A career in finance can be lucrative if you are in certain fields or work on commission. The average salary for an entry-level job in finance is $18.12 an hour which is more than $37,000, according to Indeed.com, with some sources reporting a median entry-level salary as high as $52,000. But many Wall Street executives make six figures and are known as some of the wealthiest people in the country. Interested in a new job? Here are some things you should know about the highest paying jobs in finance.
Preparing for a Career in Finance
Your ambition may not reach Wall Street, but you would like to make a decent salary in your hometown. Before we discuss the highest paying jobs, let’s look at the requirements you will need. Most well-paying finance jobs require at least a bachelor’s degree but having something like a Master’s degree in accountancy can put you well above many other candidates. Finance is a big field with many opportunities. If you are in college now or are planning on furthering your education, craft your degree program to the career you want.
Do you want to be a financial advisor with your own practice helping clients? Get a degree in finance or business. Do you want to be a staff accountant at a large firm? Obviously, you will need to pursue an accounting degree.
Internships are great ways to gain on-the-job experience before you graduate. Also, consider getting an advanced degree such as an M.B.A. before joining the workforce to give you an edge in the job market. You can add up to $20,000 to your starting salary with an advanced degree.
Highest Paying Finance Jobs
To determine what are some of the best paying jobs in finance, we turned to the Occupational Outlook Handbook. The OOH has been used by guidance counselors and career advisors since 1948 to help people make career choices. The OOH is published every two years by the Bureau of Labor Statistics and it not only lists salary information, but it also includes predictions on what career fields will grow and which ones are declining.
An estimated 773, 800 new jobs will be created in the business and financial sector in the 10-year span between 2016 and 2026, a 10% increase. The average median wage for everyone in this career path is $67,710. So, what are the highest paying fields?
Personal Financial Advisors
The average salary for a personal financial advisor is $90,640, but many of them work on commission. Advisors may have their own firm or work for an established firm, banks, or other financial institutions. You do need to hold various licenses, and each state has a licensing board. You will make six figures if you work in states such as New York, California, or Florida.
Financial analysts manage investment portfolios for individuals, companies, and sometimes banks. Some work on commission. The average median salary for a financial analyst is $84,300, but if you are in New York, the average mean wage is $134,560.
Financial examiners earn a median salary of $81,690 but many make six figures. These professionals monitor risk and compliance issues for financial institutions and may be called “risk officers.” The creation of the Consumer Financial Protection Bureau, which monitors banks for issues of compliance and consumer protection, the need for financial examiners has grown and that growth pattern is expected to continue.
You will find budget analysts in all types of businesses. Their job is to make sure a company or institution is handling their finances correctly. The median salary for budget analysts is $75,240.
The name of this high paying finance job may sound intimidating. The job is considered a finance career but is much different. Logisticians manage supply chains and lifecycles of products. The average mean salary is $74,590.
Do you aspire to have a high paying finance job? Or are you working in the field? Leave your advice and comments in the section below.