“The finance industry is multifaceted, offering a variety of positions catering to a number of different skills and interests” (Kochanek). Finance is a lucrative career option and includes several opportunities in the field of commercial banking, corporate finance, investment banking, mutual and hedge funds, financial planning, management consultancy, insurance, equity management, money management, real estate, valuation analysis and the like. The scope of the subject also includes the study of financial data and the analysis of financial determinants that affect the economic health of securities, companies, capital markets and countries alike.
Job opportunities in the Commercial banking sector are immensely rewarding, both financially and professionally. Commercial banks offer exposure in several spheres of finance such as credit card banking, retail banking, leasing, foreign exchange, trade credit and international finance. One can begin their career in the banking sector as a bank teller, relationship manager, loan officer, or even as an operations manager. A master’s degree holder may fetch a starting salary between $80,000 and $120,000 for these positions. A few years of experience in the banking sector allows individuals to fetch jobs as credit analysts, mortgage originators, financial analysts, personal bankers or even as branch managers. The salary for these jobs ranges between $100,000 and $150,000.
Corporate Finance is another lucrative option for individuals looking for jobs in the finance stream. It involves working as a financial consultant and analyst for companies and to help them make operating, investing, and financing decisions. These jobs are considered to be the best jobs in the field since they provide extensive exposure in working capital management, foreign exchange trading, and risk and credit management. One has the option of taking up a job in a multi-national company or even in a small firm in the capacity of a treasure, controller, financial officer, credit and cash manager, investor relations officer, or a financial analyst. The starting salary for a master’s degree holder ranges between $60,000 and $90,000 in this sector.
Investment Banking is another rewarding career option in the finance stream. “Investment Banks help companies and governments issue securities, help investors purchase securities, manage financial assets, trade securities and provide financial advice” ("Careers-In-Investment-Banking.Com"). These banks provide requisite exposure in capital markets, mergers and acquisitions, securities trading, derivatives, financial advisory, international markets, underwriting, broking, ratings analysts and the like. MBAs and Master’s degree holders are generally hired as Associates in investment banks. They generally move up the organizational ladder within a few years time to become Vice-President, Director and Managing Director, respectively. The starting salary in this sector ranges from $120,000 to $250,000 for fresher candidates.
Individuals looking to start their careers in the finance stream are increasingly vying for jobs in Mutual and Hedge Funding. “Hedge funds are largely unregulated private investment funds whose managers can buy or sell a wide array of assets and financial products” (Kochanek). Jobs as hedge and mutual fund managers are considered to be one of the most glamorous jobs in the finance industry. One may start their career as a junior analyst, junior trader or a junior portfolio manager and may gradually work up the organizational ladder in a few years. These jobs allow professionals to earn bonuses on achieving targets and deadlines. Minimum salary (without bonus) for a Master’s degree holder ranges from $80,000 to $200,000. The average bonus for professionals in the junior-most profile ranges from $60,000 to $600,000.
Fresher candidates also have the option to become Financial Planners. Financial Planners advise and help individuals to manage their finances in a better way. The job involves acting as consultants and advisors and creating financial plans for wealthy individuals. Jobs in this profession are generally available in financial planning firms. The starting salary for these jobs is around $80,000.
Management consultancy is another lucrative option for individuals who wish to begin their career in finance. The job requires providing consultancy services to established companies or entrants in the corporate world. Management consultancy firms provide financial plans, credit and risk management advisory, working capital management services, and wealth maximization services to these entities. Fresher candidates holding a master’s degree are hired as analysts in consultancy firms and are paid a salary in the range of $110,000 and $140,000. Bonuses and other additional incentives make up for an attractive salary package.
The Insurance industry also offers rewarding jobs and salaries to individuals. It is a trillion-dollar industry in the U.S. and is growing in popularity among job seekers. Individuals generally take up jobs in large insurance companies as insurance agents, sales representatives, customer service representatives, actuary, underwriters or asset and risk managers. These jobs mostly include providing hedges against unanticipated losses and helping individuals and companies to invest their money in appropriate insurance policies. A master’s degree holder can take up any of the aforementioned jobs for a starting salary of $50,000 to $90,000.
Equity management includes the management of private equity and venture capital. Private equity firms hire individuals who are required to provide assistance to entities in arranging equity capital for their business. Similarly, venture capital firms employ professionals who assist start-ups in arranging capital for their business ventures. Both these forms of equity management provide attractive career opportunities to individuals, who are hired as associates in these firms. The starting salary for a fresher Master’s degree holder ranges between $150,000 and $200,000. The salary is estimated to double within 2 to 4 years in the equity management industry.
Money management is the management of stocks and bonds on behalf of institutional investors and clients. It is a widely popular and an enticing career option for candidates who have an interest in the stock market. Money managers are required to employ sophisticated techniques in order to gain hefty gains from the fluctuations in the capital markets. They are required to have requisite knowledge in dealing in stocks, bonds, futures, options, swaps and other derivative instruments. Master’s degree holders may begin their career as money managers with investment banks or insurance companies with a starting salary of around $80,000.
Individuals looking for jobs in finance also have the option to work in Real Estate where jobs “such as title insurance, construction, mortgage banking, property management, real estate appraisals, brokerage and leasing, and real estate development” are open to candidates ("Real Estate Careers Overview"). Candidates may take up jobs in the capacity of real estate agents or brokers, sales associates, real estate appraisers, property managers, or as real estate advisors. Firms in the real estate business look for individuals who are experts in finance and are acquainted with real estate business. Master’s degree holders may earn a starting salary in the range of $60,000 to $120,000.
Another enticing career option for candidates in the finance stream is valuation analysis. “Business valuation analysts determine the value of a business enterprise or the ownership’s interest (for example, when a business is bought or sold)” (Yuille). Besides valuing businesses, Valuation analysis also includes valuation of assets, property, intellectual property rights, stocks and portfolio. Candidates having a master’s degree are hired as analysts in valuation firms for a starting salary of $60,000.
Apart from the aforementioned career options, candidates also have the option to become fund accountants and tax consultants. Both the two options are equally rewarding but require individuals to have thorough knowledge of finance. Fund accountants are required to have expertise in fund management and relevant accounting procedures. Their job is to analyze trends in stocks, bonds, and assets and liabilities of the fund and make appropriate financial decisions. The starting salary for a fund accountant ranges from $39,000 to $45,000. Tax consultants, on the other hand are required to be experts in taxation and other legal matters. They assist individuals and companies in paying taxes to the government and oversee taxation reports and plans. Their starting salary lies within the range of $45,000 and $60,000.
Having a career in finance is immensely rewarding and enriching. An individual has several career options to choose from and is free to take up a job in any one of the above-mentioned fields. Each job opportunity is as interesting as the other one and is highly rewarding, both monetarily and professionally. The finance sector is constantly expanding in all parts of the world and individuals who have expertise in finance are the most sought after these days.
Works Cited
"Careers-In-Investment-Banking.Com". Careers-in-finance.com. N.p., 2012. Web. 26 May 2016. <http://careers-in-finance.com/ib.htm>
Kochanek, David. "Financial Career Options For Professionals | Investopedia". Investopedia. N.p., 2008. Web. 26 May 2016. <http://www.investopedia.com/articles/financial-careers/08/financial-career-options-professionals.asp>
"Real Estate Careers Overview". Careers-in-finance.com. N.p., 2016. Web. 26 May 2016. < http://careers-in-finance.com/re.htm>
Yuille, Brigitte. "Top 4 Most Competitive Financial Careers". Forbes.com. N.p., 2013. Web. 26 May 2016. < http://www.forbes.com/sites/investopedia/2013/07/14/top-4-most-competitive-financial-careers/2/#6662c8005bca>
