The finance job market is generous with the ones who manage to complete the necessary educational requirements. However, you have to expect a high level of competition and new challenges that can put your brain in overdrive.
After all, most of the people who make it big in finance are overachievers who love a dynamic work environment. Plus, the payment is equally motivating, especially for those at the top (\six or seven figures in salaries and bonuses ought to make you interested).
Even beginners can expect to get paid better than similar level positions in other fields, which is why it makes sense that so many students decide to take this road every year. Also, the finance job market is expected to grow 8 percent by 2030 (compared to the 2020 market).
So, whether you’re just starting in finance or you’re looking for a change of pace, here are a few promising careers to follow in 2021:
Interested in banking and investments? Then investment banking may be the right niche for you. Beginners can start as analysts and the average salary is around $65,000+. The position requires a B.A. in economics, management, or finance, but it also helps to have an M.A. in the same fields.
A job in this niche allows you to get involved with the creation of capital for companies, corporations, venture capital firms, and other entities. You will also work with equities, securities, and facilitate mergers and acquisitions and broker trades.
Plus, if you take the FINRA Series 7 exam, you have a great chance of becoming a professional broker-dealer. Still, if you decide to take this step, you should know it’s not easy (even for financial professionals). To get an idea, here is a review of series 7 study materials that are highly recommended by anyone who passed the exam and went on to have a career in the securities industry.
With an average salary of about $58,000+, this niche comes with a series of perks and professional rewards that are difficult to find in any other area of the finance world. First, as long as there are businesses and finances to handle, there will always be a demand for accountants. Plus, your job safety is ensured even during times of economic turmoil.
Second, professionals who work in accounting are extremely knowledgeable about how to properly budget and file for taxes or how to make sure an entity’s finances are healthy and well-organized. This level of knowledge is extremely valuable for any company in the country, so you can easily move into consulting if you ever want a change of pace.
Lastly, accounting professionals can work in-house with a company or can have their own businesses.
The rule enforcers of the finance world, auditors make, on average, around $71,000+. The job of an auditor is to make sure businesses and other entities respect the regulations imposed by governments and regulatory agencies. Furthermore, in the context of several financial crises and the challenge of crypto transactions and investments, the role of auditors has become crucial for the financial well-being of any company.
While the reach of an auditor may sometimes intersect with the one of an accountant’s, the auditor has a broader reach. Their job is to review companies’ public records and make sure the legislation is followed accurately. They can also offer advice on business practices and how to improve profits or revenues. This means auditors can also be consultants or advisors should they ever want a different career.
People who are passionate about finance and new technologies have a brilliant future in the world of fintech. The field is rather new compared with other financial sectors and promotes the use of new technologies to improve the financial process and communication with customers.
Online banking, e-commerce, and even the gig economy would not have existed without fintech products that allow end-users to make safe online transactions and operations. Products like PayPal or Bitcon are just a few of the world-recognizable names that turned fintech into a giant that continues to grow and push out new products.
Nowadays, people can get loans or mortgages online, without having to go through a lengthy and frustrating process. So, if you are interested in the field, you can start as a fintech business analyst and move up the ladder. Still, the field attracts highly competitive people, so make sure to keep that edge by constantly improving your skills and knowledge.
It takes serious commitment and preparation to get yourself ready for a career in finance (even as an absolute beginner). However, the field is challenging and competitive enough to keep you wanting more. This means you will be constantly pushed to further develop your skills and even pursue further education. Still, the rewards are worth it (both professional and financial)!