Are you someone who enjoys number-crunching, has strong attention to detail, and is looking for a career path that pays well? In that case, pursuing a finance degree might be a perfect option. The field of finance is vast and encompasses banking, investment, credits, insurance, taxation, financial technology (commonly known as fintech), and much more.
Moreover, since finance is a crucial component of every organization, the field is steadily in demand across all industries – whether public or private. What’s more? The BLS (Bureau of Labor Statistics) predicts employment opportunities in this field to increase by 7% from 2021 to 2031. The future looks incredibly promising for finance aspirants.
Are you eager to enter this field and discover the available career paths? You have come to the right place. Below, we will unveil six exciting career paths for finance graduates:
Accountant
These professionals are in charge of collecting, managing, and interpreting financial data of an organization. Put this way, accountants are responsible for preparing statements, ensuring the company’s financial records are accurate, and filing taxes.
To be successful in this role, you must have a solid understanding of finance and accounting practices. Also, you must be able to handle large numerical data and have exceptional communication, analytical, and attention to detail skills.
Your typical work responsibilities can include the following:
- Analyze, prepare, and maintain financial records
- Conduct audits to ensure they comply with local, state, and federal laws and regulations
- Prepare reports and present information and insights to management
- Stay abreast of the emerging trends and practices related to accounting and finance
According to statistics, the average salary of accountants is $61,798 per year. To pursue a career as an accountant, consider enrolling in an accounting bachelors degree and gain foundational and advanced accounting knowledge.
Financial Analyst
Do you have excellent data-gathering and analyzing skills? Then, a career as a financial analyst might be the perfect fit for you. As a financial analyst, your primary job would involve analyzing financial data and information and providing valuable insights based on your findings to the organization.
Proficiency in Microsoft Office Suites and financial software applications could benefit your career progression. Moreover, effective leadership, communication, and presentation skills will set you apart.
On a given day, your day-to-day job duties can include the following:
- Consolidate and assess financial data such as balance sheets, income statements, cash flow statements, etc.
- Prepare financial models and reports based on the analysis findings
- Monitor and track opportunities and risks
- Collaborate with other team members for analysis and forecasts
The median wage of these professionals is $95,570 per year, as per BLS. And the job outlook would grow by 9% from 2021 to 2031.
Credit Analyst
In lending corporations, where the stakes are high and financial success is on the line, credit analysts emerge as the primary force behind successful and profitable decisions. In other words, these professionals determine the financial health of a loan applicant before choosing whether or not to approve their application.
Strong analytical, communication, and attention-to-detail skills are crucial to excel in your career.
Below are some routine job roles of a credit analyst:
- Collect and analyzes applicant’s financial records to determine their creditworthiness
- Conduct comprehensive credit risk analysis
- Work together with other teams to gather relevant information
- Adhere to rules and policies governing credit
- Regularly check loans for compliance
According to statistics, the average income of a credit analyst is $92,180 annually.
Loan Officer
Loan officers assist their clients with loan preparation and application. In other words, they determine under what conditions they should get loans. Thus, employment settings for these professionals often include banks, credit unions, mortgage companies, etc.
Good knowledge of banking software and applications is a must. Moreover, you must have outstanding communication, tech, and interpersonal skills to take your career to the next level.
Here are some of the everyday job duties of a loan officer:
- Meet applicants, gather and review their financial information
- Determine whether or not they are eligible for loan approval
- Explain to the client about potential risks and offer other guidance
- Monitor and maintain loan records
- Follow practices as per the laws and regulations
BLS estimates the average salary of a loan officer is $63,380 per year.
Actuary
An actuary applies financial theories and mathematical and statistical skills to calculate the organization’s likelihood of potential risk or other financial consequences associated with the business. The risks may include probable natural disasters or economic downturns. The most common employment areas for these professionals are banks and insurance companies.
You must be a good communicator, problem-solver, and detail-oriented to be successful in this field. Also, you must be proficient in computer literacy to perform routine tasks.
Typical job responsibilities of an actuary include the following:
- Collect and study data for analysis.
- Employ computer programs to create and maintain projection models that can assist in displaying findings.
- Communicate findings to relevant stakeholders and make necessary recommendations to the upper management.
- Collaborate with other teams to evaluate risks and develop strategies to minimize them.
Actuaries can earn, on average, $105,900 per year, as per BLS reports. In addition, the employment outlook would grow by 21% from 2021 to 2031.
Investment Banker
Investment bankers are typically part of financial institutions responsible for raising capital and making economic decisions for various corporations. In addition, they gather significant volumes of data, analyze, and devise financial models. These professionals start their career journey as analysts and ultimately advance to associate roles after obtaining higher education.
The job duties of investment bankers may include the following:
- Monitor mergers, purchases, private equity transactions, and IPOs
- Manage financial and legal documents for the successful completion of investments
- Perform thorough research and investigations to create reports and develop forecast models
- Conduct different valuation methods and develop portfolios
Key takeaways
Pursuing a finance degree will unlock a world of endless possibilities and provide professional fulfillment. Although there’s no denying that numerous career options are available, each one requires specialized skill sets and education. So, it’s wise to pick the one that best aligns with your passion, skills, and long-term career goals.
However, be sure to remain adaptable and embrace open-mindedness if you wish to be successful in this ever-evolving field.
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