Building a Successful Career in Finance: Exploring the Diversity of the Field
Every corner of society needs financial resources and therefore financial operations. Finance professionals or qualified professionals with a degree or diploma in finance, are the most needed personnel for smooth operations.
The overall employment in business and financial occupations is projected to grow 7% from 2021 to 2031, as compared to the average of all occupations. This increase is expected to result in about 715,100 new jobs over the next decade, as published on the U.S. Bureau of Labor Statistics website.
This means that someone in the finance industry or a professional with a bachelor’s degree in finance can get many opportunities, not only in the banking sector but in all industries.
There are many career options in finance, ranging from entry-level analyst positions, accountants, and consultants to insurance sales officers and all the way up to chief financial officers.
The career choice depends on one’s own interests, skills and qualifications, like a diploma or bachelor in finance. Popular career paths in finance, which offer a wide range of exposures and lucrative packages, are:
1. Investment Banking
This pertains to certain activities of a financial services company or a corporate division that consist of advisory-based financial transactions on behalf of individuals, corporations, and governments.
Investment banking also involves advising companies on mergers and acquisitions, underwriting and selling securities, and managing corporate finances.
2. Financial Planning and Analysis
Financial professionals analyze financial data to help businesses make better decisions about all functions, like people management by way of salaries and bonuses, the marketing team with incentive payouts, the production team for exceeding their targets, and more.
Analysis of the current year’s data compared to the previous year and projected projections form the basis for budgeting for the coming year.
3. Commercial Banking
The commercial banking sector provides a range of services to its customers such as loans, certificates of deposit, savings accounts, overdrafts, etc.
Commercial banks accept deposits from the public and make loans for consumption purposes (home loans, personal loans, education loans, etc.) and investments to earn profits. They provide financial services to individuals and businesses, such as lending and investment advice.
4. Risk Management
Those who work on risk management are responsible for determining the potential risk of a person applying for insurance or a loan and then deciding whether that person can be approved based on the risk assessment.
Basic risk management includes identifying and assessing financial risks and developing strategies to mitigate them. Five strategic and basic essentials of risk management are:
- Loss Prevention and Reduction
- Transfer (through Insurance and Contracts)
5. Accounting and Auditing
The senior accounting professional plays a vital role in analyzing the financial data and preparing balance sheets or other sensitive financial statements for their companies.
This process is often followed by auditing by the appointed company auditors. Auditing is otherwise known as on-site verification activity to ensure compliance with requirements.
6. Asset Management
The practice of increasing wealth over a period of time by acquiring, maintaining and trading investments that can grow in value and make the assets more valuable.
Asset managers aim to maximize the company’s ROI (Return on Investment) and manage all dealings with regard to property, money, stocks, shares, bonds, commodities, equities and any other financial products of the company.
They are responsible for managing investments for individuals or institutions, including mutual funds or pension funds.
7. Financial Consulting
Providing financial advice and expertise to clients on a range of issues such as systematic investments, advance taxes, GST, pension funds, and retirement planning. Finance consulting services help capitalize on opportunities to drive profitable growth as well as transformative change.
With an aim to provide security or insurance coverage to individuals, businesses, or government agencies, the insurance sector offers a wide range of employment opportunities for finance graduates.
A career in insurance can enable companies and individuals to identify potential risks and avoid financial losses. Insurance positions include sales representatives, claims adjusters, agents, customer service representatives, and risk consultants.
Many insurance jobs are with large businesses, but one can also find them in smaller firms.
Top finance industries where one can research and explore different career paths to start at an entry level and climb up the ladder to reach a C-Level Finance Official. The most common and top industries are:
- Banking Insurance
- Investment Banking
- Personal Financial Planning
- Corporate and Public Finance
Finance professionals often have a variety of skills. These may be specific to finance or a combination of personality traits that help them perform their job. Depending on qualifications and experience in the field, there are finance careers in the private, corporate, or public sectors.
To find out more about popular courses such as the Bachelor in Finance, the Diploma in Finance, and the Bachelor of Accounting and Finance and their career paths, please schedule an appointment with our helpful counsellors for a full counselling session and a campus visit.