Financial sector jobs can be extremely lucrative, which contributes to their high demand. Naturally, it is difficult to enter the finance industry due to the high entry requirements and salaries. Most jobs require at least a four-year degree, and many professionals have advanced degrees in statistics, business, math, or economics.
Nonetheless, the finance sector offers a wide range of opportunities for individuals with a variety of interests and skill sets, both on and off Wall Street. This includes positions as an investment banker, actuary, portfolio manager, quantitative analyst, securities trader, financial planner, financial analyst, and economic analyst. These positions pay an average base salary of $63,163 to $101,848, with bonuses and commissions ranging from $42,000 to $283,000 in total pay.
What kinds of jobs exist in finance? There are numerous job opportunities in the finance industry, both on and off Wall Street. Financial planner, financial analyst, actuary, securities trader, portfolio manager, and quantitative analyst (quant) are just a few of the professions available.
Careers in Finance
Do you want to work in finance but aren’t sure which job would be best for you or how to get ready for it? We have your back!
Working in finance can be a rewarding and exciting career option. Depending on your experience and skills, you can work in a variety of finance roles. You’ll be able to choose a career that best fits you if you’re familiar with a variety of finance jobs.
We discuss a variety of finance jobs, their requirements, responsibilities, and salaries in this article.
Why get a job in finance?
Having a job in finance comes with a number of advantages. First and foremost, the industry as a whole is relatively safe. People and businesses will require someone to analyze their budgets, oversee their accounts, and safeguard their savings for as long as they are making money. Second, jobs in finance frequently pay well.
As a result of the fact that finance professionals are frequently required to have particular skill sets and educational degrees, they typically receive high salaries. Last but not least, a financial industry entry-level position ought to provide opportunities for advancement. Within a few years of working, you may be eligible for promotions or raises if you can demonstrate that you are reliable, competent, and skilled.
Here are few of the key reasons to get a finance career:
- Business, math, economics, and statistics are among the most common fields in which advanced degrees or four-year degrees are required.
- Investment banker, actuary, portfolio manager, quantitative analyst, securities trader, and financial planner are just a few examples of the many different jobs in finance.
- In comparison to the median annual wage for all occupations in 2021, the median annual wage for business and financial occupations was $30,810.
- The market for financial expertise is expected to continue expanding.
- High levels of stress, long hours, continuing education requirements, and, in some instances, limited job stability are some of the drawbacks of a career in finance.
32 types of finance jobs
The financial industry is huge, and there are many different kinds of jobs. The first exciting step on your career path is starting a career in finance. Learn about the various types of finance jobs available before applying for them, such as:
- Corporate finance
- Financial planning and advising
- Banking
- Accounting
- Investment
- Insurance
It can be hard to decide on a career in finance because there are so many different areas of the business and it is a growing field. For instance, the financial and business operations sector is anticipated to add nearly 800,000 new jobs between 2020 and 2030, according to the U.S. Bureau of Labor Statistics.
So, where do you start when deciding which jobs in the finance industry are right for you? We have compiled a list of twenty careers in finance, ranging from analyst positions at the entry level to insurance sales and chief financial officers. In order to assist you in comprehending your options and getting a sense of how these positions appear, we have included job descriptions and salary data (primarily sourced from the labor bureau).
There are financial careers in the personal/private, public, and corporate sectors, but there are even more subcategories to think about:
- Accounting and Tax
- Advising
- Financial Technology
- Investing
- Risk Management
- Financial Law
1. Corporate finance
A job in corporate finance involves handling the finances of a particular company or organization. Corporate finance employers look for employees who are trustworthy, experienced and skilled.
You will most likely need a bachelor’s degree in business, finance or management. Familiarity with how a corporation functions will set you apart from other candidates. For an entry-level position, you will also need excellent organizational, communication and technical skills.
2. Financial planning and advising
Financial planning or advising is yet another interesting job in finance. Meeting with a client to help them develop a practical plan for their personal or business finances is part of financial planning.
Being a financial adviser gives you the chance to directly assist other people with your financial knowledge. By advising businesses and individuals in a variety of industries, you could be a valuable asset if you are familiar with financial law, investing practices, or insurance policies.
A college degree in finance or business or several years of practical experience in the financial industry typically serve as training for this kind of job. Communication, management, and attention to detail are some of the skills required for this kind of job.
3. Banking
The most well-known job in finance is banking. If you want to get into the financial industry, working in a bank is a good starting job. Checking accounts, savings accounts, loans, and IRAs are just a few of the many financial services offered by commercial banks. You can work in a variety of positions, including:
- Bank teller
- Branch manager
- Loan officer
- Marketing director
The majority of banks require bachelor’s degrees for new hires. Depending on the position you are interested in, different skill sets and levels of experience are required. You may eventually be promoted to work in the corporate office if you succeed working for your local branch. Working in a bank could be a good career choice for you if you have experience with interpersonal communication, customer service, and administrative skills.
4. Accounting
When it comes to preserving a person’s or a business’s financial health, accountants are an essential resource. They can work for themselves, but the majority are employed by accounting firms.
In order to guarantee the smooth operation of the business or organization, corporate accountants are in charge of a variety of financial procedures. To ensure that their clients are adhering to the law and making prudent financial decisions, private accountants examine and update their clients’ financial records.
A bachelor’s degree in accounting, finance, or business is typically required for accountants. The best accountants know how to manage finances, make decisions, and talk to people in business.
5. Investment
The majority of investment professionals are facilitators. They help people and businesses who need money connect with investors who can give them resources. The investment professional is typically compensated well for their role in facilitating these connections, which should be beneficial to both parties.
Since many individuals and businesses choose to invest their funds based on advice from an investment firm or an independent broker, skilled investment professionals are essential in the financial sector.
The majority of those working in the investment industry hold a Bachelor’s degree in either economics, finance, or accounting. A license is also required for bankers and investment advisers to practice. Communication, negotiation, and critical thinking are essential for investment professionals to work in a fast-paced environment.
6. Insurance
Working in insurance can be a flexible way to get started in the financial industry. There are many different roles that insurance professionals play for large insurance companies. You can apply for a position as an actuary, an insurance salesperson, an agent, or a customer service representative. The provision of high-quality policies to the clients of the agency involves all of these roles.
The insurance industry is currently doing well, and companies are always looking for good people to fill positions. If you have a bachelor’s degree in finance, business, or administration, you might be eligible. Depending on the job title you want, you’ll also need customer service, management, communication, and interpersonal skills.
Jobs in finance majors or corporate finance jobs
If the information presented above has piqued your interest in finance, you might want to think about applying for one of the following finance jobs:
1. Banker
National average salary: $50,374 per year
Customers may expect bankers to help them open and manage bank accounts, keep them up to date on bank policies and security measures, and help them with financial issues and bank-related problems. They might also try to get customers to use the bank’s services.
2. Insurance agent
National average salary: $57,985 per year
An insurance agent’s specific responsibilities may include speaking directly with clients, providing personalized policy quotes, estimating premiums based on quantitative risk analysis, responding to client inquiries, and troubleshooting issues. Additionally, they could present insurance policies to potential clients.
3. Accountant
National average salary: $58,235 per year
Most of the time, accountants are hired to record the rate of money going out and coming in, talk to their employer about taxes and tax returns, and audit finances to make sure a company or person is using their money well. They might also write and edit financial reports and make changes to a spending plan or budget.
4. Financial analyst
National average salary: $71,092 per year
Assessing the company’s spending, making adjustments to budgets, and developing a strategic business plan are some of the typical duties of a financial analyst. They could also write and examine financial documents, as well as project future profits and losses.
Most of the time, analysts at companies in the financial industry are in charge of researching potential investments and providing traders and portfolio managers with advice. Additionally, financial analysts are employed by nonbank corporations, where they assist in the formulation of budgetary plans and analyze the company’s financial position.
To be a monetary examiner, you should areas of strength for have, math, and relational abilities — and have the option to persevere through high pressure. A four-year finance or related field degree is required, as are a CFA certification or other FINRA license and most likely an MBA.
5. Financial adviser
National average salary: $78,916 per year
A financial advisor’s typical responsibilities include advising clients on investments, discussing short- and long-term financial goals, and creating a budget that is manageable and tailored to each client. Assisting with taxes and related laws, as well as ensuring that clients’ business practices are safe and legal, are additional responsibilities.
6. Investment manager
National average salary: $96,192 per year
Underwriting securities before placing them with investors, meeting with other investment professionals to negotiate agreements, and advising clients on which stocks and bonds to buy or sell are frequently the responsibilities of investment managers. Oversight of mergers and acquisitions, investment planning, and market projections are all examples of additional duties.
7. Accountants and auditors
National average salary: $83,980 per year
Financial documents are prepared and analyzed by accountants and auditors. There may be distinct titles, such as auditor, junior accountant, senior accountant, and tax accountant, within a financial institution. Here the job profiles can be categorized into 3 categories: junior accountants, auditors, and tax accountants.
8. Junior accountants
National average salary: $54,642 per year
Report writing and account balance are the primary duties of junior accountants. In addition to being supervisors of junior accountants, senior accountants may require a master’s degree or a license as a certified public accountant (CPA). They also assist in analyzing and maintaining the financial health of the company.
9. Auditors
National average salary: $75,675 per year
The primary responsibility of auditors is to track accounts and ensure that they are accurately recorded. In addition, an auditor must ensure that all operations and documentation adhere to legal and financial regulatory standards and prepare financial statements, such as audits and balance sheets.
10. Tax accountants
National average salary: $71,810 per year
Tax accountants ensure that all tax filings comply with federal, state, and local regulations by preparing client tax documents. Tax accountants are responsible for preparing tax reports, resolving issues and filing errors, and locating areas where money can be (legally) saved.
11. Financial manager and controller
National average salary: $153,460 per year
Investment banks, insurance companies, and a variety of other businesses all employ financial managers. Their primary responsibilities are the development of an organization’s long-term financial plans and financial reports.
One more sort of monetary supervisor is the monetary regulator or representative. Outside of the chief financial officer, the highest-ranking member of an accounting team is the controller. The controller oversees the work that the rest of the accounting team does and ensures that the company maintains good financial health.
12. Financial analyst
National average salary: $103,020 per year
Financial analysts make predictions about the company’s future financial performance and interpret financial statements. In addition, analysts assist in the creation of reports to assist the business in maintaining its strategy based on market conditions by comparing the current financial situation to the initial plans outlined by a financial manager or chief financial officer.
13. Budget analyst
National average salary: $84,240 per year
The job of a budget analyst, also known as a cost analyst, is to look at the company’s budget and figure out how to make or keep it running smoothly. Additionally, budget analysts assist with record keeping and determine whether funds should be distributed differently.
14. Chief financial officer
National average salary: $213,020 per year
In terms of a company’s finances, the highest-ranking person is the chief financial officer (CFO). There are two primary responsibilities of a Chief Financial Officer: directing all company-wide financial activities, advising other C-suite executives, and working with members of the accounting team.
15. Financial advisors
National average salary: $119,960 per year
A financial advisor does more than just oversee your investments. An advisor can assist you in determining your savings, planning for retirement, and estate planning, among other things. However, if you only need to talk about allocations in your portfolio, they can also do that (usually for a fee).
Nearly never are financial advisors “free.” A financial advisor may make a percentage of your principal, commissions on the products they sell you, and sometimes even a percentage of your profits, even though you may not be responsible for any upfront fees. Although “free” advisor services may be offered to high-net-worth individuals, the majority of the time, these advisors are tasked with subtly guiding the individual toward products or services that benefit the institution. This does not imply that the advisor is losing money; rather, the advisor and the company they work for will always find a way to make money.
In the personal, corporate, and public sectors, a financial adviser, also known as a financial consultant or a financial planner, is a broad job title.
Monetary consultants or financial advisors assist their clients with understanding what administrations and instruments are accessible to oversee and enhance their riches. A client’s goals and financial situation are also taken into consideration when making decisions by advisers.
16. Personal finance advisors
National average salary: $71,425 per year
The work that personal finance advisors do is similar to that of other types of financial advisors, but on a smaller scale. People who want to improve their financial management and receive guidance on topics such as investing, college funds, taxes, and estate planning are their clients.
17. Registered investment advisors
National average salary: $74,384 per year
The Securities and Exchange Commission (SEC) requires registration of registered investment advisers (RIA). By assessing the client’s requirements and objectives as well as the conditions of the current market, investment advisers guide clients through the investment process.
18. Chartered retirement planning counselors
National average salary: $65,387 per year
Financial planners or advisors who specialize in assisting clients in planning for retirement are referred to as Chartered Retirement Planning Counselors (CRPC). A CRPC is both a certification and a job title. CRPCs collaborate with clients to develop a strategy that addresses their preferences for lifestyle and financial capabilities.
19. Portfolio manager
National average salary: $153,460 per year
Portfolio managers collaborate with clients to identify profitable investment opportunities and maintain a profitable investment portfolio, just like a financial manager who focuses on investments. Additionally, portfolio managers provide clients with investment advice and explain economic trends and market conditions that may have an impact on their investments.
One of the most prestigious positions in the financial sector is portfolio management. Institutional and retail client investments are overseen by portfolio managers, also known as money managers. Clients receive recommendations for individualized investment strategies and specific investment decisions, and they typically have discretionary authority to implement those strategies to achieve the client’s objectives.
Portfolio managers frequently focus on particular asset classes, such as equities or fixed income. Alternately, a manager might be an expert on a particular kind of stock, blockchain-related startups, or high-yield bonds. Focused funds that hire these specialized managers may look for people with an analytical research background. Some of them have broader mandates, like a multi-asset class strategy, and these companies frequently look for managers who have a similar broad background and knowledge of investments.
20. Financial software developer
National average salary: $120,990 per year
Software development for the financial sector is the primary responsibility of financial software developers. Developers of financial software collaborate with banks and financial institutions to create everything from credit card software to educational tools.
Blockchain is one area where some software developers concentrate their expertise. Programs that enable the safe storage of blockchain data and facilitate secure digital transactions are developed by blockchain developers in collaboration with a variety of organizations. In addition, developers of blockchain technology produce interfaces and applications that aid in the security of their company’s data.
21. Compliance expert
National average salary: $96,180 per year
Financial examiners and regulatory compliance specialists are other names for compliance experts. Even though compliance specialists are employed in a variety of facets of the financial sector, FinTech relies heavily on them due to the stringent regulations governing digital transactions. Compliance specialists ensure that everything complies with state, local, and federal laws, regulations, and policies.
22. Data scientist
National average salary: $108,660 per year
A data scientist’s duties include analyzing data sets to discover meaningful insights and presenting their findings, regardless of industry. For instance, data scientists play a crucial role in the finance industry when it comes to making predictions based on data, recognizing trends, spotting fraud, and developing programs that help their company better serve its customers.
23. Quantitative analyst
National average salary: $103,020 per year
Financial analysts who use statistical methods to solve problems related to risk management, valuation, market regulation, and trading are known as quantitative analysts. Quantitative analysts may also develop instruments that enhance how businesses develop models and evaluate strategies.
Quantitative analysts, also known as “quants,” typically work behind the scenes, as opposed to public speaking or writing, as are required for some positions in economic analysis. Mathematical models are created by experts in this field of analysis to assist businesses in making financial and business decisions. Quants are employed by banks, hedge funds, private equity firms, insurance companies, and asset managers to assist them in managing risk and locating investment opportunities.
In the trading industry, where they develop algorithms to identify the most lucrative trading opportunities, quants are in high demand. The majority of quants have a Ph.D. and a background in mathematics or statistics.
24. Cybersecurity specialist
National average salary: $113,270 per year
Information security analysts, also known as cybersecurity specialists, work to ensure that these businesses’ systems are safe from hackers, viruses, and malware. Since digital information is at the heart of FinTech, cybersecurity experts also pay attention to data encryption in order to make business customers feel more secure when technology is used to access their financial data.
25. Investment banker
National average salary: $103,020 per year
Investment banking is one of the most glamorous and demanding careers in the financial industry. Through bond sales, stock offerings, public offerings, venture capital, and mergers and acquisitions (M&A), investment banks assist businesses and governments in raising capital.
Most of the time, investment banking companies have a lot of different divisions and groups with different goals and responsibilities. You will have the opportunity to interact with securities issuers and M&A professionals if you work in a conventional investment bank. You might even work on the trading desk, trading secondary market stocks, bonds, and other securities.
Even though the profession has become more democratic, there is still an element of elitism: Most of the time, top-level MBAs are almost always required. However, investment bankers are less likely than some other finance jobs to pursue professional certifications like the CFA or Series 7 today.
Typically, investment bankers begin their careers as financial analysts, but investment bankers can also perform the following tasks:
- Through the sale of equity and the issuance of debt, investment bankers focus on helping their clients raise capital. Investment bankers also help with mergers and acquisitions (M&A) and make financial models that can predict how well a company will do financially.
- Using strategic trading and asset allocation, investment strategists help clients or portfolio managers navigate potential risks by analyzing economic trends.
- Investment bankers who have a little more experience overseeing deals from sourcing to closing are known as private equity associates. Associates in private equity concentrate on capital raising, acquisition, improvement, and sale of businesses.
26. Stockbroker or securities trader
National average salary: $93,260 per year
Clients who want to buy or sell securities like stocks, bonds, or options use stockbrokers as a middleman. A stockbroker may occasionally also offer investment management services and financial advice.
A securities trader’s job is comparable to that of a stockbroker: locate, acquire, and trade securities. However, traders typically use the assets of their own businesses to buy and sell securities. Additionally, traders frequently perform trades under the direction of a portfolio manager while working for large banks or investment management firms.
Commercial banks, investment banks, asset management companies, hedge funds, and other organizations employ securities traders. Traders buy and sell securities on behalf of a company’s assets, no matter where they work. Traders may specialize in a single asset class or investment and work in multiple markets, such as stocks, commodities, or cryptocurrency.
In the past, you didn’t need a college degree to advance as a trader. The majority of traders have a background in a finance-related field from a reputable university and many have advanced degrees in statistics, mathematics, or related fields, despite the fact that the career path is still somewhat less defined than it is in, say, investment banking. Traders frequently begin their careers by passing the Series 7 and Series 63 exams.
Accumulating amounts of capital will typically be given to traders who perform well. Top traders frequently establish themselves independently to form hedge funds.
27. Venture capitalist
National average salary: $92,228 to $353,321 per year
A venture capitalist (VC) looks at emerging businesses’ growth and risk potential to find investment opportunities for their clients. In exchange for the capital they provide, venture capitalists receive equity in these early-stage businesses.
Venture capital (VC) firms frequently focus on funding new businesses in rapidly expanding sectors like green technology, biotechnology, and technology for the future. Despite the fact that many target companies ultimately fail, venture capital firms thrive by acquiring financial stakes early on and reaping significant returns on investment. Most of the time, people who work for VC firms are good at making deals and crunching numbers. They also know a lot about new technologies and ideas. The prospect of discovering “the next new thing” excite them.
Risk management careers
28. Underwriter
National average salary: $79,940 per year
Underwriters are involved in insurance and banking, among other financial sectors. The risk assessment of an applicant for insurance or a loan is the responsibility of underwriters, who then decide whether or not the applicant can be approved.
A bank’s underwriting department includes raising capital. Specialists in underwriting often have an industry-based focus in addition to a focus on debt or equity. These bankers frequently work in client-facing positions, collaborating with traders and security salespeople on-site to find the best options while also determining capital requirements through external contacts. In recent years, underwriting has significantly expanded to include larger universal banks in addition to investment banks.
29. Insurance broker, agent, or adviser
National average salary: $69,340 per year
Salespeople who sell insurance products directly to customers are known as insurance brokers or agents. Agents typically work for a single insurance company, whereas brokers typically sell products from a variety of insurance companies. Life insurance, auto insurance for individuals, and homeowners insurance are among the products they offer.
An insurance adviser’s position is comparable to that of an insurance broker. These advisors frequently join a larger team for financial planning and offer advice on a variety of other financial products and services, such as estate planning and investments.
30. Claims adjuster
National average salary: $70,960 per year
A claims adjuster will look over the specifics of an insurance claim after an incident to determine who is responsible. In order to determine who needs to pay and how much, claims adjusters talk to the people involved in the claim, question witnesses, and, if necessary, examine the damage.
31. Actuary
National average salary: $125,300 per year
Risk-related costs are analyzed by actuaries using mathematical, statistical, and theoretical methods. An actuary can also be referred to as an actuarial analyst, and their analysis aids businesses in comprehending the financial effects of unpredictability and potentially successful decisions.
Math, statistics, and financial theory are used by actuaries to look at how risk affects money. Data is gathered, compiled, and analyzed by these professionals to estimate the likely costs of injuries, illnesses, disabilities, deaths, and property losses. “Actuaries are experts in evaluating the likelihood of future events—using numbers, not crystal balls,” according to the Be an Actuary website of the CAS and SOA.
Insurance companies, which are the most common employers, pension plans, banks, investment firms, accounting firms, consulting firms, governments, and hospitals all employ actuaries. In order to assist these organizations in managing their assets in a way that minimizes risk and maximizes returns, their input and expertise are crucial.
A four-year degree in actuarial sciences, mathematics, statistics, finance, or economics is required to work as an actuary. You must become an associate or fellow of the CAS or the SOA to attain full professional status. At the associate level, the certification process takes four to seven years, and at the fellowship level, it takes another two to three years.
32. Financial law careers
National average salary: $148,030 per year
Like any other legal career, becoming a financial lawyer is easy. Tax law, trade finance, and debt finance are all areas in which lawyers can specialize. In addition, many financial institutions employ general counsel for mergers and acquisitions or securities trading, and as FinTech develops, lawyers who are familiar with cryptocurrency compliance law and virtual assets are in high demand.
How to get a job in finance?
If you are interested in working in finance, you might want to consider the following common career path:
1. Education
Obtain an appropriate bachelor’s degree. A great way to get started in a financial career is to major in business, finance, or a related field. Although it is not required, earning a master’s degree in a financial field will definitely help you land a high-level position.
2. Entry-level job
Look for an entry-level position at a company, organization, or organization. In order to be promoted, you would need to learn new skills and gain work experience. You could stay with the company and work your way up, or you could look for work elsewhere. It is essential, regardless of your current position, to constantly seek out opportunities to enhance your professional development, acquire more experience, and sharpen your skills.
3. Seek out a higher-level position
You can look for a finance job that is right for you once you have some relevant skills and some practical experience. This could be in banking, investment, insurance, accounting, or another field. Which kind of finance job is best for you will be determined by your personality, work style, and skills.
How to find corporate finance jobs?
Financial positions are available in almost every industry and at almost every company. Online or offline, there are two ways to find openings, and it’s a good idea to use both. Keep in mind that financial jobs require a high level of expertise, so general job boards are not the best place to look for them.
Headhunters and other specialized executive recruiters can be useful offline sources for career guidance and financial job opportunities. The alumni association of your university can also be very helpful in connecting you with insiders in the business world and B-school alumnae who are willing to share their knowledge and, occasionally, job leads.
Financial jobs can also be found at conferences and other events for networking. When it comes to networking, personal interaction is crucial. You never know who you might meet who knows of a job opening. Follow up with each contact in a professional and personal way to keep the lines of communication open.
Conclusion
Financial careers typically have high entry barriers, intense applicant competition, and a lot of stress. Despite this, these jobs provide a number of benefits, such as a challenging work environment, interaction with colleagues who are highly motivated and intelligent, advancement opportunities, and excellent pay. Even though the potential for financial gain draws a lot of people, the most successful people tend to have a strong passion for their work.
Frequently Asked Questions (FAQs)
What are some top finance jobs?
There are numerous job opportunities in the finance industry, both on and off Wall Street. Financial planner, financial analyst, actuary, securities trader, portfolio manager, and quantitative analyst (quant) are just a few of the professions available.
What are the finance jobs with the highest pay?
Some of the highest salaries in finance are paid to investment bankers, actuaries, portfolio managers, quants, and securities traders.
Is a career in finance a good choice?
That depends on your individual pursuits. A career in this field might be something you should look into if you’re good at math, love money, and numbers. Working in finance comes with a lot of benefits, like a good salary and a variety of jobs that fit different personalities and skill sets. Importantly, it is also a market that is anticipated to expand in the upcoming decades.
Is a career in finance stable?
Yes generally. Even though the industry is known to be very cyclical—banks and brokerages typically fire a lot of employees when there is a big recession—finance skills are in such high demand that qualified professionals won’t be out of work for very long.
Hey, I am Sachin Ramdurg. I run and manage futuredecider.com website that helps students, graduates, and professionals, to find and decide on their future career with ultimate future career advices and future career guides. I have an overall 12+ years of career guidance experience in multiple domains which has helped multiple students, graduates, and professionals to find the best career path for their future.