The recession has affected almost every industry, including the financial industry. It’s a smart move to get in a career that has some longevity in our changing future. Here are five careers in finance that have a bright outlook.
1. Risk Management Analyst
Risk is a significant word in the financial world. The importance of risk management was highlighted more than ever after the 2008 market crash. Banks and other large financial corporations are taking on risk management analysts to adhere to regulations, adapt to changing market conditions and effectively use complex entity structures to protect their investments. The need for analysts is growing overall, but fairly equally across niches like credit, operations and markets. While specialization in a specific sector is optional, it will open up more job possibilities and a different pay scale. Your main activities will focus on the risk to company assets by customers, potential operational issues and competitors.
Median salary: $80,000
2. Financial Operations Analyst
The demand for financial operations analysts is so high that it usually only take a bachelor’s degree and a few years of experience in the financial sector to land a quality position. Currently, there are emerging job opportunities for companies looking to operate on a global scale. The main skill that you need to have is data analysis. Analysts are expected to perform medium to high level data analysis for reports pertaining to internal and external operations. There is a wide range of operations analyst jobs. The ones that you qualify for will depend on your knowledge and qualifications. Certain positions require specialization in global or product markets if you want to be seriously considered.
Median Salary: $71,750
3. Financial Planner/Retail Banker
Retail banking is one position in the financial industry that is most synonymous with customer interaction and service. A retail banker will typically work for banks, although there are opportunities to work for online banks and supermarkets in certain locations. The job entails working with either businesses or just individuals to provide financial advice and services as needed. The range of typical duties varies from authorizing loans to setting up bank accounts or investments, and even finding suitable ways to transfer money when necessary. While the general idea of a retail banker is pretty constant, the emergence of small businesses in past years has created a need for specialized small business financial advice. This is a career for those with financial knowledge who enjoy helping others improve their own financial situation.
Median Salary: $35,000 (However, if you become a senior manager your salary can exceed this by a large margin)
4. Corporate Finance Analyst
While corporate finance has been around for a long time, there are many emerging opportunities for those who know what to look for. There are always market trends that shift the demand for financial management and corporate finance expertise. Currently, that shift favors small and medium capacity companies, but there is still a significant demand from large companies and investment banks. To become a corporate finance analyst, you will need to have an MBA, the more prestigious your college, the better. There is a world of difference between being a finance analyst for a small company and a national or global powerhouse, and salaries can differ by hundreds of thousands of dollars.
Median Salary: $70,000
5. Financial Accountant
Median Salary: $69,000
If you’re looking to transition into the financial sector, you can explore career opportunities at FI and other respected financial institutions. Take advantage of the above emerging careers to carve out a position in an exciting field.
About the Author
JT Ripton is a business consultant and a freelance writer who enjoys writing about a myriad of topics, business, careers and technology being a few of them. You can follow him on Twitter: @JTRipton.