Finance Careers
Financial services play a vital role in facilitating the exchange of goods and services central to our economy, expanding alongside economic growth. Finance degrees are also among the most sought-after business degrees and careers.
Finance professionals work in every industry, offering numerous subfields and specialization opportunities. Career options in finance include positions like finance officer, financial analyst, finance manager, and finance director, each offering distinct responsibilities and opportunities for career growth.
Read on to learn more about finance careers and see if they are a right fit for you.
Is Finance a Good Career for the Future?
There is a wide range of finance careers catering to various education levels, skill sets, and salary ranges. Median salaries for finance roles can range from $37,000 at the low end to $145,000 at the high end.
While positions like data scientist, actuary, and financial software developer offer high salaries and strong job prospects, others, such as bank teller and bookkeeper, face a less favorable job outlook and earn salaries below the median annual wage.
Although it is possible to enter the finance field without a college degree, opportunities are often limited compared to roles requiring a bachelor’s or advanced degree. Positions like bank tellers, financial clerks, and real estate brokers typically only require a high school diploma but offer the lowest pay.
| Job | Typical Entry-Level Education | Job Outlook (2022-2032) | Median Salary (2023) |
|---|---|---|---|
| Bank Teller | High school diploma | -15% | $37,640 |
| Bookkeeping, Auditing, and Accounting Clerks | High school diploma, some relevant college courses | -6% | $47,440 |
| Financial Clerk | High school diploma | -4% | $47,070 |
| Real Estate Brokers | High school diploma | 3% | $56,620 |
| Insurance Sales Agent | High school diploma + state license (some may prefer a bachelor’s) | 8% | $59,080 |
| Loan Officer | Bachelor’s (license required for mortgage loan officers) | 3% | $69,990 |
| Insurance Underwriter | Bachelor’s (some may accept high school or associate with relevant work experience) | -2% | $77,860 |
| Accountants and Auditors | Bachelor’s (certification may help for advancement) | 4% | $79,880 |
| Brokers and Investment Bankers | Bachelor’s (an MBA may help for advancement) | 7% | $76,900 |
| Financial Examiners | Bachelor’s | 20% | $84,300 |
| Personal Financial Planners | Bachelor’s (master’s degree or certification may help with advancement) | 13% | $99,580 |
| Financial and Investment Analysts, Risk Management Specialists | Bachelor’s (some employers may prefer a master’s) | 8% | $99,890 |
| Chief Executive Officers | Bachelor’s + extensive experience | 3% | $103,840 |
| Data Scientist | Bachelor’s (some employers may prefer master’s or doctoral) | 35% | $108,020 |
| Actuaries | Bachelor’s | 23% | $120,000 |
| Financial Software Developer | Bachelor’s (some may prefer a master’s) | 25% | $130,160 |
| Financial Lawyer | Doctoral or professional degree | 8% | $145,760 |
Featured Online Bachelor’s in Finance Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
7 Career Paths in the Finance Industry
As a finance major, you have a wide array of career paths to explore. Some programs offer specializations that can help you prepare for specific roles. Learn more about seven common career paths in finance below.
5 Skills Required for a Successful Finance Career
When pursuing a finance career, many skills are essential for excelling as a top financial professional, including strong communication skills, sharp analytical abilities, and a deep understanding of technology. The following key skills contribute to a successful finance career:
- Personal ethics: Financial professionals must have a strong set of values and principles guiding them to differentiate between right and wrong. They must follow regulations and build trust with their clients and colleagues.
- Interpersonal skills: Professionals should have a friendly and approachable attitude and the ability to communicate effectively with others. Interpersonal skills are important for fostering healthy work relationships.
- Problem-solving: Financial professionals face a variety of dilemmas daily, requiring strong problem-solving skills to navigate challenges effectively. This skill proves vital in high-pressure financial fields like portfolio management and stock trading.
- Technological expertise: Financial professionals should have a thorough understanding of the rapidly changing technology field. Proficiency in modern tools, platforms, and software is vital, especially for those working in accounting and investment management.
- Analysis: Financial professionals rely on logical and critical thinking skills to help them identify data patterns. Strong data analysis skills can aid in forecasting market trends, interpreting results, and drawing accurate conclusions.
How Do I Know Finance Is the Right Career for Me?
Finance attracts diverse professionals across various industries who typically possess strong analytical, mathematical, and problem-solving skills. This career path usually requires you to be detail-oriented and well-versed in technology. While some roles are more independent, strong communication and interpersonal or sales skills are essential.
Competitive salaries and growth opportunities make finance a lucrative career path. After your bachelor’s degree, you will need to regularly update your education to remain current. Though working hours vary, most full-time employees work 40+ hours per week in the office.
How to Get a Job in Finance
While some finance positions may only mandate an associate’s degree, career progression in the field often requires a bachelor’s or master’s. An associate degree in finance can serve as an entry point, offering experience and college credits that can transfer to a four-year institution.
Finance career requirements usually include a minimum of a bachelor’s in a finance-related major, which would provide a comprehensive understanding of investments, accounting, risk management, and financial planning. Colleges and universities also provide internship and networking opportunities for students studying finance.
Pursuing a master’s in finance, a master of business administration (MBA), or a graduate certificate in finance can open the door to even more job opportunities in the financial industry. A master’s degree can increase job prospects and aid in career advancement.
4 Types of Financial Service Companies
Various sectors within the finance field include fintech, accounting, insurance, and banking. Explore the characteristics of each industry and some of the most notable companies.
Fintech Companies
Fintech encompasses a wide range of technologies that automate financial processes for businesses and consumers. Examples of fintech include mobile banking services, cryptocurrency, and artificial intelligence. Some well-known fintech companies also include Venmo, SoFi, and Robinhood. Other examples include:
- Tencent: The world’s largest video game publisher, it offers a diverse portfolio of services, including WeChat, a messaging app with over a billion users in China. WeChat also provides financial services, including Weixin Pay/WeChat Pay, Credit Card Repayment, and We Tax Refund.
- Visa: A global payment card company, Visa facilitates digital payments through Visa-branded debit and credit cards. The company offers a “Fintech Fast Track” program to assist emerging fintech companies in growing their customer base, regulatory approval, and enhancing technology offerings for existing Visa customers amidst the rising demand for digital financial services.
- Fiserv: A financial technology company, Fiserv offers a range of products, including Carat, a global commerce platform for international businesses; Clover, a point-of-sale system for small businesses; and CardHub, a digital wallet service.
Accounting Firms
An accounting firm is made up of accounting professionals who offer financial management services like bookkeeping, tax preparation, and payroll services to clients. Various types of accounting firms exist, ranging from full-service firms to specialized firms that focus on a specific aspect of accounting. The four main accounting firms are Deloitte, EY, KPMG, and PwC.
- Deloitte: This firm offers clients a range of services, including audit, consulting, financial advisory, risk advisory, tax, and related services. With around 415,000 financial professionals in independent firms spanning 150 countries, Deloitte reported $65 billion in revenue in 2023.
- PriceWaterhouseCooper (PwC): PwC provides assurance, tax, and advisory services globally. With over 364,000 people and offices in 151 countries, PwC recorded a gross revenue of $53.1 billion in 2023.
- Ernst & Young (EY): With over 400,000 employees worldwide, EY provides four integrated service lines: assurance, consulting, strategy and transactions, and tax. In 2023, the global EY organization reported a revenue of approximately $49 billion.
Insurance Companies
Insurance companies operate by assuming risks on behalf of individuals or companies in return for payment. Insurance policies cover expenses resulting from unexpected events. Various insurance types include life, health, auto, and home insurance.
- UnitedHealth Group: This company is made up of two core businesses: Optum and UnitedHealthcare. Optum provides direct care, pharmacy services, and data analytics to healthcare organizations through its three divisions: Optum Health, Rx, and Insight. United Healthcare offers health benefit plans through four businesses: Employer & Individual, Medicare & Retirement, Community & State, and Global.
- Berkshire Hathaway: This company has a diverse portfolio of ventures, including insurance, railroads, utilities, and retailing businesses. Its insurance sector features businesses such as GEICO, Berkshire Hathaway GUARD Insurance, and Berkshire Hathaway Reinsurance Group.
- Centene: This company provides services to government-sponsored healthcare programs. It is the largest Medicaid-managed care organization in the country and holds the top position nationwide in the Health Insurance Marketplace.
Banks
Banks act as intermediaries between depositors supplying funds and borrowers seeking loans. The banking industry includes retail, commercial, and investment banking, with various financial institutions falling under these categories.
- JPMorgan: The largest bank in the United States, it has nearly $3.4 trillion in assets. They have more branches than any other bank in the country, with more than 4,700 branches and 16,000 ATMs.
- Bank of America: The second largest bank in the country, it serves around 68 million customers and manages over $2.5 trillion in assets. It has approximately 3,900 financial centers and 15,000 ATMs nationwide.
- Citigroup: The fourth largest bank in the U.S., its assets total more than $1.6 trillion. Apart from 673 branch locations and over 65,000 ATMs nationwide, Citigroup maintains a global presence with over 1,800 locations worldwide.
Interview With a Professional in Finance
Michael Sury
Professor Sury is the chairman of INDORUS Holdings LP. He works as an investment advisor to families and institutional investors. He received his MBA in finance and statistics from the University of Chicago and his undergraduate degree in economics from the University of California.
Sury has taught undergraduate and MBA courses in investments, corporate finance, and applied portfolio management at the University of California, Santa Clara University, DePaul University, and San Diego State University.
Resources for Finance Majors
Resources for finance majors don’t end with books. Available resources include professional organizations, open courseware, and publications geared toward finance professions. This section highlights some of the best examples of each. Use the embedded links to learn more about these resources and how they can help you attain a fulfilling career with a finance degree.
Professional Organizations
- Association for Financial Professionals: AFP is a professional society committed to advancing finance and treasury. Members of this organization benefit from networking conferences and seminars, an online community of finance and treasury professionals, and professional tools, including a global career center and market data. Members can also access exclusive research and publications. The association administers the certified treasury professional and certified corporate FP&A professional credentials.
- The American Finance Association: Founded in 1939, the AFA is an academic organization committed to financial economics. The AFA promotes public understanding of financial problems and promotes the study of finance in higher education institutions. The association publishes the Journal of Finance and sponsors workshops, summits, meetings, and conferences for finance professionals around the world each year.
- International Federation of Accountants: IFAC is a global organization that was founded in 1977 in Germany. It represents more than 130 countries and focuses on promoting the accounting and economics fields. The federation treats accounting as a critical component of a strong economy and financial market.
- Entrepreneurs’ Organization: EO is an influential global network of entrepreneurs from 54 countries. The organization educates professionals through leadership development programs, peer-to-peer learning experiences, and online forums. It also offers executive education and mentorship opportunities, plus the Global Entrepreneur Indicator — a global economic outlook that projects profit and job growth.
- American Bankers Association: ABA supports the banking industry by being a collective voice for America’s banks. The association advocates for the banking industry’s role in job creation and economic growth. ABA offers many free resources, including research and economic tools; information on liquidity, fair lending, and data breaches; and resources for professionals in accounting and auditing, compliance, insurance, and risk management.
5 Open Courseware Classes
- Financial Planning for Young Adults — University of Illinois at Urbana-Champaign: This beginner class focuses on introductory financial planning concepts, including budgeting, saving, credit, and investing. This self-paced program on Coursera comprises eight modules and typically takes around 20 hours to finish.
- Personal and Family Financial Planning — University of Florida: This online introductory financial planning course on Coursera teaches good financial habits and covers topics like personal finance, building and maintaining good credit, and investment fundamentals. With a flexible schedule, the class requires around 15 hours to complete.
- Behavioral Finance — Duke University: This self-paced online course on Coursera blends videos and readings to explore behavioral finance and methods to prevent financial decision-making errors. The five-hour course covers topics including consumer choice and financial decision-making.
- Personal Finance 101: Everything You Need to Know — Udemy: The MoneyCoach course on Udemy offers foundational financial knowledge covering topics including credit cards, taxes, loans, and investing. With 53 videos totaling around three hours, the course is free, with an option for a certificate of completion or direct messaging the instructor for a fee.
- Personal Finance — Khan Academy: Khan Academy’s free personal finance course covers financial topics including saving, budgeting, interest, debt, investments, and retirement, along with housing, cars, and college expenses. The self-paced course includes ten units and does not offer a certificate upon completion.
5 Internships
- Goldman Sachs: Goldman Sachs offers several internships for undergraduates with one to two years of finance-related study. Their Summer Analyst Program spans 9-10 weeks in areas like asset management, global investment research, and investment banking. Additionally, internships are available for students pursuing professional degrees like MBAs.
- Morgan Stanley: Mongan Staley offers a wide variety of internships for undergraduates who have completed two to three years of a finance-related degree. These internships typically last 10 weeks and involve working with specific teams in areas like investment management, auditing, risk management, and finance.
- Bank of America: Bank of America offers a wide array of internships for students set to graduate within 12 months post-internship. Their 10-week internship programs include positions in global payment solutions, wealth management, global investment banking, and finance management. Successful program completion may lead to full-time offers or extended program opportunities.
- Schwab Intern Academy: Charles Schwab has a nine-week internship program for current undergraduate or graduate students, especially those graduating within 12 months of the internship. The Intern Academy offers nine tracks, including finance, investor services, and retirement plan services. Interns may be considered for full-time roles and must be eligible for hiring post-graduation.
- KPMG’s Global Internship Program: KPMG offers a variety of internships focused on taxes and auditing for students pursuing accounting or finance degrees aiming for a Certified Public Accountant (CPA) designation. Additionally, the company’s Embark Scholars Program is an eight-week internship tailored for students from underrepresented racial or ethnic minority groups.
Publications
- The Economist: A weekly magazine, The Economist dates back to 1843. Articles cover current affairs concerning technology, politics, and international business developments. The magazine takes a centrist tone on most issues but favors neoliberalist ideas.
- Barron’s: A top resource for stock traders and other finance professionals, Barron’s features the latest market news. Other magazine sections offer advice from top traders and profiles of the best-performing brokerage firms.
- The Wall Street Journal: A leading newspaper for financial news, The Wall Street Journal was first published in 1889. Each day, the paper reports on corporate news and political developments. The Wall Street Journal also publishes special sections throughout the week that cover international financial trends, real estate, and personal investing strategies.
- Financial Times: Each day, Financial Times brings the latest economic and business news to readers living all over the world. The newspaper covers U.S. and international companies, market trends, and investment tips. Online subscribers can create a custom news feed by selecting topics from more than 20 options.+
- Bloomberg Businessweek: A weekly magazine, Bloomberg Businessweek offers special reports on the business of equality, trends and predictions, and rising markets. The publication’s website also hosts videos that cover economic trends in different countries. Additionally, Bloomberg Businessweek puts out podcasts, in which contributors discuss business and travel best practices.
Frequently Asked Questions About Finance Careers
You can begin a job in finance without any experience, but you will most likely have to build your career up from entry-level positions. While most positions require a bachelor’s degree in finance, certain positions like bank tellers, bookkeepers, clerks, and real estate brokers only require a high school diploma.
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