Today, finance is a fiercely competitive field. It is a high-paying industry that is popular to deal out six or seven bonuses and salaries. Hence, even people who are only starting can expect lucrative pay compared to other fields. Not only this, but the finance sector also promises job security and career growth. After all, finance is a vast industry. Once you are in, there is sufficient room to evolve, explore, and find your area of interest.
However, the first step is to get your foot in the door. And for that, you have to go to a business school. Perhaps, you can complete your bachelor’s or master’s with a specialization in finance to become a master of this field. Likewise, look around finance-related courses to get a comprehensive idea of the industry. It will help you get accustomed to the finance world and secure lucrative jobs in this industry.
Moreover, the spiking demand for accounting and finance professionals is another reason one should opt for a career in finance. If you are skeptical about it, let us show you the ropes. Here we unveil seven career paths you can pursue with a finance degree.
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Tax Associate
All the financial services associated with taxation remain in constant demand. Every organization needs experts to help them comply with ever-evolving Internal Revenue Service (IRS) regulations. After all, only the tax professionals are well-acquainted with state and local laws. So, how about you become a tax associate or accountant? For starters, you have to understand what is tax reform and how many subjects it covers.
As an investment banker, you will deal with many clients and advise them on investment decisions. Alongside the stock market, you will advise financial instruments, facilitate mergers, and more. Therefore, your everyday job responsibilities will include creating deal-related paperwork for the client, performing financial analysis. In addition, you will have to collect material for due diligence to ensure the investment is viable and lucrative.
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Investment Banker
Truthfully, investment banking is the most prestigious area of the financial industry. Here, professionals assist government, corporate clients, and venture capitalist firms with their capital-related requirements. In other words, investment bankers underwrite debt and equities to keep the businesses afloat. Sounds interesting, no?
As an investment banker, you will deal with many clients and advise them on investment decisions. Alongside the stock market, you will advise financial instruments, facilitate mergers, and more. Therefore, your everyday job responsibilities will include creating deal-related paperwork for the client, performing financial analysis. In addition, you will have to collect material for due diligence to ensure the investment is viable and lucrative.
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Credit Analyst
When working for a financial institution, you would receive many requests for loans and credit approvals. As a credit analyst, it will be in your hands whether to approve the loans or not. These analysts are responsible for assessing a loan applicant’s capability to repay the loan. They review financial records that include the client’s payment history, income, savings, and spending patterns. In addition, they conduct an in-depth analysis of customers’ credit scores.
It would help if you had impeccable research skills and attention to detail for this career path. After all, it takes a sharp eye to judge whether a person could default on their payment. Initially, this might seem like a stressful job, but it can open doors to plenty of new opportunities. It can be a pathway to a portfolio or trust manager career.
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FinTech Business Analyst
Have you heard of financial technology – FinTech? Lately, FinTech has been a game-changer for the finance industry. It offers a wide range of products that automate and digitize financial services. It can also provide consumer-facing services like digital loans, banking experience, etc., to streamline traditional financial institutions. So, do you want to become a part of this thriving industry? If so, consider kickstarting your career as a FinTech business analyst.
You have to make yourself familiar with the realm of financial technologies. You have to be on top of everything from bookkeeping software to inventory management tools. Likewise, you will be taking initiatives to incorporate AI and Robo-advisory services into FinTech. All in all, entrepreneurs will be counting on your advice for decisions related to financial technology.
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Commercial Banker
With FinTech companies stepping into the market, the commercial banking industry has gone through massive shifts lately. It is adopting technologies to enhance services and introducing a digital banking experience for its customers. Commercial bankers play an active role as gatekeepers to financial products like loans and mortgages. They analyze consumers’ changing needs and develop products to facilitate them in the best possible way.
As commercial banking remains vital to the finance world, the demand for commercial bankers will keep increasing. If you have a knack for it, explore the banking industry. Besides helping people make viable financial decisions, you can enjoy lucrative returns. According to the stats, a commercial banker earns $64,000 on average.
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Financial Advisor
At times, organizations need financial advice from a third party to achieve their short-term and long-term goal. They believe an external advisor will bring a fresh perspective to the company. Thus, if you have a passion for working for different clients, become a financial advisor. Some days, you will find yourself preparing an investment plan for a client’s children. Likewise, there will be times when you will be helping clients sign an acquisition deal.
The advisory industry will give you ample opportunity for face-to-face interactions and a chance to navigate the finance industry. You will work under different circumstances for multiple clients in different cases, allowing you to expand your skillset.
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Auditor
Most people who aren’t great at number crunching feel finance isn’t the ideal career for them, but that’s not true. People who don’t have an eye for numbers can always become auditors. These are people who review and verify the accuracy of financial records.
Therefore, you would check if the financial statements are fair and accurate as an auditor. Also, you have to identify instances of non-compliance and protect the company from fraudulent activities. Moreover, auditors help organizations boost operational efficiency by pointing out discrepancies in accounting methods.
Final Words
Today, the finance world is exploding with endless opportunities. It offers lucrative salaries and many career choices to grow and climb the success ladder. All you have to do is look for a pathway that matches your talent and captivates your interest. It could be becoming an accountant, tax expert, or a FinTech guru. You have to keep exploring the finance industry and choose the best fit for yourself.
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