7 careers in finance: Pros, cons, and key tips for each

7 careers in finance and what to expect from each

After you get a finance-related degree, you open yourself up to a number of high-paying job options. Here are 7 of the best in this category and what to expect from each one.

Economist

As an economist, you’ll delve into studying economies, from small-scale to global ones. 

This career path offers the chance to contribute to policy-making and business strategies by analyzing historical trends and predicting future ones. In terms of upsides, it promises intellectual stimulation, a strong earning potential, and a significant impact on societies. 

The downside? It’s an intensely analytical role that may lead to a pedestrian workday for those seeking more people-oriented roles. Building a robust academic background with an economics degree is helpful in this field. Continuous learning is key, as economic models constantly evolve.

Chartered financial analyst

The role of a chartered financial analyst (CFA) revolves around investment management, involving an in-depth understanding of stocks, bonds, and portfolio management. 

The pros include receiving a globally recognized credential and the opportunity to manage sizable assets and make impactful decisions. But it comes with demanding exams and requires continuous education. One drawback might be stress from high-stakes decision-making. 

Preparing for this career becomes easier if you diligently utilize CFA Level 3 resources that help you prepare for your tests. Interaction with successful CFAs can also offer valuable insights about the profession’s ins and outs, but a degree in finance will be your best asset.

Statistician

In the role of a statistician, you’ll deal with the collection, analysis, interpretation, presentation, and organization of data. The key attractions of this field include considerable job diversity across various sectors, solid income potential, and surprisingly high job security. 

However, the intense number crunching could be daunting if you’re not particularly fond of mathematics. You also won’t interact with a lot of people on a daily basis.

To advance in this field, it’s recommended to pursue a degree in statistics or mathematics. Additionally, mastering statistical software tools will increase your marketability greatly.

Budget analyst

As a budget analyst, you’ll assist organizations, whether they’re public or private, in managing their finances by reviewing budget proposals and funding requests. The positives of this role? 

It provides stability, the satisfaction of financial problem-solving, and a balanced work-life arrangement. But be prepared for the possible cons, such as a lack of creative outlets due to a strong focus on numbers and stringent protocols. However, the right person can thrive here.

A degree in finance or economics can lay the foundation for this career path. Also, sharpening your quantitative and computer skills could help you progress more swiftly.

Wealth manager

As a wealth manager, your role will be to use your financial expertise to consult with clients, understand their financial goals, and strategize the best path to wealth creation for them. 

This profession offers personal satisfaction in assisting others towards their economic prosperity, and it often comes with high earning potential. However, building a reliable client base may require significant effort and time, so be prepared to learn about marketing yourself. 

If you value human interaction, this could be a rewarding field for you. Acquiring related licenses combined with strong networking skills can significantly help establish your business.

Tax accountant

In the role of a tax accountant, you’ll focus on preparing, filing, and advising on tax returns for individuals or businesses. The upside? It’s a stable career with an always-in-demand skill set and offers opportunities to save clients substantial amounts of money. 

With that said, it could get monotonous due to the repetitive nature of the tasks and constant updates of tax laws, which require continuous learning. Having an accounting degree coupled with a specialization in tax law will be helpful, but also try to improve your people skills.

Insurance broker

As an insurance broker, you’ll serve as the middleman between insurance companies and clients, offering the best policies to suit your clients’ needs. This role offers the potential for high earnings if done right. You’ll also get a sense of satisfaction when helping clients safeguard. 

However, be ready to face competition in acquiring new customers and ensuring their loyalty in this client-centric field. It’s also largely commission-based, so income may fluctuate. 

A background in business or finance could be beneficial here. Additionally, honing negotiation, communication, and networking skills may go a long way toward your success.

Conclusion

The huge number of opportunities in the finance industry allows you to find a role that aligns with your strengths and interests quite easily. You can solve complex financial problems or make impactful investment decisions, and most importantly, play a part in shaping economies!