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Some careers are good, some are bad and some are great. Getting the right mix of challenge, personal satisfaction, and compensation can be difficult (but not impossible). Finance is one industry that can certainly offer all three. While finance has lost some of its appeal since 2008, it is still a vibrant industry and offers quite a bit to those that are interested. Finance is probably one of the more challenging careers (high expectations, but great rewards as well) and is not for everyone. But if you are great with numbers and want a meaningful and challenging career, then consider some of the jobs in today’s post.Getting the right mix of challenge, personal satisfaction and compensation can be difficult (but not impossible). Finance is one industry that can certainly offer all three.Click To Tweet
- What They Do – Financial analysts provide guidance to businesses and individuals making investment decisions. They understand and review macroeconomic and microeconomic conditions along with company fundamentals. They review business and industry dynamics and may make recommendations based on their analysis.
- How Much They Make – According to the Bureau of Labor Statistics (BLS), the median annual wage for financial analysts was $86,160 in May 2022. The lowest 10% earned less than $50,330, and the highest 10% earned more than $166,440.
- Education and Training Requirements – While college is not required, there is an expectation that financial analysts have an undergraduate degree in Finance or accounting. An MBA or Masters will certainly help your career. All Financial Analysts must have good computer skills and should consider Excel training courses.
Personal Financial Adviser (Financial Planners)
- What They Do – Personal financial advisers generally give financial advice to small businesses and individuals. Based on the review of their review of financial needs, they help individuals make decisions on investments, other personal financial questions, and retirement planning.
- How Much They Make – According to the Bureau of Labor Statistics (BLS), the median annual salary for personal financial advisers was $72,423 in May 2023. The lowest 10% earned less than $61,633, and the highest 10% earned more than $86,747. The job outlook for personal financial advisers is also very positive. The BLS projects that employment in this field will grow by 27% from 2020 to 2030, which is much faster than the average for all occupations. This growth is expected to be driven by the increasing need for financial advice from individuals and businesses.
- Education and Training Requirements – An Bachelor’s degree is generally required. There are also several types of certification such as a Certified financial planner (which also helps). As with Financial Analysts, a master’s degree is also helpful.
- What They Do – Underwriters analyze risks on behalf of insurance companies. They Brokers analyze the risk factors on an application and submit their findings to insurance companies on behalf of individuals and businesses. Most insurance underwriters typically specialize in one of the main insurance fields – life, health, property and casualty.
- How Much They Make – According to the Bureau of Labor Statistics (BLS), the median annual salary for insurance underwriters was $38,650 in May 2023. The lowest 10% earned less than $23,770, and the highest 10% earned more than $92,370. The job outlook for insurance underwriters is also below average. The BLS projects that employment in this field will grow by 4% from 2020 to 2030, which is slower than the average for all occupations. This growth is expected to be driven by the increasing demand for insurance products and services, but it will be offset by automation and technological advancements that are changing the way insurance is underwritten.
- Education and Training Requirements –While not required, a bachelor’s degree certainly helps. Strong computer skills is also required. Certification is generally required for advancement to senior underwriter and underwriter manager positions.
- What They Do – Like financial planners, Financial brokers give financial advice to individuals in terms of buying and selling securities (stocks, bonds, and other financial instruments) that meet their investment profile. They provide information on companies and financial instruments and make recommendations to their clients as to what they should include in their portfolios.
- How Much They Make – According to the Bureau of Labor Statistics (BLS), the median annual salary for stock brokers in the United States was $81,119 as of May 2023. The bottom 10% earned $72,745 or less, while the top 10% earned $87,219 or more. The salary outlook for stock brokers is positive, with projected growth of 10% from 2020 to 2030, which is faster than the average for all occupations.
- Education and Training Requirements – There are no formal degree requirements, but a bachelor’s degree certainly helps. Degrees should be in Finance, accounting, Math or Economics. Finance graduates have a good shot at being hired and those with an MBA in finance have the best chance. Most countries and local municipalities require one or more licenses, depending on the types of securities and where the broker is located.
- Other Resources to Consider – How To Become A Stock Trader
- What They Do – Financial examiners monitor the financial condition of banks and other financial institutions. They can be “internal” examiners or work for a regulatory agency (like the SEC or Federal Reserve). They review balance sheets and income statements. The review internal document to confirm assets and liabilities. They will generally issue a detailed report at the end of the examination listing their findings. They must understand regulations and policies to determine if their organization’s compliance meets minimum requirements.
- How Much They Make – According to the Bureau of Labor Statistics (BLS), financial examiners in the United States earn a median annual salary of $82,210. The bottom 10% earn $48,490 or less, while the top 10% earn $118,370 or more. The salary outlook for financial examiners is positive, with projected growth of 7% from 2020 to 2030.
- Education and Training Requirements – You typically need a bachelor’s degree in Finance or accounting. A degree in accounting with a focus on Auditing can be very important in helping you land a job.
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