A career in finance is an excellent choice to make. It offers a variety of job opportunities that comes with great salaries and bonuses. You can earn six to seven figures but only if you choose the right career path.
In this article, we will discuss the different careers in finance degrees, corresponding salaries, and skills for finance majors.
The best way you can secure top-paying jobs in the finance field is to meet the required academic qualifications, skills, and on-the-job experience.
With a degree in finance, you will have many excellent skills that can apply to a wide range of positions.
Table of Contents
- What Is Finance?
- Why Career In Finance?
- What Skills Do I Need for Career In Finance?
- What Education and Certification Do I Need To Secure The Highest Paying Careers in Finance?
- Top Finance Schools
- What Are The Highest Paying Careers In Finance?
- Frequently Asked Questions On Highest Paying Careers In Finance
- We Also Recommend
What Is Finance?
Finance is a broad term that describes all the activities that deal with the management, creation, and study of money. It includes financial activities like investing, borrowing, budgeting, saving, and lending.
Basically, it deals with the questions of how and why an individual, corporate organization or government acquires money needed and how they spend the money they’ve acquired.
Additionally, “finance” is a general term that talks about the general “finance system.” This involves the financial markets that allow the flow of money through investments and other financial instruments.
According to Wikipedia, A major focus within the finance sector is investment management – called money management for individuals, and asset management for institutions – and finance then includes the associated activities of securities trading and stockbroking, investment banking, financial engineering, and risk management.
Hence, due to its broad scope, finance is studied in different academic disciplines, and there are several related professional qualifications that can lead to the field.
Why Career In Finance?
A Career In finance comes with a lot of benefits. whether you choose to become an investment banker, a financial manager, or a financial advisor, a career in finance will expose you to the real-world, business-oriented critical thinking and problem-solving skills.
Today, Businesses, companies, and government agencies realize the value of mindfully managing their assets.
For this reason financial planners, analysts, managers, and executives are in high demand. The expertise and guidance of these professionals can pave the way for a company’s or an individual’s fruitful future.
What Skills Do I Need for Career In Finance?
When it comes to careers in finance, professionals need analytical skills in order to dissect financial statements and appraise the financial standing of companies and other entities.
As a professional, you must also demonstrate a commitment to continuous learning in order to keep your skills relevant and remain aware of trends in the finance sector. To succeed in any finance position, you must meet the following;
What Education and Certification Do I Need To Secure The Highest Paying Careers in Finance?
In the finance world, there are various levels of degrees you can choose depending on your specific interests.
If you are focusing on getting the highest paying careers in finance, beyond a bachelor’s degree, you must earn a master’s and even a doctorate degree. This will make you better suited for management roles in this field.
Here are the three main types of degrees that will qualify you for high paying jobs in finance.
A bachelor’s degree is the first step and minimum entry-level in pursuing any finance career.
At this level, you will gain a comprehensive understanding of financial management, technological expertise, interpersonal skills, and professional insight.
This degree takes four years to complete and prepares you with the basic fundamentals you will need as a finance professional.
In addition, a bachelor’s degree is a prerequisite for enrollment in a master’s program in this field.
A master’s degree in finance degree takes two years to complete. It is an advanced program that expands upon the fundamentals of finance by focusing on specialized areas of finance.
The two popular options you can consider: a Master of Business Administration (MBA) with a focus in finance, and a master’s degree in finance. These degrees provide you with the skills needed for managerial positions in the field.
A master’s degree in finance will set you apart from your bachelor’s degree counterparts and also give you an advantage over your competition in the finance job market.
A doctorate degree is the highest level of financial education. It prepares you to become a financial researcher and/or financial instructor, as well as allow you to be qualified for almost any position in the financial world.
A doctorate degree in finance takes an additional four to five years to complete, after obtaining your bachelor’s and master’s degrees.
Top Finance Schools
What Are The Highest Paying Careers In Finance?
A career in finance is an excellent option for individuals who are skilled in mathematics. There is a wide range of high paying jobs in this sector with a great job outlook.
Below are some of the best options to consider as you explore careers related to a finance degree.
1. Financial Analyst
Average Salary: $85,660
Job Outlook: 11% growth
Financial analysts are professionals who examine financial data and use their findings to help companies make business decisions.
This may include forecasting future revenues and expenditures, as well as modeling capital structure and budgeting. They also advise clients and businesses on how to best invest and diversify their money.
The roles of a financial Analyst include:
Average Salary: $70,500
Job Outlook: 10% growth
These professionals are responsible for ensuring an individual or company’s tax information is accurate and done properly.
They are responsible for preparing and examining financial records. They work to ensure that records are accurate and that taxes are paid properly and on time.
3. Budget Analyst
Average Salary: $76,220
Job Outlook: 7% growth
Budget analysts help individuals, companies, schools, and government agencies organize their finances. They are responsible for ensuring that budget proposals are accurate and compliant with laws and regulations.
A Budget analyst should also possess the following specific qualities;
4. Financial Examiner
Average Salary: $80,180
Job Outlook: 10% growth
Financial examiners keep financial institutions, such as banks, legally compliant. They ensure compliance with laws governing financial institutions and transactions.
Their role is to review balance sheets, evaluate the risk level of loans, evaluate the risk level of financial loans, assess bank management, and review balance.
5. Management Analyst
Average Salary: $83,610
Job Outlook: 14% growth
A management analyst also referred to as a management consultant, proposes ways to improve a company’s efficiency.
Their role is to examine a company’s problems or ineffective procedures and develop solutions for improvement.
Management analyst is one of the highest paying finance careers and also has a great job prospect.
6. Financial Manager
Average Salary: $127,990
Job Outlook: 19% growth
A financial manager is a top paying finance job. Professionals in this career are responsible for a company’s financial health.
Their duty is to create financial reports and strategies for the long-term goals and growth of an organization.
Financial managers are in high demand therefore individuals in this career have the greatest chance of finding jobs.
7. Loan Officer
Average Salary: $63,040
Job Outlook: 11% growth
A loan officer is a representative of a bank, credit union, or other financial institution that assists borrowers in the process of applying for loans.
They evaluate creditworthiness and authorize loan approval for individuals or businesses.
8. Personal Finance Advisor
Average Salary: $88,890
Job Outlook: 15% growth
Finance Advisors are qualified money-management professional who helps clients meet their financial goals.
They work in a wide variety of settings, from investments, life insurance, college savings, estate planning, taxes, and retirement to personal budgeting help.
9. Investment Banker
Average Salary: $81,000 – $183,000
Job Outlook: 4% growth
Investment banking is a great job in the finance sector. Professionals in this career have a wide range of responsibilities that touch many areas of the financial industry.
Basically, the responsibility of investment bankers is to raise money for their clients by issuing debt or selling equity in companies for their clients.
They also advise clients on investment opportunities and strategies, as well as assist with mergers and acquisitions.
10. Equity Analyst
Average Salary: $64,000 – $164,000
Job Outlook: 6% growth
Equity analysts are professionals who provide financial guidance and expert knowledge of stocks and bonds to investment advisors, brokers.
While financial analysts consider a broad scope, equity analysts focus on the stocks of companies.
They are typically employed by brokerages or financial firms to analyze the value of a company’s stock and make financial predictions about a company.
11. Credit Risk Manager
Average Salary: $67,000 – $134,000
Job Outlook: 16% growth
Credit risk management is a highly quantitative top paying finance jobs job. In fact, becoming a professional in this field often requires an area-specific master’s degree.
Credit risk managers develop, implement, and maintain policies and protocols that help to reduce the credit risk of financial institutions.
They manage the building of financial models that predict credit risk exposure to the organization.
12. Tax Director
Average Salary: $93,994
Job Outlook: 10% growth
Tax directors in finance oversee tax compliance, tax strategies, and tax accounting for financial organizations.
This is a position that typically requires a bachelor’s degree, as well as extensive experience with accounting and taxes.
Usually, tax directors report to the top management of an organization.
Average Salary: $84,060
Job Outlook: 33% growth
One of the highest paying finance careers with the highest job growth is Statistics. The Bureau of Labor Statistics predicts that job growth rates in this career field will rise faster than ones in many other career fields in the near future.
Statisticians use theoretical or applied statistical methods to gather, test, analyze, and summarize data to help solve problems in the industry, academia, and government.
Their findings are used to improve products, service outcomes, and business decisions.
Average Salary: $116,020
Job Outlook: 8% growth
Economists conduct research, evaluate data, monitor economic trends, and develop forecasts on a wide variety of issues, including energy costs, inflation, interest rates, exchange rates, business cycles, taxes, and employment levels, among others.
They present their findings to government agencies, corporations, and academic research organizations.
A bachelor’s degree is the minimum entry-level into this profession. However, to gain access to senior-level economist jobs, you’ll need an advanced degree in a finance-related field.
Average Salary: $102,880
Job Outlook: 22% growth
The actuary is a job in the finance field that analyzes the financial consequences of risk.
Actuaries use mathematics, statistics, and financial theory to study uncertain future events, especially those of concern to insurance and pension programs.
They require strong mathematical skills to calculate the likelihood of various events and to assess the financial consequences for those outcomes.
They present their recommendations to managers at their firm and convince others of the soundness of their decisions.
If you are considering a career in finance and you don’t know the best option to select from, take advantage of the top-paying finance jobs we, ve highlighted in this article and choose the option that best suits your demand.
Frequently Asked Questions On Highest Paying Careers In Finance
How long does it take to complete a career in finance?
It takes 4 years to get a bachelor’s degree, two years post-baccalaureate. The total time is 5-7 years.
What GPA Do I need to enroll in the highest paying finance careers?
GPA of 3.0 and above.
Can I get a high paying job in finance without a degree?
A bachelor degree is the minimum entry requirement for any finance job.
We Also Recommend
Does this article meet your immediate needs? if yes, please kindly share with your friends and please do well to share your opinion in the comment section below.