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Jobs in the financial sector can be highly lucrative, which helps explain why they’re in great demand. Of course, breaking into Finance isn’t easy—the entry qualifications can be as lofty as the salaries. At a minimum, most jobs require a four-year degree, and many professionals have advanced degrees in business, math, economics, or statistics.
How many jobs are available in Finance; In the United States, there are currently 2,500,000 jobs available in the financial sector, which includes banking and insurance services, as well as jobs that deal with investments and securities trading.
While it’s clear that Finance offers plenty of job opportunities, how much do these positions pay? Are they all in New York City? What qualifications do employers look for when hiring workers in this field? How does one become financially educated to be prepared to enter the area?
The answer to these questions and more can be found in this guide on how many jobs are available in finance sector.
What is Finance?
Before we know how many jobs are available in Finance, let’s understand what Finance is. Finance is the practice of managing and investing money. It includes activities such as budgeting, forecasting, and risk assessment. Finance also has investments in stocks, bonds, and other securities.
The money market industry is one of the economy’s most dynamic and fastest-growing sectors. How many jobs are available in Finance today, including roles in private companies, banks, and investment firms?
There are many education requirements you need to meet. You will need a degree in economics or business administration and experience in accounting or financial analysis. In addition, you will need to pass a certification examination. The Financial Analyst Certification Board (FACB) offers a certification exam for financial analysts.
You will need to have strong math skills in banking or investment banking. You will also need excellent verbal and written communication skills. Some essential qualifications for banking and how many jobs are available in Finance include a degree from an accredited college or university, at least two years of experience working in a financial institution, and fluency in English and another language. Investment banking jobs require a minimum degree from a top-tier school and five years of experience working in.
The History of Finance
Before we know how many jobs are available in finance, let’s see the history of Finance. Finance, as a study of theory and practice distinct from the field of economics, arose in the 1940s and 1950s with the works of Harry Markowitz, William F. Sharpe, Fischer Black, and Myron Scholes, to name just a few. Particular realms of Finance—such as banking, lending, and investing, of course, money itself—have been around since the dawn of civilization in some form or another.
The financial transactions of the early Sumerians were formalized in the Babylonian Code of Hammurabi (circa 1800 BC). This set of rules regulated ownership or rental of land, employment of agricultural labor, and credit. Yes, there were loans back then, and interest was charged on them—rates varied depending on whether you were borrowing grain or silver.
By 1200 BC, cowrie shells were used as a form of money in China. Coined money was introduced in the first millennium B.C. King Croesus of Lydia (now Turkey) was one of the first to strike and circulate gold coins around 564 BC—hence the expression, “rich as Croesus.” 6
In ancient Rome, coins were stored in the basement of temples as priests or temple workers were considered the most honest, devout, and safest to safeguard assets. Temples also loaned money, acting as financial centers of major cities.
Why Finance Jobs Are Growing Faster Than Other Fields
Before we know how many jobs are available in finance sector, let’s understand why finance jobs are growing faster. The U.S. job market will always need financial workers. As the stock market fluctuates and the monthly job rates vary, financial jobs increase, as well as retirement planning with millennials and baby boomers.
Many wealth management jobs become available during these times due to an increased focus on wealth management and risk management, as well as acquiring real estate.
After the 2008 recession, regulations changed drastically. Banks and lenders began working overtime to ensure they complied. A regulation-heavy market requires people who work with the numbers and know the new and ever-changing rules. Our current economic state is also significantly affecting the need for financial workers and the amount of work they do.
The Pros & Cons of Working in Finance
Before we know how many jobs are available in finance, let’s know the Pros & Cons of Working in Finance. The most notable benefit is the compensation, which is generally higher than in other professions. A degree of freedom, reasonable working circumstances, and the opportunity to use your abilities elsewhere are further noteworthy benefits.
Finding new possibilities shouldn’t be too tricky if you want to shift occupations because skilled people skilled in statistics and finances are frequently in high demand across all industries.
A career in Finance includes drawbacks, just like any other profession. The financial sector is sometimes quite cyclical. Thus these factors may have stress, obligations, lengthy working hours, continuous education needs, and perhaps a lack of job security.
Job outlook from 2016 to 2026
Before we know how many jobs are available in finance sector, let’s look at the Job outlook from 2016 to 2026. According to the Bureau of Labor Statistics, the finance sector is expected to grow by 7 percent from 2016 to 2026. This growth is partly due to an aging population and the need for financial planning and investment advice.
The finance sector is a broad field that includes banking, insurance, accounting, and more jobs. There are many different types of finance jobs available all over the world. With the proper education and experience, you can find a job in Finance that suits your skills and interests.
Entry-level positions in Finance are typically associate positions or entry-level accountant positions that require a bachelor’s degree. Other professions include credit analyst, account executive, portfolio manager, investment banker, real estate appraiser, and valuation expert.
According to the U.S. Bureau of Labor Statistics (BLS), those earning their MBA have one of the best career outlooks, with median salaries starting at $125,000 per year (www.bls.gov).
What Do Finance Jobs Pay For Different Positions
Before we know how many jobs are available in finance sector, let’s understand why finance jobs are growing faster. The finance sector is a broad field that offers a variety of positions. The salary for each position varies depending on the company, location, and employee experience.
Here is a breakdown of some common finance positions and their corresponding salary ranges
- Chief Financial Officer: Salary range $200,000 – $1 million + (varies greatly)
- Actuary: Salary range $90,000 – $160,000 + (varies greatly)
- Budget Analyst: Salary range $35,000 – $60,000 + (varies greatly)
- Tax Analyst: Salary range $45,000 – $150,000 + (varies greatly)
Must Read: American Funds Capital Review 2022
Types of Finance Degrees
Before we know how many jobs are available in finance, let’s understand the types of finance degrees. Tailored to specific preferences, there are many levels of degrees available in the finance industry. So, you might be wondering what your career path with a degree in Finance is.
A finance bachelor’s degree will equip you for internships or entry-level positions in the sector. In contrast, a finance master’s or doctoral degree will better qualify you for management or instructor roles in this industry.
The three primary categories of finance degrees available to you are listed below:
1. Bachelor’s Degree in Finance
The most typical requirement for pursuing a career in Finance is often a bachelor’s degree in Finance. This four-year program will give you the foundational knowledge you need to succeed as a Finance professional.
While earning a bachelor’s degree in the financial industry will help you advance your financial understanding, you’ll also learn leadership, analytical, and communication skills to complete your education.
2. Master’s Degree in Finance
You are eligible to pursue a master’s degree in Finance after earning your bachelor’s degree. By specializing in particular areas of Finance, this two-year degree builds upon the principles of Finance.
3. Doctorate Degree in Finance
With a doctorate in Finance, you can work as a financial researcher, teach financial courses, and qualify for virtually any job in the industry like corporate Finance.
After earning your bachelor’s and master’s degrees, it takes an extra four to five years to get a Ph.D. in Finance. Most doctorate graduates will make over $180,000 annually in the workplace.
Types of Careers in Finance
Let’s know how many jobs are available in finance. 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 when you do a job search.
There is a finance career for you, depending on your educational background and personal interests.
1. Financial Controller
- Average Salary: $225,258
- 10-Year Projected Growth: 17%
In essence, a financial controller serves as the chief accountant for a business. They supervise accounting operations and guarantee that ledgers appropriately reflect the company’s cash inflow and outflow. Based on accounting data, strategic controllers impact corporate forecasting, planning, and decision-making.
2. Accountant
- Average Salary: $73,560
- 10-Year Projected Growth: 7%
Accountants assist organizations or accounting firms in making financial decisions by gathering, monitoring, adjusting, and conveying information about the company’s financial status.
In addition to keeping track of transactions, they are gathering and analyzing data, doing audits, assisting with budgeting and financial forecasts, computing taxes, and reporting their findings to management and other parties like the IRS or investors.
3. Financial Auditor
- Average Salary: $73,560
- 10-Year Projected Growth: 7%
Financial auditors inspect accounting data, financial records, and operational aspects of a business to determine whether its financial statements follow generally accepted accounting principles (GAAP).
Internal controls and governance are also assessed and tested by financial auditors. They periodically evaluate risk management procedures to offer unbiased assessments of the systems’ suitability, effectiveness, and efficiency. They also work to find, look into, and stop all fraud within a business.
4. Financial Manager
- Average Salary: $134,180
- 10-Year Projected Growth: 17%
Finance managers analyze everyday financial activities and provide advice and guidance to upper management on future financial plans. They are the root of all major business decisions, and their role is crucial to the success of any organization.
Finance managers may be employed in many environments, including public and private sector organizations. They also operate in various industries, such as banking, finance, healthcare, and insurance.
Typical duties include reviewing financial reports, financial analysis, monitoring accounts, and preparing economic forecasts. Finance managers also investigate ways to improve profitability and analyze markets for business opportunities, such as expansion, mergers, and acquisitions.
The finance manager position usually requires an advanced degree in accounting, business, economics, or Finance, as well as several years of experience in a finance role.
5. Management Consultant
- Average Salary: $89,646
- 10-Year Projected Growth: 14%
If you’re motivated, enjoy problem-solving, and are interested in helping organizations to operate better, then being a full-time management consultancy is your career.
Management consultants help organizations to solve issues, create value, maximize growth and improve business performance. They use their business skills to provide objective advice and expertise and help an organization develop any specialist skills it may be lacking.
A company’s primary focus will be its strategy, structure, management, and operations. The responsibility is to discover choices for the organization, make recommendations for change, and offer advice on extra resources to carry out their ideas.
6. Personal Financial Advisor
- Average Salary: $89,330
- 10-Year Projected Growth: 5%
Personal financial advisors provide advice to help individuals manage their money and plan for their financial future and reach their financial goals. Personal financial advisors advise on investments, insurance, mortgages, college savings, estate planning, taxes, real estate management, and retirement to help individuals manage their finances.
Personal financial advisors assess the financial needs of individuals and help them with decisions on investments (such as stocks and bonds), tax laws, and insurance.
Advisors help clients plan for short-term and long-term goals, such as meeting education expenses, portfolio management, and retirement savings through investments. They invest clients’ money based on the clients’ decisions. Many advisors also provide tax advice or sell insurance.
7. Financial Analyst
- Average Salary: $83,660
- 10-Year Projected Growth: 6%
They are in charge of analyzing the company’s future performance and assessing financial statements. This may include forecasting future revenues and expenditures, modeling capital structure, and budgeting. Financial analysts frequently monitor the financial plan of a corporation.
Financial analysts are responsible for tracking a company’s financial performance against a plan, analyzing business performance and market conditions to create forecasts, and helping senior management make tactical and strategic decisions by providing periodic reports.
However, not all financial analysts work with financial institutions or help their employers make investments. For example, a company may hire a financial analyst to measure the effectiveness of various marketing campaigns relative to cost.
8. Senior Tax Accountant
- Average Salary: $88,201
- 10-Year Projected Growth: 10%
They collect, review, and process accounting and tax documents to prepare tax returns, state pages, and tax provision schedules, estimate quarterly payments, and file extensions.
Senior Tax Accountants gather financial information and file federal, state, and local tax returns for businesses and individuals. They also assist the tax manager in responding to IRS and other client notices.
Other duties include coaching junior tax accountants and being aware of all compliance issues and deadlines for extensions, tax estimates, required filings, and more. They must research more complex tax concepts and strategies to improve each client’s tax strategy and communicate their findings and ideas with them.
9. Credit Analyst
- Average Salary: $74,970
- 10-Year Projected Growth: 6%
A credit analyst’s role involves assessing the creditworthiness of an individual or company to determine the likelihood that they will honor their financial obligations.
Credit analysts evaluate borrowers’ past financial and credit history to determine their financial health and ability to repay credit advanced to them by a lender. Typically, credit analysts are employed by credit rating agencies, credit card-issuing companies, commercial and investment banks, and investment firms.
When evaluating a borrower’s financial health, the credit analyst gathers essential financial information and evaluates it using financial ratios. They can also compare the ratios with industry benchmarks to decide if a borrower’s cash flow is sufficient to repay the loan.
The credit analyst will then recommend the credit limit for a new customer based on the company’s lending policies. Still, the underwriter will make the final decision on whether or not to grant credit, which relies on the analyst’s intelligence to make his decision.
10. Budget Analyst
- Average Salary: $78,970
- 10-Year Projected Growth: 5%
Budget analysts’ primary responsibility in a for-profit business is to analyze the budget and look for ways to use resources more efficiently to increase profits. They identify budget issues that need to be addressed, notify management, and recommend new budgeting strategies.
According to the Bureau of Labor Statistics, about 22 percent of all budget analysts work for federal government agencies. In comparison, 13 percent work for state and local schools, and another 22 percent are evenly split between state and local government agencies.
At all levels of government, they are responsible for efficiently distributing money and other resources among departments and programs. Some government budget analysts help evaluate performance programs, analyze financial policies for efficiency and viability, and help draft budget-related legislation.
The Education Requirements for a Career in Finance
After knowing how many jobs are available in the finance sector, let’s understand the educational requirement for a career in Finance. A career in Finance can be an excellent option for someone looking for a high-paying job. However, before becoming a financial analyst, investment banker, or any other type of Finance professional, you will need to have a degree in the field. Here is a look at the education requirements for a career in Finance:
• Bachelor’s degree in business, economics, or accounting from an accredited university
The Professional Certification Programs for the Finance Industry
After knowing how many jobs are available in finance, let’s understand how to find Professional Certification Programs for Finance. There are currently several professional certification programs available for those seeking to enter the finance industry. The most popular of these programs is the CFA® and the CFP®.
These certifications can open up many opportunities for those who complete them, including positions in investment banking, hedge funds, private equity firms, and credit rating agencies. Other popular programs include the MBA in Finance and the M.S. in Finance.
How to Find a Finance Job
After knowing how many jobs are available in finance, let’s understand how to find a finance job. Finding a finance job can be daunting, but with proper preparation, you can land a significant position in the industry. Here are five tips to help you find a finance job:
1. Use Indeed
How many jobs are available in Finance with the Indeed Website? Indeed is an excellent resource for finding Finance. The site has a search engine that allows you to search for jobs by location, company size, and function for example you can search for bank of America private bank jobs. You can also narrow your search by keyword or job type.
2. Join industry groups
Many industries have trade associations that offer memberships that include access to career resources and networking opportunities.
Membership in these organizations can help you learn about current trends and opportunities in the finance industry.
3. Check out online job postings
Online job postings can be found on Indeed, CareerBuilder, and LinkedIn websites. Many companies also post open positions on their websites.
Be sure to check all of the relevant websites for any potential jobs available in Finance such as banks to apply to.
4. Network with people in the industry
People in the finance industry are usually amicable and willing to help newbies get started. Ask around for advice on where to find relevant information and meet people who work in the industry.
Is Finance a Good Career Path?
After we know how many jobs are available in finance consumer services, let’s know if Finance is a good career path or whether a Job in major banks a good career path. Because many high-paying positions are open right after college, a career in Finance is frequently a well-liked choice. There are several financial degrees available if you love math, numbers, and Finance and have the necessary aptitude.
Working in Finance has numerous advantages, including a respectable wage and various occupations to suit different personalities and skill sets. Significantly, this economic sector will likely expand over the next few years.
Conclusion
If you’re looking for a career in Finance, there are plenty of jobs today. According to the Bureau of Labor Statistics (BLS), the finance and insurance industries will add more than 213,000 jobs by 2020.
That’s good news if you’re interested in finding a job that offers stability and good pay. The BLS also reports that the average annual salary for financial analysts is $101,230.
