The financial industry offers plenty of great career options, many of which pay impressive salaries. According to the U.S. Bureau of Labor Statistics (BLS), the business and finance sector is on track to experience a 7% growth in job opportunities from 2021-2031.
Want to use your knowledge of money to make lots of money yourself? As you'll soon discover, the financial industry is packed with employers who would be happy to put your skills to good use. But is finance a good career path for you?
We're here to help you find out. In this article, we're going to break down seven of the top finance jobs available today. Whether you love staying on top of the latest stock trends or aim to become a high-powered chief financial officer, you're in the right place. We'll fill you in on what each job entails, what education and skills you'll need to land it, and even how much you can expect to get paid.
7 top finance jobs
Financial jobs come in a refreshingly wide variety of shapes and sizes. There's a job for every skill set, but no matter what, it helps if you're a math whiz. Some financial professionals focus on things like risk management and auditing, while others specialize in portfolio management, investment strategies, or personal finance.
If you've got a way with numbers and count problem-solving among your superpowers, a finance degree could be a great choice for you. Let's take a closer look at some of the career paths open to finance graduates.
1. Personal financial advisor
Average salary: $137,740 (mean)
Minimum education required: Bachelor's degree
If you love the idea of using your skill set to help others reach their financial goals, then personal finance could be a great path for you. In addition to earning a bachelor's degree, you'll also want to investigate various licensing requirements and certification options.
While not technically required in all cases, becoming a certified financial planner (CFP) is an excellent way to go. CFPs have basically proven they are personal finance rock stars by passing the rigorous CFP certification exam.
But make no mistake: that high salary comes hard-earned. The CFP exam is tough and will make absolutely sure you're an expert on everything from wealth management and investment strategies to taxes, retirement, and estate planning. Aside from its coursework, it also requires a certain amount of hands-on work experience hours.
But if you do manage to earn the coveted certification, you'll be among the most trusted personal financial advisors on the market. Not only have CFPs proven themselves experts in their field, but they are also fiduciaries. That means that they are legally obligated to act in the best interest of their clients, so shady dealers need not apply.
2. Investment banker
Average salary: $91,311
Minimum education required: Bachelor's degree
Investment bankers are kind of like personal financial advisors, but for corporations and other large organizations, rather than individuals. If a business, organization, or even the government is looking to raise capital for a purpose, then an investment banker is who they're likely to call.
Say, for instance, that a large corporation wants to upgrade the machinery in its factories but doesn't have the money to do it. An investment banker might help them reach their financial goals using a strategy like issuing a bond or selling stock shares.
Investment bankers also oversee things like mergers, acquisitions, or private equity and underwriting deals. Experienced investment bankers often go on to pull in six figures, but beware that the job can be pretty high-stress -- particularly when Wall Street dives headfirst into a bear market.
The good news is that it's often possible to score internships or entry-level jobs in investment banking with nothing more than a bachelor's degree. While some investment bankers are able to ride their experience to the top, others choose to pursue a master's degree to fast-track their way up the corporate ladder.
3. Financial analyst
Average salary: $95,570 (median)
Minimum education required: Bachelor's degree
Do you love combing the market with stock screeners like Think or Swim, or Seeking Alpha? If you're all about using fundamental analysis to pick winning trades, then you possess the skills financial analysts are made of.
You'll put your analytical skills to good use, helping companies make informed financial and investment decisions. Financial analysts consider everything from the latest economic trends to their employer's financial modeling to offer solid money management recommendations.
In general, there are two types of financial analysts: buy-side and sell-side. Buy-side analysts usually help institutional investors such as hedge funds, mutual funds, and insurance companies make informed investing and financial decisions.
Sell-side analysts use their financial analysis skills to offer investment banks, brokerages, or other financial services firms advice on when to buy or sell certain assets. Chartered financial analysts (CFAs) have been certified as official financial data experts.
4. Chief financial officer (CFO)
Average salary: $148,660
Minimum education required: Bachelor's degree
Obviously, Chief Financial Officer (CFO) isn't the first job you'll want to look into if you're exploring entry-level positions. But if you've got great leadership and communication skills, it's one of those finance roles that makes for an awesome long-term goal.
A CFO is a C-suite executive who holds one of the most important senior positions at a company. They work closely with the chief executive officer (CEO) and oversee everything from the company's asset management and financial strategies to its financial risk management, taxes, and budget.
While the average CFO works long hours, most also reap six-figure rewards. In order to become a CFO, you'll first need to rack up extensive work experience in a related field. Some CFOs start out as financial analysts, internal audit managers, finance directors, or business administration professionals.
Many aspiring CFOs choose to pursue master's degrees or get registered as certified public accountants (CPAs). Both can go a long way when it comes to mastering the nuances of corporate finance.
5. Budget analyst
Average salary: $77,070
Minimum education required: Bachelor's degree
Do you enjoy going through your financial statements every month and creating budgets to make sure your finances stay on point? It may be time to bring your love of number crunching out of the shadows and use it to pursue a job as a budget analyst.
Budget analysts are pretty much exactly what they sound like. These financial professionals use their knowledge of accounting and economics to make sure an organization's finances stay in shape.
By analyzing a company's financial reports and data, budget analysts develop forecasts, budget proposals, and suggested spending cuts. Whether they work for a company, university, or other agency, the budget analyst's job is to develop a sound budget and make sure it stays on track.
6. Financial compliance analyst
Average salary: $70,485
Minimum education required: Bachelor's degree
If you're interested in both law and finance, then a career in financial compliance may be a good way to split the difference. A financial compliance analyst's job is to make sure that an organization's financial activities stay in line with rules and regulations.
Many people would be surprised to find out just how many financial rules there are, especially in some industries. Banks, cryptocurrency services, healthcare providers, and more all have to adhere to certain regulations or risk hefty fines. That's why you'll find compliance analysts working at investment firms, insurance companies, and everywhere in between.
While the job may look a little different depending on where you work, a compliance officer's main goal is to keep the company's finances squeaky clean. The duties of a compliance analyst could include everything from conducting audits to making sure employees stay in the know about important financial procedures.
7. Hedge fund manager
Average salary: $145,816
Minimum education required: Bachelor's degree
Do you love high-risk, high-reward investing? If so, then it may be worth putting in the time and effort needed to work your way up to a career in hedge fund management.
Hedge fund managers oversee (you guessed it) hedge funds, which are limited partnerships made up of institutional or private accredited investors. These investors pool together a large amount of money, which a hedge fund uses to make non-traditional (and often risky) investments.
A hedge fund might invest in anything from leveraged assets, options, and futures to real estate or commodities. The hedge fund charges not only a management fee, but also a percentage of any profits.
A hedge fund manager who is good at their job can make a great deal of money very quickly. But in order to be considered for the role, you'll need a lot of experience, expert knowledge of multiple investment strategies, and nerves of steel.
Pros and cons of working in finance
In order to decide if a job in the financial sector is a good career path for you, it's important to consider the pros and cons. Let's take a look at several upsides and downsides of pursuing the finance path.
Pros of finance careers
- Variety: Between the rise of financial technology (fintech) and the ever-changing nature of the economy, no two days are the same for many financial professionals.
- Salary: Jobs in the financial sector tend to offer healthy salaries, even for entry-level positions.
- Transferable skills: Solid finance skills will never go out of style and can be used in a large variety of different jobs.
- Networking: Many finance jobs involve regular exposure to high-profile clients and companies, which never hurts when it comes to networking.
Cons of finance careers
- Long hours: Many finance professionals related all too well to the movie title "Wall Street: Money Never Sleeps." But some positions may require more overtime than others.
- High stress: There's little room for error when you're dealing with multi-million dollar accounts, which is part of why education and training are so important.
- Competition: While there are a lot of great finance jobs out there, competition can be high when it comes to getting in on the ground floor with internships or entry-level jobs.
What education do you need for a career in finance?
A bachelor's degree is generally the minimum entry-level requirement for most jobs in the finance sector. Beyond that, it really depends on the specific career track you want to pursue.
For example, some companies might prefer you to have a master's degree for certain mid to upper-level jobs, while others hire and promote based on your experience. Additionally, it's worth looking into any licenses or certifications your dream job may require at the state level.
The best college majors for finance jobs
So, which major should you select if you want to pursue a career in finance? Here are several great choices and what each has to offer.
- Finance: It's hard to go wrong with a degree in finance, which will give you a great foundation in everything from fundraising and investing to budgeting and planning.
- Accounting: An accounting degree will teach you to turn numbers into cold, hard insights.
- Economics: Economics focuses on the bigger picture and is a great major if you want to understand all the factors that make the economy tick.
- Business administration: Business admin will teach you how to be a business expert and leader all in one.
- Financial technology: Fintech is a great major for anyone who wants to join the front lines of financial innovation.
Find the best school for you with College Rover
We hope this info helped give you a better idea of whether or not finance is a good career path for you to start your professional career. No matter which major you decide to go for, College Rover can help you find the right school to make it happen. We'll simplify your college search with an easy, pamphlet-free path to finding the perfect school for you.
