What Different Types of Financial Careers?
Interested in the finance industry? Keep reading to learn about the different types of jobs in finance, how the field has developed, and average salaries!
The finance industry is growing rapidly and will continue to do so in the coming years. According to the Bureau of Labor Statistics, in February and March 2022, there were roughly 500,000 jobs available in the financial industry. With that in mind, how many jobs are open in the finance field? There are quite a few options for those who wish to enter this field. Here’s a look at some of the most common roles and best paying jobs in finance:
How Many Jobs Are Available in Finance?
There are many different job roles in finance, so finding the right fit is critical to your career success. You can choose to work for a large corporation, in government, in academia or for an investment bank. What does the job outlook for finance professionals look like? The job outlook increases with experience, and it varies depending on the position.
Is finance a good career path?
Jobs in finance have continually been on the rise in the last decade, up nearly 20% in the last 6 years. Roles offer comparatively high salaries, consistency, opportunity for promotions and career advancement, and is in-demand for the long term. Employees can enjoy multiple benefits, such as the ability to work remotely or within a hybrid environment.
What companies are in the finance field?
Finance is a broad and growing field, and can include different areas like banks, credit unions, brokerage firms, insurance companies, and more. Some of the top largest finance companies include:
- Berkshire Hathaway
- JPMorgan Chase
- Bank of America
- Goldman Sachs
- Fannie Mae
- Wells Fargo
- State Farm
There are thousands of companies in the finance field. For a more comprehensive list, LinkedIn has a great article on the top companies in financial services for 2022. Check it out here!
How many jobs are available in finance?
There are numerous positions available in the broad sector of finance. The Bureau of Labor Statistics reported in July 2022 that 95,000 jobs had been added since February 2022, highlighting the variety of employment opportunities in the finance industry!
1. Financial Analyst
A financial analyst is responsible for the financial forecasting and risk analysis of any real or potential investments. For instance, they may be employed by banks to analyze and predict the financial stability of a business as part of their lending and investment decision-making process. Alternatively, they may be employed in a company to evaluate and better understand their financial data. The financial analyst's primary goal is to ensure that the decision-makers in a business have the relevant data needed to make informed decisions about their investments. The financial analyst's role is to provide the decision-makers with information that helps them understand how the investments are likely to perform and how the risks associated with them can be mitigated.
- Estimated field growth: Expected to increase by 9% between 2021 and 2031.
- Salary: The average salary for a financial analyst is $63,316+, depending on company, experience, and location.
2. Financial Controller
A financial controller is responsible for managing a company’s finances, forecasting and budgeting. They are part of the senior finance team and manage junior financial analysts. A controller has extensive knowledge of accounting and financial modeling. They often have an accounting or finance degree and certification. Financial controllers make sure the company’s financial statements are accurate and meet government regulations. Controllers are responsible for setting the budget for the company and making sure it meets the company’s strategic objectives. They also forecast how much money the company will earn each month/quarter/year.
- Estimated field growth: Expected to increase by 17% between 2021 and 2031.
- Salary: A financial controller salary can range from $100,000-$250,000+ depending on company and location.
3. Investment Banking Analyst
An investment banking analyst participates in initial public offerings (IPOs) and follow-on offerings by compiling industry research and creating financial models. They also model the company’s financial results to see if they are viable candidates for an IPO. An analyst is responsible for researching companies and industries to identify investment opportunities. They compile and organize information in a research report that the investment banking team takes to prospective companies. After the company decides to pursue an IPO, analysts create financial models that show the company’s potential after the IPO. Investment banking analysts use financial modeling software, such as Bloomberg, to create these predictions. They also create presentations and pitch books that the investment firm uses to sell the company to investors.
- Estimated field growth: Expected to grow 4.2% every year.
- Salary: An investment banking analyst salary can range from $80,000-$250,000+ depending on company, experience and location.
4. Equity Research Analyst
An equity research analyst researches public companies to create reports for investors. They use their financial expertise to help investors make better decisions about the stock market. Equity research analysts write reports about different industries and companies to help investors make better decisions. They use their financial expertise to help investors make better decisions about the stock market. Equity research analysts write reports about different industries and companies to help investors make better decisions. They use their financial expertise to help investors make better decisions about the stock market. Their goal is to create reports that help investors make better decisions about buying or selling a company’s stock.
- Estimated field growth: Expected to grow 6% on average from 2020 to 2030.
- Salary: An equity research analyst salary is around $80,000-$250,000, depending on company and location.
5. Data Science/Fintech Engineer
A data science/fintech engineer analyzes large data sets for the financial industry. They use computer programs and statistical techniques to find patterns in the data. Fintech engineers write computer programs that automate financial tasks, such as managing an investment portfolio or making trades. They also create software that finds patterns in the data to identify fraudulent activity. Fintech engineers use data analytics to find patterns in the data. They write computer programs that automate financial tasks, such as managing an investment portfolio. They also create software that finds patterns in the data to identify fraudulent activity.
As a fintech engineer or data scientist, you could work at a traditional bank or investment firm, or a high-frequency trading firm like Citadel, Hudson River Trading, and more.
- Estimated field growth: Estimated 22% job growth through 2030.
- Salary: A data science/fintech engineer salary is around $90,000-$200,000, depending on company and location.
6. Personal Financial Advisor/Wealth Manager
A personal financial advisor/wealth manager helps people manage their finances. They create a financial plan and manage investment accounts. They create a financial plan, such as how much to save each month, and investment portfolio management. Personal financial advisors/wealth managers typically work at financial institutions, such as banks, hedge funds, and brokerage firms. They help people manage their money, on tasks like creating budgets, making investment decisions and paying off debt.
- Estimated field growth: Projected to grow 15% from 2021 to 2031.
- Salary: Personal financial advisors/wealth managers earn around $80,000-$250,000, depending on company, experience and location.
An accountant is a specialist in charge of maintaining and interpreting financial records. The majority of accountants handle a variety of financial activities for both their individual clients and the larger enterprises and organizations that hire them. They work with financial data and use it to help companies and individuals make sound financial decisions. The objective of accounting is to aid in the decision-making process of organizations and individuals. Most accountants work in accounting firms. Others work in the private sector, in areas such as banking, insurance, real estate and the retail industry. Some accountants hold non-financial positions in a variety of industries.
- Estimated field growth: Projected to grow 6% from 2021 to 2031.
- Salary: Accountants can earn around $52,766+ depending on company, experience and location.
8. Tax Associates
Tax associates offer documentation and preparation assistance for federal and state income taxes to both individuals and corporations. These experts, who are also known as tax preparers or tax specialists, are frequently employed by accounting and financial services organizations, while others work for themselves. Tax associates prepare and submit tax returns and other paperwork linked to taxes.
- Estimated field growth: Projected to grow 6% from 2021 to 2031.
- Salary: The average salary for a tax associate is $55,536 to $68,856.
As you might have realized, there are many different careers in finance, and it’s important to choose the right career path for you. The best way to know what type of career is right for you is by getting hands-on experience in the field where you want to work – through something like an internship! To increase your chances of success in finance, you should aim to have relevant technical skills through internships or coursework, and apply to jobs that fit your skillset.
If you're trying to figure out the best path in finance for you to explore, you should consider taking classes in different sectors (accounting, tax, investment science, etc.) to see what resonates the most with your skills and interests. Don't be afraid to try something new – you've got this!