Career in Finance: Salaries, Industries, Certifications and More

The field of Finance is a huge space with many career opportunities to work in all kinds of industries and businesses worldwide. A career in finance has acquired immense excitement among the current and it has also become a highly chosen career prospect, because its value gets enhanced based on the market demands. 

According to the Bureau of Labor Statistics (BLS) 6.9 percent employment growth for finance between 2020 and 2030 projects. During that period, an estimated 96,000 jobs will be present. When it comes to finance several individuals are actively choosing investment banking careers as it offers innumerable opportunities in many various industries, with attractive salaries, many job roles, and with great benefits. 

In this article, let’s look at why a career path in Finance is a good choice. 

Industries that Hire 

While many finance professionals work in an independent practice, according to a report from BLS there are a few following sectors that employ the largest number of professionals, especially in finance: 

• Accounting, Tax Preparation, Bookkeeping and Payroll Services 
• Management of Companies 
• Local and State Government 
• Management, Scientific and Technical Consulting Services 

Average Salaries in Each Sector 

The salary in the finance field is related to the position one is holding in the accounting department. The salary increases steadily for the professionals who have more experience in a specific industry. The median annual wage for business and financial occupations is USD 46,310 higher than the median annual wage for all occupations. 

The average salaries for professionals in various industries are: 

• Finance and Insurance – USD 78,600 
• Management of Organizations and Enterprises – USD 76,230 
• Accounting, Tax Preparation, Bookkeeping, and Payroll Services – USD 73,180 
• Government Agencies – USD 72,260 

Essential Skills for Finance Professionals 

To grow in the field of finance an individual requires certain skills. They are: 

• Communication skills 
• Analytic and Interpersonal skills 
• Knowledge of Accountancy Software 
• Strong grip on Mathematics 
• Good Computing Skill 
• Numerical Aptitude 
• Belief in Ethical Practice 
• Honesty and Reliability 
• Patience and Self-Discipline 
• Understanding of Accounting Procedure 
• Ability to Manage Distraught and Questioning Clients 
• Need to work in an environment of Computing Area 
• Able to perform day-to-day tasks in an office setting to Review Documents for longer hours 

To excel in a career in finance one must have a professional qualification like certifications or courses that help them to enrich as well as to acquire more knowledge. 

Various Job Roles for Finance Professionals 

Whether an aspiring finance professional intends that he/she would like to work in an accounts team in a small business in a finance department for a big corporation in an investment bank, or as a management accountant at one of the reputed organizations, one is required to have an undergraduate degree, as it is the best way for a starting point that will help an individual to learn many essential skills. 

A few kinds of finance-related job roles include: 

• Finance Director 
• Investment Banker 
• Forensic Accountant 
• Fraud Prevention 
• Portfolio Manager 
• Finance Analyst 
• Financial Planner 
• Economic Analyst 
• Stockbroker 
• Management Accountant 
• Tax 
• Actuary 
• Auditor 
• Securities Trader 
• Quantitative Analyst 

Pursue the Best Finance Certifications 

Doing the finance certifications can improve the earning potential and will qualify for the best positions. If one is considering getting to enter the finance industry, then exploring a few of the certifications will be highly useful to determine which is the perfect fit for them. A few of them are: 

• Financial Risk Manager (FRM)

This Financial Risk Manager (FRM) certification is accredited by the Global Association of Risk Professionals (GARP) and the professionals obtain proficiency in risk assessment. They are trained to assess risk in insurance organizations, regulatory agencies, asset management firms, and banks. 

• Chartered Investment Banking Professional (CIBP™)

Chartered Investment Banking Professional (CIBP™) is a well-recognized qualification offered by the Investment Banking Council of America (IBCA). CIBP™ is considered among the top investment banking courses that are worth choosing because it is the world’s most uniquely designed powerful charter from the United States. IBCA credentials and standards allow professionals to remain attracted to the latest industry enhancements to their best.  

CIBP™ offers better knowledge about the massive landscape of contemporary Investment banking by enabling everyone to get an advanced level of competency in the domain. 

End Notes 

A career in finance has a lot of vast space not just in terms of monetary benefits but also in the process and the ways funds are gathered. It is the best career path for those job seekers who can achieve numerous successes with the right mind, qualifications, and skill set. As the financial sectors redefine their business it is crucial to improve one’s skills to stay ahead in one’s career with the right certifications.