The highest paying jobs in finance will require a combination of hard work and intellectual curiosity. Many of these positions require you to make complex decisions in a short amount of time.
If you’re considering a career change, you may be wondering: what kinds of jobs in finance are available? And what are the skills required for these positions?
These careers are varied, but you should know exactly what they entail before you start applying. This article will give you an idea of the types of jobs that you can choose from.
A career in finance can be as diverse as commercial banking, insurance underwriting, or investment fund management.
Many of the top jobs in finance don’t even require a graduate degree. That makes these jobs particularly attractive for those who are unsure of where to start.
Enough of the chitchat, let’s dive in.
What Kinds of Finance Jobs are Available?
The field of finance encompasses investment management, accounting, banking, and insurance. Opportunities are available around the world, but you should think about what type of finance career you are interested in before applying.
The commercial banking industry offers a variety of financial services, ranging from credit cards to savings accounts.
Other roles in the banking sector include financial statement analysis and competitive analysis.
Those interested in a career in this field might want to pursue a Master’s degree in finance. Some other popular banking roles include banking associate, mortgage banker, and account manager.
Another type of entry-level finance job is bookkeeping. In this position, you’ll be responsible for evaluating financial transactions and keeping track of loans and interest payments.
You will also track overdue accounts and monitor debtors. Although bookkeeping does not require an advanced degree, a finance major can help you develop your skills and earn between $24,600 and $60,670 annually.
Depending on your skills and experience, you may earn much more than that.
Skills Needed for Jobs in Finance
The skills needed by future finance professionals include data analysis, financial management, and strategic thinking.
These skills are essential for multiple roles in the finance sector, including managers, industry leaders, and analysts. Additionally, these skills will unlock critical insights into a company’s performance.
Online courses can help develop these skills and provide a solid foundation of financial concepts.
The ability to manage cash and project cash availability is an essential skill. This is especially useful in the accounting field, as well as in the credit analysis and loan industries.
Knowledge of multiple software programs is important, as much financial documentation is completed electronically.
For example, knowledge of MS Excel implies a good working knowledge of the program and how to convert numbers into a digital format.
In addition to technical skills, finance professionals must possess strong interpersonal skills.
They must be able to communicate effectively with non-technical people, and they must also be able to work with team members and other departments.
Management skills are also essential, and they include time management, adhering to schedules, and organizing one’s day.
The Top 15 Best Paying Jobs in Finance This Year
Getting a well-paying job in finance is a desire for every financial aspirant. Here, we are going to discuss the top 15 job portfolios for you in finance.
The skills you need to be successful include self-confidence, intellectual curiosity, and an open mind.
Being one of the most sought and best paying jobs in finance, investment bankers are responsible for working with the corporate, debt, and equity capital markets. They should have strong financial instincts and be knowledgeable about the business behind the numbers.
Investment banking jobs require a high level of technical knowledge and experience in finance. Most entry-level jobs in this field require a bachelor’s degree and some advanced education.
Many investment bankers go on to earn a master’s degree in order to further their careers. As a result, many of these positions are extremely competitive.
While there are a number of entry-level investment banker positions, these positions can be extremely competitive. Typically, entry-level positions require a bachelor’s degree, although some employers prefer MBAs as well.
The jobs require candidates to have a strong accounting background as investment banking involves analyzing and preparing financial records. The goal is to ensure financial statements are accurate and comply with legal requirements.
The US Bureau of Labor Statistics expects the employment of corporate lawyers to grow faster than average over the next few years.
The most important qualifications for this role are willing to relocate and experience in the field.
Other qualities that are highly valued include research and interpersonal communication skills. Additionally, excellent attention to detail is a key component of the job.
Salaries for corporate lawyers will vary according to the location of the employer, the size of the firm, and the level of experience.
While law school graduates will typically earn modest salaries in the first few years, those with the right skills and internships can expect to see their paychecks increase each year.
As a corporate attorney, you will be responsible for providing legal advice to companies. This includes meeting with clients to understand the legal issue. You will also need to research prior cases and consult with other attorneys.
Accountants play a critical role in running a business. They keep track of financial income and expenditure. They also ensure that the company is meeting statutory compliance.
As a result, this is a highly sought-after career path. This field also boasts competitive salaries. It is a great choice for those looking for a stable, rewarding career in finance.
In addition, there are chief accountants who are responsible for managing budgets, tax preparation, and bill collections for businesses and government entities.
As more people seek to enter the finance sector, the number of jobs is increasing. While some jobs require a specific certification or licensing, others are more general and require no special training or education.
For instance, an accountant can earn $60000-$200000 in an entry-level position in most finance fields.
Regardless of education level, there are plenty of online courses that can be taken to gain the necessary skills. These courses are often authorized by top universities.
In the finance sector, a Management Consultant’s compensation is high and is increasing with the demand for services. That’s the reason, it is one of the best paying jobs in finance.
The increasing demand for consultants has created a tight job market, which means that payment is expected to increase.
In addition, many consulting firms are now competing against tech companies and big banks, which has led to an increase in compensation.
MBA graduates who choose to become a consultant can make as much as $150,000 a year. In addition to the hefty salary, management consultants enjoy a number of other benefits.
According to the ManagementConsulted salary survey, starting salaries at the Big Three consulting firms will increase by $10k by 2022.
These firms are among the largest employers for MBA graduates and provide an environment with a range of challenges and opportunities.
Management consulting salaries vary depending on the position and experience
Generally, a fresh graduate from an undergraduate institution can expect to make between $80,000 and $90,000 per year.
Some consulting firms also award performance bonuses ranging from $12,000 to $18,000 and signing bonuses between $5,000 and $10,000.
A financial analyst’s job is to advise companies and individuals on financial decisions. These professionals study trends in the investment industry, develop financial models in spreadsheet programs and prepare reports.
A bachelor’s degree in finance, or a related field, is the typical entry requirement. Chartered Financial Analyst (CFA) certification is also beneficial.
Most financial analysts work in banks, insurance companies, or securities firms. Some may also work for businesses as research analysts, or in business media.
Their median annual salary is $85,600. Financial analysts may receive a percentage of the assets they manage. An experienced analyst may earn up to $156,150 a year.
Investment bankers are responsible for helping businesses raise money to fund their operations. These professionals also act as advisers to clients by connecting them with investors.
There are reasons why the job of a financial analyst is one of the best paying jobs in finance. Because this job is largely self-employed and the average annual salary for a financial analyst is $126,000. There is a 5% growth in the field over the next five years.
A financial analyst works closely with other finance professionals, including portfolio managers. These professionals analyze financial data to create better financial models for companies and investors.
Hedge Fund Manager
Hedge fund managers need to have a bachelor’s degree in a finance-related field and experience in the finance sector. They are responsible for investing large amounts of money and taking high risks.
They use various risk-management techniques and plan portfolios. They also must be good communicators and have great attention to detail.
In addition, they need to be good at building relationships and working independently. The salaries for these positions are around $30,000 to $500,000 per year, making it a very well-paying job in finance.
The volatility has increased over the last few years and is expected to continue to rise in the future. This is a great opportunity for hedge fund managers who are good at identifying market opportunities and managing them.
They will have a variety of challenges to deal with, but in general, they should be able to find success.
A commercial banker is a high-paying job that involves working with financial institutions and their clients to provide financial advice and services.
This type of work usually entails working in an office environment, but may also require traveling and remote work as needed.
Commercial bankers perform a range of financial services, from walking clients through different financial documents to providing advice on investment strategies. Bankers typically follow a 9-to-5 schedule and follow a business casual dress code.
Some commercial banker jobs require a high level of stress. These positions can involve dealing with money, customers, and even technology.
In addition, some commercial banking jobs require college degrees or professional certifications. Nevertheless, they offer great pay and security.
This profession does have its disadvantages, so it is crucial to learn as much as possible before making the plunge.
The commercial banking industry is a wide one. During your early career, you’ll be responsible for helping customers find the best financial options, as well as processing payments, refunds, exchanges, and more.
Investment Fund Manager
An investment fund manager manages the money of investors in a variety of financial vehicles. These funds include exchange-traded funds, private equity investments, and real estate.
The managers of these funds decide how to invest the money, based on the risks and objectives of the investors.
This job requires an individual to have excellent analytical and interpersonal skills. Compensation in this job is very competitive.
As a hedge fund manager, you can earn millions by negotiating with investors. The work is demanding and the compensation is great.
There is competition for these top five finance jobs, so it’s important to understand the field before you decide to pursue it. In addition to the high salary, this job also requires excellent interpersonal skills.
To become a hedge fund manager, you must have a bachelor’s degree in finance or another related field. These professionals invest large sums of money in a variety of investments and take a high amount of risks in hopes of receiving a high return.
As one of the best paying jobs in finance, this job can fetch you a salary of $30,000 to $500,000 per year.
Portfolio managers are responsible for overseeing institutional investment portfolios. They are often able to build personal relationships with corporate clients.
This job requires a good understanding of the financial industry and the tools needed to succeed. In addition, they need to be able to work under pressure.
The job also requires an appreciation of quantitative and qualitative analysis.
Portfolio managers typically enter into investment decision-making roles after spending several years as analysts. They must be able to assess risk and manage underperformance in financial markets.
They generally have a Bachelor’s degree in finance or a related field. Those pursuing this career path should emphasize their mastery of information, love of reading, and conceptual thinking. Those with a CFA designation are often preferred by employers.
A successful portfolio manager can move on to a senior position and assume greater responsibility.
In these positions, portfolio managers are typically responsible for multiple high-value portfolios. They may also be in charge of leading new projects and managing a team of analysts.
An insurance underwriter’s job description is incredibly broad and varied, but it has one key characteristic in common: they all work with numbers.
An underwriter must be able to solve problems and analyze risks to create effective insurance policies.
While many underwriters are trained on the job, many opt for a Master of Business Administration (MBA) degree to enhance their skills and career prospects.
This job requires strong analytical skills, financial knowledge, and interpersonal skills. Underwriters are responsible for reviewing insurance applications and determining the terms of the agreement.
They use advanced computer software to streamline their processes and calculate recommended premiums and coverage amounts. They also cross-reference risk factors, premiums, and other information to come up with the best plan for the client.
An Insurance underwriter’s salary starts at a low level and can rise significantly with experience which can make it one of the best paying jobs in finance..
Underwriters often sell insurance policies on a commission basis. According to Payscale.com, the median annual salary of an insurance underwriter is $58,021 per year.
As the economy continues to grow, the demand for financial professionals is expected to increase. Why we call it one of the best paying jobs in finance? The median pay for entry-level jobs in finance is $88,774 per year.
Other lucrative jobs in finance include banking, insurance, and regulation. Globalization and the complex tax and regulatory environment will fuel the demand for finance professionals.
As a result, finance jobs can be lucrative career options if you possess strong math and business skills.
A financial planner is a consumer service professional who assists individuals and businesses with financial planning. The financial planner will help a client set a financial goal and create a plan to help them reach that goal.
They will also help clients choose insurance policies, manage their assets, and help them choose an appropriate coverage plan. Financial planners are required to have strong analytical and math skills and a solid understanding of finance and insurance concepts.
In the field of finance, becoming an actuary is one of the most lucrative careers available and also one of the best paying jobs in finance. Depending on where you live and the industry you work in, actuaries can earn between $119,500 and $203,000 per year.
According to Jobs Rated Almanac, the actuary profession is particularly appealing to women and underrepresented minorities. There is a high demand for this profession.
Starting salaries are around $45,000, with salary increments based on experience and exams passed. The highest-paid actuaries earn well into the triple-digit range.
The actuary profession is expected to experience a rapid increase in employment, but there are challenges. The job market will be extremely competitive.
As a result, it will be difficult for employers to retain talented individuals. According to the Department of Labor, the number of people, employed in the actuarial profession will grow by 24% between 2020 and 2030.
This is faster than the average for all professions. As a result, salaries will be more competitive, and employers will need to hire more people to meet the demand.
Students, interested in becoming an actuary should focus on studying hard.
Good grades are important for prospective employers, and candidates who have passed certification exams prior to college will be given preference over those who have not.
It is also important to gain hands-on experience. Internships can be advantageous as many interns end up landing full-time positions with a company. Internships also provide excellent networking opportunities.
According to Robert Iommazzo, managing partner of SEBA Executive Search, there will be a tremendous demand for risk managers across financial risk disciplines in 2022.
He expects the need to be greatest in the technology, market, and credit sectors. In addition, there will be a growing need for risk managers with experience in the operational and ESG sectors.
Commercial banks are one of the most likely destinations for risk managers, as they have been investing in technology and people to combat the threat of fintech.
Another hot field to monitor is regulatory risk, though this tends to ebb and flow. After the financial crisis, there was a great need for risk practitioners with experience in stress testing and the Fed’s Comprehensive Capital Analysis and Review exercise.
A career in risk management is an excellent choice for people who are analytical and enjoy problem-solving.
This position involves determining acceptable levels of uncertainty and defining appropriate risk management strategies for each company.
Since responsibilities are often high and deadlines tight, it is important to have strong quantitative skills, as well as experience dealing with complex problems under pressure.
Loan officers work with banks and other lending institutions to ensure that individuals and businesses have the proper loans.
This is one of the best paying jobs in finance in the US in 2022. However, the pay for this position varies greatly, the median salary is around $63,960 a year.
In addition to a bachelor’s degree in finance, loan officers also need two years of work experience in the banking or financial industry. The employment of loan officers is expected to remain stable over the next decade.
Market research analysts are among the fastest-growing job categories in the finance field. They analyze financial data to assess the risk of a company and issue recommendations to lending institutions.
They may also create presentations to illustrate a company’s financial stability.
Financial managers are responsible for managing the finances of an organization and overseeing the performance of various financial practices.
They make investment decisions and adjust their strategies as necessary. They must also maintain compliance standards.
While these jobs are highly rewarding, they can be stressful at times. Luckily, the average salary for a financial manager will increase every year until 2022.
The financial industry is vast and varied, with countless job roles to choose from. There are traditional fields like accounting and investment banking, as well as newer careers in financial technology.
Whether you’re seeking an entry-level position or an executive role, finance is a great career choice.
This position also requires you to communicate with people throughout the organization. You’ll need to understand the importance of each department in order to run the business smoothly.