How to Make a Career in Finance | 4 Types of a Career in Finance

The study and discipline of money, currency, and capital assets are known as finance. It is related to, but not the same as, economics, which is the study of the production, distribution, and consumption of money, assets, goods, and services. A career in Finance is considered to be the most rewarding career.

Requirements to have a career in Finance:

1. The candidate should have a bachelor’s degree in finance or business or another related field. 
2. The candidate should take up proper finance certification courses such as CFA, CPA, FRM, etc. 
3. The candidate should go for certified formal training in finance (Investment Management Certificate IMC). 
4. The candidate should also gain work experience through internships and jobs. 

Some of the job profiles where we can work after having a career in Finance are as follows:

1. Investment Banker:

An investment banker is in charge of raising capital for businesses and individuals through the issuance of debt and the sale of equity. These highly analytical professionals, also known as investment banking analysts, supervise mergers, conduct research, and prepare legal and financial documents.  

Investment Banker Qualifications:

1. A bachelor’s degree in finance or a related field is required. 
2. A minimum of three years of investment banking experience. 
3. Thorough understanding of deal structuring, regulations, and closing principles. 
4. Strong analytical and quantitative abilities. 
5. The ability to work well under duress. 
6. Excellent written and verbal communication abilities. 

Responsibilities of an Investment Banker:

1. Conduct research and analyze financial data and market trends. 
2. To raise capital, issue debt, and trade equity. 
3. Develop and use financial models to evaluate deals and determine profitability. 
4. Monitor mergers and acquisitions 
5. Oversee IPOs and private equity transactions. 
6. Guide and support clients as they expand their corporate and personal businesses. 

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2. Actuary:

An actuary uses mathematics, computer science, and statistics to assess the risks associated with specific events and assists businesses in planning for or mitigating the financial consequences should these events occur. These individuals are also known as actuarial analysts.  

Requirements for Actuaries:

• A bachelor’s degree in actuarial science, mathematics, or a closely related field is required. 
• Prior experience is either preferred or required. 
• It is possible that additional certifications and training will be required. 
• Thorough understanding of mathematics, statistics, computer science, and calculus. 
• Knowledge of specific industries, such as finance or insurance, may be advantageous. 
• Excellent communication and presentation abilities. 
• Computer software and modeling program proficiency. 

Responsibilities of an Actuary:

• Gathering and analyzing data to assess the potential risks of specific events and their financial impact on businesses or individuals. 
• Using computer programs to compile and analyze data, as well as to create models, graphs, tables, and reports displaying findings. 
• Reporting to managers, stakeholders, clients, or other parties. 
• Presenting and communicating to others complex statistical and mathematical information. 
• Creating and refining strategies to reduce risk and cost to others. 
• Other duties may vary depending on the industry. 

3. Portfolio Manager:

Portfolio managers, also known as investment managers, wealth managers, or asset managers, work with clients to create portfolios based on successful investment strategies, with the primary goal of generating a sufficient return on investment. Individuals or institutions may be their clients.

Portfolio Manager Qualifications:

• A bachelor’s degree in business administration, economics, or finance. 
• Professional certification as a Chartered Financial Analyst (CFA) or a comparable qualification, such as a Certified Public Accountant (CPA). 
• Three years or more of professional portfolio management experience 
• In-depth knowledge of capital markets. 
• Superior analytical abilities. 

Responsibilities of the Portfolio Manager:

• Creating an investment policy statement that outlines our clients’ investment goals. 
• Creating profitable investment portfolios based on market conditions and economic trends. 
• Purchasing and selling securities in client accounts in order to maintain a specific investment strategy or to achieve an investment goal. 
• Establishing acceptable risk levels for clients based on time frames, risk preferences, expected returns, and market conditions. 
• Maintaining existing and new client relationships, which includes informing clients about market conditions, keeping them up to date on investment research and economic trends, and meeting with them to discuss portfolio performance and investment objectives. 

4. Financial Planner:

Financial planners examine a company’s or an individual’s financial statements to identify risks, rewards, and opportunities. These qualified experts, also known as wealth management advisors, are in charge of analyzing financial situations, developing budgets, and preparing analysis reports. 

Financial Planner Qualifications:

• A bachelor’s degree in accounting, finance, or a related field is required. 
• A minimum of three years of experience in a comparable role. 
• Ability to analyze large amounts of financial data while adhering to regulations. 
• Excellent communication and presentation abilities. 
• Must have strong attention to detail and problem-solving abilities. 

Responsibilities of a Financial Planner:

• Examine the financial documents of clients, including their income, expenses, and liabilities. 
• Provide assistance and direction in financial, insurance, and investment planning. 
• Develop long-term financial plans and budgets for clients. 
• Keep an eye on your clients’ needs and adjust their financial plans as necessary. 
• Construct financial and business analysis reports. 
• Demonstrate and sell financial products and services. 
• Identify potential clients and cultivate long-term relationships. 
• Maintain current knowledge of the latest regulations, practices, and financial products. 

The above job profiles and their salaries per annum in India are summarized in the table given below:

Note: Please keep in mind that the above-mentioned salaries may differ depending on where you live. 

The following table summarizes the above job profile and their annual salaries in other countries:

Note: The above-given salaries may change according to change in location in their own countries. 

Conclusion

In the above article, we have learned about 4 job profiles where we can work after having a degree in finance. We also learned about their annual salaries in India and the other four countries.

The security of finance degree jobs is arguably one of the most significant benefits of obtaining a college degree in finance. Because of the abundance of opportunities in this field, finding work is not hampered by unemployment rates, political situations, or the economy.  

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