Last updated on April 11th, 2024 at 12:48 am
Are you hunting for job careers? Or confused whether finance is a good field for work or not? In that case, welcome
In this article, I’m going to discuss “Is finance a good career path or not?” We will discuss the pros and cons about the field along with the list of careers available in finance.
Before we study about Is finance a good career path or not, let’s discuss the Finance field as a career.
About Finance Career
Finance became the most demanded field as a career since the 1980’s. The heavy incentives and the opportunity to earn extra attracted many individuals in the field of Finance
Finance is an attractive field as a career opportunity. The reason being is because of the huge scope for earning heavy incentives. But as attractive as Finance is, it makes the field that much more competitive.
The qualification and skill for the field are just as high as the payment the financial experts receive. And if you believe you have the skills, Finance can provide various opportunities whose average pay can be from $60,000 – $140,000, excluding incentives.
Finance Career offers many career opportunities- Financial Analyst, Investment banker, Broker, Financial Planner, Asset manager, Economic analyst, Portfolio manager, Equity research Analyst awesome of the most known jobs in Finance.
Now, let’s move onto the main question, “Is finance a good career path or not?”
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Job Opportunities in Finance
I will help you decide and answer the question, “Is finance a good career path for you” by explaining to you the details about the most popular types of jobs available.
There are several jobs in finance, we will discuss the most popular and highest paying jobs in finance first. Some of these popularly discussed jobs are analysts, brokers, investment bankers and planners.
So to answer your question of “Is finance a good career path or not” let’s start off by discussing these jobs, which will help you understand the opportunities available in finance and what they offer.
Financial Analysts
A financial analyst is a job position who have to gather data, organize it, analyze it, study the history, make out trends, patterns and then forecast the future situation and then finally make their conclusive suggestions and present them in a visual form or explain it to their clients or superiors.
Financial Analysts study the market condition, companies, financial statements and gather the needed data to make their suggestions to their clients. Analysts make these suggestion to their clients i.e. Investment bankers, brokers, investors, portfolio managers, etc. so they decide on where to invest, withhold and divest.
Analysts also work at corporations where they analyze their companies’ finances to understand the company’s financial positions, make budgets and provide suggestions for investments.
Average Salary : $50,000 PA – $100,000 PA
Qualifications : Degree in Finance, Certified Financial Analysts certificate, MBA – Finance and Analytics, BBA Finance.
Moving on to answer your question of “Is finance a good career path or not”, Next up in the list is Financial Broker.
Financial Broker
The most famous Job in finance is a Financial Broker. A broker is a middle man.
A broker is the middle between securities and investors. Brokers invest the investors’ capital for them. Broker is someone who is entrusted with the task of investing capital in a way that the invested capital increases in value i.e. broker enables trade between two parties.
Brokers get paid directly by the investor in form of commission, to the brokerage firm or exchange pays the broker.
There are 2 types of brokers – Full service and Discounts brokers. Full service brokers provide their clients with all types of financial products including financial suggestions, retirement plans, etc. whereas Discount brokers don’t, they offer less products because they are to be paid directly by the exchange and less form the clients.
Average Salary : $65,000 PA
Qualification : Bachelor’s in Finance – Economics, MBA.
Another one of the jobs who can clarify the question, “Is finance a good career path or not?” is Investment Bankers
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Investment Banking
Another one of the most popular jobs in finance – Investment Banking. Investment bankers make investment suggestions to their clients – Individual investors and business firms.
For business firms, Investment banks research the market, evaluate it and then make suggestions regarding how the business firms can increase their investments. For Individual investors, they study the market, company, financial statement, they research the equity and make suggestions to the investor about what would be best for them.
The suggestions investment bankers make depends upon the need and requirement of the individual investor or the business firm.
Average Salary : $120,000 PA
Qualifications : MBA, Bachelors in Finance, M.com, B.com.
Financial Planner
Financial planners are advisors. They meet up with their clients, understand their aim for investment, their planning needs, what they feel about the market, how much do they wanna make, etc. and then recommend to their clients about how they can achieve their financial goal.
Financial planners advise about every financial aspect of their clients such as investments, regiment plans, business plans, mortgage plans, tax plans, savings plans, etc. The main purpose of a planner is to provide the best possible solution to their client to achieve their goal.
Average Salary : $70,000 PA
Qualifications : Bachelor’s in Finance, MBA.
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Now that you know about the most approached opportunities in Finance, let’s move onto the next and most important part which will help you understand about Financial jobs and is finance a good career path or not. Lets study the pros and cons of Finance Jobs.
Pro’s and Con’s Of a Job in Finance
What better way to understand about “Is finance a good career path or not?” than learning about the pro’s and con’s of the field, So that’s what we will do. These pros and cons are based on real life on job situations to help you decide better as per your priorities.
Pro’s
High Earning
There’s the word around that finance has the highest paying jobs, and yes, it’s true. The average salary in finance is around $110,000 PA, and that being said, remember that it’s the average salary.
Along with the salary, financial jobs offer extra incentives with pays which can be more than their annual salaries. Brokers are the biggest example of these big incentives.
If you ask the question to anyone,”Is finance a good career path or not?” They will say go for it due to this reason.
Job Security
Finance is considered a secure job because there is always a place for new financial experts. Old and experienced finance positions cannot be easily laid off due to their experience with the company and their expertise on the company. Even during crises, a company needs their finance experts to come up and help the company to get out of the situation.
Promotions
Finance fields offer a quick and high climbing ladder. The better you get with experience, the field offers a lot of high positions with good pay. As there aren’t many experts in the same company, it’s easy to get promoted.
Global work
Another one of the reason to say “its a good opportunity” to the question of “Is finance a good career path or not?” Is because of the opportunity to work globally.
Finance jobs offer a lot of work with clients all over the globe. During the study of the global market, it gives you the opportunity to work and network with more clients and increase contact across the world. This increases your potential client list and increases your networks into the global market.
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Con’s
Competitive Job
The question “Is finance a good career path or not?” Can also be “No”. And the reason is the competition level.
Finance is a high paying job with a strong incentive system, job security and stable promotions, this attracts several individuals into the field. Due to the presence of thousands of candidates, getting a job in finance is a difficult task.
Stress
Yes, stress, you must wonder that every job has stress, what’s so different about a job in finance? Well, A job in finance requires you to put in long hours due to the importance of the work they do, this could interrupt your work-life balance.
Aside from that, Finance jobs have a heavy impact on business, their work and suggestions are what makes or breaks a business. Constantly having such decisions thrown at you which can be make or break type can be extremely stressful.
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FAQs
Which finance career pays the most?
i. Investment Banker
ii. Financial Analysts
iii.Brokers
iv. Finance Advisors
v. Economic Analysts
These are the top 5 highest paying jobs in Finance.
Is finance a good long term career?
Finance jobs are rewarding, long working and stressful. Sounds like you? If yes, then it’s a field for you.
Closing Statement
If we oversee every detail and opportunities in the Finance sector, we can conclude that Finance is a high paying job with many different types of opportunity in it. And because of these factors, the competition is also high in finance.
If you believe you have extraordinary skills and knowledge to outsmart this competition and you like to research the market, work on data and Are good at analyzing data, I would suggest going for a Finance job as your career.
I hope this Blog about “Is finance a good career path or not?” Helps you make a decision. If there are any doubts or suggestions, invest it down in the comment box.
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