A career in the finance industry is one of the most versatile and rewarding. In 2019, the industry accounted for $22,219 billion of the economy worldwide, making it demand workforce from various sectors. If you are looking for a career in the banking and finance realm, you have multiple options to choose from.
The banking and finance industry comprises of hundreds of sectors that you could find ample opportunity in as a finance professional. There are public and private organizations, banks, insurance companies, retail, corporate, trading, government, research, fin techs, etc. You could find career opportunities that will perfectly match your skills and knowledge.
Here is a list of finance and banking careers that you could eye on in your pursuit.
Auditors are accountants who review an organization’s financial records to keep track of the business’s financial health. With documents on hand, they provide suggestions on how to become more cost-efficient. They also help an organization comply with tax regulations to avoid any irregularities that may trouble a business.
Brokers deal with investment firms to source clients who’ll buy securities and commodities. Most commonly, they handle stocks, bonds, gold, and properties. They have in-depth expertise on how these commodities work and perform in the market to match them with the clients’ needs.
Budget analysts work closely within an organization to set the needed budget to keep the business running. They analyze all the allocated funds across departments and assess if they all add up correctly. Then, they run cost-benefit analyses to know the necessary strategies to meet the organization’s financial goals.
The financial analysts concentrate on a particular niche, sector, industry, or region to specialize in. Their job is to assess the performance of investing tools like stocks and bonds to help investors and clients know the best place and time to invest their money. They hold influence over the financial decisions of investors since they are the experts of that segment.
They are more commonly known as compliance officers who are directly hired by financial institutions. They could either be in consumer compliance or risk scoping. Consumer compliance examiners ensure that banks comply with legal regulations for loans. On the other hand, risk scoping examiners ensure that banks have enough cash reserves to cover losses.
Financial managers oversee the financial activities of an organization. They ensure that businesses are financially stable by implementing strategies to limit costs and secure revenues. Financial managers also forecast, budget, plan cost reduction, and review financial activities incurred. They also serve as the supervisor for a business’s accounting and finance staff.
Investment bankers deal with businesses and financiers. They serve as the middleman of both parties. They help companies find investors who are willing to scale up the business while supporting the latter to find the rightful enterprise to invest in.
These professionals are in charge of assessing the loan applicants’ capacity to pay off debts. This process is called underwriting, which is mainly used in loan activities. They sift through supporting financial documents and assess the capability to repay loans. They mostly cater to individuals interested in taking out loans for education, house, car, business capital, and more.
Tellers serve at the front lines of a bank. They transact face-to-face with clients and provide customer service. They offer account services like handling deposits, loan payments, check encashment, savings withdrawal, and more.
Account managers generally work in corporate firms. They handle the general accounting functions and supervises the preparation of ledger accounts and financial statements. Certified Public Accountants (CPAs) are most likely to become the accounts managers of institutions.
Risk managers try to protect the business from succumbing to financial risks in credit, market, and operations. They help protect the business from these risks by investing an adequate amount of money on more advanced technology and expert individuals who can help eliminate such risks.
Hedge Fund Manager
Hedge funds refer to the mutual/index fund of private individuals—more likely, the rich. These maximize the investor returns and eliminate risks, which are why rich people get these for themselves. Now the hedge fund managers’ job is to handle investment portfolios. They manage, make investment decisions, and oversee the operations of hedge funds.
Financial advisors help individuals to achieve their personal financial goals—whether short-term or long-term. They encourage personal finance strategies like investments, insurance and tax regulations to private individuals. They guide clients to achieve their financial goals through the right strategies that match clients’ current financial situation.
Those are among the most popular choices you have if you want to pursue a career in banking and finance.
Need guidance to master Accounting and Financial topics? Here are some online classes you can count on in your pursuit of becoming an accounting professional:
Pros and cons of working in banking and finance
As you decide to start a career in banking and finance, there’s a lot of considerations to know. Below, we’ll dissect the several pros and cons of having a career in the finance field.
Pros of working in banking and finance
Potential high income
Most of the positions in financial services earn a potential of six-figure annual salary. Some roles even have a salary plus commission, making them earn more than the median wages. On top of these, experience matters, which means the longer you stay in the industry, the higher your salary will be.
Being in the finance industry brings in several irresistible advantages. For instance, most bank employees get exclusive discounts on mortgages, loans, and credit cards from their employers. For investment bankers, they enjoy some relaxing perks as they travel. These include staying at best hotels, flying on business class flights, dining at the best restaurants, access to the best gyms, good pension, and more.
A broad range of opportunities
The finance services is a big sector. No matter what your skills are, there will always be a spot for you in the industry. Banking doesn’t necessarily mean working behind the counter as a teller—there’s so much more in the sector. This also means that you have many options to advance to as you progress from your current job.
As previously mentioned, the banking industry is large, making it a great industry to thrive in your career. There will always be room for career advancement as banking institutions hold so many roles within the organization. So, if you want a career that progresses, a finance-related job is the right choice.
Working in the financial services sector brings prestige to your career. Banking is considered to be a desirable and prestigious job for most. It is also said to be more secure than being in other sectors like retail.
A job for critical thinkers
If you love solving problems and analyzing information regularly, a job in the financial sector allows you to practice the skill. Most banking jobs require you to think ahead and analyze financial information quickly. Performing these tasks will come easy for critical thinkers. So if you want to sharpen your critical thinking further as you work, a career in banking and finance will work well for you.
Several banking and finance jobs offer flexibility for work-life balance. For instance, accountants are extremely busy around the tax season, but some other months compensate by having less stress. Another great example is financial advisors who have flexible hours tending to several independent clients.
Cons of working in banking and finance
Working in banking and finance can get stressful most of the time. That is because the financial services sector tends to be fast-paced and very dynamic. This is especially true for brokers and sales agents as a portion of their income comes from sales. This creates the pressure to work even harder to reach quotas, which results in high stress.
Unstable job security
Some banking and finance jobs highly depend on the demand of markets. Banks and brokerages mass hire people when the economy is booming, which means there could be a potential mass layoff once the economy starts subsiding. This implies that when an economic contraction occurs, your job might be at stake.
Years of education
Some prestigious banking jobs come at a hefty price—an ample education or one that is continuous. For instance, accountants need to earn their licenses first before they get to practice. The same goes for being a certified financial analyst. And this also requires them to gain knowledge in the changing market continuously. Because failing to do so will impact their credibility in serving their clients.
There are some areas in financial services that men dominate. This is mostly particular for brokerages and investment banking. Women are more likely to be paid less than their male colleagues. However, the financial workforce significantly comprises women, but only a few works for executive positions.
If you are a person who hates computations, a job in banking and finance might not work well for you. First of all, you’ll have to deal with numbers every day of your job. This means you have to love computations and should not get bored with them. So, if you are on the creative side and don’t like being constricted with fixed rules and regulations, a finance job might not be the best choice.
Perception of being a “boring” career
Most jobs in banking and finance are very much consistent with their task requirements. So, if you want stability in your tasks, a career in the financial services sector is excellent. However, some might think this is synonymous with being monotonous and confining. But it really depends on individual personality if you will allow yourself to feel restricted with your tasks.
Ready to pursue a career in banking and finance? Click here to get started.