Finance is the business of money: the borrowing, lending, saving, and investing of money. Everyone, from major corporations from private stockholders, needs someone to watch out for the bottom line, and that’s how finance careers have become as important as they are today. If you’re a numbers person who is interested in helping others meet their financial goals, take a look at the many fields and opportunities available within the finance industry.
Find the Right Degree For Finance Careers
- Jones International University: Online
South University: Online
- Bachelor of Business Administration Finance Specialization
- Masters of Business Administration - Finance Specialization
Post University: Online- Bachelor Degree: B.S. in Business Administration - Finance
- Bachelor Degree: B.S. in Finance
- Bachelors: Business Administration / Finance
- Bachelors: Finance
Paths for Finance Careers
Accounting and auditing careers involve keeping careful track of money. Accountants work for individuals and corporations, analyzing financial information, analyzing budgets and tax structures. When most people think of accountants, they think of taxes – and those can be a very large part of an accountant’s job. However, accountants can work in any aspect of a client’s finances. Auditors work in a similar way, but their job revolves around finding inefficiencies, waste, mismanagement, and fraud – and eliminating those problems.
Financial research and analysis careers are based on a firm, deep understanding of economic and financial principles, and applying that understanding to interpretations of market data. Economists seek to understand how society distributes its resources, and how economic factors influence the lives of the people. Financial analysts, on the other hand, study the markets in a much more pointed way: they study short- and long-term market indicators to advise business and individuals on investment decisions.
Investment management careers are among the most sought-after in the financial industry They’re the men and women who help connect businesses in need of funds to finance their operations with investors who are interested in buying stock in those companies. On the other side of the coin, financial advisors help their clients to buy and sell stock, bonds, and securities, as well as helping with insurance and tax decisions. Though they also buy and sell stocks, they are not nearly as intimately involved with the companies selling the stocks, and are more closely tied with their clients, helping them to manage their wealth and plan for college, retirement, and other major milestones.
Salaries for Financial Careers
Accountants and auditors earn a median salary of around $59,000 annually, with most earning between $45,000-78,000. According to the National Association of Colleges and Employers, workers starting careers with bachelor’s degrees in accounting earn an average starting salary of around $48,000, with master’s degree-holders starting at only about a thousand dollars a year more.
Economists’ salaries range wildly depending on where they work: the middle 50 percent earn between $59,000 and $113,000, with most earning around $83,000. Those working for the federal government can expect to earn closer to $108,000. Financial analysts earn a median salary of around $73,000, with most earning between $54,000 and 99,000.
Investment bankers’ salaries range even more wildly than economists: because their pay is almost entirely commission-based, there is as much a chance of very low salary as there is an extremely high one. Most in the field earned between $40,000 and $122,000, with the median falling around $69,000. Earnings for personal financial advisors almost exactly mirror that of investment bankers: the majority earn between $46,000 and $119,000, with most earning around $69,000.
Education for Financial Careers
Because of the high level of competition for financial positions, you will need a bachelor’s degree and possible a master’s degree, MBA, or other advanced degree to get started in a finance career. The level of degree you will need depends partially on the field you choose within the financial industry.
Accountants and auditors generally require a bachelor’s in accounting or finance, though some companies prefer applicants with master’s degree in accounting or business administration. Those who become Certified Public Accountants (CPA) will find their prospects improved as well.
Economists generally need to hold master’s or PhD degrees in order to work in either private sector. For government positions, entry-level economist workers need bachelor’s degrees with minimum credit hour requirements in crucial areas – though those seeking to move into advanced positions will require graduate training. As an economist’s job centers around research, companies seek those who have experience doing financial research at a graduate level. Financial analysts are require to hold bachelor’s degrees as well, though more and more MBAs or master’s degrees in finance are required to be competitive.
Similarly, investment bankers require bachelor’s degrees in finance, accounting, or economics, but those seeking to move into higher positions will often require an MBA. Personal financial advisors have similar requirements: bachelor’s degrees in finance, business, and economics are necessary, and master’s degrees in those fields will make candidates better-prepared and more competitive.
Featured Degrees for Finance Careers
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Finance Business School and Degree Information
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MBA: Masters in Business School and Degree Information for Finance Career
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Forensic Accounting School and Degree Information
Outlook for Finance Careers
Positions for accountants and auditors are expected to grow rapidly in the coming decade, as businesses focus more and more on efficiency and accuracy in their bookkeeping. The U.S. Bureau of Labor Stasistics predicts a growth rate of over 20% for the profession, and job prospects will be good – though strong competition means those with CPA certification will have the best prospects.
Economists can expect slower than average growth in their field, meaning job prospects will be slightly slower. However, those holding master’s or PhD degrees in economics, who are skilled in quantitative methods and can effectively communicate will find little trouble landing employment in the field, or closely related ones. On the other hand, financial analyst positions are expected to grow rapidly, with 20% growth in the coming decade.
