A professional who plans to earn good numbers should look for a finance industry job since they offer the highest-paying jobs in the respective industry. The finance industry is crucial for any economy, and thus, it rewards the professionals working in this field with higher salaries and bright career prospects in the upcoming years.
Because of its high pay attribute, this industry is very competitive, and job seekers must have specific educational qualifications and experience to make it big here. A bachelor’s degree in some particular fields, such as accounting, commerce, math, economics, or finance, can help secure a job at the entry level. Further senior-level finance jobs require MBA graduates along with a sufficient amount of experience in the industry.
A career in the finance industry can be stressful and might differ from a regular 9-to-5 job. But those working closely in this industry are well respected for their service and manage to earn higher salaries than others. Some of the highest-paying jobs
in the finance industry have been mentioned below. These are the top jobs in the finance sector for a blooming career in each of these prospective sectors.
Executive positions
The Chief Financial Officer (CFO) and Chief Risk Officer (CRO) are essential for every organization. These executive officers are primarily responsible for the financial position of a company or a firm. The CFO holds the responsibility of managing the business’s financial operations, and his duties include financial planning, managing assets and liabilities, capital structure, and financial reporting. The CRO monitors the possible risks that might threaten the financial stability of the business. Their role is to balance the risk and reward of the respective company.
For anyone pursuing a career in finance, these executive jobs stood at the top of the chart. These positions are of high value but come with a lot of responsibilities. The professional must have an excellent academic background and work experience to be successful in their career. Since these are top management jobs in the present times, most companies require candidates with qualifications such as an MBA in finance or a professional degree in the related fields.
Hedge Fund Manager
A hedge fund manager is a financial expert who collects funds from investors and uses those funds to invest strategically to earn maximum returns with minimum risk. They have the responsibility of managing the money of their clients. Thus, they are required to have well-developed skills and experience in financial analysis and management. An organization hires hedge fund managers to handle the clients on behalf of the company.
The hedge fund manager’s duties include researching market conditions, looking out for various investment opportunities, making investment portfolios, understanding the needs and goals of the client, and working accordingly. One can start a hedge fund management career by working for a company (particularly investment firms and asset management companies, to name a few) and gain experience and improve their investment skills. With much experience and a strong network of investors, they can work independently and earn well compared to other profiles.
Investment banking
Investment banking is one of the most prestigious career options in the field of finance. An investment banker or investment banking analyst works under the banking operations division and helps its clients make financial decisions. Their clients generally include corporations, the government, or other entities. Their services include assisting in financial remodelling, facilitating mergers and acquisitions between two organizations, raising capital, asset management, helping investors make investment decisions, and more.
Skills required for this role include good analytical skills, problem-solving abilities, interpretation of numbers and data, excellent communication, and an interest in the financial market. Firms hire investment bankers, and a bachelor’s degree in a related field can help start a career in this field. Other degrees, like an MBA in finance or law, are also beneficial for further growth. The salary package for this role is attractive and promising compared to other profiles in finance.
Analyst
A financial analyst often helps organizations in making business decisions by studying the financial data available to them. The data evaluated by the financial analyst helps in identifying business opportunities. An analyst’s responsibilities include researching the market’s economic conditions and then suggesting measures and steps to ensure its future development. In the finance industry, an analyst’s role is significant, and thus, there is an increasing demand for them. A person with a bachelor’s in math, finance, economics, or statistics can apply for this role, thanks to their knowledge in the respective niches.
Additionally, an MBA in finance or a related field can help secure a senior financial analyst position. A junior analyst tends to do a lot of data gathering, spreadsheet analysis, and financial modelling. While the duties of a senior analyst include making investment decisions, coordinating with the management team, and developing investment strategies
Accountant
The role of an accountant is one of the most important in any industry. An accountant helps in keeping the finances of any organization in order. A degree in accounting can help you land a job in any industry, let alone the finance industry. An accountant also has the option to work for a company and help maintain their internal finances, or be hired by top accounting firms and provide financial services to other corporations or government organizations. Every organization must maintain financial reports, and the role of an accountant primarily includes creating and maintaining the financial statements and reports.
Additionally, they can also help in auditing and looking for discrepancies in the reports. A bachelor’s in commerce is usually preferred for this role. A Chartered Accountant (CA) qualification is sometimes required for securing a higher position. One can easily enter the finance industry by working as an accountant since they are crucial for day-to-day transactions and a company’s functioning.
Consultant
Financial consultants (or sometimes financial advisors) are professionals who work closely with their clients and advise them to make decisions that can help them achieve their short-term and long-term financial goals. Many individuals find it challenging to manage their finances and seek a professional’s guidance to help them manage their wealth. A financial consultant provides these services in return for a reasonable fee.
They usually offer plans for managing taxes, savings, investment decisions, insurance, and retirement. Finance consultants have years of experience assessing clients’ financial situations and can help plan and organize their funds according to their requirements. Sometimes, financial consultants are employed by firms to provide financial services to either small or large businesses. A degree in finance, commerce, or economics can help you start your career in this field. Specific licenses are also required to trade in securities and other financial assets.
Trader
A stock market can be a risky place for some, while it can be a place to generate consistent income for others. One interested in stock markets and regularly aware of market affairs can turn trading into a viable career option. A trader is a person or individual who buys and sells financial assets in the financial market to earn a profit. A trader can start working on his own and trade using his own money to earn short-term profits. A trader only needs to open a trading account to start participating in the financial market.
Thus, it doesn’t require any educational qualification or relevant experience to begin with. It is required to pay commission charges/fees and other taxes for short-term gains in short-term trading. But apart from that, stock trading is turning out to be a booming career opportunity in the finance sector. Stock traders can also work for financial institutions, in which they trade with the company’s assets. This way, they can earn a fixed salary along with bonuses for excellent performance.
In Conclusion
The role of finance is crucial for the development and growth of the economy. A professional in the finance industry plays a vital role in shaping the economy in the right direction. Those working in the fields mentioned above have acquired skills and knowledge either through education or through experience.
These professionals have set themselves apart from others and can land their dream job in this industry. There is always competition in this industry, and it gradually increases as you climb higher. But with significant knowledge, some certified courses, and consistent efforts, you will land a high-paying job in finance. The profiles of the top finance jobs mentioned above can help you plan and secure your dream job.
