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Finance is one of the most popular career fields in the United States. Its popularity is due to the fact that it has rewarding career options and a great earning potential in different industries. It has seen a larger growth despite the economic downturns that have rocked our country for the past few years. According to the Bureau of Labor Statistics, the growing job prospects in finance is due to the increasing number of financial products and the need for companies to develop in-depth knowledge and insights on how to stay ahead of others in the market. Here are the top ten highest-paying jobs in finance you might want consider.
1. Accountant
An accountant spends most of his time analyzing various financial records within an organization. This includes checking various cash, checks and credit card receipts for errors, analyzing money being spent in outside services and making cost-cutting recommendations to the management. Other responsibilities include computing taxes, developing budgets, providing financial auditing services and managing employees. An accountant must have good communication skills, organizational capabilities and leadership qualities to thrive. Accountants earn an average salary of $67,190 per year. The employment growth rate is expected to increase by 11 percent over the next 10 years. Accountants can either work as self-employed consultants or company representatives.
2. Actuary
An actuary helps a company or individual mitigate risks. He does this by evaluating the likelihood of future events, designing creative ways to avoid the undesirable ones and reducing the impact in case they occur. Other roles may include pricing insurance premiums, calculating solvency, estimating the value of unpaid claims and managing assets. An actuary needs strong analytical and problem-solving skills, intuitive understanding of mathematics, great computer knowledge and perfect interpersonal skills. Actuaries earn an average salary of $97,070. The Bureau of Labor Statistics projects the employment rate to grow by 18 percent over the next five years. 66 percent of actuaries work in the insurance industry. The remaining 44 percent work in investment banks, government agencies and corporate management.
3. Auditor
An auditor collects and analyzes data to detect operational deficiencies, extravagance, fraud or non-compliance with the existing regulations. He reports to the management about his findings and recommends changes if necessary. An auditor may also check the financial statements for possible violation of the generally accepted accounting principles. A good auditor should have integrity, impressive organizational skills, an appetite for learning, good problem-solving skills and an innovative mindset. Auditors earn an average salary of $54,199 per year. The employment rate is expected to grow by 11 percent. This is considered faster than the national average rate, according to the Bureau of Labor Statistics.
4. Economist
An economist uses his understanding of various economic relationships to provide specialist advice. He does this by studying statistical data to assess feasibility and determine the implications of various activities on the organization’s financial position. He presents his findings to the management and recommends a course of action. A successful economist should be in a position to accurately interpret statistics and get insights from them. This requires strong analytical and forecasting skills. Economists earn an average salary of $72,279 per year. The employment rate is expected to grow by 6 percent over the next 10 years.
5. Financial Examiner
A financial examiner conducts complex assessments to ensure that banks and other financial institutions are in compliance with the applicable laws and regulations. He develops and presents his findings and makes recommendations for corrective actions. Individuals who want to enter into this career must think critically, learn continuously and possess good decision-making skills. The meadian annual wage for financial examiners is $78,010. The employment rate is expected to hit 10 percent by 2024. This considered faster than the average rate.
6. Financial Services Sales Agent
A financial services sales agent acts as a liaison between buyers and sellers in a financial market. He contacts the prospective clients and explains to them the available services. He also offers advice on sales and purchase of particular products or securities. One requires strong presentation skills, confidence, an outgoing and likable personality and a high degree of self-motivation to work as a financial services sales agent. The median annual salary for financial sales agents is $71.550. The employment rate is expected to grow by 10 percent over the next 10 years.
7. Insurance Underwriter
An insurance underwriter examines various applications for risks and decides whether they should be accepted or not. He assesses the risk of insuring a company or person based on the likelihood of a claim being made. This involves gathering background information about the client, studying insurance proposals and calculating the possible risks. A good insurance underwriter should have an analytical mind and excellent negotiation and communication skills. Insurance underwriters earn an average salary of $52,984 per year.
8. Management Analyst
A management analyst plans, organizes and coordinates various projects and programs in a company. He conducts research and analytical studies on these projects and programs, prepares reports and formulates recommendations. He also assists in determining financial methods and procedures related to a department or program. Management analysts earn $64,502 per year. The employment rate is expected to grow by 14 percent in the next 10 years.
9. Market Research Analyst
A market research analyst studies the current market conditions to determine the potential sales of a product or service. He monitors and forecasts market trends, measures the effectiveness of various marketing strategies and gathers data about consumers and competitors. A successful analyst should speak and communicate effectively, listen actively and think critically. Market research analysts earn $52,539 per year. The employment rate is projected to increase by 19 percent.
10. Real Estate Broker
A real estate broker sells or buys properties for his clients. He guides them in purchasing a property for the right price under the best terms possible. He also performs comparative market analysis to estimate the value of properties and discusses all the conditions of sale with the relevant parties. Clients value a broker who is honest, responsive and knowledgeable. Good communication and negotiation skills are also necessary. Real estate brokers earn an average salary of $58,410 per year.
Related Resource: 10 Highest-Paying Careers in Business
The list discussed above is a clear indication of the lucrative salaries and great job prospects awaiting those who major in finance. You only need to put more effort in your studies, develop a positive mindset and cultivate confidence to land into one of the jobs discussed above.