Do you want to work in finance? If so, you’re in luck—finance is a great field with many high-paying jobs. But which job is right for you? And how much do they pay?
In this blog post, we’ll discuss the best paying jobs in finance and what you need to know about each one. We’ll also talk about the growth opportunities available in this field, and how to get started on your career path.
So, if you’re interested in working in finance, keep reading!
What Do Finance Jobs Pay?
Before we get into the specific jobs, let’s understand the average salary of finance jobs and what the financial industry has to offer. While working in finance can be exciting, challenging, and rewarding, you’ll need to be good with numbers and have excellent analytical skills. You’ll also need to be able to work well under pressure and meet deadlines, as it’s a highly competitive field. Nevertheless, if you’re up for the challenge, finance is a good career path that offers a variety of job opportunities.
As of 2021, the average starting salary for an entry-level job in finance is $101,038 a year, which is higher than other industries.
| DID YOU KNOW: The employment opportunities finance sector is predicted to grow by 8% from 2020 to 2030, and the sector will offer some of the best jobs in the future. |
Best Paying Jobs in Finance
Let’s now take a look at some of the highest-paying jobs in finance!
1) Financial Analysts
Financial analysts are responsible for evaluating a company’s financial statements and assessing its risks. They also develop financial models to help predict a company’s future performance. They research economic trends, industry trends, and the company’s fundamentals to give accurate analysis.
According to BLS, financial analysts earned a median salary of $83,660 in 2020. The survey also showed there are 492,100 jobs in the field as of 2020, and projected an average growth rate of 6% through 2030 for them.
It’s one of the best paying jobs with a finance degree, and you’ll need at least a bachelor’s degree in finance, accounting, economics, or a related field. However, if you want to advance in your career and earn a higher salary, you may need to get a master’s degree or MBA.
2) Economic Analysts
Also called economists, economic analysts study and monitor trends in economic activity and make forecasts about future economic conditions. They work in the government, academia, business, and the private sector.
The average median salary of an economic analyst is $105,630 per year. Growth opportunities for economic analysts are expected to rise at 13%, which is much higher than other financial fields, making this an attractive career choice for those interested in finance.
You’ll need at least a master’s degree in economics to get started, especially for high-paying positions.
3) Investment Banking
Next on our list of best paying jobs in the finance industry is investment banking. Investment bankers are responsible for helping organizations raise capital by issuing and selling securities, and they may also provide advice on mergers and acquisitions, as well as other financial consulting services.
In the US, the average investment banker salary is $80,450, and they also earn bonuses, commissions, and even profit-share from the companies in the finance field they work with.
Although job growth for investment bankers is expected to be about average in the coming years, competition for jobs is expected to be fierce, as there are more graduates pursuing careers in investment banking than there are available jobs. To get started, you’ll need at least a bachelor’s degree in business or economics, although some employers may prefer candidates with an MBA.
4) Accountants and Auditors
One of the best paying jobs in finance and accounting is an accountant or an auditor, who’s responsible for preparing and examining financial records. They ensure financial statements are accurate and comply with laws and regulations.
The average starting salary of accountants and auditors is $77,250 annually, and their employment is projected to grow by 7% from 2020 to 2030. About 135,000 openings for accountants and auditors are projected each year over the decade.
To pursue a career in this field, you’ll need at least a bachelor’s degree in accounting or a related field. Completing a certification course in a specific field of accounting like Certified Public Accountant (CPA) may further improve job opportunities.
| DID YOU KNOW: Many accountants use accounting software or bookkeeping software to examine financial records. |
Key Takeaways
| There are several high paying jobs in accounting and finance. Although most of them pay in six figures, you need to be good with numbers to get them. |
| Financial and economic analysts earn a median salary of $83,660 and $105,630 respectively. |
| Jobs in investment banking are also a good option, as they pay around $80,450 per year, and workers get a lot of bonuses as well. |
| Accountants and auditors earn an average salary of $77,250 per year, which increases along with their experience in the field. |
5) Actuary
Actuaries hold one of the best paying jobs in the finance field. Using math and statistics to assess risk and predict future events, actuaries work in insurance companies and the finance industry, and their work is essential to the functioning of these industries.
The average median pay of actuaries is $105,900 per year! Employment is predicted to grow by 24% from 2020 to 2030, which is much faster than other occupations!
To land this job, you’ll need a bachelor’s degree in mathematics, statistics, or actuarial science, as well as professional certification. You can apply for private student loans to pursue these courses, and companies will also provide you with job training before you start working.
6) Management Analysts
Next on our list of good paying jobs in finance are management analysts, who help organizations improve their efficiency and effectiveness by conducting research, collecting data, and analyzing information to make recommendations to managers.
The average median pay of management analysts is $93,000 a year, and the job opportunities are expected to grow by 14% in the next decade.
Job prospects should be good if you have a bachelor’s degree in business administration or a related field, although experience in the industry is also helpful. Professional certification isn’t required, but it may give jobseekers a competitive edge.
| DID YOU KNOW: Many management analysts use business plan software to analyze the data of new businesses. |
7) Financial Systems Directors
If you’re wondering what are the best jobs for finance majors, you should definitely consider working as a financial systems director. This job role includes the development and implementation of policies and procedures for financial systems. Financial systems directors can find employment in the financial technology sector and also oversee the work of financial analysts and other staff.
The average salary financial systems directors earn is $159,202 a year. The pay largely depends on your skills and the number of years you’ve spent in the industry.
To become a financial systems director, you’ll need at least a bachelor’s degree in business administration or a related field.
8) Personal Financial Advisors
Personal financial advisors provide advice on investment strategies and help clients plan for retirement and other financial goals. They’re financial examiners who work in the banking and financial services industry and focus on predicting financial consequences for their clients.
It’s one of the best paying jobs in financial services, with an average salary of $94,170. The employment of personal financial advisors is predicted to grow by 5% in the coming period, which is a bit slower than other financial jobs.
Job prospects should be good for those with a bachelor’s degree in business administration or a related field. Although professional certification such as the Certified Financial Planner designation isn’t required, it may be a plus for jobseekers.
| DID YOU KNOW: You can use job posting sites to find new openings in your industry. There are also many job posting sites for employers through which they look for potential job candidates. |
9) Financial Managers
Financial managers work in many different types of companies, including banks, investment firms, and insurance companies. The job role of a financial manager includes developing and implementing financial plans for the organization they work for.
If you’re wondering what are the highest paying jobs in finance, being a financial manager is definitely one of them! The average pay is $131,710 per year, and the average growth of employment is 17%, which means it will remain a good career option in the coming years as well.
You’ll need at least a bachelor’s degree to get started, although most employers prefer a master’s degree as well.
10) Insurance Underwriters
Insurance underwriters are professionals who evaluate insurance applications and decide whether to approve them. Within the insurance industry, they may work in health insurance, whole life insurance, or life insurance department. Although you need a bachelor’s degree to get started, you’ll get on-the-job training in most jobs of this type, but you’ll need good computer skills to excel in this field!
With a median salary of $73,390 a year, insurance underwriters are amongst the best paying jobs with a finance degree. However, the employment of insurance underwriters depicted a decline of 2% in recent years, so there aren’t many job opportunities in this sector.
Conclusion
There are many great paying jobs available in the finance industry, including working as a financial analyst, economist, investment banker, and actuary. With the right education and experience, you can land a high-paying job in this field. There are also many opportunities for growth in this industry, so if you’re looking for a stable career with good pay, finance may be the right choice for you.
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