Finance Degree: The Best Ways to Start a Finance Career Today
There are numerous alternatives for professions in finance degree, and the number of options grows as your education and work experience progress. Public, corporate, and personal finance are the three primary subfields within the topic. People who work in finance affect everything from investment banking to insurance to financial planning. Pursuing a bachelor of science in finance can unlock your potential for a career in finance. This article will discuss financial careers, accompanying salaries, and the abilities of finance majors.
What Careers Can You Pursue with a Finance Degree?
Because they can provide a high paid position soon after graduating, financial careers are frequently a popular choice. There are many options for employment in the financial sector and numerous specialties to pick from. There is a finance career for you, depending on your educational background and personal interests.
The Average Pay in Commercial Banking: $92,983
The financial services offered by professionals in commercial banking include several loan alternatives, checking and savings accounts, and money market accounts. Since many people start their careers as bank tellers and advance to become branch managers, there is much room for growth in the commercial banking industry.
The Average Pay for Investment Banking: $96,543.
Selling and trading corporate securities and giving wise counsel to businesses and people make up the high-intensity field of investment banking. An investment banker’s duties may also involve stock and bond trading on the stock exchange.
Financial Planners/ Finance Analyst
The Average Pay for Financial Planners: $61,830.
A financial planner collaborates with clients to develop plans that guarantee a person’s present and future financial stability. They talk about saving and investing methods to accomplish a client’s objective. Financial planners should consider acquiring the Certified Financial Planner (CFP) designation as they typically work for a regional or national firm.
Average Salary for Insurance Agents: $37,667
You can learn about many facets of money while working in the insurance industry. For example, to assist your clients with their financial goals, you can work as an insurance sales representative or customer care professional by calculating the risks and probabilities of financial trends.
Average Pay in Public Accounting: $63,907
Public accounting is another varied employment option for accounting majors. A public accountant manages financial transactions, audits records, and prepares income tax returns for private individuals and corporations. Depending on their customers, public accountants typically operate in either small or large firms.
Hedge Fund Director
Average Pay for Hedge Fund Managers: $70,000
Hedge funds are frequently used to refer to unregulated private investment funds. Working with investments can lead to a variety of careers, including those as financial traders, compliance officers, finance analysts, and portfolio managers.
Average Pay for Venture Capitalists: $92,406
The potential expansion of financial options for small or start-up businesses is explored in a career in venture capital. As a venture capitalist, you will choose whether your company will invest in these businesses in the hopes that its shares will start trading publicly on the stock market.
Real Estate Agents
The Average Pay for Real Estate Agents: $59,180.
Financial professionals in commercial and residential real estate collaborate with customers to develop the most effective plan for financing the purchase of a family residence, business location, or retail space. Mortgage brokers, mortgage firms, and life insurance specialists are a few potential career pathways in financial real estate.
Chief Financial Officer
The Average Pay of Chief Financial Officer: $128,468
A chief financial officer (CFO) monitors a company’s earnings and deficits and then comes up with a plan to keep the business profitable. Managing a team of people is a crucial quality in a chief financial officer.
Ranked – The 10 Highest-Paying Insurance Careers In The Us
According to the insurance labor market survey, the roles in technology, actuarial, claims, analytics, and underwriting are the hardest to fill in that order. Except for those for leadership jobs, almost every organization questioned in the report stated that these positions are harder to fill now than they were a year ago.
Rieder pointed out that insurers are paying current workers more to avoid pay compression and equality issues. According to him, more businesses are now required to make pay mid-year market changes. ” While many organizations probably only prepared for a 3.5% to 4% growth in merit, the truth is that the tendency is roughly 5% year over year,” says the author.
ZipRecruiter’s job-posting service website created “compensation estimations” for each profession, considering the job title, location, and business hiring to determine which insurance vocation pays the most. Although the firm highlighted that the statistics “represent a base compensation range, and do not incorporate years of experience, perks, bonuses, or other factors that may change individual compensation rates,” it also added that the figures “do not take into account benefits.”
Here are the top 10 insurance-related positions in terms of pay, as determined by the company.
1. Consulting actuary
Range of yearly salaries: $93,000 to $173,000
Clients receive accounting and risk-assessment guidance from consulting actuaries. The position calls for several years of actuarial experience and expertise in conducting financial audits and risk modeling. Professionals of this kind can work as independent contractors or employees of sizable consulting firms.
2. Actuary for life insurance
Range of yearly salaries: $67,000 to $150,000
To reduce expense and danger, experts in this field assist in pricing life insurance policies. In addition, they are responsible for determining customer risks, carrying out financial analyses, and producing reports for management and salespeople. Therefore, a bachelor’s degree in mathematics, actuarial science, or a closely related discipline, as well as professional actuary certification, are prerequisites for anyone interested in a career as a life insurance actuary.
3. Actuarial pricing
range of yearly salaries: $99,500 to $149,500
A statistician who works in financial services, such as insurance, is known as a price actuary. By assessing data and calculating risks, they assist in determining product prices while guaranteeing that the company’s costs, such as the cost of claims or staff retirement, are covered. Strong analytical and computer abilities are essential for actuaries. A bachelor’s degree in actuarial science, statistics, or mathematics is also necessary.
The range for yearly pay: is $111,500 to $142,500
Actuaries estimate insurance premiums and give businesses advice on balancing their capital and adhering to legal requirements. They are also responsible for developing or implementing risk management software and keeping daily contact with clients. According to ZipRecruiter, the four actuarial specializations are property and casualty (P&C), life, health, and pension.
5. Manager Of Automotive Finance
Range of annual salaries: $97,500 to $141,500
These experts manage the financing of new and used cars, develop sales training courses, and ensure that all transactions adhere to local, state, and federal laws.
6. Underwriting manager
Range of annual salaries: $92,000 to $125,500
Underwriting managers manage the daily operations and administrative responsibilities of the underwriting department. They assist underwriters with application reviews, implement suitable screening procedures, and create fresh approaches and models to gauge client financial risk.
7. A casualty underwriter
Range of yearly salaries: $87,500 to $121,000
A casualty underwriter evaluates applications for business and personal insurance policies. They must examine applicant histories, financial situations, employment, and property facts to ensure premiums can be paid. Additionally, they are in charge of monitoring and evaluating current regulations.
8. Health Actuary
Range of yearly salaries: $75,500 to $116,000
Health actuaries study market trends and healthcare data while working for insurance companies and healthcare organizations to develop long-term financial and strategic goals. They also develop reports using aggregate health plan data from national databases, evaluate rate files, interpret medical patterns for new hazards and opportunities, and review plan reserves.
9. Director of Claims
Range of yearly salaries: $75,001 to $115,500
These experts oversee the day-to-day activities of an insurance claims department. They are responsible for creating universal rules for insurance coverage and claims for various scenarios. Additionally, they guarantee that consumers receive excellent service.
10. General Adjuster
Range of yearly salaries: $43,000 to $114,000
The general adjusters must analyze occurrences to ascertain the extent of the insurance company’s financial responsibility. Their main responsibility is researching the property or physical damage associated with insurance claims. They are also responsible for determining the incident’s cause, the degree of the damage, and the cost of repairs. Investigative research expertise and interpersonal abilities are requirements for this position.
Finance Career FAQ
How did you get into finance and real estate?
With a bachelor’s in finance, it’s not only possible but also beneficial to work as a real estate agent. One of the subjects that most people study in real estate is finance. A finance degree is a wise choice because real estate is heavily influenced by money and the bigger market. Financing problems are the main reason home sales fall through. Therefore, real estate brokers with a bachelor’s in finance will be well-positioned to assist their clients in ensuring that doesn’t happen.