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Best Paying Jobs in Finance

August 11, 2021 | Staff Writers

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Finance is an exciting global industry that is constantly expanding and advancing. There are millions of reasons to join this exciting and powerful career. The possibilities are endless, and the destinations are top-notch. Companies and businesses are expanding to new financial areas, and with expansion comes a high-demand for finance experts.

Financial analysis is one of the finance jobs that’s in high demand and paying handsomely. Financial analysts evaluate investment opportunities, like when existing companies expand or new businesses are established.  Chartered accounting is a great position with an excellent opportunity to earn high. If you think accountants spend their lives behind a desk, think again. They testify in court, sit on the boards of large companies, and act as government advisors.

Investment banking is another prestigious finance position and one of the highest-paid in the finance industry. The starting salary of an investment banker exceeds other finance positions, and the demand for this position is as high as the compensation.   

Besides being in high demand and having high pay, these finance jobs also offer an incredible career growth opportunity. The finance sector is seeing unprecedented growth all over the world. Therefore, for candidates looking for careers with great progression routes, finance is the best bet. Growth opportunities are endless, whether it is within the same company or elsewhere. The greatest thing about finance is that regardless of where you start, there are millions of opportunities to excel and grow.

Jobs in Finance with The Highest Starting Salary

If you are great with numbers and wonder which career path to pursue, consider a career in finance. Finance professions are quite lucrative, especially for people with strong analytical and mathematical skills. A finance degree will inevitably land you into an industry with broad opportunities, ranging from financial investments and financial technology to the banking field. 

Pursuing a finance degree would be an excellent choice as finance-related careers come with generous remunerations and other work-related packages. Despite the numerous careers one might opt to pursue after earning a finance degree, you might likely face stiff competition when finding the most suitable job. Of course, this is the nature of high paying jobs. This article will guide you into making the right decisions.

What Jobs in Finance Are Currently in High Demand?

The finance industry continues to evolve, and companies are in a race to identify and hire new talents. This competition allows fresh graduates to get into the field. Here are the top jobs in demand: 

Financial Analyst 

A financial analyst plays a significant role in a company to ensure its well-being. As a financial analyst, you are tasked with examining the company’s financial data to help the management make informed decisions. Pursuing this as your entry-level job can land you in many financial institutions, including insurance companies, banks, and governmental organizations.  

Investment Banker 

With the risk factors revolving around financial investments, there is a need for an expert in the investment field. Investment bankers manage the portfolios of companies and government agencies to help raise capital. Besides, they also provide financial advice to the companies on the best ways and places to invest. 

Insurance Advisor 

The insurance industry is among the fastest-growing in the economy. Currently, there is a high demand for insurance products. Insurance companies are in a race to employ insurance advisors tasked with providing advice on the best insurance products for auto, homes, investments, and people. 

Financial Software Developer 

Technological trends in the market have significantly impacted the financial industry. Financial institutions have had to adopt technological innovations to remain competitive in the market. There is a high demand for financial software developed to help design and develop software appropriate for the industry. 

What Jobs in Finance Have the Highest Starting Salary?

A degree is a key to unlocking several career options. However, the dream of every new graduate is to land a promising and well-paying entry-level job. Here are some of the career options in finance with the highest starting salaries: 

Financial Analyst 

Landing a financial analyst job in any financial institution will likely earn an average of $85,000 as the starting salary. In a position like this, you have a chance to climb the career ladder much more quickly. Nevertheless, be ready to burn the midnight oil to show them what you’re made of.

Investment Banking Analyst 

An investment banking analyst is one of the most prestigious professions in the finance sector. At first, your work consists of performing industry research, collecting due diligence materials, and performing financial analyses. However, you are likely to earn a whopping $67,817 as your annual starting salary despite the limited work scope. 

Tax Accountant 

Financial services, especially those related to taxation, are in constant demand due to the ever-changing local, state, and federal-state tax laws. To keep up with the taxation requirements, companies typically opt to employ junior tax accountants. Their primary responsibilities include implementing and developing tax-related policies, estimating tax payments, and preparing returns. The annual average starting salary for the finance profession currently stands at $56,500. 

Other top jobs with high starting-salaries include financial auditor, credit risk manager, among others. 

What Expanding Financial Fields Will See Salary and Job Growth in The Next Year?

The last decade was full of uncertainties, especially in the job market. Despite these economic challenges, the job market significantly improved at the close of the decade, and several financial careers expanded. They include: 

Financial Advisor: With a dynamic economy, the demand for financial advisors will markedly increase. The increased demand will directly lead to salary increases and job growth. So, if you are thinking of a career in finance, consider pursuing a role as a financial advisor. 

Finance Software Developer: The financial industry is adopting technology in almost all its dealings. With this move, the financial software developer career path will witness growth in salaries and other aspects. 

Other careers include loan officers, budget analysts, and accountants. 

The financial industry is one with numerous career options, and the demand for finance careers is currently high. Hence, students with the dream of landing well-paying jobs immediately after graduation should consider pursuing a bachelor’s degree or a finance major.

High-Paying Jobs in Finance That Don’t Require a Master’s Degree

At some point in your life, whether you are a working professional or a recent undergraduate, you probably asked yourself whether a master’s degree is the stepping stone to higher salaries. Currently, it seems like you need to earn a master’s degree to land a lucrative career with higher remuneration. However, according to various labor statistics, all you need to have is a bachelor’s degree and the right skills and experience to get a well-paying job.

In most careers, especially in specialized job options, one needs to have a master’s degree to stand out among the numerous applicants vying for the same position. But, in several careers in the finance industry, you don’t need to head back to school to attain a six-figure salary. Next is an overview of some of these careers and their growth potential. 

What Are Some of the Highest-Paid Jobs Without Master’s Qualifications in This Field?

Occupations in finance are highly lucrative as you are likely to earn higher packages than those in other fields. With the right experience, employer, and job title, you don’t need to head back to school for a finance major to earn higher salaries. Here are some of the highest-paying jobs without a master’s degree in finance: 

Financial Manager 

Financial managers rank highly among the top-paying positions you can get with a finance degree. They oversee a company’s finances, especially the investments, profits, and expenses. Financial managers analyze the company’s budget and make informed decisions on the company’s financial well-being. 

Additionally, they supervise the work of other accountants and the employees within the finance department. As a financial manager, you will most likely earn an average starting salary of $127,990. To land this job, you only need a bachelor’s degree in finance. 

Personal Financial Manager 

A personal financial manager is one of the most lucrative financial consulting occupations. Personal financial managers advise clients on the best ways of spending their money, investments, and monthly budgets. They also help the clients prepare their short-term and long-term financial goals. A degree in finance is required to pursue this career path. Personal financial managers earn close to $88,800 as their average income. 

Actuaries 

Another high-paying job that doesn’t require a master’s degree is that of an actuary. All you need is a bachelor’s degree in actuarial science. Actuaries are mainly involved in analyzing financial risks for insurance companies. They use statistical data to predict future losses associated with a risk event such as natural disasters and illness. Their findings are used to develop and implement insurance policies. They earn an average starting salary of $102,800. 

Financial Analyst 

When mentioning the highest paying finance jobs, we can’t fail to mention a financial analyst. They evaluate the company’s finances and make recommendations to the top management to help the critical decisions concerning the company’s financial health. The financial analyst job pays an average wage of $85,660. Plus, you only need your prior education and an undergraduate degree to qualify for this job. 

What Potential for Career Growth Do These Sorts of Jobs Have?

Financial Analysts: The potential for growth in this profession is relatively high, and there are several opportunities for higher salaries, depending on the scope of your responsibilities. Higher performance might also grow your career upwards. 

Actuaries: The growth potential for an actuary mainly depends on the insurance company they are working for; however, you are likely to grow in your career faster than most insurance professionals. 

Personal Finance Manager: With the required skills and expertise, one is likely to grow faster in this career. Besides, a more extensive career base might land you your consultancy firm. 

Financial Managers: Financial managers are placed highly in the company, though they rank below the top management. Commitment and high productivity might advance you into the upper levels of the company.

How Do These Jobs Reward Employees for Working Toward a Higher Degree?

Advancing in your education, especially by earning a master’s degree in the finance field, comes with several benefits. A higher degree will undoubtedly enhance your industry credibility and expertise, making you more competitive in the finance field. Therefore, a higher degree in the above career jobs will most likely: 

  • Earn you higher salaries and remuneration 
  • Advance your skills and expertise 
  • Advance your career to management positions 
  • Provide increased job security and flexibility

The likely question that most people with undergraduate degrees ask themselves is whether a master’s degree is worth the investment. As much as higher degrees quickly advance your career and land you high-paying finance jobs, as we have seen, sometimes you don’t need the higher degree to earn high salaries. Finance jobs such as financial managers, personal finance managers, actuaries, and financial analysts don’t require a master’s degree, yet they are high paying. Therefore, if you don’t plan to advance your education, pursue the mentioned career options. 

Educational Requirements for High-Paying Finance Jobs

Are you an excellent math student and looking forward to pursuing a career in finance? Before deciding on the finance program to pursue, it’s best to research high-paying finance jobs. Again, these students need to know the education requirements needed to pursue finance jobs that pay high salaries. They also need to consider enrolling in schools that offer the best finance degree programs.

Colleges That Offer the Best Finance Degree Programs

A student who needs to qualify for a high-paying finance job should strive to study in the following colleges:

High-Paying Finance Jobs

There are several jobs where graduates in various fields of finance can work. However, some jobs have higher salaries compared to others. Below are some finance jobs that pay high salaries. The average starting salary in these jobs ranges between $63,040 to $127,990, depending on the field.

  • Insurance advisor
  • Investment banker
  • Financial analyst
  • Financial advisor
  • Management analyst
  • Financial software developer
  • Senior accountant 
  • Chief compliance officer

General Education Requirements for High-Paying Finance Jobs

A finance major needs the following education requirements to qualify for high-paying finance jobs:

  • A bachelor’s degree in a related field in finance.
  • Specific skills related to financing, such as financial reporting and analytical ability. 
  • According to PayScale, master’s in finance graduates earn high salaries. Students who have already graduated may opt to continue pursuing financial education and need to attain a master’s or a Ph.D. in finance to boost their financial IQ. The higher the education, the more they earn. Continuing with education also demonstrates how committed they are to their financial sector career.

Benefits of Financial Education

Finance majors decide to continue with financial education due to several reasons, including:

Successful Career Opportunities

Students who major in finance qualify for numerous career opportunities. They can work globally in several jobs such as commercial banking, hedge funding, and financial managers. They also help keep excellent financial records. Working in these jobs could be challenging, but these graduates earn outstanding salaries. 

The Chance to Travel Overseas

Finance is a global industry. Finance students with a master’s degree or a Ph.D. are competitive in the top financial districts worldwide. Hence, they get a chance to work for the leading firms outside their country. They create real-life projects using the knowledge they acquired while pursuing their education.

It Shows Drive and Commitment in the Financial Career

Having a master’s degree in finance shows how committed you are to your profession. When the job market is competitive, students with higher education have better chances of landing a job than other potential candidates.

General Continuing Education Requirements for High-Paying Finance Jobs

Those who have already graduated with a finance degree but need to continue their education can pursue more general requirements. These include finance-specific credentials such as certified financial planner (CFP), certified public accountant, or (CPA) chartered financial analyst (CFA) along with several years of business or financial work experience.

What Jobs Could be Very High Paying for Someone with a Finance Ph.D.?

Are you looking forward to acquiring a job after graduation? The best decision is to pursue a Ph.D. in finance. Though a Ph.D. isn’t required in most jobs, these graduates qualify for high-paying jobs. Graduates with a Ph.D. in finance have better skills and a deeper understanding of economics, mathematics, and finance.

The most prestigious universities and colleges that offer a finance Ph.D. are:

High-Paying Jobs for Someone with a Finance PhD

According to the U.S. Bureau of Labor Statistics and PayScale.com, most finance jobs will grow by more than 4% between 2019 to 2029. For chief executives, this figure is -10%, and these are the positions usually held by graduates with Ph.D. in finance. Below are high-paying jobs for individuals with a finance Ph.D.

  • A financial manager earns a median salary of $129,890. This job is expected to grow by 15% by 2029.
  • Compensation and Benefits Managers: They earn a median salary of $122,270. This job is anticipated to grow by 3% by 2029.
  • Budget analysts earn a median salary of $76,540. This job is presumed to grow by 3% by 2029.
  • Securities, commodities, and financial service sales agents earn a median salary of $62,270. This job is expected to grow by 4% by 2029.
  • Chief financial officers earn a median salary of $136,105.

Up-And-Coming Finance Jobs with High Salaries

Do you know that the financial sector is evolving right before us? Most fields of finance are changing due to technological revolution. Customers have better ideas and options, and they expect improved financial services. Evolving fields of finance require employers to be updated about the current technology and introduce new positions, roles, and opportunities. Unique skills are also required in these fields.

Evolving New Fields of Finance

Below are the new fields of finance that have the potential to evolve and grow currently and in the new future:

  • Blockchain Developer: According to LinkedIn, the demand for blockchain developers is increasing by 30% each year. Apart from the rising demand, new blockchain solutions for several fields in finance are also increasing. Some universities in the U.S., such as Arizona State University, have adapted their curriculum to the new reality. Financial fields will soon require graduates to have extensive knowledge of programming languages such as Javascript and Python, essential for blockchain development.
  • Data Specialist: Financial institutions need data specialists to mine data, analyze it, and recommend financial institutions how to use this data. This position will enable various fields of finance to improve their services. The information on customer analysis will help these institutions to remain competitive.
  • Compliance Officers: Advancing technology has a profound impact on financial institutions. Thus, finance law, data security, and best practices will be in high demand. The financial industry rules and regulations will become stricter and more complex, and compliance experts and risk experts are needed in most finance fields. 

What Finance Jobs are Changing to Incorporate Different and New Skills that May Benefit You?

Deloitte’s Crunch time has predicted that by 2025, finance fields will have evolved rapidly, and people will have to develop new skills to understand the business. New digital skills are evolving to help financial institutions benefit from technological innovation.

New Skills That Are Being Incorporated in Changing Finance Jobs

Below are some essential skills important for changing modern finance jobs because finance fields are now dependent on technology.

Data Communication and Visualization

These skills are being incorporated in finance fields to help make effective data-driven decisions. Experts with these skills should explain their conclusions to both technical and non-technical employees in an understanding manner.

Data Intuition Skills

These skills are required in the finance field to help understand the significance of numerous data outputs. They assist employers in interpreting data and develop solutions to challenges in the business. These skills also help these professionals to think critically.

Business Partnering

These skills will help finance professionals to build robust relationships between their company and data scientists. With these skills, they can communicate clearly and bring together significant teams to make accurate decisions. 

Finance Jobs That Are Changing by Incorporating New Skills to Benefit Individuals

The  Bureau of Labor Statistics and the U.S. Department of Labor’s Occupational Outlook Handbook reported that specific finance jobs are increasing. Their average starting salary ranges between $56,750 to $62,600 each year. These jobs are in demand and are assumed to increase by 10% in a few years. They also rely on emerging technology to benefit most people in today’s market. Below are some of the finance jobs that are incorporating new skills to help people.

  • Controller
  • Financial manager
  • Management consultant
  • Personal financial advisor
  • Treasury analyst
  • Budget analyst
  • Auditor
  • Credit analyst

What Types of Up-and-Coming Finance Have High Salaries?

Since 2015, the finance market has grown by more than 2% in size, and there are expected to be over 700,000 new jobs in finance fields in less than five years to come. Graduates with a bachelor’s degree in finance have several upcoming career options to choose. 

New Finance Jobs that Have High Salaries

A finance major graduate can work in an up-and-coming dream job in finance. Graduates who need a new finance job with a high salary have lots of options. Below are those new jobs with high salaries.

  • Financial analyst: The average salary of a financial analyst varies depending on the city one is working, and the pay ranges between $101,600 to $132,290 per year.
  • Marketing manager: Employers in this job make an average salary of $149,200.
  • Sales managers: They make an average salary of $141,690.
  • Financial advisors: They earn an average salary of $119,290.
  • Insurance sales agents: They earn an average salary of $67,780.

In Summary

Regardless of the prized finance industry jobs you are aiming for, higher education is a necessity. For most of the financial choice positions, you need at least a bachelor’s degree to be considered.

If you have already earned a degree, continuing education is a great way to boost your financial IQ. It will demonstrate your dedication to a finance industry career. Finance credentials such as certified public accountant, certified financial planner, or chartered financial analyst will boost your job prospects.

As a finance major, you can continue with your education after working in the field, pursuing a postgraduate degree in economics, finance, business, administration, accounting, and non-profit management. Achieving these education requirements will open you up to advanced opportunities.

Better still, finance jobs are evolving to incorporate different and new skills that can benefit you. Companies are seeking more technology-savvy professionals. After all, technology has become an integral part of our lives. It automates routine tasks and empowers finance experts to be more productive and efficient. You will produce top-quality data and provide insights that drive strategy and improve financial results.

Well, now you have an idea of where top compensation dollars are in the finance sector. Regardless of the position you may be aiming for, you should find ways to stand out from other applicants. Make sure to put together the education support and work experience. This way, you’ll bolster your bid and land your dream position in the prestigious industry.

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