In exploring careers in finance, usually one quickly starts to realize that there are various degrees of employment, with some having more specialized training and qualifications than others. This is good, as it creates an opportunity for the person to have a broad base of knowledge while not having to specialize. Unfortunately, the term finance often reveals very little about what one does as employment apart from being employed in a finance sector. For example, many people think of careers in finance as positions in the bank. But this is just one of the more common types of finance. In fact, finance encompasses many industries such as:
-entry-level careers in finance. These typically involve positions in financial services companies or banks. Typical entry-level positions include accountants, cashiers, public accountants, treasurers, bankers, financial analysts, loan officers and mortgage processors. Often, people start their careers in finance by taking some courses in order to learn about the different ways in which they make money. While these positions require similar qualities, entry-level careers in finance often carry slightly more education and experience.
-entry-level careers in finance. These positions involve higher salaries and may involve more unique work assignments. Typical entry-level positions in financial services include: compliance officers, risk managers, financial strategists, internal auditors, financial planners and credit card analysts. A compliance officer’s duties may include ensuring compliance with laws and regulations regarding financial products, such as deposit interest rates, investment grade bonds, retail price indices, and foreign currency exchange rates. A risk manager’s job is to identify and evaluate risks to the company’s capital structure.
-exorbitant salaries. Finance careers can result in some truly staggering salaries. The average yearly compensation for a mid-range financial position in the United States is around forty thousand dollars. In comparison, the highest paid jobs in banking, stock exchange, and the consulting industry average around fifty thousand dollars a year.
One of the most common careers in finance is investment banking. Investment banking jobs are very lucrative and often involve assisting corporate clients with the complex processes involved in purchasing and securing business loans. Typically, an investment banking analyst’s job involves analyzing financial statements of a prospective client in order to determine if the client is in need of additional funding or not. If the analyst feels the client does indeed require the additional funding, the analyst will then help that individual to find a willing lender. Many times, the analyst will also work with an internal finance department to ensure the loan goes through a rigorous due diligence process. Once the loan goes through this process, the analyst will then help the finance department to secure the funding.
Other types of finance careers involve financial planning. Financial planning careers are also very lucrative. In fact, they can be very stable and profitable businesses. In order to be qualified for a good financial planner job, however, it is important for the individual to have a bachelor’s degree in accounting. Because many financial planners base their services on statistics and economic research, it is important that individuals have a background in accounting. Graduates with degrees in accounting can also become financial analysts or auditors.
One of the best careers in finance is public accounting. With a public accounting degree, individuals will be able to work in many different fields within the accounting field. Jobs in public accounting can include being an accountant, CPA, or a financial analyst. The majority of positions in accounting will require the individual to have a master’s degree as well, although some positions may only require a bachelor’s degree. A career in accounting will also likely involve working with government agencies, because a large part of the US economy is based upon the tax money received from citizens.
Another option for those interested in finding a good career in finance is a doctorate degree. Those who earn a doctorate degree in finance will generally have a high starting salary and an excellent salary potential. Unlike bachelor’s degrees, doctorate degrees require more advanced coursework and will often involve specialized areas of finance. These positions typically require at least a three-year post-doctorate program and are among the highest paying professions.