The best things in life might be free but you still need money to survive, right? Following a career in finance isn’t always about money, although you’ll be working with money as a finance professional. For a financial student, obtaining a finance qualification is just the beginning. You still have the task of deciding what you’re going to major in and also take a closer look at the career opportunities.
This industry offers challenging but equally lucrative career prospects for finance professionals. Whether you want to work in the finance department of a multi-corporation, the banking sector or investment banking, each of these sectors offer financial professionals a chance to earn good money. Remember that high paying jobs usually come with two challenging characteristics: a greater responsibility and the consequences that come with the mistakes.
There’s a lot of money to be made in the finance industry. But which positions really rake in the big rands? Here are six financial jobs to look out for.
As a finance major, you’ll learn about a variety of investment vehicles. And all that knowledge can help you as a financial planner to advise clients about how to manage their finances. You can also likely decipher trends in the securities markets and apply this perspective to your planning sessions. As a financial planner, you should be able to crunch numbers along with applying principles of accounting to devise plans suitable for individual investors. You should be able to inspire trust and promote your services. That means students with strong interpersonal skills and persuasive abilities will be most likely to succeed in such a position.
Are you thinking of becoming a budget analyst? Well, as a budget analyst, you’ll apply principles of finance to projects and proposals in the business, education and government sectors. You’ll be tasked with analysing the budgets and evaluating the financial impact of continuing and new ventures. You should have refined communication skills as you’ll be interviewing managers to gather information on proposals. You’re also likely to train staff regarding the budget development process of the company. Majoring in finance will teach you all about the analytical and communication skills needed to be a successful budget analyst.
Investor Relations Associate
If you have strong writing, organisational and communication skills, then you’re likely to thrive in this position. You’ll prepare and present financial information about your company to investors, analysts and the business media. You should also have a firm knowledge about the different types of methods to finance a business. For instance, explaining how a farmer can apply for agricultural finance to satisfy business needs. You should also be able to digest, interpret and present information from financial statements.
If you decide to follow this career, you’ll play a leadership role in financially-orientated businesses like insurance, banking, rating agencies and accounting firms. It’s important to have strong mathematical skills to calculate the likelihood of various events and to assess the financial consequences for those outcomes. Actuaries are also likely to use software to perform calculations and represent their findings. After that, you should be able to present your recommendations to managers at your company and convince others of the soundness of your decisions.
In this role, you’ll evaluate the financial standing of loan prospects and assess the risks involved with offering them financing. While studying, you’ll learn to appraise the financial viability of entities and interpret your financial records and data. Everyone with a mathematical background tends to have an investigative mindset. And with that mindset, you’ll be able to scrutinise the legitimacy of financial information furnished by clients. You’ll also likely analyse trends in specific industries that can impact the ability of other companies to generate the income necessary to repay loans. It’s important to have the communication skills in your pocket to be able to extract information from prospective clients and convey their analysis to colleagues.
In accounting school, you’ll learn to construct, interpret and critique financial statements while completing the accounting component of your studies. The financial knowledge you’ll gain will place you in an ideal position to carry out complex accounting work within financially-orientated industries. You’ll also learn to analyse business problems with precision and attention to detail. And that will prepare you well for working as an accountant. You should be able to present financial information to clients and coworkers by using charts, graphs and other visual aids.
There are many more careers to follow in finances. You’re likely to decide on your major during your final year, so it’s important to do your research. And to land a job in finance, you should have strategic thinking, communication and industry-specific skills.