The finance industry composes many different jobs across a range of sectors. From business and accounting to analysis and financial management, there are numerous opportunities if you’re considering this field for your career.
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Depending on the role you’re interested in, you may complete different requirements, including education, training and certification.In this article, we discuss how many jobs are available in finance with the common requirements for entering the field and several common roles for you to consider.
Understanding the Finance Industry
The finance industry, also known as the financial sector, includes a wide range of businesses and activities that manage the flow of money, capital, and financial resources. It plays a vital role in the economy by facilitating investments, managing risks, and allocating funds. Key components of the finance industry include banks, investment firms, insurance companies, asset management companies, stock exchanges, credit unions, and other financial intermediaries. These institutions provide essential services such as lending, investment management, financial planning, and insurance.
What Is the Finance Industry?
The finance industry, also known as the financial sector, encompasses a wide range of businesses, institutions, and activities that manage and facilitate the flow of money, capital and financial resources in an economy.
It plays a crucial role in the allocation of funds, investment, risk management and the overall functioning of the economy.
The finance industry includes various components such as banks, investment firms, insurance companies, asset management companies, stock exchanges, credit unions and other financial intermediaries.
It also covers diverse services, including lending, investment management, financial planning, insurance and more.
Overall, the finance industry serves as the backbone of modern economies, helping individuals, businesses, and governments manage their financial needs, make investments and mitigate risks.
Is Finance Consumer Services A Good Career Path?
The finance industry is diversifying immensely as technology grows. Myriad new income streams have been generated. Thousands of new investment and savings options are out there. Plus, there’s a whole new revolution of cryptocurrency.
For many people, it has become too chaotic to understand and keep track of their personal and business finances.
So, they need help to manage their money well despite all the chaos. That’s how consumer services jobs are created.
And as these people help others make and save money, they are paid well. All in all, it is a lucrative career path when you have the right skills and knowledge (explained in the upcoming section).
How many jobs are available in finance?
Finance is a broad career field that encompasses a range of different roles. Within this industry, you can find jobs from accounting and bookkeeping to budgeting and analysis. The Bureau of Labor Statistics (BLS) estimates the addition of 715,100 new business and finance occupations between 2021 and 2031, resulting in a projected growth rate of 7%.
Further, the BLS projects an average of 980,200 job openings each year as long-term employees retire or leave the field. As the finance industry continues to grow, you can expect to find jobs across a variety of areas. Several common career fields for finance professionals include:
- financial analysis
- accounting and auditing
- underwriting
- insurance
- consultancy and planning
- tax preparation
Requirements for a finance job
Depending on the career path you choose, the requirements for your finance role can vary. Consider the following common requirements for entering a financial career:
Education
Your education requirements can vary, depending on the financial career you pursue. For example, an entry-level accounting role may require only an associate degree, whereas a senior-level role such as a chief financial officer (CFO) may require a master’s degree in finance. In most cases, though, employers often require a minimum of a bachelor’s degree in your field of focus. If you choose to pursue a degree in finance, several courses you may complete include economics, business finance, accounting principles and mathematics.
Training
The training requirements can also vary based on the type of financial job you choose. In some educational programs, you may complete internships or study projects that help prepare you for taking on the actual role. Training may also occur in entry-level and junior roles, where you work under the supervision of a more senior-level professional, such as a manager or director. Your financial training can also encompass learning to use different accounting software and financial analysis programs.
Certifications
Not all financial careers require certifications or licensing, but it’s important to understand these requirements for the specific role you choose to pursue. For example, employers may require accountants to hold the Certified Public Accountant (CPA) credential. In other instances, you may be able to complete a professional certification in place of a degree, such as the Certified Public Bookkeeper (CPB) certification for an entry-level role in this field.
Types of jobs in finance
Consider the following finance jobs to find the most suitable career path for you. For the most up-to-date salary information from Indeed, please click on the links below.
1. Bank teller
National average salary: $41,327 per year
Primary duties: A bank teller may work in a bank, credit union or other financial institution and processes customer transactions. They oversee the verification and confirmation of customers’ identities before processing financial transactions such as deposits, withdrawals, loan payments and check cashing. Bank tellers work closely with other team members, including financial managers, loan accountants and directing staff.
2. Bookkeeper
National average salary: $50,820 per year
Primary duties: Bookkeepers oversee the general financial management of the organizations in which they work. They’re typically responsible for maintaining up-to-date financial and budgeting information, including preparing monthly reports, planning budgets and tracking overall financial performance. Some bookkeepers may also work in a leadership or managerial capacity, where they collaborate with more senior financial professionals in the development of budget and business strategies.
3. Tax examiner
National average salary: $46,202 per year
Primary duties: A tax examiner is responsible for reviewing tax returns for completeness and accuracy prior to filing with the Internal Revenue System (IRS). Tax examiners often work for individual clients but may also work for businesses and organizations. They review tax payments, collect overdue payments, conduct tax audits and prepare reports for businesses and individuals filing taxes to the IRS.
4. Credit analyst
National average salary: $65,154 per year
Primary duties: Credit analysts evaluate client credit and financial information to determine how much risk an individual or business may pose when lending. They analyze and prepare credit documentation that banks, credit unions and other lending organizations use to determine whether someone is eligible for an extension of credit. A certified credit analyst may also work closely with loan officers, underwriters and financial analysts in the corporate sector when evaluating loan criteria for businesses.
5. Accountant
National average salary: $59,606 per year
Primary duties: Accountants work with individuals and businesses to manage financial activities and operations. They help their clients and employers make important financial decisions by monitoring performance and providing guidance. They also help prepare important financial documents, including income statements and balance sheets, and they’re often responsible for maintaining their companies’ financial records for tax reporting purposes.
6. Insurance underwriter
National average salary: $98,311 per year
Primary duties: An insurance underwriter oversees the evaluation and decision processes for insurance applications. They analyze applicants’ financial information and relative risk to determine appropriate premiums, coverage amounts and insurance deductibles. Insurance underwriters often work as third-party mediators between insurance agencies that provide policies and insurance companies that want to reduce the risk of insuring a policyholder.
7. Budget analyst
National average salary: $71,656 per year
Primary duties: A budget analyst evaluates, monitors and documents spending activities for their companies. They can work in private or public organizations and provide support in the planning and development of company budgets. Analysts often oversee research and evaluation of historical financial data to prepare budgets and create reports to update executives, senior managers and other shareholders in their companies about the allocation of financial resources.
8. Financial analyst
National average salary: $73,812 per year
Primary duties: Financial analysts work in a variety of organizations, including banks, insurance companies and investment firms. They provide guidance to individuals and businesses for making financial decisions about investments, retirement planning and even wealth management. A financial analyst may also work in stocks and trading, where they analyze the risk and performance of various investments.
9. Financial adviser
National average salary: $82,059 per year
Primary duties: Financial advisers work with both individuals and businesses and provide advice and guidance on long-term financial growth. They often help people assess investment opportunities, manage financial risk and monitor assets. Many financial advisers also help their clients build and manage investment portfolios.
10. Investment manager
National average salary: $99,604 per year
Primary duties: An investment manager is responsible for managing their individual or business clients’ investment assets. They typically provide financial planning, portfolio management and investment guidance so clients can make more informed decisions. Investment managers may also collaborate with advisers and analysts to determine the most suitable investment options for their clients.
FAQ
1. What is the finance industry?
The finance industry, also known as the financial sector, includes a variety of businesses and activities that manage and facilitate the flow of money, capital, and financial resources. It plays a crucial role in the economy by enabling investments, managing risks, and allocating funds.
2. Is finance a good career path?
Yes, finance is a promising career path. It offers diverse job opportunities and is known for its lucrative salaries. The industry is evolving rapidly, especially with advancements in technology, creating new roles and opportunities.
3. How many jobs are available in finance?
According to the Bureau of Labor Statistics (BLS), the finance industry is projected to add 715,100 new jobs between 2021 and 2031, with an average of 980,200 job openings each year due to retirements and workforce turnover.
4. What are the common career fields in finance?
Common career fields in finance include financial analysis, accounting and auditing, underwriting, insurance, consultancy and planning, and tax preparation.
5. What education is required for a career in finance?
Most finance roles require at least a bachelor’s degree in finance, accounting, economics, or a related field. Advanced positions may require a master’s degree. Coursework typically includes economics, business finance, accounting principles, and mathematics.
Conclusion
The finance industry in 2024 presents a vast array of career opportunities across various sectors. With the industry’s projected growth and the continuous evolution driven by technological advancements, finance remains a robust and dynamic field. Whether you are starting your career or seeking to advance, acquiring the necessary education, training, and certifications can significantly enhance your prospects. The demand for finance professionals is strong, and with the right skills and knowledge, you can secure a rewarding and lucrative career in this ever-important industry.