The finance industry is rapidly expanding and will continue to expand in the coming years. According to the Bureau of Labor Statistics, there will be approximately 500,000 job openings in the financial industry in February and March 2023. With that in mind, how many jobs are available in finance? Those who want to work in this field have several options. Here are some of the most common and highest-paying jobs in finance:
What are the Job Prospects and How Many Jobs are Available in Finance Professionals?
There are numerous job roles in finance, so finding the right fit is critical to your professional success. You have the option of working for a large corporation, the government, academia, or an investment bank. What is the job outlook for finance professionals? The job outlook improves with experience and varies according to the position.
1. Financial Analyst
A financial analyst is in charge of financial forecasting and risk analysis for any existing or potential investments. Banks, for example, may use them to analyse and predict a company’s financial stability as part of their lending and investment decision-making process. They could also be hired by a company to evaluate and better understand their financial data. The primary goal of a financial analyst is to ensure that business decision-makers have access to the information they need to make sound investment decisions. The role of the financial analyst is to provide information to decision-makers that help them understand how investments are likely to perform and how risks associated with them can be mitigated.
- Estimated field growth: A 9% increase between 2021 and 2031.
- Salary: Depending on the company, experience, and location, the average salary for a financial analyst is $63,316+.
2. Financial Controller
A financial controller is in charge of a company’s finances, forecasting, and budgeting. They work as a member of the senior finance team and supervise junior financial analysts. A controller is well-versed in accounting and financial modelling. They frequently have a degree and certification in accounting or finance. Financial controllers ensure that the company’s financial statements are accurate and that they comply with government regulations. Controllers are in charge of developing the company’s budget and ensuring that it meets the company’s strategic goals. They also estimate how much money the company will make each month, quarter, and year.
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- Estimated Field Growth: Field growth is projected to increase by 17% between 2021 and 2031.
- Salary: Depending on the company and location, a financial controller’s salary can range from $100,000 to $250,000 or more.
3. Investment Banking Analyst
By compiling industry research and developing financial models, an investment banking analyst participates in initial public offerings (IPOs) and follow-on offerings. They also stimulate the company’s financial results to determine whether it is a viable candidate for an IPO. An analyst is in charge of researching companies and industries in order to identify potential investment opportunities. They gather and organise data for a research report that the investment banking team distributes to prospective companies. Analysts create financial models that show the company’s potential after the IPO after the company decides to pursue an IPO. These forecasts are generated by investment banking analysts using financial modelling software such as Bloomberg. They also create presentations and pitch books for the investment firm to use when pitching the company to investors.
- Estimated Field Growth: Field growth is projected to be 4.2% per year.
- Salary: The salary of an investment banking analyst can range from $80,000 to $250,000 or more, depending on the company, experience, and location.
4. Analyst of Equity Research
An equity research analyst conducts research on public companies in order to produce reports for investors. They use their financial knowledge to assist investors in making better stock market decisions. Equity research analysts create reports on various industries and companies to assist investors in making better decisions. They use their financial knowledge to assist investors in making better stock market decisions. Equity research analysts create reports on various industries and companies to assist investors in making better decisions. They use their financial knowledge to assist investors in making better stock market decisions. Their goal is to create reports that will assist investors in making better decisions about whether to buy or sell a company’s stock and generate more revenue.
- Field of Growth: Field growth is expected to be 6% on average between 2020 and 2030.
- Salary: The salary of an equity research analyst ranges from $80,000 to $250,000, depending on the company and location.
5. Engineer in Data Science/Fintech
For the financial industry, a data science/fintech engineer analyses large data sets. They find patterns in data using computer programmes and statistical techniques. Fintech engineers create computer programmes that automate financial tasks such as portfolio management and trade execution. They also develop software that searches for patterns in data to detect fraudulent activity. Data analytics is used by fintech engineers to discover patterns in data. They create computer programmes that automate financial tasks such as portfolio management. They also develop software that searches for patterns in data to detect fraudulent activity.
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You could work as a fintech engineer or data scientist at a traditional bank or investment firm, or at a high-frequency trading firm like Citadel, Hudson River Trading, or others.
- Estimate Field Growth: Job growth in the field is expected to be 22% by 2030.
- Salary: Depending on the company and location, a data science/fintech engineer’s salary ranges from $90,000-$200,000.
6. Wealth Manager/Personal Financial Advisor
A personal financial advisor/wealth manager assists people in managing their money. They develop a financial strategy and oversee investment accounts. They develop a financial plan, such as how much money to save each month and how to manage an investment portfolio. Personal financial advisors/wealth managers are frequently employed by financial institutions such as banks, hedge funds, and brokerage firms. They assist people with money management tasks such as budgeting, investing, and debt repayment.
- Estimate Field Growth: Field growth is expected to be 15% between 2021 and 2031.
- Salary: Personal financial advisors/wealth managers earn between $80,000 and $250,000 per year, depending on the company, experience, and location.
7. Accountants
An accountant is a professional who is in charge of keeping and interpreting financial records. The majority of accountants manage a wide range of financial activities for both their individual clients and the larger businesses and organisations that employ them. They work with financial data to assist businesses and individuals in making sound financial decisions. Accounting’s goal is to aid organizations‘ and individuals’ decision-making processes. The majority of accountants work in accounting firms. Others work in the private sector, in industries such as banking, insurance, real estate, and retail. Non-financial positions are held by accountants in a variety of industries.
- Estimated Growth: Field growth is expected to be 6% between 2021 and 2031.
- Salary: Accountants can earn up to $52,766 per year, depending on the company, experience, and location.
8. Tax Consultants
Tax associates assist individuals and corporations with documentation and preparation of federal and state income taxes. These experts, also known as tax preparers or tax specialists, are frequently employed by accounting and financial services firms, though some work for themselves. Tax associates prepare and submit tax returns and other tax-related paperwork.
- Field of Growth: Field growth is expected to be 6% between 2021 and 2031.
- Salary: A tax associate’s salary ranges from $55,536 to $68,856 on average.
Conclusion – How Many Jobs are Available in Finance?
As you may have guessed, there are many different careers in finance, and it is critical that you choose the right one for you. The best way to determine what type of career is best for you is to gain hands-on experience in the field where you want to work, such as through an internship! To improve your chances of success in finance, aim to gain relevant technical skills through internships or coursework, and apply to jobs that match your skill set.
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If you’re trying to figure out which path in finance is best for you, you should consider taking classes in various sectors (accounting, tax, investment science, etc.) to see what resonates with your skills and interests the most. Don’t be afraid to experiment – you’ve got this! So, hope you have an idea now how many jobs are available in finance sector now! Keep reading!!
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