Seven Fantastic Careers in Finance

Introduction

Just as job seekers find it challenging to secure a suitable job, employers also find it challenging to find the right candidate, especially for certain key positions. Financial recruiters, particularly, find it difficult to recruit a strong candidate for specific positions such as senior accountant,  asset manager, management analyst and tax manager – to name a few.

Finance is a broad spectrum featuring many career paths to choose from. Though a good percent of students choose this field, many remain unaware of the multitude of opportunities available in this field and the relevant educational qualifications, experience, pay packages and job responsibilities.

Seven Fantastic Careers

Good paychecks, the prestige of working for a high-profile business house and attractive growth potential are just the few of the many attractions of a career in finance. Aspiring candidates seeking to foray into the field of finance would definitely find the following list of careers worth pursuing.

1. Accountancy and Auditing

Regarded as the evergreen career, accountants and auditors are in great demand everywhere. Be it a small, medium or large corporation or a government undertaking, every entity (profitable or non-profitable) need accountants and auditors.

The American Institute of Certified Public Accountants (AICPA), summarizes accounting as ‘the one degree with 360 degrees of possibilities’. A degree in accountancy is the right start to pursue a rewarding career in all fields of finance.

A professional qualification in accountancy allows you to pursue any of the following lucrative career paths.  Public accounting, private accounting, non-profit and government accounting. One can also venture into various auditing  jobs – external auditor, internal auditor, IT audit, compliance auditor as well as government advisory and assurance professionals.

2. Asset Management

Asset management involves managing a portfolio of investments for clients, with a view that they would grow over a period. Asset management professionals are usually hired by investment firms to make investment decisions and manage a diversified portfolio.

Jobs within this field include fund manager (monitors the performance of investments in the portfolio), analyst (researching investment potential), sales manager (communicating value to buyers), accountant (tracks assets). Average  yearly salary range:  US$ 50,000 to US$ 100,000

Qualification

A mix of adequate academic and professional background allows one to start a career within this field.  An MBA or a CFA (certified financial analyst) would equip an individual to face the extreme competition in this field.

3. Corporate Finance

The prime responsibility of corporate finance professionals is to manage the cash flow of businesses. The job involves cash flow management for the smooth conduct of operations and enabling decisions related to business finance in a highly volatile environment.

Jobs within corporate finance range from accountant, finance analyst, budget analyst to securities and commodities manager. Average yearly salary range: US$ 45,000 – US$ 80,000

Qualification

Owing to the competitive nature of jobs within this field, recruiters seek  higher  educational qualifications such as CFA, CPA (Certified Public Accountant) for key positions. Nevertheless, master’s degrees and MBA have great scope, a professional certificate adds an edge to the CV.

4. Investment Banking

Investment banking is an exciting career with lots of challenges. The prime operations include aiding government and companies to issue securities. Investment bankers also handle mergers and acquisitions, offer financial products and guide securities decisions.

An investment banker is mainly concerned with raising money for the global banking giants through venture capital or selling stocks. Candidates can seek to work within the following sub-fields such as underwriting, private equity, venture capital and M&A (mergers and acquisitions).

Jobs within this field are quite demanding and might prove stressful. However, the pay packages more than compensate the stress and are extremely rewarding. Average yearly salary range: US$ 100,000 – US$ 230,000

Qualification

Besides the standard qualification of a bachelor’s or master’s degree or a professional certification or a PhD, candidates seeking to venture into this field should have exceptional math skills.

Ambitious candidates should stay updated with the highly volatile stock market movements, latest news and trends in finance. Additionally, an ideal candidate would own a highly analytical mind and the expert ability to foresee the impact of market changes.

5. Insurance

Insurance is all about risk management –  both the individual level and corporate level. The field offers a stimulating and lucrative career. The sector experienced tremendous growth in recent years and offers excellent career opportunities.

Aspiring candidates can choose from a range of jobs such as investment professionals, operations professionals, marketing and distribution leads, professional underwriters, actuarial services to development officers. Average yearly salary range: US$ 55,000 – US$ 90,000

Qualification

Though candidates from any stream can test their skills in this field, however, specific jobs such as actuarial (strong math and statistics), investment  and underwriting services (finance background) are more suitable for people from finance stream.

6. Management Consulting

Management consulting is another key area that requires exceptional analytical and problem solving skills. A typical management consultant or analyst would recommend ways for improving organizational profitability and efficiency.

The job involves guiding clients through a fresh perspective in dealing with tough situations, data collection and analysis to suggest cost efficient methods. The management analyst is also expected to give intellectual insights to changing market trends and their impact. Average yearly salary: US$ 50,000 – US$ 145,000

Qualification

Students holding degrees in finance or business administration have good potential to explore, while the ones with a Certified Management Consultant certificate enjoy improved job prospects. Another key dimension is years of experience.

7. Tax Analyst

Tax analysis is a vital part of tax compliance regulations. The job requires a dynamic personality with shrewd thinking and ability to work independently.

Key duties of a tax analyst include preparing transaction tax, researching related issues, comprehensive understanding of local and international statues, legislations and regulations. Average yearly salary: US$ 45,000 – US$ 75,000

Qualification

A graduate or post-graduate degree in accountancy, relevant experience and a thorough knowledge of local and international taxation are the primary job requirements.

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