Finance
Because the finance field is so wide and diverse, there are different education and certification requirements for different roles. However, in general, if you’re looking to get into finance, it’s smart to pursue a business finance education that can give you a foundation in financial principles. Here are some common requirements for a finance career.
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A four-year bachelor’s degree in accounting, finance, or related field. This is typically required for any entry-level position, although some who work as a bookkeeper or accounting clerk may land these with an associate degree and experience.
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A master’s degree in accounting, finance, or business administration (MBA). If you’re looking to get into a career path such as accounting, you can take specific degrees that have an emphasis on accounting.
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Certified public accountants must complete 150 semester hours of education. CPAs must also obtain a four-year baccalaureate or higher degree conferred by a college or university acceptable to the board.
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Consider specific training in taxes, estate planning, and investments for personal financial advisors. You’ll want this kind of training to be able to speak to all areas of financial advice. You may also be required to become licensed.
What Do People Working In Finance Do?
The financial industry is a section of the economy that includes firms and institutions providing financial services to customers, whether they be commercial or retail. This sector involves a wide range of industries, including banks, investment companies, insurance companies, as well as real estate firms. A strong financial industry is a great sign of a healthy economy.
A large portion of the financial market’s revenue is from mortgages and loans, which gain value as interest rates drop. The health of the economy depends, at least in part, on the strength of this specific secretary. Many people believe Wall Street is what makes up the financial sector, but it is much farther reaching than that.
- Finance
- Energy
- Commodities
- Health Care
- Transportation
- Consumer
- Pharma
- Services
- Retail
Author
Caitlin Mazur is a freelance writer at Zippia. Caitlin is passionate about helping Zippia’s readers land the jobs of their dreams by offering content that discusses job-seeking advice based on experience and extensive research. Caitlin holds a degree in English from Saint Joseph’s University in Philadelphia, PA.
