Many industries are changing at a very fast pace, and the financial industries are a perfect example. Those considering a finance career will want to know what the developments in the industry are. Is finance a good career path for the future and which types of finance jobs will always be in demand?
Both the job market and the finance market are changing. For instance, AI could revolutionize the way that financial jobs work, and certainly areas like admin, reducing the need for monotonous tasks like data entry. But what about the high-end finance fields of work?
In this guide, we’re exploring some different types of finance careers including corporate finance and some of the best jobs in finance for people to consider.
Financial Analyst
A financial analyst plays a critical role in helping businesses and organizations make informed financial decisions by analyzing financial data, market trends, and investment opportunities.
They are responsible for evaluating the financial performance of companies, assessing risks and opportunities, and providing recommendations to management or business owners (or clients, if they are working on contract). Financial analysts use their considerable knowledge and industry techniques to interpret financial statements, assess the company's financial health, and forecast future financial outcomes.
In addition to financial analysis, analysts often play a key role in budgeting, financial planning, and strategic decision-making processes, feeding into management before making any decisions. They may develop financial models and projections to support business planning and investments, as well as prepare reports and presentations to communicate their findings to stakeholders. Communication can be key, so if you’re just a numbers person, this may not be the number one choice.
The strategizing aspect and crucial number-crunching makes it one of the best paying jobs in finance, especially if you reach a high level. Qualifications for a career as a financial analyst typically include a bachelor's degree in finance, accounting, economics, or a related field. A similar role within some companies is risk management, who focuses more on the risks in certain decisions, or the risks of insuring a company.
Financial Accounting
One of the most popular finance career paths involves pursuing accountancy.
Accountants play a fundamental role in ensuring the financial health and compliance of businesses, organizations, and individuals.
They help to record, analyze, and report financial transactions accurately and in compliance with relevant laws and tax-paying regulations. Accountants maintain financial records, including ledgers, journals, and financial statements, to track income, expenses, assets, and liabilities. They use accounting principles and standards to prepare financial reports such as balance sheets, income statements, and cash flow statements, which provide stakeholders with insight into the organization's financial performance and position.
The role can get quite complex, and there are many sub-niches within the accountancy field of work. Doing the accounts for small businesses will be very different from taking a finance career in accountancy for a huge multinational company.
To do this job, you will need at least a bachelor's degree in accounting. Some roles may also demand a master's degree and CPA licensure.
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Numbers of accountants and auditors employed in the US
Stockbroker
This is another role that has changed drastically. People looking for finance degree jobs may think about Wall Street as a potential moneymaker, with a reputation for being one of the best paying jobs in finance. Today, the world of stocks has changed.
A stockbroker, also known as a securities broker or investment broker, acts as an intermediary between buyers and sellers of securities, such as stocks, bonds, and other financial instruments. Their primary role is to facilitate the buying and selling of securities on behalf of clients, which can include individual investors, institutional investors, and corporations.
Stockbrokers execute trades on various financial markets, such as stock exchanges, over-the-counter markets, and electronic trading platforms, with the goal of achieving the best possible outcome for their clients.
As well as a finance degree (or similar), Many stockbrokers need professional certifications such as the Series 7 license, overseen by the Financial Industry Regulatory Authority (FINRA) in the United States. There are a number of different tutors here on Superprof who can help you to study for the certifications you need, either online or in person.
Financial Advisor
This is a finance career that is mainly focused on helping to grow wealth. A financial advisor plays a crucial role in providing personalized financial guidance and investment advice to individuals, families, and businesses.
Usually, the main responsibility is to help people achieve their financial goals and objectives by developing comprehensive financial plans tailored to their unique circumstances and aspirations. Financial advisors assess clients' financial situations, including income, expenses, assets, liabilities, and risk tolerance, to understand their financial needs and priorities. Based on this assessment, they provide recommendations on various aspects of financial planning, such as retirement planning, investment management, tax planning, estate planning, insurance coverage, and wealth preservation. They may also help with things like investing, depending on how they are licensed to help.
There are regulations in different jurisdictions regarding working as a financial advisor. Like other types of finance jobs, the onus is on the finance professionals to show that they are qualified. Professional certifications such as the Certified Financial Planner (CFP) designation, Chartered Financial Analyst (CFA) designation, or Chartered Financial Consultant (ChFC) designation can enhance credibility and may even be legally mandated.
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Chief Financial Officer
If you’re looking for a high-flying, high-paying job in finance, then this could be the career path for you. Be prepared for a whole lot of responsibility, though.
The Chief Financial Officer (CFO) holds a senior executive position within a company and is primarily responsible for overseeing the organization's financial activities and performance.
The CFO plays a critical role in strategic decision-making, financial planning, and ensuring the financial health and stability of the company. They work closely with the CEO, board of directors, and other key stakeholders to develop and implement financial strategies that align with the company's overall goals and try to take their company to the next level.
The CFO role changes based on each company, but usually provides leadership and guidance to the finance team, including accounting, treasury, financial planning and analysis, and investor relations, to ensure accurate financial reporting, compliance with regulatory requirements, and effective management of financial resources.
Like so many roles and careers in finance, there are a lot of different routes to take to get to the role of CFO. Qualifications for a career as a Chief Financial Officer typically include a bachelor's degree in finance, accounting, economics, business, or a related subject. Many CFOs may also hold advanced degrees such as a Master of Business Administration (MBA) or a Master of Science in Finance (MSF). This is not the sort of standard job for finance majors you will walk into from college, expect a lot of work and further training if you want to get to this role.
Fintech Developer
This is a finance career that is a little different from the rest, and those working in this area may not have a finance degree.
Fintech refers to financial technology, things like apps and wider systems that are used for people to manage money securely and conveniently.
Software engineers in fintech companies develop and maintain software applications, platforms, and systems that power various financial services and products. They may work on building trading platforms, payment processing systems, mobile banking apps, or blockchain solutions, among other projects. Strong programming skills and knowledge of technologies such as Java, Python, C++, and JavaScript are essential for software engineers in fintech.
Instead of a finance degree, these developers may instead have qualifications in other areas such as software engineering, one of the many subjects that Superprof tutors can help you to grow your knowledge in.
Working in Finance: What to Expect
Majoring in finance through school and then pursuing a career in finance is seen as a pretty safe bet. These are jobs that are in a lot of demand, and while tools have evolved to help accountants and other professionals a great deal, the human input is very much needed.
Some finance jobs are suitable for those who are drawn to number-crunching and have a talent for mathematics, and others will have more of a focus on strategy like investment banking.
The finance industry can be brutal, and jobs in the stock exchange definitely have this reputation. However, there are so many jobs in the finance field that there is likely to be something for every personality type and level of ambition. Financial degrees are usually in high demand, and beyond the roles listed on this guide there are many more niche positions, and even teaching roles in the field of finance and financial management.
For those who are looking to work in finance, there are many opportunities to build your skills right here on Superprof, with tutors helping with accreditations as well as general skills to put to use in the industry. You can find a finance tutor today here on Superprof and grow your financial acumen! Start your search for a finance tutor now.
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