In today’s uncertain economic conditions, the job markets have started to shrink. Many established organizations have shut down because of reduced demand during the global pandemic, increasing unemployment. Similarly, entrepreneurs have begun hiring freelancers periodically instead of full-time workers. With job markets becoming more volatile, students are looking for careers that promise security and stability. And nowadays, the finance industry is thriving.
The stock markets are back in action, with traders buying and selling shares actively. Likewise, companies need more finance experts to prepare risk mitigation strategies and improve financial performance. Most importantly, the entire economy’s health and stability are dependent on the efficiency of the finance sector, making it one of the most rewarding career fields.
In addition, the finance industry is constantly evolving and expanding, offering endless opportunities for aspiring finance students. Similarly, there are versatile career paths and positions, providing career growth opportunities to employees. If you are still uncertain about stepping into the finance world, let us guide you in this. Here we are listing six compelling reasons to pursue a career in finance.
Stable Career Paths
These days, job security is every person’s utmost priority. None of the employees want to work in fear of losing their job. Fortunately, the finance industry offers job security by providing stable career paths. Students can begin their career as a junior accountant, bookkeeper, junior finance manager, investment banker, or cost accountant. The financial job market is overgrowing, which means; you shouldn’t feel threatened by competition.
Before making a career choice, it is essential to understand the difference between accounting and finance-related jobs. For that, look up finance vs accounting to determine which pathway is suitable for you and how the job roles differ. As an accountant, you would be managing books, creating financials, and calculating taxes. In contrast, you will be evaluating the company’s financial performance and making strategic decisions as a finance manager. Therefore, determine which career path aligns with your interests to make the right choice.
Exciting and Fast-paced Field
The traditional school of thought believes finance is a mundane and exhausting industry. Well, that’s a misconception. Today’s finance industry operates at an exhilarating pace. From new financial models to changing accounting principles, finance professionals enjoy keeping up with the fast-paced work. Some days, you will work with clients who want to make profits with negative cash flow balances. Likewise, you might come across situations where additional funding isn’t possible for the company.
In such instances, you will have to use your problem-solving skills to develop suitable solutions. You have to make decisions on the go by weighing their pros and cons to push the business in the correct direction. Similarly, finance experts have to keep up with changing client expectations and technological advances. If you enjoy such things in a fast-moving environment, a career in finance is the right choice for you.
Endless Growth Opportunities
At some point in time, most careers become stagnant. Typically, the assistant manager qualifies as a general manager, and this is it. Luckily, that’s not how the finance industry works. It has clear career progression routes and endless growth opportunities for every individual. Although you will start as a junior accountant, you will get numerous promotions. Once you get some experience under your belt, you can even qualify for executive positions.
Moreover, you can build contacts and healthy relationships with clients in the industry. Having a good reputation and name in the finance world will automatically make you eligible for higher roles and positions. Therefore, an ambitious person will thrive in the finance industry since there are no limitations on how much you can achieve. However, keep an eye on emerging opportunities and capitalize on them.
High Salary Potential
When it comes to finding a job, money is a substantial motivating factor for most people. After all, everyone wants a hefty package. Well, the finance industry has a high salary potential. Instead of paying market-competitive wages, finance graduates receive higher salaries than the average industries, even for entry-level jobs. In addition, the compensation packages get better once you stick to the job.
According to the stats, a finance manager can earn up to $181,980 on average, making it one of the best-paying jobs. Besides monetary returns, you can gain multiple fringe benefits. Most finance professionals get a few days after the year-end closing. Depending on the company you work for, you might also qualify for vacation trips, bonuses, and dinners.
Diverse Roles and Positions
After graduating from business school with a finance degree, most students think of becoming finance managers. Indeed, it is one of the many positions you can qualify for; the finance industry offers many diverse roles and positions. Here are some of your options.
- Financial Analyst: Analysts have to stay abreast of economic trends to determine the company’s monetary value. They also assess risk and prospects to save the business from losses.
- Accountant: An accountant maintains books and records day-to-day transactions. They also calculate tasks and prepare cash flows.
- Loan Officer: The loan officers approve loan applications for the business. They calculate credit risk to determine whether a company will be able to repay the loan with interest.
- Finance Advisor: As an advisor, you will be responsible for all investment and funding decisions of the company. In addition, you will also advise leaders on the cost management and financial practices of the firm.
Worldwide Job Opportunities
Unlike some industries, the need for finance experts will remain strong throughout the world. After all, every country has a finance sector; meaning, you can work anywhere in the world. In addition, there are opportunities for opening a global network. You will meet new people at work, embrace the culture, and learn many new things. Besides, every organization has a different way of doing work, allowing you to expand your skillset.
Moreover, technology is making the finance industry more integrated. With savvy tools and applications, people can work overseas without relocating. Employers hire financial consultants from all across the world to get a holistic view of business performance. Therefore, you won’t have to confine yourself to the local job markets and explore opportunities worldwide.
Today, the finance sector is one of the most forward-thinking industries globally. It is undergoing constant change and growth, all thanks to the emergence of new markets, laws, and technology.
These upcoming changes are unfolding countless employment opportunities in this industry, making it a lucrative career choice. Therefore, people who have proficient number crunching and problem-solving skills should consider stepping into this field.