Financial professionals are needed now more than ever before. Companies need help with trimming the fat in order to stay afloat through these tough times, they need help uncovering fraud and other illegal practices that are on the rise, and new companies need financial professionals to help put them on the right path to financial success. Companies, businesses, and even individuals use financial professionals of all kinds today. They are called upon so often that the industry is expected to grow 8-20 percent by 2018. Some of the different types of financial jobs include:
- -Accountant
- -Auditor
- -Cash Manager
- -Comptroller
- -Credit Manager
- -Economist
- -Forensic Accountant
- -Fundraiser
- -Investment Banker
- -Options Trader
- -Risk Manager
- -Stockbroker
- -Treasurer
- -Underwriter
- -Urban Planner
According to the Bureau of Labor Statistics (bls.gov), some of the top industries for financial professionals are securities and commodity contracts intermediation and brokerage, management of companies and enterprises, insurance carriers, local government, and depository credit intermediation. Financial professionals working in these industries earn an average of $77,280-$134,940 annually and other industries are not too far behind on the pay scale.
Entry-level financial professionals start at around $50,290 per year. The mid-range salary is $90,970 per year and the highest average salary, which is usually reserved for management professionals, is around $145,600 per year. Some may make more depending on the size of the company, bonuses, and other benefits.
How to Get a Financial Job
If you’re interested in one of the many financial jobs mentioned above, you should consider earning a bachelor’s degree in finance, business administration, accounting, or economics. A bachelor’s degree is a great start, but many companies prefer a master’s degree in finance, accounting or other related field or an MBA with a focus in finance, accounting, or economics. Not only are advanced degree holder’s recruited more often than bachelor’s degree holder’s, they usually have more advancement opportunities and greater earning power.
While an advanced degree is important, experience is important as well. While in school, you should take advantage of your institutions internship program. This will help you land your first job (even if it’s entry-level), which can help prepare you for higher profile jobs with more responsibility and better pay.
Finding the Best Financial Degree Programs
College directories and college ranking websites are an invaluable tool for degree seekers. U.S. News & World Report publishes a “best of” list of colleges and Princetonreview.com publishes rankings for all colleges and degree programs. College directories such as Petersons.com offer plenty of listings and reviews as well.
If you prefer to search for a program on your own, just make sure the college (whether online or traditional) is accredited by an agency approved by the U.S. Department of Education. Some of the top accrediting agencies are:
- -The Association to Advance Collegiate Schools of Business (AACSB)
- -The Association of Collegiate Business Schools and Programs (ACBSP)
- -The Council for Higher Education Accreditation (CHEA)
- -The Distance Education and Training Council (DETC)
- -Middle States Association of Colleges and Schools
- -New England Association of Schools and Colleges
- -North Central Association of Colleges and Schools
- -Northwest Commission on Colleges and Universities
- -Southern Association of Colleges and Schools
- -Western Association of Schools and Colleges
To make sure the college of your choice is accredited, visit the U.S. Department of Education at Ed.gov. The site has a searchable database of accredited postsecondary institutions and programs. And yes, it’s free.
