What are the highest paying jobs in finance?
According to the US Bureau of Labor Statistics, employment in the finance sector is projected to grow up to 8% between 2020 to 2030. Finance jobs like accountants, auditors, and budget analysts will remain in demand for the coming decade.
The development, administration, and control of financial resources are within the purview of finance positions. From fintech to investment banking, this sector has vast job opportunities.
Due to the growth in the finance sector, demand for skilled professionals is also rising.
If you plan to build your career in the finance industry, then you are on the right track.
Read on to know more about the best paying jobs in finance and the duty you will perform in that respective profession.
- What do finance jobs pay?
- What are the different kinds of finance jobs?
- What are the best paying jobs in finance?
- What are the best entry-level finance jobs for graduates?
What Do Finance Jobs Pay?
Due to the nature of the job, which involves handling finances and contributing to the overall economy, the finance professionals are well compensated. Based on the experience, the pay also increases.
A finance professional who has just graduated from a recognized university earns $50,000 yearly. After five years of experience, the typical income for a profession can rise to roughly $70,000 annually.
With an experience of more than ten years, a finance professional can earn a handsome salary of $114,000 per year, reaching a maximum of $180,000.
What are the Different Kinds of Finance Jobs?
Finance jobs are broadly categorized into six categories. You can choose any type and find the highest paying jobs in finance.
Given below are the categories of finance jobs:
- Advising: Through their knowledge of finances and sales techniques, advisors help their customers choose items.
- Fintech: Financial technology programming involves financial programming and management.
- Investment: Finance professionals in the investment sector add money to portfolios that aid in a person's or business' increase in wealth.
- Accounting: A career in accounting would consist of assisting organizations and people in maintaining financial records, staying in compliance with financial regulations, and managing budgets and expenditures.
- Lending: Finance professionals in lending institutions assist borrowers with loan selection and operational tasks.
- Corporate: A career in corporate finance would include managing an organization's ongoing financial operations, such as budgeting, statement production, loan repayment, and investment decision-making.
Also Read: What are the top questions asked in the finance manager interview?
What are the Best Paying Jobs in Finance?
Working in investment banking, financial planning, and investment management are frequently the financial careers with the highest salaries. These jobs come with competitive pay, significant bonuses, and top-notch benefits.
Given below are some of the best paying jobs in finance that you can consider if you want to support a good standard of living.
1. Chief Accountant
A chief accountant is in charge of budget management, tax preparation, bill collection, and payroll administration. They are employed by government organizations, banks, and hospitals.
The average salary of a chief accountant is $73,366 per year, which increases with experience.
Also Read: What kind of questions can be expected in an accountant interview?
2. Investment Banker
Investment bankers work with clients to generate money and make investments that will help the company expand financially. Additionally, they serve as consultants for merger and acquisition projects.
The average salary of an investment banker is $66,784 per year, which increases with the years of experience gained in the field.
Also Read: How to write a compelling investment banker resume in 2022?
3. Hedge Fund Manager
Similar to investment bankers, hedge fund managers oversee portfolios of higher risk and return for investors who pool their money to participate in hedge funds.
Hedge fund managers develop an investment strategy that directs the fund's daily portfolio selections. They also promote the fund and maintain regular contact with investors.
The average pay for hedge fund managers is $83,578 annually, making it rank at the top of the best paying finance jobs.
4. Chief Financial Officer
The chief financial officer handles the organization's financial administration and reporting. They create and carry out financial strategies, guaranteeing accurate and timely financial reporting.
The average earning of a chief financial officer is $123,265 per year. It is one of the highest paying jobs in finance.
5. Information Technology Auditor
Information technology auditors often do their job for public or private organizations to verify that the technological infrastructure satisfies regulatory and other business IT requirements.
These specialists manage IT compliance and online security to ensure that all organizational activities run smoothly.
IT auditors earn an average salary of $101,751 annually, making them a great choice among other finance careers.
Also Read: How to write an impressive resume for IT auditor in 2022?
6. Investment Manager
Investment managers are often hired by corporations that handle investments made by people, businesses, or organizations.
An investment manager learns about a client's goals, manage client investment portfolios for the best possible financial returns, and researches current investing methods and trends.
The average pay for an investment manager is $89,967 per year, making it one of the most prestigious jobs in finance.
7. Corporate Controller
A corporate controller manages all of an organization's accounting and financial operations. They look after budgeting and billing, investment and asset management, and proper payroll processing.
One of the highest paying jobs in finance is corporate controller, with an average yearly salary of $117,732.
8. Private Equity Associate
Private equity associates establish connections with investors to acquire private equity, which they use to invest in businesses that diversify investors' portfolios.
By gathering information from similar rivals in the market, these experts also create improved financial models to rescue struggling firms and help them compete in the marketplace.
A private equity associate earns $91,184 annually, which increases with the addition of rich experience over time.
9. Budget Analyst
Budget analysts assist public and private organizations, including governmental bodies and academic institutions, in managing their budgets and finances.
Budget analysts make suggestions for program funding that align with corporate objectives, industry norms, and governmental requirements.
The average yearly pay of a budget analyst is $117,000, making it among the highest paying jobs in finance.
10. Insurance Advisor
An insurance advisor helps the customers choose the most acceptable insurance packages to fulfill their long-term and short-term insurance needs. They help customers make judgments about buying insurance for their homes, cars, health, etc.
The average annual pay for an insurance advisor is $89,279, making it a decent-paying job in the finance sector.
11. Financial Software Developer
A financial software developer designs, build, manages, and tests the financial software and other applications that meet the business' and end customer’s demands.
The average pay for a financial software developer is $93,817 per year and is a great job option for you if you want to build a career in Fintech.
12. Chief Compliance Officer
Chief compliance officers supervise and carry out the regulations that control an organization's compliance program.
To guarantee that rules and procedures are followed and that firms are operating as effectively as possible, they conduct risk assessments and compliance checks.
Chief compliance officers earn an average yearly income of $114,832, making them one of the highest paying jobs in the financial industry.
13. Portfolio Manager
A portfolio manager offers customers financial guidance and consultation. They manage bond and stock portfolios to optimize returns and often report on investment activity and performance.
Considered one of the best paying jobs in finance, the average pay of portfolio managers is $126,506 per year.
14. Tax Director
Tax directors assist businesses in creating their tax strategy by recognizing financial decisions that might reduce liability while abiding by the law.
The income potential of the tax director is massive. On average, a tax director earns $149,776 annually, making it one of the best financial careers.
Also Read: How to write an impeccable tax intern resume to get shortlisted?
15. Internal Auditor
An internal auditor audits the organization's financial statements, internal rules and processes, and the detection and correction of fraud. They check the accuracy of financial data and assess how well the management accounting system works.
The average pay for internal auditors is $92,000 per year, with a projected growth rate of 6% between 2018 to 2028.
Also Read: What are the top questions asked in auditor interviews?
16. Foreign Exchange Trader
Foreign exchange traders are in charge of carrying out financial transactions in foreign currencies. They monitor exchange rates and buy and sell specified currencies and equities at predetermined times.
A foreign exchange trader earns $75,923 per year.
17. Tax Manager
Tax managers work for government organizations or accountancy businesses. The tax manager's responsibility is to assist in managing and collecting taxes from clients and workers.
Additionally, they could be in charge of planning and submitting taxes and corresponding with tax authorities.
Tax managers make average annual earnings of $105,550, with significant room for growth as they gain experience. Due to the massive pay, the tax manager profile is considered one of the highest paying jobs in finance.
18. Loan Processor
A loan processor checks the mortgage application information to ensure it is accurate. They collaborate with lenders to authorize loans and offer clients credit products. They could also assist with customer assistance and account management.
The average pay of a loan processor is $48,207 per year.
Also Read: What is the job description of a loan processor in 2022?
19. Mortgage Originator
A mortgage originator creates, underwriters, and closes the residential mortgages. They have jobs in various sectors, including banking, real estate, and insurance.
Mortgage originators are generally licensed to originate loans in the states where they operate and frequently specialize in particular loan types.
The average pay for a mortgage originator is $46,431 per year, which increases with experience.
20. Credit Manager
A credit manager keeps an eye on the company’s financial records and ensures that the company's financial commitments are fulfilled. It includes keeping track of the business' credit scores, ensuring its credit limitations are up to date, and looking into any possible financial concerns.
The average annual salary of a credit manager is $121,925, making it the best paying job in finance.
21. Commodities Trader
Commodities traders work for banks or brokerage companies or are independent contractors. In any case, commodities traders are in charge of researching markets and selecting profitable investments for their customers.
The average pay for the commodities trader is $81,338 per year. They also receive additional bonuses, making it one of the most lucrative jobs in finance.
22. Financial Analyst
Financial analysts assist business stakeholders in making choices regarding the organization's financial health. They help clients' buying decisions and demands across the nation by working for financial organizations, including banks, funds, insurance firms, and more.
The average annual pay of a financial analyst is $126,000, and the growth rate in the job is 5%. A financial analyst is a good career path if you are looking for a well-paying job.
Also Read: What should be included in a financial analyst resume?
23. Operations Research Analyst
Operations research analysts identify organizational business issues and utilize statistical analysis, computer simulations, predictive modeling, or other techniques to provide workable solutions.
An operations research analyst earns $82,360 annually, which increases with experience.
24. Fraud Manager
Companies appoint fraud managers to assist in avoiding legal troubles or fraud. They oversee the tools to monitor fraud risks, verify that all procedures follow government rules, and develop tactics to catch fraud.
The average salary of a fraud manager is $72,378 per year with additional bonuses.
25. Trust Officer
Trust officers manage and set up trust accounts under client requests. They also organize tax paperwork, translate legal documents, and oversee money distribution.
The average annual pay for trust officers is $85,996, which grows with experience.
Best Entry Level Finance Jobs
If you are wondering “Is finance a good career path for fresh graduates?”, the answer is positive. If you have recently completed your bachelor’s degree, you can start your career in finance by pursuing any of the jobs mentioned below.
Actuaries assemble statistical data and combine them for analysis. They calculate the likelihood and likely cost of occurrences, including accidents, fatalities, natural disasters, and illnesses.
Actuaries provide charts and other displays to help explain calculations and ideas, and they design, test, and administer policies to limit risk and enhance the profitability of insurance policies and pension schemes.
The average annual salary of actuaries is $116,903, making it one of the highest paying finance jobs. If you want to build a flourishing career in finance, being an actuary can be a good decision.
Being an insurance underwriter can be a rewarding career too. As an insurance underwriter, you will advise potential clients on insurability, prices, and policy details and examine the client and actuarial data.
The average salary for an insurance underwriter is $71,200 per year. You can eventually grow your career as an insurance advisor with some years of experience as an underwriter.
A credit analyst calculates the creditworthiness and predicts the chance of defaulting for loan borrowers. Their evaluations support the rate-setting and loan approval processes at banks, credit unions, and credit card firms.
The average salary for credit analysts is $55,449 per year. A credit analyst profile is a great entry-level job opportunity as, with time and experience, you can easily cross $100,000 per year.
Also Read: What are the most common interview questions for credit analysts in 2022?
Data analysts perform organizational planning. They build and use higher-level data systems for financial problems and offer financial feedback to company officials for investments and acquisitions.
As a data analyst, you can earn $64,375 per year and grow to make $101,254 with years of experience.
Also Read: What should be included in an entry-level data analyst resume?
Personal Financial Advisor
A personal financial advisor assesses clients’ financial requirements and assists them in making decisions on investments, insurance, tax regulations, and tax planning.
The average earning of a personal financial advisor is $88,890 annually. This position has a 15% career growth rate, demonstrating its potential.
Also Read: What are the top interview questions for financial advisors in 2022?
A career in the finance industry is highly competitive and rewarding as well. There is a massive market for financial specialists who are handsomely rewarded for their effort.
- Choose a bachelor's degree in a discipline linked to accounting and finance to gain the knowledge you need to build your career in the finance sector.
- The best paying jobs in finance comprises chief financial officer with an annual salary of $123,265, corporate controller with an average yearly wage of $117,732, and actuaries with an average salary of $116,903.
- Data analyst profession has the potential to grow up to 15% in the coming years, while the overall growth in the financial sector is expected to be 8%.
- For entry-level professionals, insurance underwriters, credit analysts, and personal financial advisors are among the most popular finance careers.
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