If you are a mathematical expert and love to play with numbers, then a career in finance might be the right way out for you. Finance falls under one of the most lucrative and highly paid industries globally. Therefore, it is an excellent college-major choice that opens numerous windows for job opportunities, development, and growth.
However, it is crucial to realize that finance goes beyond numbers and calculations. Financial professionals are also a vital part of the decision-making process, besides assuring the adequate and timely provision and management of funds, tax collections, bookkeeping, etc. Their job includes analyzing, strategizing and implementing what’s best for the company’s profits.
However, the focal point of a career in finance remains the wide variety of highly remunerative career options. Finance experts have many job opportunities available in several fields, including corporate finance, advertising, Fintech, financial aid services, accounting, investments, and asset management. And even though the job description differs industry-wise, the nature of the work remains more or less the same.
If you are considering a career in finance, check out these top-paying jobs of recent years.
1. Financial Manager/Analyst
The highest-paid role in the financial industry is of a financial manager. Financial managers and analysts perform data analysis, create financial reports, curate business activity reports, and develop long-term plans. They also determine cash flow, calculate profitability, and manage expenses. In addition, financial managers are responsible for overlooking a company’s financial health and ensuring the business is viable.
The median yearly salary of an average financial manager is around 127,990 USD. It is a well-earned amount that comes with hard work and effort. All financial managers must meet strict requirements regarding qualifications like a master of finance to acquire this role. The CFA is the best qualification available for analytical roles with help from reputed learning platforms like Wiley CFA. All financial managers must also possess excellent communication skills, adaptability, analytical skills, industry-specific knowledge, tech-savviness, and leadership skills.
2. Hedge fund manager
Hedge fund management offers one of the most lucrative, fun, and thrilling job opportunities in finance. Hedge fund managers manage and make investment decisions that lie in the company’s best interest. Some roles in the hedge fund include investing, risk management, trading, accounting, legal, and general support.
Hedge fund management is indefinitely a current top attraction for several finance experts and has the potential to become an excessively lucrative career.
Most hedge fund managers earn up to $100,000 annually, while some exclusive ones can easily make much more.
However, a key thing to remember is that a hedge fund requires a specific skill set and thorough concentration. If you lack either, you will fall back.
3. Financial risk manager
Financial risk management is an exciting, exhilarating, yet daunting role. It includes identifying and analyzing all potential threats and risks to a company’s financial health. These threats could consist of disruptions in technology, emerging competition, or more innovative products in the market. Risk managers are also in charge of developing plans and strategies to help control or entirely avoid these risks. Moreover, all financial risk managers specialize in marketing, sales, loan organization, credit, and banking.
Financial risk managers can earn up to $99,000 annually, excluding several perks and benefits. However, risk managers must show excellent communication, problem-solving, and quantitative skills. Their research and analytical skills must also be over the top. Similarly, a higher qualification with proper accreditation and recognition is also necessary.
4. Financial examiners
Financial examiners work in risk assessment or consumer compliance. Those who specialize in risk assessment overlook potential threats to a company, stability of financial records, and sufficient cash flows. Consumer compliance, however, prevents discrimination at banks and other financial institutions and ensures fair lending and borrowing practices.
A financial examiner reviews balance sheets and confirms the institute’s assets, drafts reports, communicates results with clients, and writes correspondence to regulated-entity persons.
The median annual salary of a financial examiner accounts for approximately $80,000, the highest-paid financial examiner salary exceeds $100,000, and the lowest-paid wage is around $40,000.
All financial examiners must possess excellent writing skills, analytical skills, and reading comprehension. A bachelor’s degree is usually mandatory to get a finance examination role—however, the more advanced your degree, the higher your chances to land the job.
5. Accountant
An accountant is one of the most famous and prevalent career options for most finance students. However, accounting is a broad field of its own with several branches. For instance, you could be a chartered accountant, certified public accountant, private accountant, tax accountant, investment accountant, etc.
An accountant’s job mainly revolves around interpreting and maintaining financial records. In addition, they must prepare tax returns, monitor budgets, audit, analyze, and serve as an advisor. The average annual pay is $71,550, with the top 10% earning more than $124,000 each year.
To become an accountant, you must hold at least a bachelor’s degree or any relevant degree related to your specialty. For example, if you plan on pursuing tax accounting, completing a major in taxation and policy is advisable.
Although accounting is a widespread career choice, it must not be mistaken as a simple one. Becoming an accountant comes with a handful of responsibility, commitment, and allegiance. So, make sure you look through your options carefully.
6. Investment banker
Many finance graduates choose banking as their preferred industry because they claim it’s relatively easier to fit in and work. That might be true, but it does not mean joining the banking industry (especially investment banking) is child’s play. Instead, banking is one of the most competitive, busy, and present sectors globally.
Hence, an investment banker requires considerable effort, hard work, commitment, and diligence. An investment banker’s role involves issuing debt, selling equity, and raising capital. They also must look after conducting research, reviewing financial information, preparing legal records, and examining risks. Surveys show that an average investment banker’s salary equates to nearly $61,929 yearly. However, as mentioned before, excessively high pay does not come easy. Therefore, every candidate must show exemplary dedication and an urge for success.
Conclusion
Finance can be an exhilarating career choice if you play your cards right. While a qualification or degree is crucial, it isn’t everything. You must possess decent communication skills, critical thinking skills, analytical skills, leadership skills, etc. Moreover, having a solid professional network can be pretty helpful as well. You’ll find gaining relevant experience much easier and more accessible with more connections.
So, make sure to work on your skillset and education if you want to land a high-paying position.
