Considering a career in finance? Although the field doesn’t carry the same cachet it once did, it’s still considered an appealing and lucrative choice for many people. But since there are so many different areas of finance to explore, which one should you choose? With so many options available, it can be overwhelming to figure out which finance career is right for you. Here are five popular choices, along with some pros and cons you should consider before pursuing any of them.
Accountants provide organizations with the assurance that they are following good practices by providing accurate and timely financial information. They are responsible for managing the company’s finances and ensuring that financial regulations are followed. The most important qualification is a bachelor’s degree in accounting or in a related field, such as finance, economics, mathematics, or statistics. Accountants may need additional education or certifications based on the organization they work for.
Becoming an accountant requires a minimum of a bachelor’s degree, either in accounting or another relevant field such as finance, economics, mathematics, or statistics. After graduating from college, you’ll need to pass a series of exams in order to become certified by your state’s Board of Accountancy.
A broker is a financial agent who buys and sells stocks, bonds, and other securities for a commission or fee. Their duties include researching prospective investments, conducting research in the marketplace, negotiating with trading partners (brokers), or executing orders. Brokers work in either an investment banking or securities firm. A broker is not licensed as an investment advisor, so they don’t advise clients on how much risk to take or how much money they should invest in a particular company’s stock. Instead, they advise the client on which security (stocks and bonds) should be bought or sold at what price from which firm.
A broker’s role includes advising clients about their current holdings, providing advice on when and how much of a particular stock should be sold or bought, and planning for retirement.
Most brokers work for brokerage firms or investment banks, but some can be self-employed. They usually earn a base salary plus a commission based on performance. For example, if a broker brings in $100 million worth of commissions during the year, he might make an extra $1 million. So it pays to get good at what you do! Many brokers have gone through years of training before making it to the job market, including earning a bachelor’s degree in finance and taking courses that teach them all aspects of the profession.
In general, a broker needs a bachelor’s degree in finance and several years of training, but there are some positions for which you can work as an intern or apprentice without formal schooling. Most interns work on commission; they don’t get paid unless they make money for their company. For example, if they get an internship at Merrill Lynch and they bring in $100 million worth of business, their firm would pay them a bonus of $100,000 plus an extra base salary based on sales performance.
One of the most lucrative and in-demand jobs in finance is as an auditor. Auditors work with a variety of organizations such as banks, real estate companies, and non-profit entities. You may be able to work part-time as a bookkeeper while you finish your degree so that you can build up experience before applying for a full-time auditor position.
Auditors help companies look at their records so that they can make informed decisions about where to allocate their money and resources. While some auditors may focus on reviewing existing systems, others will examine new products or programs the company wants to introduce in order to make sure they meet certain criteria such as securities regulations or tax laws.
4) Debt Consultant
Debt Consultants handle money owed and pursue debts for a client. Some of the debt handled could be credit card balances, loans, or payday loans. Debt Consultants deal with clients on both sides of the equation. This is a difficult job because you are often faced with an unhappy customers who may not like what they have been told by the Consultant. However, if the end result is that an account has been settled, they will feel better and not have so much stress over their finances. Working as a Debt Consultant can sometimes be thankless when people don’t fully realize how much they owe and how it can help them move forward in life free from the pressure of creditors calling constantly at all hours of the day and night.
5) Financial Advisor
Financial Advisor: With a starting salary of $58,000 annually, this job is an option for those who enjoy working one-on-one with clients to meet their needs and wants. Financial advisors will generally advise clients on life insurance, estate planning, and investments. A bachelor’s degree in finance or economics from a four-year college or university is often required for entry into the field.