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New York City is known as one of the world’s foremost financial centers in the world, and many aspiring business professionals want to know about the financial jobs available on Wall Street. Although the recent recession has lured many Wall Street jobs away from the Big Apple and into more affordable locales, there are still high-profile professions in finance on Wall Street for which to compete, according to Forbes. Here are some popular and very lucrative finance career options for business professionals setting their sights on Wall Street.
Investment Banker
Wall Street is characterized by big banking establishments, and the quintessential position of investment banker is highly sought by newly minted undergraduates in finance. The career field is divided into three categories that represent entry level, mid-career and senior banking positions. Entry level investment bankers conduct analytical work, create client presentations and handle all administrative details for senior bankers and prospective clients. Upper level investment bankers represent the banks to various clients and maintain close relationships with them. They use their skills to spot industry trends and anticipate lucrative opportunities or devastating risks. Talented junior investment bankers can reach senior status in seven years depending on the needs of the bank. Compensation for investment bankers range from reasonably generous starting annual salaries of $75,000 to deluxe pay checks of over a million per year for successful senior investment bankers.
Insurance Risk Manager
Since risk is a constant in the Wall Street financial services equation, those seeking careers as insurance risk managers find adequate work. Insurance is often seen as a stuffy, unexciting sub-sector in comparison with others on Wall Street, but those who manage risk for insurance companies see a different side of the business. Insurance risk managers identify, assess and report on insurable hazards for companies and the insurance companies’ expected level of exposure when policies are generated to cover the hazards. Insurance risk managers also use analytical models and tools to determine possible risk mitigation plans to decrease the company’s level of risk. The results of their analysis about the likelihood of insurable hazards occurring and the impact to the insurance company is often used to develop the company’s strategic policies. The annual salaries for insurance risk managers range from $55,000 to $150,000 depending on the establishment and the risk manager’s qualifications.
Stock Broker
Wall Street’s New York Stock Exchange has inspired many financial professionals to become stock brokers. Hollywood glamorized the floor traders seen amidst ticker tape in pop culture film, but today’s environment is highly computerized. Besides the brokers on the trading floor executing deals, a different set of stock brokers are tucked away in their offices analyzing the markets and recruiting clients. Those buying and selling securities for their individual and business clients need licenses to actually work in addition to the minimally required undergraduate degree in finance, accounting or business administration. The job of stock broker is a relatively challenging one, and pay is often commensurate with the job’s responsibilities. According to the Bureau of Labor Statistics, the median annual salaries for stock brokers in 2012 was of over $70,000, and top earners like many who work on Wall Street were paid a median annual salary of $187,200.
Related Resource: Personal Financial Advisor
Conclusion
Most careers in finance are characteristically stressful, and business professionals serving the cosmopolitan crowd on Wall Street can expect only an increase in the action. With jobs from New York’s financial sector shrinking, finance professionals find the remaining financial jobs available on Wall Street highly competitive and difficult to land.
