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Last Updated on August 9, 2023 by Chris Panteli
How Many Jobs Are Available In Finance
Are you a driven individual with a passion for numbers, analytics, and making strategic financial decisions? Are you looking for a dynamic career that offers opportunities for growth, financial rewards, and a chance to shape the financial landscape?
If so, a career in finance may by exactly the answer you’re looking for.
However, the financial world can seem daunting. It’s easy to feel overwhelmed by the variety of finance roles available, from investment banking and wealth management to corporate finance and financial analysis.
Many hopeful finance professionals find themselves at a crossroads when contemplating a career in finance. They want to know how many jobs are available in finance, the challenges of entering a competitive job market, and the uncertainty of taking that first step toward building a successful finance career.
Good news! This post is your guide to launching a successful career in finance. You’ll learn the complexities of the finance industry, how many jobs are available in finance, understand the various roles, qualifications, and career paths available. Plus, find out all the skills and knowledge required to launch your finance career.
- How Many Jobs Are Available In Finance
- Types of Finance Jobs
- What Companies Are In The Finance Field
- Skills Needed for Finance
- Pros and Cons of Working in Finance
- Things to Know When Choosing Finance as a Career
- How Much do Finance Professionals Earn
- Best Paying Jobs in Finance
- Is Finance A Good Career Path
- How Many Jobs Are Available in Finance
- How To Search for Jobs in Finance
Types of Finance Jobs
There are various types of finance jobs available in different sectors and industries. These jobs can be broadly categorized into different areas of finance, each requiring different skill sets and responsibilities. Here are some common types of finance jobs.
Financial analysts assess the financial performance of companies, industries, or investment opportunities. They analyze financial data, prepare reports, and make recommendations based on their findings.
Investment bankers help companies raise capital through issuing stocks or bonds and provide advisory services on mergers, acquisitions, and other financial transactions.
Financial planners or advisors work with individuals and businesses to create comprehensive financial plans, providing advice on investments, retirement planning, tax strategies, create a financial statement, and more.
Accountants are responsible for preparing financial statements, maintaining financial records, and ensuring compliance with accounting principles and regulations.
Auditors review financial records to ensure accuracy and compliance with laws and regulations. They may work internally for a company or externally for accounting firms.
Risk managers identify and assess potential risks to a company’s financial health and develop strategies to mitigate those risks.
Credit analysts evaluate the creditworthiness of individuals or businesses applying for loans and determine the appropriate terms and conditions for lending.
Corporate Finance Manager
Corporate finance managers oversee financial planning, budgeting, and strategic decision-making within a company.
Hedge Fund Manager
Hedge fund managers oversee investment portfolios for high-net-worth individuals or institutional investors, seeking to generate substantial returns.
Private Equity Analyst
Private equity analysts evaluate investment opportunities in private companies and manage private equity funds.
Financial controllers are responsible for managing a company’s accounting operations, financial reporting, and internal controls.
Wealth managers work with high-net-worth clients to develop investment strategies and manage their overall financial portfolio.
Financial Compliance Officer
Compliance officers ensure that financial institutions adhere to regulatory requirements and internal policies.
What Companies Are In The Finance Field
Below are some well-known companies that operate in the financial sector:
- JPMorgan Chase & Co.
- Bank of America
- Citigroup Inc.
- Wells Fargo & Co.
- Goldman Sachs Group Inc.
- Morgan Stanley
- Barclays PLC
- Deutsche Bank AG
- Credit Suisse Group AG
- BlackRock Inc.
- Vanguard Group
- American Express
- Visa Inc.
- Mastercard Incorporated
- Berkshire Hathaway Inc.
The finance industry has also seen significant growth in fintech companies that leverage technology to offer financial services and products. Some prominent fintech companies in the finance sector include:
- Stripe Inc.
- PayPal Holdings, Inc.
- Square, Inc.
- Robinhood Markets, Inc.
- Revolut Ltd.
- SoFi (Social Finance, Inc.)
- Affirm Holdings, Inc.
- Adyen N.V.
Skills Needed for Finance
A successful career in finance requires a combination of technical knowledge, analytical skills, and soft skills to excel in various roles within the industry. Here are some essential skills needed for a career in finance.
Proficiency in analyzing financial data, interpreting a business’s financial statement, and understanding key financial ratios is crucial for roles like financial analyst, investment banker, and financial planner.
Strong numerical and mathematical skills are essential for tasks like financial modeling, risk assessment, and data analysis.
A solid understanding of accounting principles and practices is fundamental for roles like accountant, auditor, and financial controller.
Excel and Financial Software
Proficiency in Microsoft Excel is a must, as it is widely used for financial modeling, creating financial reports, and data analysis. Familiarity with financial software and tools relevant to specific roles can also be advantageous.
Understanding economic trends and their impact on financial markets is valuable for making informed investment decisions and financial planning.
Knowledge of risk assessment and management techniques is vital for roles that involve evaluating and mitigating financial risks.
For roles in investment management or wealth management, a solid understanding of different investment vehicles, strategies, and the financial market is essential.
Financial professionals require strong verbal and written communication skills for presenting financial information, making recommendations, and building relationships with clients and stakeholders.
Attention to Detail
In finance, accuracy is paramount. Being detail-oriented helps in avoiding errors and ensuring precise financial analysis and reporting.
Finance professionals often work under tight deadlines. Effective time management is necessary to prioritize tasks and meet important timelines.
Finance professionals deal with sensitive financial information and must adhere to high ethical standards in handling data and making financial decisions.
Teamwork and Collaboration
Many finance roles involve working with cross-functional teams, such as sales, marketing, or legal departments. Collaborative skills are essential to achieve common goals.
Pros and Cons of Working in Finance
Working in the finance industry can offer numerous advantages, but it also comes with its challenges. Here are some of the pros and cons of working in finance.
✅ Lucrative Compensation
Finance jobs often come with competitive salaries and the potential for significant bonuses, especially in roles related to investment banking, private equity, and hedge funds.
✅ Opportunities for Career Growth
The finance industry offers a wide range of career paths and advancement opportunities, allowing individuals to climb the corporate ladder and take on more senior roles.
✅ Global Employment Opportunity
Finance is a global industry, and many professionals have the chance to work in different countries and gain exposure to international markets and business practices.
✅ Networking Opportunities
Working in finance provides ample opportunities to build a vast professional network, which can be beneficial for career advancement and potential business opportunities.
❌ Long and Stressful Hours
Many finance roles demand long working hours, particularly in investment banking, trading, and corporate finance, leading to high levels of stress and potential work-life balance challenges.
❌ Pressure to Perform
Finance jobs often come with high performance expectations, especially in roles tied to revenue generation or investment performance.
❌ Regulatory and Compliance Complexity
The finance industry is heavily regulated, and professionals must stay up-to-date with evolving laws and compliance requirements, which can be challenging.
❌ Market Volatility
Professionals working in finance can be directly affected by market fluctuations, which can impact investment decisions and job stability.
❌ Ethical Dilemmas
Some finance roles involve dealing with sensitive financial matters, and professionals may encounter ethical dilemmas when navigating financial interests and obligations.
Things to Know When Choosing Finance as a Career
Choosing a career in finance can be a significant decision that can shape your professional life. Here are some essential things to consider when deciding to pursue a career in finance.
Passion and Interest
Consider your passion and genuine interest in finance. Working in this field will require dedication and long hours, so being genuinely interested in financial markets, analysis, or managing money is crucial for long-term satisfaction.
Research and understand the various career paths available in finance. The field offers diverse opportunities, ranging from investment banking and corporate finance to wealth management and financial planning. Identify which area aligns with your skills and interests.
Education and Qualifications
Find out the educational requirements for the finance career you aspire to. Some positions may require specific finance majors such as a finance degree or other relevant bachelors degree, certifications (e.g., CFA, CPA), or licenses. Plan your education accordingly.
Assess your existing skills and aptitude related to finance. Analytical skills, quantitative abilities, attention to detail, and communication skills are all valuable traits in the finance industry.
Consider the work environment that suits you best. Some finance roles involve fast-paced, high-pressure environments (e.g., investment banking), while others may be more relaxed and focused on client relationships (e.g., wealth management).
Understand the typical work-life balance in your chosen finance career. Some roles may demand long hours and weekend work, while others may offer more predictable schedules.
Job Stability and Growth
Assess the potential for job stability and career growth in your chosen finance field. Research job market trends and demand for finance professionals in your region.
Compensation and Benefits
Consider the compensation packages and benefits offered in your desired finance career. While finance can be lucrative, remuneration may vary across different roles and companies.
How Much do Finance Professionals Earn
The earning potential for finance professionals varies widely depending on the specific role, level of experience, location, and the type of organization they work for.
Finance is a broad field with diverse career paths, and compensation can range from modest salaries for entry-level positions to lucrative incomes for top-level executives in major financial institutions.
In the United States, the average salary for an employee in the finance industry ranges from $67,560 to $125,690.
Best Paying Jobs in Finance
The choice of roles in finance is fantastically varied. Financial jobs you could consider include:
- Financial Manager
- Customer Service Representative
- Budget Analyst
- Personal Financial Advisor
- Chartered Financial Analyst
- Portfolio Manager
- Certified Public Accountant
- Financial Examiner
Here are some of the best paying finance jobs to think about:
- Financial Analyst: A financial analyst can earn an average salary of $74,730 per year
- Investment Banker: Investment bankers in the US earn an average salary of $263,811
- Financial Advisor: The average salary for a financial advisor is $118,139
- Accountant: An accountant can earn an average salary of $65,000 per year
- Hedge Fund Manager: The average salary for a hedge fund manager is $137,032
- Wealth Manager: A wealth manager can earn an average salary of $95,622
- Chief Financial Officer: In the US, a chief financial officer can earn a salary of $429,392
- Loan Officer: A loan officer can earn an average salary of $182,494 per year
Is Finance A Good Career Path
Whether finance is a good career path for you depends on your interests, skills, and career goals. Finance can be an excellent career choice for individuals who possess certain qualities and have specific aspirations. Here are some factors to consider when evaluating whether finance is a good fit for you.
Interest in Finance
Do you have a genuine interest in financial markets, analysis, investments, or managing money? If you find finance topics fascinating and enjoy learning about economic trends and financial instruments, it can be a rewarding career path.
Strong Analytical Skills
Finance requires strong analytical and quantitative abilities. If you excel at analyzing data, making data-driven decisions, and solving complex financial problems, finance may be a suitable career choice.
Finance offers diverse career opportunities in various sectors, such as investment banking, corporate finance, wealth management, and financial planning. Assess whether these career paths align with your long-term goals.
Potential for Growth
Finance provides ample opportunities for career growth and advancement, especially for driven individuals who excel in their roles and continuously develop their skills.
Finance can be financially rewarding, particularly in certain roles such as investment banking or hedge fund management. However, remember that compensation can vary based on factors such as experience, industry, and location.
Consider the stability of the finance industry and the demand for finance professionals in your region. While finance can offer job stability, economic downturns and industry disruptions can affect certain sectors.
Finance is a dynamic field with evolving regulations and technologies. Be prepared for continuous learning and professional development to stay current in the industry.
How Many Jobs Are Available in Finance
The finance industry is vast, encompassing various sectors and roles, and the number of job openings for a finance professional can vary based on the size of the financial institution, location, industry trends, and the overall economic climate.
Data provided by the US Bureau of Labor Statistics estimates 3.2 million people are employed in the US finance industry.
The finance industry typically offers a significant number of job opportunities across various sectors, including investment banking, corporate finance, asset management, financial planning, insurance, fintech, and more. Additionally, finance professionals may work in roles related to accounting, auditing, risk management, financial analysis, and regulatory compliance.
How To Search for Jobs in Finance
Searching for jobs in finance requires a strategic approach to find relevant opportunities that align with your skills and career goals. Here are some steps to help you in your job search.
Update Your Resume and LinkedIn Profile
Craft a resume that highlights your relevant experience and accomplishments in finance. Also, ensure your LinkedIn profile is up-to-date and reflects your finance-related skills and professional aspirations.
Identify Job Boards and Websites
Explore job boards and websites that cater to finance jobs.
Use Company Websites
Many finance companies post job openings directly on their websites. Check the career sections of finance institutions you are interested in to find job listings.
Leverage your professional network to learn about potential job opportunities. Attend finance-related events, connect with alumni, and join finance groups on LinkedIn to expand your network.
You can also join finance industry associations and organizations related to your desired career path. These groups often offer job boards and networking events.
Consider reaching out to finance-focused recruitment agencies that can help match you with suitable job openings.
Set Job Alerts
Set up job alerts on job search platforms with specific keywords related to your preferred finance roles. This way, you’ll receive notifications about relevant job openings.
Prepare for Interviews
Be prepared for interviews by researching the company, practicing common finance-related interview questions, and showcasing your expertise.
If you are starting your finance career, consider internships to gain valuable experience and make connections in the industry.
Remember that the finance industry is competitive, and finding the right job may take time. Be patient and persistent, and don’t hesitate to seek guidance or advice from finance professionals who can offer insights into the job market and the industry.
Thanks to this guide to starting a career in finance, you now know all the key facts about starting your dream career. That includes how many jobs are available in finance, important skills you’ll need to possess, and salary expectations.
Now, it’s time to act.
Check out finance job boards, contact finance companies directly, and ask specialist recruiters for the latest career opportunities in the finance industry. Don’t miss out on your chance to land the perfect finance role. Start your journey today!
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