One of the most curious things about finances is the fact that while it’s a service that every single adult uses on a daily basis (to a degree), not nearly enough people have an in-depth understanding of it. The situation is the most severe with millennial and Gen Z populations which are both self-confident and often oblivious of even some of the most basic financial terms. Then, there are people who do this for a living. By providing your financial services to individuals and organizations in need, you can make a living, gain respect and advance through the ranks in no time. Here are the top eight career choices in finance that you should consider.
1. Financial planner
Having a financial plan is incredibly important, not just for companies but for households, as well. This includes things like cash flow management, investment planning, retirement planning, insurance planning and especially tax planning. However, a lot of people lack the knowledge and industry-specific experience to develop such plans of their own. Therefore, they need the services of a financial planner. In other words, a person entering this line of work shouldn’t have to worry about whether their services will be needed.
2. Budget analyst
Making a budget is harder than it seems, which is why a lot of people have a hard time developing, analyzing and executing one. Fortunately, in this day and age, it’s fairly easy to outsource this task to a specialized budget analyst. Still, the services of a budget analyst stretch far beyond these services. A budget analyst is often consulted in order to train people to perform these functions independently. This is a short-term deal that can turn out to be quite lucrative.
When speaking about a career choice in finance, chances are that 9 out 10 people immediately thought about the accounting. Duties of an accountant are to prepare assets, liability and capital by analyzing information that they have access to. It’s also their job to document all financial transactions and even act as advisors by recommending financial options. As we’ve already mentioned, a lot of people are ill-educated on this topic, which is why listening to the advice of someone who is A) trained in the field and B) has access to their account-related data, might be life-saving.
4. Credit analyst
A credit analyst is a professional specializing in the assessment of the creditworthiness of individuals and organizations. This is an incredibly important service that lenders all over the world are basing an entire industry on. Sure, one can always go for a free credit check in order to get a sense of one’s credit trustworthiness. This is due to the fact that these credit-checking platforms work on rules and principles set by top-notch credit analysts. Still, in scenarios where larger loans and bigger investments are concerned, bringing a specialist on board, as well, is always a good idea.
5. Financial analyst
Becoming a financial analyst is one of the most popular career choices at the moment. What these people do is research ongoing (and past) market trends and make educated predictions of the future of these trends. In general, these specialists have an academic background in accounting, finance or business and a great aptitude for numbers and analytical work. They’re the ones creating financial models, predicting outcomes of various deals, etc. Keep in mind, nonetheless, that depending on their focus (whether you’re working for an investment bank, an insurance company, etc.), the work of a financial analyst may greatly differ.
6. Investment banker
Those who are primarily interested in income that comes from work in the field of finance should look no further than the position of an investment banker. While the phrase investment banker may sound quite grandiose, even outright baffling, the truth is that they’re essentially corporate financial advisors. They act in capital markets and are paid accordingly. One more area where they have an impact are mergers and acquisitions.
7. Credit risk manager
Previously, we talked about the position that allows you to assess whether or not the party that is borrowing money is trustworthy enough, however, who sets the policies and criteria that are making all of this possible. The answer to this question is – credit risk managers. Credit risk managers are financial experts that are responsible for the development and implementation of procedures and policies that can keep a financial institution (lender) safe in this scenario.
8. Equity analyst
Finally, we have yet another variation of a financial analyst. This time, nonetheless, we’re talking about the position of the equity analyst. This is a party that’s responsible for determining and predicting the value of a company’s stock in the future financial picture. Needless to say, this is a complex, responsible and quite intimidating career option, which is why it’s reserved for those who consider themselves the most ambitious.
As you can see, each of the above-listed eight career choices gives you a completely unique approach to the field of finance. This allows you to customize your career choice so that it works in agreement with your personality, skills and talents. The pay-grade of the financial sector is pretty decent and it improves the higher you rise. This is yet another advantage of working in finance, there’s always room for advancement, as well as a chance to start your own enterprise.