If you’re looking for a career that offers excellent job prospects, high salaries, and ample opportunities for professional development, then finance may be the perfect career path for you. Finance is a broad and dynamic industry with a wide range of roles, from personal financial advisor to investment banker. Whether you’re just starting out or looking to advance your career, finance can provide a stable and fulfilling career.
Individuals with strong analytical skills, attention to detail, and a good grasp of numbers can thrive in the finance industry. With the increasing complexity of financial markets, there is a high demand for professionals who can understand and navigate the intricacies of finance.
Learn whether finance is the right career path for you – we explore the pros and cons of a career in finance and the potential career options available.
Pros and Cons of Working in Finance
The finance industry is regarded as a highly lucrative sector, with many opportunities for career growth and development. However, like any other industry, working in finance has its pros and cons.
Pros:
- High Earning Potential: The finance industry is known for offering competitive salaries, and according to BLS data, personal financial advisors earned a median annual income of nearly $95,000 as of 2021, more than double the median annual salary for all occupations nationwide. Financial analysts—among the most common careers in finance—earned a median annual salary of $95,570.
- Opportunities for Career Advancement: The finance industry provides numerous opportunities for career growth, from entry-level positions to top executive roles. With the right education, training, and experience, individuals can advance quickly in this field.
- Job Stability: The finance industry is stable and resilient and performs well even during economic downturns. Finance professionals are often in high demand, ensuring job security.
- Variety of Roles: The finance industry offers a diverse range of roles, from personal financial advisors to investment bankers, giving individuals the flexibility to find a role that matches their interests and skills.
- Transferable Skills: The skills acquired in finance, such as analytical thinking, problem-solving, and attention to detail, can be applied to other industries and job roles, making finance a versatile career path.
Cons:
- Long Working Hours: Working in finance often involves long working hours, with many finance professionals working overtime or weekends to meet deadlines or complete projects.
- High-Pressure Environment: The finance industry is known for being a high-pressure environment, with tight deadlines and high expectations. This can lead to stress and burnout for some professionals.
- Competitive Industry: The finance industry is highly competitive, with many highly skilled individuals vying for the same roles. This can make it challenging for some professionals to secure employment or advance their careers.
- Heavy Workload: Finance professionals often have a heavy workload, juggling multiple projects and responsibilities simultaneously.
- Ethical Concerns: The finance industry has faced ethical concerns, such as insider trading and fraudulent activities, which negatively impact the industry’s reputation.
How Many Jobs are Available in Finance?
The finance industry is a dynamic and growing field, offering a wide range of job opportunities. According to the U.S. Bureau of Labor Statistics (BLS), business and finance employment is projected to grow by 7% from 2021 to 2031, slightly above the average projected growth for all U.S. occupations. This increase will result in about 715,100 new jobs over the decade.
In addition to new jobs from growth, opportunities arise from the need to replace workers who leave their occupations permanently. About 980,200 openings each year, on average, are projected to come from growth and replacement needs.
Below are some of the most in-demand finance-related occupations, along with job summaries, entry-level education requirements, and 2021 median pay:
- Financial Analysts ($95,570) – analyze and interpret financial data to help businesses make investment decisions. Entry-level education: Bachelor’s degree.
- Personal Financial Advisors ($94,170) – advise clients on investments, insurance, and other financial matters. Entry-level education: Bachelor’s degree.
- Accountants and Auditors ($77,250) – prepare and examine financial records to ensure their accuracy and compliance with laws and regulations. Entry-level education: Bachelor’s degree.
- Financial Managers ($146,830) – oversee financial operations and develop strategies to achieve financial goals. Entry-level education: Bachelor’s degree.
- Loan Officers ($63,380) – evaluate, authorize, or recommend approval of loan applications for people and businesses. Entry-level education: Bachelor’s degree.
Other finance-related occupations include financial examiners, credit analysts, investment bankers, and insurance underwriters.
Is Working at a Major Bank a Good Career Path?
Major banks are some of the world’s largest and most influential financial institutions, providing a range of services, including commercial banking, investment banking, and wealth management. Working at a major bank can offer many benefits, including job security, competitive salaries, and opportunities for career growth. In this section, we’ll explore what major banks are, careers in major banks, and the pros and cons of working at a major bank.
What are Major Banks?
Major banks are financial institutions that offer a wide range of financial products and services, including deposit accounts, loans, credit cards, and investment products. Some of the largest major banks in the United States include JPMorgan Chase, Bank of America, and Wells Fargo. These banks significantly impact the financial markets and the broader economy, and their performance can influence the global financial landscape.
Careers in Major Banks
Major banks offer various career opportunities, including entry-level positions and executive roles. Here are five types of careers in major banks:
- Teller: Teller positions involve handling customer transactions, such as deposits and withdrawals, and answering basic customer questions. These positions typically require a high school diploma or equivalent.
- Loan Officer: Loan officers evaluate loan applications and recommend whether to approve or deny them. These positions typically require a bachelor’s degree in finance or a related field.
- Accountant: Accountants at major banks prepare financial statements and reports, maintain financial records, and ensure compliance with regulations. These positions typically require a bachelor’s degree in accounting or a related field.
- Investment Banker: Investment bankers advise corporations and governments on financial transactions, such as mergers and acquisitions or issuing securities. These positions typically require a bachelor’s degree in finance or a related field.
- Chief Financial Officer: Chief Financial Officers (CFOs) oversee a company’s financial operations, develop financial strategies, and ensure compliance with regulations. These positions typically require a master’s degree in finance or a related field, as well as extensive experience in finance.
Pros and Cons of Working at a Major Bank
As discussed earlier, major banks offer a range of career opportunities, but there are also certain advantages and disadvantages to consider before pursuing a career in this industry.
| Pros | Cons |
| Competitive salaries and benefits | Long working hours |
| Opportunities for career growth | High-pressure environment |
| Prestige | Limited work-life balance |
| Exposure to a diverse range of financial products and services | Ethical concerns |
| Job security | Limited flexibility |
What Do You Need for a Career in Finance?
A career in finance requires a combination of education, skills, and personal qualities. The specific requirements can vary depending on the role and employer, but here are some qualifications and decisions you may need to consider:
- Education: Most finance-related roles require at least a bachelor’s degree in finance, accounting, economics, or a related field. Some roles, such as investment banking or financial analysis, may require a master’s degree or MBA. It’s important to research the specific educational requirements for the roles you’re interested in pursuing.
- Certifications: Certain certifications can help boost your qualifications and improve your job prospects in finance. Examples include the Chartered Financial Analyst (CFA) designation, Certified Financial Planner (CFP) certification, and Certified Public Accountant (CPA) license.
- Skills: Strong analytical skills, attention to detail, and a good grasp of numbers is essential for most finance-related roles. Other important skills include problem-solving, communication, and the ability to work under pressure.
- Personal qualities: Finance professionals must be able to work independently and as part of a team. They must also be ethical, with a strong sense of integrity and responsibility. Additionally, individuals interested in finance should be willing to stay up-to-date with industry developments and changes.
- Career decisions: It’s important to consider which area of finance you’re interested in pursuing, as the skills and qualifications required can vary significantly. Some common areas of finance include investment banking, financial analysis, portfolio management, and personal financial planning.
Final Thoughts
To succeed in a career in finance, you need a combination of education, skills, personal qualities, and career decisions. Building a strong network of contacts within the industry can also help improve your job prospects and career growth.
If you’re interested in pursuing a career in finance, consider exploring the many different roles and areas within the industry and researching the specific qualifications and skills required. And if you’re looking for a flexible job opportunity, check out Work At Home.
Browse our diverse selection of finance-related roles today. With the right education, skills, and determination, you can build a rewarding and fulfilling career in finance.