Is Finance A Good Career Path? | 10 Highest Paying Finance Jobs
Is Finance A Good Career Path? | 10 Highest Paying Finance Jobs. If you are good with numbers or you just fancy a career in finance, you might be in a steady questioning stage of ” Is finance is a good career path”? It’s one of the most popular industries for graduating MBAs and everyone is on the lookout for a successful and fulfilling career.
Here you will also find out how much you could earn and how to land the best paying jobs in finance. With high salaries, bonuses, and opportunities for progression, high-paying finance jobs are some of the most sought-after.
What Is Finance?
The general overview of finance is money management. Finance is one of the terms which you’re likely to hear when in any economic or financially related environment. It is simply the proper management of money. In finance, you are usually tasked with controlling various financially related activities like investing, budgeting, saving, and borrowing.
What are the Highest paying Jobs in finance?
- Information technology auditor.
- Compliance analyst.
- Financial advisor.
- Investment banker
- Senior accountant.
- Hedge fund manager.
- Insurance advisor
- Financial analyst.
What does a career in Finance entail?
Number crunching on excel sheets is integral to finance. But, pursuing a career in this field involves plenty of other aspects such as:
- People management.
- Negotiation
- Excellent written and verbal communication skills.
- The ability to persuade others.
- Legal knowledge.
Is Finance Actually A Good Career Path?
Yes, a career in finance is exciting and rewarding, and, usually, very lucrative. It attracts young people who are hugely ambitious but who also have a head for economics, accounting and the ability to quickly and intuitively grasp and process complex financial concepts and data. Finance is an exciting and very lucrative business field with lots of benefits such as follows:
1. Good work hours
Careers in the financial sector usually afford you a balanced time for both your work life and your personal life. Most competitive career industries like the health sector usually require long hours, with you not even having time for your personal life and family.
2. Diversified career options
Another reason why the answer to “is finance a good career path” Yes is because the finance field has a variety of career options to select from when compared to other career paths.
3. Advancement opportunities.
The financial sector is usually described as being fast-paced. Being fast-paced simply means that it’s easier for you to gain promotions and proper incentive coverage in the finance sector.
4. Lucrative
Finance is an extremely competitive field and this can be particularly attributed to the high-paying figure of this sector. The field offers a very impressive salary figure even for beginners in the sector. The jobs in the finance sector usually offer salaries that are well above the median salary of most positions in other occupations.
Certifications and Licenses Requirement for Finance Jobs
A bachelor’s degree in Finance is the minimum requirement considered for any finance job. Additional certifications can be added which are as follows:
1. Certified Financial Planner (CFP)
This is a certification that requires one to have a bachelor’s degree with finance-specific coursework.
2. Certified Public Accountant (CPA)
This exam prepares you for careers in public accounting, managerial accounting along with tax planning and preparation. Also, it enhances avenues for higher-paying careers in accounting and management.
3. Chartered Financial Analyst (CFA)
This is one of the most recognized qualifications that financial professionals have, and however, it is restricted to banking and Finance. This is an ideal degree for those interested in a career in asset management, investment banking, private equity, or hedge funds.
4. Financial Risk Manager (FRM)
The FRM designation is an international risk certification offered by the Global Association of Risk Professionals (GARP). Career options for FRM professionals include Chief Risk Officer, Senior Risk Analyst, Head of Operational Risk.
5. Chartered Investment Management Analyst (CIMA)
The CIMA certification covers topics such as asset allocation, risk measurement, due diligence, risk measurement, investment policy. Since this is a specialized certification, only persons with a minimum of three years of professional consulting experience can take this up.
6. Certified Management Accounting (CMA)
Management accountants are essential to arrive at financial metrics that help in their daily operations. Pursuing CMA requires a person to have a bachelor’s degree.
10 Best Highest Paying Finance Jobs
1. Financial Analyst: $74,000 per year.
Financial analysts use their research skills and knowledge of securities to advise firms on their investment decisions. They measure the risks and accordingly approve or reject investments in stocks, bonds, and other securities.
2. Actuary: $125,000 per year
These professionals utilize their knowledge to measure the livelihood and severity of the risk. They also can predict and minimize the impact of upcoming risks, and this is an ability that is extremely useful for businesses.
3. Investment Banker: $90,000 per year
The role of an investment banker is highly versatile. They help public and private sectors issue debt and securities. Furthermore, investment bankers often advise on transactions about mergers and acquisitions.
4. Hedge Fund Analyst: $200,000 a year.
The job of a hedge fund analyst is similar to that of an investment banker. The primary difference lies in hedge fund analysts managing high risk and rewarding portfolios for investors who pool their capital to make investments in hedge funds.
5. Private Equity Associate: $100,000 per year on average.
Private equity associates are professionals that help investment firms create deals. They assist in finding potential investors, assist with acquired investments, and perform due diligence for existing customers of an investment bank.
6. Security Trader: $88,000 per year
Security traders are a medium between the buyer and the seller. They help sell securities like shares or bonds to various potential buyers in the financial market. They do this either on their account or their employer’s account based on their level of expertise.
7. Financial Accountant: $63,000 a year.
They primarily deal with a company’s financial statements. These include the profit and loss statement, balance sheet, income statements and, cash flow statements. Financial accountants keep track of the company’s reports.
8. Financial software developer: $93,817 per year
Financial software developers work in the growing Fintech space, creating programs that meet the needs of financial institutions and end-users.
9. Chief financial officer: National average salary – $123,265 per year
Primary duties: The duties of a CFO are vast and include overseeing analysts and budgeting, making cost-related decisions about technology infrastructure and managing financial teams.
10. Senior accountant: $73,547 per year
Senior accountants are usually at the top of an accounting hierarchy and are responsible for the day-to-day duties of accounting. They perform tasks like being accountable for sticking to budgets, meeting accounting goals and overseeing corporate expenditures.
Conclusion
To conclude, the main answer to Is Finance a good career path is yes if one is looking for tremendous growth opportunities. Also, one should not forget this is a highly lucrative path that comes with many perks and that Finance professionals are always in demand.
Recommendation
- Top 10 Highest paying finance jobs
- 18 Best Paying Jobs In Major Banks | Highest Paying Bank Jobs
- 17 Highest Paying Jobs in California | Careers With High Salary
- Is Finance A Good Major?
