A career in finance can enrich you personally and financially. It can also require long hours and strong stress. Is Finance a good career path? The short answer: Yes, if you are looking for a well-paid position with a certain level of work stability – and you really appreciate the technical aspects of your role
Career Path in Finance: Is it good?
A career in finance can be lucrative. The median reimbursement in 2021 for a personal financial adviser was, for example, $ 94,170, according to the American Work Statistics Office. In general, the median fee for commercial and financial activities was $ 76,570 in 2021. This figure is well above the median annual salary for all professions ($ 45,760). Moreover, the best-paid financial jobs, including general directors and financial directors, are much larger than six digits.
The industry also develops and offers a certain level of work stability to people who continue this career path. The office stipulates that the number of commercial and financial jobs in the United States, such as insurance subscribers and loans, is increasing by 8% from 2020 to 2030.
However, the financial sector is quite competitive and employees in particular on accessible activities tend to work long hours in environments with high stress. So, if finance is a good career path for you, ultimately depends on the amount you like and priority for a good balance between professional and private life.
Read Also: Is Technology a Good Career Path
For the advantages and disadvantages of financial careers}
Benefits of financial careers}
• Good reimbursement, including benefits and bonuses
• Growth opportunities
• Employment stability
Financial careers generally pay well, including attractive benefits and premiums. Moreover, financial employment often offers diversity in your daily tasks.
The pursuit of a career path in Finance can also give someone a sense of satisfaction. For almost two decades, Foss has collected personal and financial prices as a certified financial planner. She previously worked in a large listed company.
“My deepest sense of satisfaction occurs when these two priorities meet – if I can do excellent work for a customer, I can determine and consolidate my professional reputation and my independence,” Foss explains.
Working in Finance also offers opportunities to increase the quarry scale or in various segments in the sector. The experience with fact that Foss goes from a large listed company to its own financial planning company shows this opportunity to change speed.
“I moved to the independent advisory party of the industry because I thought – as I did again – that this was the best way to offer the customer-oriented service that people need,” she says.
The certified financial planner Josh Hargrove, the financial adviser at Insight Wealth Partners in Plano, Texas, emphasizes that a career in finance (depending on the type of work of course) “can have a direct and positive impact on people’s lives”.
Another reason why finance is a good career path? Many employers are looking for employees with financial experience so that people in the industry can often worry about or retain a job.
“Financial functions are considered critical organizational functions and a profit center within organizations, not only for Wall Street Investment Companies,” explains Lyle Solomon, a main lawyer at Oak View Law Group, a cabinet lawyer of Silicon Valley whose most important practice areas are bankruptcy and debt rules. “By working in a company with a big question, you can live something that everyone wants – stability.”
Disadvantages of financial careers
• Access barriers
• Long hours of work
• High-stress environments
Hargrove underlines that it can be difficult to get started in the financial sector, especially if you try to build a customer base.
“This applies in particular to career changers who already have families and a small cash flow track to manage the transition,” he says.
Moreover, it can be difficult to have a career in the industry, because some employers require that employees sign non-competitive agreements, says Hargrove.
In the meantime, Solomon mentions education as one of the possible disadvantages of a career in finance. Many professions in the financing sector require certain training levels that can be financially difficult for some students.
For Foss, one of the disadvantages of a financial career in a sector is that can be shaken through the turbulence of the stock market.
“Because people’s money is closely linked to their sense of security, market retreats generate a lot of fear and, sometimes, emotional decisions by customers who are not in their interest,” she said. “Working with people to help them stay calm and make informed decisions, is a large part of the work, but it is sometimes the most difficult.”
Moreover, many people in finance work incredibly long hours and get enormous stress.
“During certain periods of the year, a financial career can have strict deadlines, demanding customers, and a work of work,” explains Solomon. “It can be difficult for you to acclimatize yourself in the beginning to this industry, but it becomes easier after learning to deal with pressure.”
Types of Careers In Finance
A baccalaureate in finance is generally necessary to enter this career area. To continue in the financial sector, you may need to win a master’s degree in Business Administration (MBA).
In general, financial jobs go into one of the seven buckets: assets management, commercial banking, company financing, insurance, investment banking, personal finance, and real estate planning.
There are a variety of quarries available in finance. With the help of the data mainly from the manual for professional prospects of the American work statistics office, here are the most important facets of popular roles:
Accounting
• Category: Company financing
• Median annual salary: $ 77,250
• Projected Growth percentage (2020-2030): 7%
• Description of the position: Accountants help companies and private individuals to keep their financial files in order. Daily rights include the balance between business budgets, preparation, and investigation of financial statements, the submission of the income declarations of companies, and the assessment of the risk related to the possible efforts of companies.
Financial Examiner
• Category: Company financing
• Median annual salary: $ 81,410
• Projected Growth percentage (2020-2030): 18%
• Description of the function: financial examiners guarantee that banks, insurance companies, and other financial institutions comply with the federal and national laws that apply. They carry out risk assessments and order corrective measures if they determine that an institution violates new and existing regulations.
Insurance agent
• Category: Insurance
• Median annual salary: $ 49,840
• Projected Growth percentage (2020-2030): 7%
• Description of the position: Insurance agents sell insurance policies to new and existing customers. They help the candidates to determine the amount of coverage they need before the request for a subscription request. Insurance agents can work directly for an insurance company or they can work for a broker.
Investment banker}
• Category: Investment Bank
• Average annual salary: $ 101,295
• Project growth (2020-2030): 4%
• Description of the position: Investment bankers help their customers to collect funds and do large financial transactions, such as the merger of a merger and acquisition or an initial public offer (IPO). Customers are large companies, governments, and individuals. Learn whether the investment bank is a good career path.
Investment manager
• Category: Asset Management
• Median annual salary: $ 131,710
• Projected Growth percentage (2020-2030): 17%
• Description of the function: Creating, monitoring, updating, and optimizing the financial portfolios of their customers. They work together with private individuals or companies to help them achieve financial objectives in the short or long term. Discover whether investment management is a good career path.
Loan Officer
• Category: Commercial and Real Estate Bank
• Every year median salary: $ 63,380
• Projected Growth percentage (2020-2030): 1%
• Description of the position: loan officials are responsible for the subscription of different types of financing (mortgages, car loans, or personal loans) for their respective employers-which means that they are the financial statements of candidates, the credit history, and even investigations more to determine or And how much money a financial institution should borrow.
Personal Financial Advisor
• Category: Personal Financial Planning
• Median annual salary: $ 94,170
• Projected Growth percentage (2020-2030): 5%
• Description of the position: Personal financial advisers or financial planners help individuals manage their financial portfolios and achieve significant financial objectives. For example, they can advise a customer on how they can save for retirement. Financial planners can use their own practice or work internally for a large company.
Entry -Level Financing jobs
Financing tasks on access positions include functions that manage administrative tasks in areas such as customer accounts and industrial regulations, Kimberly Foss, founder and president of Empyrion Wealth Management in Roseville, explains California. In addition, some employers in the financial sector hire administrative assistants to organize workflows, manage agendas and even help with communication and customer relationships. Some other entry -Level financing jobs are:
| Career | Median annual salary | Projected Growth Rate |
| Actuary | $105,900 | 24% |
| Bank teller | $36,310 | -17% |
| Budget analyst | $79,940 | 5% |
| Financial analyst | $81,410 | 6% |
| Insurance claims adjuster | $64,710 | -3% |
| Insurance underwriter | $76,390 | -2% |
| Payroll clerk | $44,760 | -2% |
| Tax examiner | $56,780 | -4% |