Is Finance a Good Career Path in 2023?
Last Updated: March 10, 2023
You may be thinking about finance as a vocation, but you’re not sure if it’s the right path for you. Is finance a good career path? What are the pros and cons of working in finance? In this article, we’ll explore the world of finance and help you decide if a career in this field is right for you. Let’s find out!
Is Finance a Good Career Path?
Many people believe finance is a good career path because it’s stable and secure. As the finance industry isn’t susceptible to the same economic fluctuations as other industries such as manufacturing or tourism, job prospects in finance are good even during periods of economic downturn.
Apart from being a well-paid sector, finance offers a variety of career options as well. Employees in finance can earn high salaries, bonuses, and commission payments, in addition to having an opportunity to work for prestigious firms and organizations.
Working in finance can be exciting and challenging, as finance professionals are often required to solve complex problems and make difficult decisions, which can be both stimulating and rewarding.
Overall, there are many good reasons to pursue this line of work—if you have the skills and abilities required to succeed in finance, a career in finance could be the right choice for you.
|DID YOU KNOW: Accountants and investment bankers are among the high-paying professions expected to be on-demand in the future.|
How Many Jobs Are Available in Finance?
As the industry is constantly changing and evolving, it’s difficult to say exactly how many finance jobs are available. However, according to the latest figures from the Bureau of Labor Statistics, there were approximately 500,000 available jobs in finance in the US in February and March 2022, and this figure is expected to grow to 3 million by 2028.
|DID YOU KNOW: Working in finance requires strong analytical skills and the ability to work independently, which makes finance one of the best jobs for introverts.|
Types of Finance Jobs
From investment bankers and accountants to financial analysts and tax advisors, there are many different financial career jobs. With the right qualifications and experience, you can work in a variety of exciting and challenging roles, and there are many job search sites that can help you find the perfect position for you. Let’s take a look at some of them:
A financial analyst is responsible for providing advice and guidance to businesses and individuals on how to manage their finances to obtain profit and savings, and they typically work in banks, pension funds, insurance companies, and other businesses. Financial analysts are generally required to have a basic financial education, with at least a bachelor’s degree in accounting, finance, statistics, economics, business administration, or another closely related subject. For more senior jobs, a master’s degree is typically needed. The average salary of a financial analyst is $83,660 per year.
An investment banker is a professional who helps companies raise money by issuing and selling securities. Although they typically work in banks, investment bankers can also work in other financial institutions, such as insurance companies or venture capital firms. Entry-level positions in investment banking usually require a bachelor’s degree in finance or economics, and the average salary for an investment banker is $106,897 per year, which certainly makes finance a good career path whether you’re working for someone else or starting your own investment company.
Accountants are responsible for maintaining and reporting financial records, ensuring documents are accurate and taxes are paid on time and in full. Accountants examining a company’s financial activities help it function effectively, with an average salary of $69,350 per year. There are several accounting degrees—an accounting associate’s degree will qualify you for entry-level office accountant, while upper positions require a bachelor’s degree in the field of economics. You’ll also need a CPA (certified public account), which is basically a license for working as an accountant in a senior position.
|DID YOU KNOW: Some accountants and tax advisors give free tax consultations to people who don’t understand why taxes are so complicated.|
What is a financial advisor’s job? In this position, you’ll advise clients on how to create a financial strategy for dealing with their debts and equity, assets, income, investments, and retirement goals. A bachelor’s degree in business and economics is required for starter jobs, while a master’s degree can help you get more potential prospects and a salary raise. Speaking of salary, financial advisors earn $122, 490 a year on average.
|DID YOU KNOW: A well-written resume will help you stand out from the competition and increase your chances of getting the finance job you want. If you lack the skill to write a fine-tuned resume, there are great online resume writing services that can polish it to perfection.|
Pros and Cons of a Finance Career
Like every profession out there, there are a number of advantages and disadvantages of having a career in finance. Some of the main pros and cons are:
- The salaries are high
- Finance is an exciting and dynamic industry
- There are many different types of jobs available in finance, so there’s something to suit everyone
- With the right professional qualifications and experience, you can work in a variety of exciting and challenging roles
- The finance industry is very competitive, so it can be difficult to find a job
- The hours can be long and unsociable
- You may have to travel for work
- The work can be stressful, especially during times of economic uncertainty
|DID YOU KNOW: Women account for about half of all entry-level banking workers—and by 2030, that number is predicted to increase by 28%.|
|Employees in finance can make good money, as salaries in this sector are high, and bonuses and commissions are available.|
|Depending on your area of study, type of degree, and level of experience, you may find a variety of entry-level opportunities with a finance degree, such as financial advisor, financial analyst, or accountant and tax advisor.|
|For most jobs in finance, you’ll need a minimum of a bachelor’s degree in business and economics.|
|Some of the benefits of having a financial career are a high salary, many jobs available, and a dynamic work atmosphere.|
|Stress, frequent traveling, long working hours, and competitive fields are some of the drawbacks of choosing career paths in finance.|
How to Start a Career in Finance? [5 Steps]
The finance sector is a competitive one to enter, so you’ll need to put in the time and effort to establish a successful financial career. Whichever route you decide to take, make sure you do your research and prepare to work hard to achieve your goals. Here are some useful suggestions for getting started in the sector:
1. Gain a Bachelor’s Degree
The first step in starting a finance career is getting a bachelor’s degree. Many finance roles require at least a Bachelor’s degree, so this is a good place to start—consider studying accounting, economics, or business administration.
2. Gain Experience
Once you have a solid financial education, you’ll need to start gaining experience in the finance industry. One way to do this is by completing internships or entry-level jobs. An internship allows you to discover more about the financial industry while working for a firm that may provide you insight into your future career path. It’s also a good idea to do more than one internship, each in a different sector of the financial industry.
3. Build Your Skills
In addition to gaining experience, you’ll also need to build a skillset suitable for different types of finance jobs. You can take courses, attend workshops, or get certified in financial analysis or risk management. The finance industry is constantly changing, so it’s important to stay up to date with the latest news and developments. Along with attending courses, read financial publications, attend conferences, and follow finance professionals on social media.
4. Use a Current Employee as a Referral
Another way how to start a career in finance is to get a referral. If you know someone who currently works in finance, ask if they’d be willing to serve as a referral and help you get your foot in the door by providing a contact at a company you’re interested in. This is especially important when the company is doing an employee background check. They can also give you insight into what it’s like to work in finance, and what type of job might be a good fit for you.
5. Look for Job Postings
There are many job posting sites for employers to post job listings and review requirements from job seekers. You can find financial career jobs by searching online job boards, newspapers, or company websites, as well as by contacting companies directly and inquiring about open positions.
|DID YOU KNOW: The company’s HR will check if applicants are trustworthy, whether they fulfill all the requirements for the job, and so on. Reference and credit checks, background checks, and physical/drug testing are all examples of employee screening.|
Is a Finance Career Worth It?
Well, that’s a million-dollar question, and it mostly depends on your individual goals, ambitions, and skills. If you’re looking for a challenging and exciting career with the potential to earn a high salary, considering finance career options is worth it. However, if you value a stress-free job, security, and a good work-life balance, you may want to look elsewhere. We hope we gave you some helpful insights into the world of finance so you can make an informed decision about whether or not it’s the right career pathway for you.
There are a number of different finance degrees available, each with its own focus, some of the most popular finance degrees being in accounting, investment banking, and financial planning. The finance career cluster also prepares students for working in financial and investment planning, banking, insurance, and business financial management. With the right professional qualifications and experience, you could work in a variety of exciting and challenging roles.
There’s no one-size-fits-all answer to this question—the best financial career path for you will depend on your qualifications, experience, and goals. However, some of the most popular finance careers include investment banking, financial planning, and accounting.
Answers to this question may differ, as some believe finance is a good career path because it’s exciting, dynamic, and well-paid, others find the finance industry too competitive and the work stressful. Ultimately, if you’re wondering is finance a good career path for you, it depends on your individual objectives and desires.