What Do Finance Jobs Pay? 10 Best Paying Careers in 2023
The majority of the highest-paid positions in finance do not call for a graduate degree. You may need a bachelor’s degree in finance or a related subject to earn top salaries.
In any case, having a good education is still crucial to getting one of the best-paid professions in finance. Your present or future employment will benefit from the information you gain from the numerous finance degree programs.
This article will investigate the 20 highest-paid positions in finance and provide an answer to the question, “What do finance careers pay?”. The needed education, median yearly pay, and expected career growth are all included in each job description.
What is a Finance Major?
A degree in finance focuses on budgeting and money management. They get knowledge of banking, accounting, investing, and insurance. You may find several well-paying careers in the corporate sector with a degree in finance.
Who Needs a Degree in Finance?
A finance major is ideal for people who wish to work in business or financial services. But what if you need to be certain that you want to devote four years to your education? Or you may be interested in finance but want to avoid putting yourself through the rigorous degree school requirements.
Fear not, since many of the highest-paid positions in finance do not call for a master’s degree. As was already noted, many of the top jobs in the financial sector are only for a bachelor’s degree in a relevant discipline.
Valuable Skills Needed for the Best Paying Jobs in Finance
Qualified employees must manage the many duties and activities connected with each occupation. Some crucial abilities for finance students to master include the following:
- Mathematics: Success in any area of finance requires a strong mathematical basis. Most financial computations include mathematical concepts. Thus a solid grasp of these ideas is essential.
- Analytical Skills: Financial analysis is essential for many occupations in the financial industry. Analyzing data and removing relevant information is crucial in this sector.
- Critical Thinking: Anyone working in finance has to be able to make wise judgments under pressure. When analyzing financial propositions or investment prospects, critical thinking abilities are helpful.
- Communication Skills: Interacting with individuals from various backgrounds is a common need for positions in finance. For difficult knowledge to be effectively communicated to others, one needs strong communication skills.
- Teamwork: Many finance-related positions must include collaboration with coworkers to accomplish shared objectives. You will be more effective in these circumstances if you learn to work well with others.
Finance majors who acquire these abilities will be well-equipped for a lucrative career in the industry.
10 Best Paying Jobs in Finance
Numerous positions and possibilities in the financial industry are open to finance students. Why not choose the jobs with the highest salaries if you have several choices? Based on their median annual wage, the 20 finance positions with the highest pay are given below in order of highest rating.
- Financial Manager
An organization’s financial operations are supervised and managed by a financial manager. They manage budgets, provide financial reports, and predict trends.
Financial executives’ median annual take-home pay in 2020 was $134,180. The top 10% earned more than $208,000, while the bottom 10% earned less than $70,830. This vocation is the highest paid on our list of the highest paying occupations in finance due to the high end of this wage range.
Take note of the salary differential between the highest and lowest earnings. Things like:
- influence this significant disparity
- Years of experience: Financial managers get paid more when they have more experience.
- Company size: Employee salaries at larger organizations often exceed those at smaller organizations.
- Location: The salaries of financial managers in large cities are often higher than those in rural locations.
Qualifications Needed to Become a Financial Manager
A bachelor’s degree in finance or a closely related discipline is the most typical education for financial managers. Many businesses favor applicants with master’s degrees or CPA certifications (CPAs).
Growth Potential for Financial Managers
In the next years, financial managers will be in great demand. Between 2020 and 2030, their employment should increase by 17%, which is much faster than the average for all professions.
Over the ten years, finance managers will have an estimated 64,200 openings. Many of these positions come up when workers change jobs or retire.
In their research, economists seek patterns in the financial system. They may work in a variety of industries, including banking and government. To succeed, economists must possess strong mathematical and statistical abilities.
The average annual salary for economists in May 2020 was $108,350. While the top 10% made more than $198,230, the bottom 10% made less than $59,220.
Qualifications Needed to Become an Economist
A master’s in economics is often necessary for positions in the field. But lately, a bachelor’s degree has become more widely acknowledged by companies. For a wider education, several economics institutions offer a dual degree in business or public policy.
Growth Potential for Economists
Between 2020 and 2030, the number of jobs available for economists should rise by 13%. The average for all other professions is far slower than this.
For economists, there are around 1,600 job openings every year. Many of these open roles will take the place of individuals who change fields or retire.
- Chief Financial Officer
All of a company’s financial activities are under the control of the chief financial officer (CFO). This covers financial reporting, accounting, and budgeting. You must have thorough accounting and financial analysis knowledge to be considered for this role.
As of January 27, 2022, the US average CFO compensation was $410,539 per year. Typically, the range is $312,111 to $524,582.
Salaries may vary greatly depending on various characteristics, including schooling, certifications, special abilities, and years of experience.
Qualifications Needed to Become a Chief Financial Officer
Although a master’s degree is sometimes desirable, CFOs may merely need a bachelor’s degree in finance or accounting. It is also beneficial to have certification from the Institute of Management Accountants (CMA) or the Association for Financial Professionals (AFP).
Growth Potential for Chief Financial Officers
According to the US Bureau of Labor Statistics, CFO employment will grow by an average of 4% each year until 2029, somewhat less than the average for all professions.
Actuarial science is one of the most rewarding careers for finance majors. Actuaries evaluate financial risks and assist businesses in making contingency plans. They often have extensive mathematical and statistical training.
Actuaries earned an average yearly income of $111,030 as of May 2020. According to the Bureau of Labor Statistics, the top 10% made more than $196,010 per year, while the bottom 10% earned less than $66,030.
Qualifications Needed to Become an Actuary
You require a bachelor’s degree in actuarial science or a related subject to work as an actuary. To be accredited, you must also pass the Casualty Actuarial Society (CAS) or Society of Actuaries (SOA) examinations.
According to the BLS, actuaries will have several work prospects in the future. Between 2020 and 2030, the occupation will have a 24 percent greater employment rate than average occupations.
On average, 2,400 new actuarial job openings each year are anticipated during the next ten years. Many of these positions will be open to replace workers who change careers or exit the workforce, including pensioners.
- Personal Financial Advisors
Personal financial advisers guide investments, insurance, mortgages, and other financial issues to assist clients in managing their money. These experts conduct analyses of the business environment to assist their customers in making financial choices.
According to the BLS, personal financial counselors made a median annual income of $89,330 in May 2020. Less than $44,100 was earned annually by the bottom 10% of earners, while more than $208,000 was earned annually by the top 10%.
Qualifications Needed to Become a Personal Financial Advisor
A bachelor’s degree in finance or a closely related discipline is often required to work as a personal financial counselor. It would be beneficial if you also received a securities sales license. Obtaining certification from the Certified Financial Planner Board of Standards is required by many companies.
Growth Potential for Personal Financial Advisors
The employment outlook through 2030 predicts a slower-than-average pace of growth for personal financial advisers during the next ten years.
Despite the lack of employment growth, the BLS forecasts that, on average, there will still be 21,500 positions for personal financial advisors during the next ten years. Most of those positions will be filled by people who change jobs or exit the workforce.
To assist companies and organizations in making wise financial choices, statisticians gather, analyze, and interpret data. Typically, they hold a bachelor’s degree in statistics, economics, or mathematics.
According to the BLS, statisticians had a median annual income of $92,270 in May 2020. The top 10% earned more than $150,840 annually, while the bottom 10% made less than $52,700.
Qualifications Needed to Become a Statistician
To become a statistician, you must have a bachelor’s degree in mathematics, economics, or statistics. Employers, however, often favor applicants with a master’s degree. Strong mathematical and analytical abilities are also necessary.
Growth Potential for Statisticians
According to a BLS analysis, the employment of statisticians will grow far more quickly than the average for all occupations. The increase from 2020 to 2030 may reach 33%.
There will, on average, be 5,200 employment opportunities for mathematicians and statisticians during the next ten years.
- Financial Analysts
Financial analysts evaluate a company’s financial health and advise shareholders, management, and other interested parties. It is essential to comprehend complicated financial facts. Banks, insurance businesses, accountancy firms, and investment firms employ financial analysts.
Salary for Financial Analysts
Financial analysts earned an average of $83,660 a year as of May 2020. The top 10% earned more than $159,560 annually, while the bottom 10% earned less than $48,760.
Qualifications Needed to Become a Financial Analyst
The majority of financial analysts have bachelor’s degrees in economics or finance. Employers, however, could favor applicants with a graduate degree, such as an MBA with a finance specialization. Analysts may better grasp and evaluate complicated financial data with the help of such education.
Between 2020 and 2030, the employment of financial analysts will rise by 6%, or about the same as the growth rate for all occupations.
The BLS estimates that during the next 10 years, over 41,000 financial analyst jobs will become available annually.
- Financial Examiners
Financial examiners ensure that people and corporations abide by the economy’s rules and laws. They carry out audits, look into financial crimes, and aid in avoiding fraud.
This very responsible role requires a high level of analytical ability.
Financial analysts earned an average of $81,430 per year in May 2020. While the lowest 10% made less than $43,890, the top 10% made more than $159,120.
Qualifications Needed to Become a Financial Examiner
For this role, you must possess a bachelor’s degree in accounting, finance, or a related subject. Candidates who have also completed the Certified Public Accountant (CPA) test are preferred by several businesses.
Growth Potential for Financial Examiners
According to BLS predictions, financial examiner jobs are expected to grow by 18% between 2020 and 2030, far higher than the average growth for all professions.
Over the next ten years, there should be 6,900 opportunities for financial inspectors annually.
- Insurance Underwriters
Underwriters assess the risk of insuring people, companies, and assets. They assist in setting prices and collaborate with insurance brokers to provide the best plans for their customers.
The average annual salary for insurance underwriters was $71,790 in May 2020. According to the Bureau of Labor Statistics statistics, the top 10% earned more than $129,550, while the worst 10% earned less than $43,210.
Qualifications Needed to Become an Insurance Underwriter
A bachelor’s degree in finance, business, or a closely related discipline is required to work as an insurance underwriter. Strong analytical abilities and familiarity with risk assessment are also required.
Growth Potential for Insurance Underwriters
The BLS predicts a 2% decline in employment for insurance underwriters between 2020 and 2030.
Despite a decline in employment, there should be an average of 8,300 new insurance underwriting jobs available year over the next ten years.
- Budget Analyst
The budget for a business or organization is developed and managed by a budget analyst. They collaborate with top management to recommend the most effective resource allocation and anticipate future income and costs.
According to the BLS, the median annual wage for budget analysts was $78,970 in May 2020. It was one of the highest-paid careers in finance since only the bottom 10% made less than $51,220 a year, and the top 10% made more than $121,360.
Qualifications Needed to Become a Budget Analyst
Most budget analysts require a bachelor’s degree in finance or a closely connected discipline. Some companies favor or demand master’s degree holders.
Growth Potential for Budget Analysts
From 2020 to 2030, the need for budget analysts will increase by 5%, which is a slower growth rate than the employment rate. Over the next ten years, employment will only grow by 5%, yet there will still be 4,300 new job vacancies for budget analysts annually.