There are many reasons why people consider a career path in finance. This article focuses on some of the most important ones. Many people choose either traditional finance jobs in companies or non-traditional finance careers because the financial field has solid employment prospects, is often well paid and offers a job that is mentally stimulating. While finance covers a wide variety of functions, the average workday is likely to be more challenging and interesting than many careers. Let’s review the reasons people consider a career in finance.
Wide Range of Job Opportunities and Life Skills
One of the simplest reasons why people consider a career in finance is that it offers a wide range of job opportunities. When there are plenty of job opportunities, the chances are much higher you won’t have a problem getting a job wherever you live. With a career in finance, you will never have to feel limited to one particular position. If you chose to study finance or some finance-related degree, you will enjoy the freedom to choose from a wide array of career paths.
Contrary to popular belief, finance has many branches or subfields including, financial services, banking, law, investment banking, and many more. A finance degree can help gain you a position at a local bank or that major investment firm. The asset management field covers everything from helping households manage their money for retirement to hedge funds that place bets on global financial markets. Traditional investment banks help companies issue shares or advice on mergers. Most large companies have finance divisions that assess the profitability of a company’s different operations and monitor them for risk. Financial analysts work in the government at the national, state and local levels monitoring the success of different initiatives and departments. Nontraditional roles include Fintech firms that are looking to develop mobile payment apps on your phone to help people pay for lunch or start saving earlier.
There are also many non-traditional opportunities to test your skills in finance you may not have realized. It will also give you the tools to manage your finances and invest for the future. This is why it might be a good idea to read Joy Wallet’s Review of Stash App because it offers insight into fractional share investing. This can be a great option for you if you’ve always wanted to start saving but didn’t know how since it makes investing approachable especially for first-time investors.
It’s Financially Rewarding
As we’ve previously noted, a career in finance will grant you many job opportunities in both traditional and non-traditional positions. In addition to having a wide range of job opportunities, the jobs that present themselves to you will also often be extremely rewarding from a salary standpoint. Even though salary information varies greatly from the job title, experience, and the city where you might be working, there are still some common baseline data about the average salary you can earn if you decide to pursue a career in finance. Let’s start with the lower-paying finance jobs that still have above-average earnings compared to the job market overall.
Personal financial advisors make (on average) around $ 65,000 per year. Next, we have financial analysts and financial examiners which on average, make around $ 75,000 per year. Last but not least, we have financial managers which might be the best-paid branch of all job paths in finance with a starting salary of at least $100,000. These relatively high-paying salaries are one of the simplest reasons why people choose a career in finance. Even though the job market underwent some great changes in the past decade, finance majors are still in a very strong position to find work after graduation.
It Will Keep You Sharp
Talking to people working in different branches of finance, many will tell you that the reason why they chose to study and work in finance is that it challenges them constantly. Financial markets are undergoing constant change, with the development of new financial apps and rise of digital or cryptocurrencies to name just two trends. While some may find changes challenging, many people find that this creates a career that keeps them occupied and engaged.
Since many people go into this business to start as sharp as possible, the good news is that a career in finance can help them refine their strengths, especially since the COVID-19 pandemic has swept the world and a range of new technologies is transforming how we save, invest and pay our bills. Furthermore, a career in finance helps increase their adaptability, bolsters their work ethic, and ensures that the employees are constantly stimulated.
It Can Help You Stand Out
Last but not least, a career in finance will help your resume stand out from the crowd, a common yet important reason to consider finance as a major and for a first job. A career in any branch of finance is a great place to start if you were looking for ways to differentiate your resume. This is especially true if you’re entering the workforce as a very young professional (without any extensive experience) because showing that you have gained business knowledge from your studies before you even start your first day on the job. As such, it can make you a much more attractive candidate.
This is also very relevant in a non-finance field of work, where having a financial education gives you the tools to run a successful business. For example, if you were hoping to land a managerial position, having an ample understanding of finance can help you demonstrate some key competencies to your employers. You understand how to assess whether potential ventures are profitable, you can analyze existing operations and see how they are performing over time or offer suggestions for cost savings. Whether you are pursuing traditional or non-traditional finance career paths, having some knowledge of financial analysis tools and financial markets helps you stand out. Actual experience in an entry level finance job is better yet. So if you ever decide to leave your career path in finance, having this knowledge and experience can help you stand out when looking for work in other fields.
In short, a career in finance, be it traditional career paths or non-traditional career paths can offer many benefits and job opportunities. Between strong employment prospects, a variety of roles you can take in the industry, and an exciting work environment, it is clear why people choose to pursue a finance career. In addition, a career in finance, no matter what sector you choose to pursue, is often well paid, giving you some peace of mind. Last but not least, a career in finance can be useful if you want to differentiate your resume for non-finance-related jobs.