Best Careers For People Interested In Finance
Finance can be a challenging industry — it places high importance on fast thinking, quick decisions, and constant production of results. Some may find this overwhelming. However, there are significant selling points that you’ll find rewarding. For one, compensation is generally much higher compared to other sectors, with sizable annual salary adjustments being customary. Another is that financial service firms typically put more weight on an employee’s readiness to move ahead rather than seniority or experience. A career in finance can be exciting and highly rewarding. So if you have the interest and drive to pursue a finance career, below are a few you can consider:
Financial Planner
A financial planner works with individuals to help them manage their personal finances. They deal with matters like saving for goals like retirement and home purchase, and expenditure control, as well as implementing strategies to achieve these. These professionals also create a personal budget for their clients and can teach them how to regulate themselves. This way, clients can also stay on budget and keep track of their own expenses.
The job calls for knowing the latest developments in financial products and strategies for personal financial management. Financial planners can earn around $87,850 yearly, and jobs are forecasted to grow at a rate of 4% through 2029.
Accountant
An accountant is a professional who takes charge of money flow and documentation. Some of their duties include account analysis and review of financial statements. Through these duties, they also provide risk analysis and forecasting for the company. A good foundation in accounting requires knowledge in both finance and business. Some examples include principles of marketing, business law, and economics for business.
These give you the capabilities to evaluate data crucial to business, like revenue growth and stock price, and help you make choices that ensure the company’s financial stability. Accountants have an average annual salary of $71,550, and it’s predicted that the job growth will have a rate of 4% through 2029. In order to become a qualified accountant you will need certain certificates such as the Certified Public Accountant exam. Those who took accounting as a degree will likely already have been prepared for this. Other accounting credentials you can get include the Certified Financial Analyst (CFA), Certified Fraud Examiner (CFE), Certified Internal Auditor (CIA), and the Certified Management Accountant (CMA).
Budget Analyst
Budget analysts closely monitor a company’s financial data. Aside from tracking spending habits, they also predict future needs and advocate for funding requests to stakeholders. They evaluate the financial impact of continuing and new ventures. They also analyze budget proposals and everything related to it, such as sales and revenue forecasts, and assets, and adjust budgets to keep them aligned towards a company’s financial goals.
Budget analysts need highly-tuned attention to detail. But they also need good interpersonal and communication skills since they’ll be working with internal and external partners. They’ll need to present ideas and build a consensus before building a comprehensive final budget. These professionals earn an average of $76,540 yearly, and jobs are predicted to grow by 3% through 2029.
Actuary
An actuary calculates the likelihood of various events happening that may impact a person’s finances. Depending on an actuary’s role, these events range from anything related to accidents and illness to consumer demand and investments. They’ll also estimate the cost of these unwanted events. For instance, life insurance actuaries look at risk factors such as age, gender, and other health factors to create annuity and life insurance policies.
Because of an actuary’s duties, you’ll need strong arithmetic skills to help you perform those complex calculations correctly. They use specialized computer software to generate tables and graphs to show their findings. Actuaries need good analytical prowess and business knowledge to help them assess financial risks within a company. This will allow them to guide the company to maximize profit and avoid catastrophes. An actuary’s average annual salary is $108,350, and jobs are expected to grow by 19% by 2029.
