The competition in the job market is increasing by the day. People say that finding a needle in a haystack may be easier than securing a job in the preferred field. Recruiters receive aplenty applications, and they cherry-pick the candidates, leaving the rest in limbo. Consequently, people have become more thoughtful while choosing a major for higher studies now. They understand that their choice of degree plays an integral role in setting the path for their career success. Among various professions, finance has been a popular choice for years. It is still one of the preferred career fields in the contemporary age.
The field of finance has expanded over the years, and technology developments have given new dimensions to it. It is a vast sector and encompasses several subfields. A general misconception is that finance degree holders only crunch numbers and carry out mundane tasks. However, the finance field is rapidly transforming and expanding, carving collaborations in other sectors and industries. Finance degree holders dive deep into the world of economics and accounting and bring in innovative ways to deal with financial matters.
A finance degree equips students with the latest skillset, making them a valuable asset for organizations. While choosing degrees, aspirants often contemplate finance vs. accounting as they feel they are the same. However, finance and accounting are vastly different from each other. Determining the differences will help you understand which pathway to pursue.
If you’re aiming to make a lucrative career in the field of finance, check out these seven career paths:
1. Investor Relations Associate
Finance professionals with strong communication and organizational skills can opt for a career as an investor relations associate. These individuals are responsible for various tasks, including handling inquiries and meetings, risk management, and managing communication between companies’ management and investors. They prepare company financial information and present them to investors, analysts, and business media. A degree in finance enables people to work as investor relations associates, allowing them to prepare organizations’ financial reports and investor portfolios. Likewise, they should have advanced skills to interpret, highlight, and derive information from financial statements.
2. Personal Financial Advisor
People who do not want to associate with a company can work as personal financial advisors as they work for individuals. They help them assess their financial conditions relating to stocks, investments, purchasing property, or retirement plans. These advisors assess clients’ financial position and devise strategies as per clients’ long-term and short-term goals. Their plans assist clients in moving forward financially and achieving their monetary targets. Personal financial advisors are skillful and have in-depth insight into financial matters. Moreover, they possess intellectual skills and often predict future economic trends and advise clients accordingly.
Actuaries are financial professionals who assess, manage, advise and forecast future financial risks. They often occupy leadership roles in accounting firms, insurance agencies, and banks. They apply economic theories, mathematical modeling strategies, and statistics to assess the risk of any upcoming event and help minimize the risk. Actuaries also need to possess technical skills as they often use software for humongous calculations and present their findings. They should also hone practical communication skills as they generally exhibit detailed financial information to non-finance people. Since most actuaries work at a higher designation, they earn substantial money against their services.
As the name implies, statisticians work with numbers and statistics to collect and summarize information and produce reports. Organizations consider them valuable as they assist them in many business-related processes by interpreting data. Their main job is related to data, as they gather it, analyze it, and identify trends and changing patterns. Furthermore, financial statisticians design data collections, advise for financial strategy and decision-making, and communicate their findings to stakeholders. Many industries use statisticians’ reports to justify investments in front of board members. They help them back their decisions with relevant data and industry stats. A finance degree is essential as it gives them insight into the field and makes them well-versed in financial matters.
5. Senior Accountant
Senior accountants work at higher levels and are responsible for preparing and analyzing companies’ records. They look into the challenging areas, such as reporting costs, expenses, and productivity of a firm. A finance degree is essential to earn accountancy skills. It enables accountants to evaluate financial records, determine issues in them, and devise plans to solve discrepancies.
Senior accountants often work alongside auditors and train and supervise junior accountants. Aside from financial, academic knowledge, a degree in finance equips them with organizational and industry-relevant skills. It significantly assists them in landing a job as a senior accountant in various organizations, including multinationals.
6. Finance Manager
Finance managers take care of multiple organizational tasks, including developing financial goals, preparing financial reports, and supervising firms’ investments. Their tasks mainly depend on the size and scope of organizations, as they collect and prepare accounts and ensure profitability. For instance, in large-scale companies, finance managers are more into strategic financial analysis and long-term decision-making. A finance manager’s job is demanding as they are in charge of company finances and overlook growth trajectory.
Selecting a career path is undoubtedly not an easy decision as our career prospects depend on it. However, finance is a vast field and offers jobs all year round. People possessing finance degrees can make a successful career in various fields and rapidly advance, keeping pace with the industry. A career in finance allures many people, but it can be challenging and requires people to hone critical thinking, analytical, and organizational skills. Finance degree holders have the edge over others as almost every organization needs a finance professional. People possessing finance degrees can land a job comparatively easily and make a stable career.