Choosing a career is a highly challenging and perplexing decision. Everybody wants to have a fulfilling and successful career. Therefore, we give a brief answer to this query. Is finance a good career path in 2022?
Many people believe that working in finance is a rewarding career choice. It is solid and safe. The outlook for employment in finance is favorable even during economic slumps. Therefore, unlike other industries, the finance sector is not concerned with changing economic conditions.
Is Finance a Good Career Path?
You must understand that there is no simple solution to the question. Each person makes their own career decisions. What works for you may not work for another.
Only what you want will determine whether you can pursue a career in finance. You might not want to have a degree for a career you don’t want to succeed in genuinely. You need to know where the path leads if you want to pursue a career in finance.
Before deciding if it is the correct course of action, you must understand what finance is.
What Do Jobs in Finance Pay?
Financial careers can be profitable. The U.S. Bureau of Labor Statistics states that the typical salary for a personal financial adviser was $94,170 in 2021.
In 2021, the median salary for jobs in business and finance was $76,570. That amount is significantly higher than all vocations’ $45,760 median yearly wage.
The Bureau projects an 8% increase in financial and business jobs in the U.S. from 2020 to 2030, including loan officers and insurance underwriters.
What Career Possibilities Are There in Finance?
Here are some financial careers predicted to last well through the twenty-first century despite changes brought on by new technologies and changing social mores.
For some financial experts, bonuses and commissions might total in the tens of thousands.
1. Fintech business analyst
Fintech firms have experienced tremendous growth in the twenty-first century thanks to new technologies and consumer demand for transparent solutions.
The term “fintech” refers to technology that streamlines and digitizes financial services, although it covers a wide range of goods. Fintech firms can offer services to the general public, such as online banking or business loans, or collaborate with established financial institutions to update their systems.
Business analysts well-versed in the financial industry are frequently sought after by fintech companies. Gaining experience in data analysis or company operations can give you a competitive edge if you’re interested in the fintech industry.
2. Financial Accounting
A financial accountant is in charge of the company’s financial statements, which include balance sheets, profit and loss accounts, statements of income, cash flows, and other documents.
They know how much money flows in and out of business. They have a general understanding of the company’s profit and are aware of the amount a business should invest in particular projects.
In public, corporate, and commercial accounting, financial accountants are employed. You are qualified to apply for this position if you have a finance degree from a reputed university.
3. Impact investing analyst
Investors increasingly opt to use impact investing and closely related socially responsible investing (SRI) to invest in businesses or projects that share their beliefs.
Investors in these industries might run their portfolios through a social impact screening process or actively look for businesses addressing social issues.
Working as an analyst can take you to companies specializing in impact investing or the impact investing division of more established financial institutions like banks or mutual funds.
4. Investment Banker
They assist the government and private companies in issuing debt and securities. The best counsel is also provided by investment bankers when it comes to choosing which course of action to take in cases like mergers and acquisitions.
The demand for professionals in this industry is high because they are knowledgeable. You might pursue this career if you majored in finance.
5. Financial analyst
Financial analysts analyze data to aid investors in making wise choices. Financial analysts can uncover new business or investment prospects for companies or major investment institutions like banks.
A financial analyst develops models to forecast sales or the outcomes of corporate choices by studying broad-scale phenomena like market trends and competitor movement.
Financial analysts play important roles in various industries, including media, biotechnology, and information technology. This makes it a flexible career choice that can lead you into emerging markets.
According to the US Bureau of Labor Statistics (BLS), the employment of financial analysts will increase by 5% between 2019 and 2029.
6. Commercial banker
Recent years have seen substantial changes in the commercial banking sector as it has adapted to new fintech firms and adopted digital technologies to improve its services.
However, commercial bankers continue to be extremely important in society. Commercial bankers actively contribute to the local economy as gatekeepers to financial goods, including business loans and mortgages.
Working directly with customers to understand their financial status and provide them with the best financial solutions is part of your job as a banking relationship manager, loan originator, or development officer.
Commercial banking is still a crucial and relevant aspect of the financial world if you’re interested in how finance can affect the lives of those around you daily.
Finance Careers: Positives and Negatives
So, is finance a good career path? Although a job in finance has many benefits, there are also a few drawbacks that you should be aware of.
When wondering, “is finance a good career path,” here are some pros for you to consider.
- Competitive salary with benefits and incentives
- Possibilities for development
- Job security
The average salary for a profession in finance is high and includes attractive benefits and incentives. A career in finance also usually provides variety in your daily tasks.
Choosing a job in finance can help someone feel accomplished. Working in finance also offers the chance to advance your career or enter new areas of the industry.
Long hours, exhaustion, and an intensely competitive environment are a few of the usual drawbacks in finance. If finance isn’t your thing, you could find it difficult to handle the long hours and stress frequently part of the job.
According to a poll by the financial jobs site e-finance careers, several prominent banks often require their staff to work 70 to 80-hour work weeks.
Consider whether you can adapt to this lifestyle while deciding whether is finance is a good career path for you.
So, Is Finance A Good Career Path For You?
Yes, that is the response to this question. The cause is the lucrative compensation of financial positions. However, people who work part-time can pursue a rewarding career in finance. If you possess the necessary knowledge and abilities, you can succeed in the highly competitive field of finance.
Professions in the financial sector are set up for growth in the future. They will want financial guidance and speculation as new and more enterprises come into view.
So, talk about how great a profession in finance is, how impressed you are to give up your identity and make a lot of money, and whether your body language fits what you say.