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Finance is intertwined with virtually every facet of the economy, so people graduating with a degree in finance can choose from an amazing array of professional opportunities with a wide variety of employers. What job will best suit your unique mix of skills, interests and ambition? Here are five jobs those with a finance degree may want to think about when mapping out their ideal career plan.
1. Financial Analyst
Employed by organizations like banks, investment firms and insurance companies, financial analysts make recommendations regarding various financial and investment decisions. It is a demanding job that involves evaluating a potential investment’s past performance, understanding its present status and predicting its future behavior. Financial analysts often put in long hours completing assessments that are based on their study of the fundamentals of the companies involved as well as any applicable macroeconomic and microeconomic conditions. In return for their efforts, professionals working as financial analysts in 2012 earned a median annual salary of nearly $77,000, according to the Bureau of Labor Statistics.
2. Internal Revenue Service Agent
Working with individuals, small businesses, non-profit organizations and major corporations, IRS agents educate, advise and assist taxpayers as they work to ensure proper tax compliance. Their profession guarantees that they develop an unmatched understanding of tax law and an impressive grasp of accounting practices as they deal with both the legal and financial communities, conduct examinations, and make important financial decisions. IRS agents benefit from continuing professional education and enjoy many opportunities for advancement within the agency as both tax specialists and managers, according to the IRS’s website.
3. Financial Examiner
Compliance is the goal that financial examiners are always striving to achieve. Their job is to ensure that the laws governing financial institutions and transactions are consistently being followed properly. Some financial examiners work to guarantee the stability of financial institutions by evaluating the performance of bank managers and verifying that banks are operating with an appropriate margin of risk. Other financial examiners safeguard the interests of consumers by working to prevent discriminatory or predatory lending. They are tasked with reviewing financial data, preparing reports, evaluating any new regulations to determine their impact, and establishing new policies and procedures that comply with any new regulations.
4. Actuary
The financial masterminds of the insurance industry, actuaries assess risk to allow companies to mitigate it. They rely on sophisticated computer programs, their knowledge of statistics and their skill for analysis to determine the likelihood that a potential event will result in a claim, the amount of money needed to pay those claims and the premium needed for the insurance company to cover the predicted claims. Actuaries can work in many places, including insurance companies, government agencies and consulting firms. In May of 2012, the median annual wage for actuaries was more than $93,000, according to the Bureau of Labor Statistics.
5. Personal Financial Planner
Financial planners provide the guidance people need to navigate the increasingly complex world of finance effectively. With America’s aging population and the longer life expectancies people enjoy today, there is a high demand for their services. After learning about their clients’ financial goals, they explain the options available for saving and investing and offer expert advice. They make investments for their clients and recommend adjustments as necessary to meet changing conditions or goals. Some financial planners specialize in a particular area like retirement planning or estate planning; others provide a comprehensive approach. Many also offer assistance with taxes and insurance.
The desire for good financial advice and the need to ensure that individuals and businesses are following the rules combine to provide people with degrees in finance with a broad range of professional opportunities. Thoroughly investigating the possibilities and carefully considering your own talents, interests and professional goals will increase the odds of finding a challenging position where you can thrive.
