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Are you interested in the finance industry? If so, read on to learn about the various types of finance jobs, the evolution of the field, and average salaries.
The finance industry is expected to continue growing in the coming years. According to the Bureau of Labor Statistics, there were approximately 500,000 job openings in the financial industry in February and March 2022.
There are various job roles available in finance, including working for a large corporation, government agency, academic institution, or investment bank. The job outlook for finance professionals is generally positive, with more opportunities available for those with experience and depending on the specific position.
Read More : Largest Companies in the Finance Field
Financial Analyst
A financial analyst is a professional who is responsible for analyzing financial data and making predictions about the performance of potential investments. They may work for banks, helping them to decide whether to lend money to a business or invest in it, or they may be employed by a company to help them understand their financial data and make informed decisions about their investments.
The primary goal of a financial analyst is to provide decision-makers with the information they need to understand the risks and potential returns of an investment.
The job outlook for financial analysts is expected to increase by 9% between 2021 and 2031, and the average salary for this role is $63,316 or higher, depending on the company, the individual's experience, and their location.
Financial Controller
A financial controller is a professional who is responsible for managing a company's financial affairs, including forecasting and budgeting. They are typically part of the senior finance team and may manage junior financial analysts. Financial controllers have a deep understanding of accounting and financial modeling, and often have a degree in accounting or finance as well as certification.
They are responsible for ensuring that the company's financial statements are accurate and in compliance with government regulations. They also set the budget for the company and ensure that it aligns with the company's strategic goals, and forecast the company's expected earnings for various time periods.
The job outlook for financial controllers is expected to increase by 17% between 2021 and 2031, and the salary for this role can range from $100,000 to $250,000 or more, depending on the company and location.
Investment Banking Analyst
An investment banking analyst is a financial professional who helps companies go public by offering their shares on the stock market through an initial public offering (IPO). They do this by researching companies and industries to identify good investment opportunities, creating financial models to predict the financial performance of a company after an IPO, and preparing presentations and pitch books to sell the company to investors.
Investment banking analysts use specialized software to create these financial models and typically work as part of an investment banking team.
The salary for an investment banking analyst can vary significantly depending on the company, their level of experience, and the location where they work, but it can range from $80,000 to over $250,000. The field of investment banking analysis is expected to grow by 4.2% per year.
Equity Research Analyst
An equity research analyst is a financial professional who writes reports about different industries and companies to help investors make better decisions about the stock market. They use their financial expertise to assess the financial performance and potential of different companies and create reports that provide insight and analysis to help investors make informed decisions about buying or selling a company's stock.
The goal of an equity research analyst is to provide investors with the information they need to make informed decisions about the stock market.
The field of equity research is expected to grow by an average of 6% from 2020 to 2030. The salary for an equity research analyst can vary depending on the company and location, but it is typically in the range of $80,000 to $250,000.
Data Science/Fintech Engineer
A data science/fintech engineer is a technical professional who works with large data sets in the financial industry to identify patterns and trends, and who writes computer programs to automate financial tasks. They use data analytics and statistical techniques to find patterns in data and create software that can identify fraudulent activity.
Data science/fintech engineers can work at traditional banks or investment firms, or at high-frequency trading firms, and their work can involve creating computer programs that manage investment portfolios or make trades.
The field of data science and fintech engineering is expected to see strong growth, with an estimated job growth rate of 22% through 2030. The salary for a data science/fintech engineer can vary depending on the company and location, but it is typically in the range of $90,000 to $200,000.
Personal Financial Advisor or Wealth Manager
A personal financial advisor or wealth manager is a professional who helps individuals manage their financial affairs. This can include creating a budget, making investment decisions, and developing a plan to pay off debt. They may work at a financial institution such as a bank, hedge fund, or brokerage firm, and are responsible for managing investment accounts and creating financial plans for their clients.
The field of personal financial advising and wealth management is expected to grow by 15% from 2021 to 2031. Personal financial advisors and wealth managers typically earn a salary ranging from $80,000 to $250,000, depending on their experience, location, and the company they work for.
Accountant
An accountant is a professional who is responsible for maintaining and interpreting financial records. They work with financial data to help companies and individuals make informed financial decisions, and may provide a variety of financial services to their clients.
Accountants may work in accounting firms, or in the private sector in industries such as banking, insurance, real estate, and retail. Some accountants also hold non-financial positions in various industries.
The field of accounting is expected to grow by 6% from 2021 to 2031. Accountants typically earn a salary of $52,766 or more, depending on their experience, location, and the company they work for.
Tax Associates
Tax associates are professionals who assist individuals and corporations with preparing and submitting documentation for federal and state income taxes. They may also be known as tax preparers or tax specialists.
Tax associates may be employed by accounting and financial services organizations, or may work as independent contractors. They are responsible for preparing and submitting tax returns and other tax-related paperwork.
The field of tax associates is expected to grow by 6% from 2021 to 2031. The average salary for a tax associate is between $55,536 and $68,856.
Read More : Highest Paying Finance Jobs
Conclusion
In conclusion, there are many different career options within the field of finance, and it is important to find the right path for you. One way to determine which career is a good fit is by gaining hands-on experience through internships.
In order to increase your chances of success in finance, it is helpful to develop relevant technical skills through internships or coursework, and to apply for jobs that align with your skills and interests.
To explore different areas of finance, you may want to consider taking classes in subjects such as accounting, tax, and investment science, and be open to trying new things. With determination and hard work, you can succeed in the finance industry.
Source : simplify.jobs
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