The Bureau of Labor Statistics (BLS) says that the number of jobs in finance will increase by 5 percent from the year 2029 and 2019. The growth of 5 percent is equivalent to 476,200 jobs. The increase is due to a variety of factors, but globalization and an expanding economy are the most significant factors.
Finance is a highly competitive career path. This is not surprising, given that the highest-earning professionals earn anywhere between six and seven figures.
Even beginning finance jobs can be lucrative in comparison to other professions. The average annual pay for finance professionals was $77,289 by 2022. By contrast, the median annual wage for all other professions was $41,950.
You may not earn a salary of six figures immediately. It could take some time to get the position of your dreams. However, there are many occupations that fit into the financial industry. When you have the first position, you will be able to shift around until you have found the perfect fit for you. Before we start our blog, if you are a finance student and looking for finance coursework help then you can contact us.
Education Requirements
A bachelor's degree in finance is the first step toward employment in finance. There are a variety of finance degrees. The type of degree you require will depend on the goals you have for your career.
A bachelor's degree can prepare you for entry-level jobs in the financial sector. Limiting yourself to only a bachelor's level will limit your opportunities in the field. An MBA in finance, or doctorate in finance can allow you to move up the field.
Careers in Finance
There are a variety of career choices in the field of finance. You must decide which one is the most suitable option for your career. You'll be able to determine the direction you'd like to follow when you've completed your knowledge and experience on the job.
In the field of finance, jobs typically are classified into three types:
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Public - usually involves working in conjunction with the state, the city or federal government.
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Corporate generally means working in the business industry.
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Personal - typically, it involves offering financial services to people.
The most well-known finance careers include:
Commercial Banking
Financial professionals who work in commercial banking typically work in local banks branches. They typically handle savings accounts, checking accounts, and personal and business loans. It is possible to start your career in the banking industry as a clerk and then progress to branch manager.
Beginning commercial bankers earn as much as $55,000 annually. The annual salary increases with each step on the ladder of financial success.
Investment Banking
Investment banking is the process of selling and trading of corporate securities. Apart from corporate securities the investment banker also provides financial guidance to companies as well as individuals. This can include selling and trading bonds as well as stocks traded on the stock exchange.
Investment banking is an intense and competitive job. It's frequently regarded as to be the most stressful job in the world of finance. However, starting pay can be at or above $100,000 annually.
Financial Planning
Financial planning is about helping people to get their present and future financial situation in order. A financial planner will discuss strategies that help their clients achieve their financial goals.
If you're considering becoming a financial advisor, then you'll improve your chances of success by being certified. Consider obtaining your Certified Financial Planner (CFP) certification. It usually takes between 18 and 24 months to get certified.
The median wage for a financial planner who is a professional is $87,850.
Public Accounting
Public accountants typically work with companies. However public accountants could also work with private clients. This profession requires the maintenance of financial records as well as auditing financial records and preparing tax returns for income.
The average pay for public accountants is $63,907.
Finance Jobs and Salaries
Salaries can vary with regards to finance jobs. Education and experience play a factor in the amount that one earns. There's also the matter of the location, hours of work as well as the type of work required. It's not impossible to get a job with a good salary immediately after graduating from college.