Highest Paying Jobs in Finance (2023)

Jobs in the financial industry can be rewarding - in some cases, they pay very well. That means they're in high demand, with entry requirements as high as some salaries plus bonuses. A university degree is a prerequisite for most of these professions. Many finance professionals also have postgraduate degrees, typically an MBA. Other Masters and Ph.D. degrees are not uncommon in this industry. In addition, advanced knowledge of statistics and mathematics is appreciated.

These jobs can offer above average pay to start and advance from there. Here's an overview of high-paying finance jobs and some of the skills they may require.

Required Skills for Jobs in Finance

It's not easy to get a job in the financial industry with only industry-specific skills. Also in demand are interpersonal skills that demonstrate your ability to understand, communicate, problem solve and lead. Here is a list of some of the skills employers in the financial industry are looking for in applicants.

Industry Specific Skills

• financial planning: Developing strategies to achieve all sorts of short- and long-term financial goals.
• financial reporting: Create documentation of various scales, large (company-wide) or small (department-wide), that demonstrates financial status to internal and/or external audiences (such as management, investors, or government).
• Cashflow-Management: Monitor, analyze, and optimize cash flow so a company can seize opportunities, avoid financial losses, and make more effective business decisions.
• accounting: Record, track, summarize, manage and report a company's financial transactions.
• budgeting: Manage a significant amount of money effectively by allocating it to different parts of an organization.
• Risk analysis: Analyze financial documents to find areas that demonstrate actual or potential financial risk to a company or organization.
• financial software: Knowledge of software that automates work and provides a digital platform/interface for financial processes, such as B. Analysis and accounting software.
• Mathematics - Arithmetic, Algebra, Statistics: Numeracy is a fundamental skill for a finance career, no matter the field. Despite the use of software programs, algebra can be an asset to many processes. Statistics deals with the collection and analysis of data related to, for example, market trends and investment recommendations.
  

Interpersonal skills

• attention to detail: Careful and accurate handling of data, whether observed or entered, is critical to the financial accuracy and financial success of a company and its customers.
• Understanding: Understand tasks, the process for completing them, and the best ways to get what is needed from others to achieve the goal.
• Communication - oral and written: Working with others, as part of a team or dealing with people in departments, in management or in the boardroom, requires the ability to correctly formulate messages (reports, suggestions, summaries, recommendations, etc.) and in a way that is clear and will not be misunderstood.
• client interaction: A job may also require direct interaction with clients. This may include communicating about market conditions, trends, portfolio values ​​and investment opportunities. It is crucial that applicants communicate well.
• solution development: Also called problem solving. Come up with ideas to make things work and run smoothly. Dealing successfully with difficult situations and people. Do what it takes to get the job done.
• decision making: Demonstrate the ability and willingness to identify options and select those that best meet the challenge at hand.

Portfoliomanagement-Jobs

Portfolio management is a prestigious role in the financial industry. Portfolio managers, also known as money managers, directly oversee the investments of institutional and private clients in their day-to-day work. You have a great responsibility. They recommend investment strategies and specific investments tailored to clients. They typically have discretionary authority to execute these strategies to achieve the client's goals.

It is common for portfolio managers to specialize in certain asset classes, such as equities or fixed income. However, some managers are even more focused. For example, a manager may specialize in certain types of stocks,Blockchain-related startups or high yield bonds.

Focused funds employing these types of managers may be looking for individuals with a background in research analysis. Other companies with broader mandates, such as a multi-asset class strategy, often look for managers with a similar breadth of investment knowledge and experience.

There are a variety of portfolio manager employers:

• Investment companies and financial services companies that offer funds to private clients
• Investment banks that provide strategic advice and investments to various institutions and even governments
• Commercial banks offering a range of investments to their customers
• money management companies
• portfolio management companies
• Hedge funds for high net worth individuals

After earning a four-year college degree and a college degree, many individuals looking for a finance manager job get that as wellhired financial analyst(CFA) designation.

Typically, a portfolio manager position is a goal job that leads nowhere else. So instead of moving up the corporate ladder, portfolio managers can take on more senior portfolio manager positions, manage increasing amounts of money, or leave to start their own firm or hedge fund.

Corporate finance jobs

Another career path is the finance department of a company. Specialists in this field can work in a wide variety of industries.

Types of Corporate Finance Jobs

• financial manager: Every company has financial managers. Financial Manager is one of the highest paying jobs in the financial industry. You are responsible for all financial aspects of a business, including risk management, planning, accounting, and financial reporting.
• Account Manager: The Account Manager is responsible for the general accounting function and oversees the completion of the general ledger accounts and financial statements.
• Some organizations may require individuals to have oneAuditors(CPA) and at least seven years of accounting experience.
  
• risk management: Risk managers keep track of a variety of potential pitfalls, includingCredit risk, market risk,operational risk, Andliquidity risk.

Increasingly, companies are investing huge amounts of money in sophisticated technology and people to help them measure, manage and mitigate these risks.

Since then, the field has gained enormous importance in banks and financial institutionsThe Great Depression, as numerous scandals and failures led to tighter government and industry regulations and increased accountability.

One way to start a career as a risk manager is to get certified by the Professional Risk Managers' International Association (PRMIA) or the Global Association of Risk Professionals (GARP), two risk management certification organizations.

• Risk Control Manager salary range as of July 2022: $110,590 - $137,290
• Salary range for Accounting Managers as of July 2022: $101,244 - $128,273
• Finance manager salary range as of July 2022: $111,399 - $140,628

Jobs im Investmentbanking

The investment banktypically work with corporations, governments and other large financial institutions to help them raise capital or advise on business and financial strategies. These bankers work at alternative wealth management companies, including venture capital firms and private equity institutions. Many of the professionals in this field have MBAs from more prestigious schools.

Banks invest in new or growing companies, facilitate mergers and acquisitions, and take companies public. They also often buy and sell a range of investment products, such as stocks, bonds, and other securities.

Two top names in investment banking are Goldman Sachs and Morgan Stanley, but they're not the only ones hiring investment bankers. Investment banking divisions exist at large commercial banks such as Citigroup and at smaller regional and boutique banks.

Types of jobs in investment banking

• Mergers and Acquisitions (M&A): Bankers focus onmergers and acquisitionsspecialized in providing strategic advice to companies wishing to merge with their competitors or to acquire companies. M&A bankers use financial models to evaluate these deals. You must also be able to successfully interact with clients as these jobs usually require working with high profile executives. M&A specialists must be able to communicate their strategies effectively
  
• Underwriting: Raising capital is part of a bank's businessUnderwritingDepartment. Underwriting specialists typically focus on debt or equity and often have an industry focus as well. Typically operating in client-facing roles, these bankers work with external contacts to determine capital needs, while also working internally with traders and security sellers to find the best options. Underwriting is not exclusive to investment banks and has spread to larger companiesUniversal-Banks in recent years on a large scale.
  
• private equity: Many investment banks haveprivate equityGuns, although private equity jobs can also be found at smaller, more specialized companies. Bankers in this field raise money for non-public companies and corporations. They keep a portion of any profits they can make from deals. It is common for private equity professionals to have prior investment banking experience as well as strong academic credentials.
  
• venture capital: Venture capital firms typically specialize in providing new capital to emerging companies, often in rapidly developing industries including technology, biotechnology and green technology. Venture capitalists often thrive by putting their financial stakes and profits in the early stages of development, generating massive returns. employee ofventure capitalBusinesses tend to be both adept at dealing with numbers and closing deals, and well-versed in new technologies and ideas.

The salary ranges for these jobs are:

• M&A investment banker salary range as of May 2022: $63,000 - $248,000
• Underwriter salary range as of July 2022: $59,000 - $127,000
• Salary range for private equity associates as of July 2022: $86,616 - $115,205
• Venture Capital Entry Salary Range as of July 2022: $143,501 - $238,201

Trading jobs

Trading jobs can be found at commercial and investment banks, wealth management firms, hedge funds and more. Wherever they work, traders strive to make a profit for their employer or clients by buying and selling securities.

Traders for wealth management firms seek the best security price when trading on behalf of a client. Hedge fund traders aim to take long and short positions to take advantage of market movements.

Many traders have advanced degrees in statistics, mathematics, or related fields. It's also common for dealers to take themSerie 7AndSerie 63exams early in their careers.

Types of trading jobs

• Sell-side traders: Sell-side traders typically work for investment banks, consulting firms, and companies that issue, sell, and trade securities.
  
• Buy-side trader: buy-side companysuch as wealth management firms and pension funds also employ traders. They typically carry out purchases and sales under the direction of a portfolio manager.
  
• hedge fund trader: Hedge fund traders do not work to fill client orders, but rather to maximize profits for the fund itself. Like buy-side traders, hedge fund traders can take orders from a portfolio manager. Or they can decide on their own trades.

Salaries for these jobs are:

• Sell-side trader salary range as of August 2022: $68,500 - $143,000
• Salary range for buy-side traders as of August 2022: $52,000 - $200,000
• Hedge fund trader salary range as of July 2022: $86,722 - $131,123

Economic Analysis Jobs

Economic analysts monitor broad areas of the economy and markets to identify and analyze significant trends.

These jobs tend to appeal to individuals who enjoy analyzing data, following trends, and providing opinions on the financial markets. Analytical jobs often involve writing, public speaking, and lots of work with Excel or another spreadsheet application.

These jobs can be found in many different institutions. They exist at investment banks, money management firms, and other traditional financial institutions such as banks. They can also be found in government and academic institutions. Most of these analysts have an MBA or Ph.D.

Types of Economic Analysis Jobs

• economist: Economists are ubiquitous in a variety of financial institutions. Investment banks, asset management companies, and central banks all employ economists, as do commercial banks, government agencies, and academic institutions. Generally speaking, aeconomisttracks and analyzes economic data to explain current market or economic conditions and predict future trends.
• economic strategist: There is a fine line between a strategist and an economist. Economists tend to focus on the broader economy, while strategists focus on financial markets. Strategist jobs are more likely to be found in banks and money management firms than in academic and government institutions. Many strategists start their careers as research analysts, focusing on a specific product or industry.
  
• Crowd: While some economic analyst positions require public speaking or writing, quantitative analysts typically work behind the scenes. Experts in this branch of analysis create mathematical models to predict market activity. They can be found at banks, investment banks, hedge funds, money management firms, and elsewhere. Most quant workers have a background in mathematics or statistics. They often have a Ph.D.

Salaries for these jobs are:

• Salary range for Economic Strategists as of August 2022: $86,500 - $120,500
• Salary range for economists as of July 2022: $76,250 - $103,649
• Salary range for quantitative analysts as of August 2022: $87,000 - $166,500

Financial Analyst Jobs

Although they sound similar, they are different from the economic analysis jobs discussed above. Financial industry analysts are responsible for researching potential investments and providing opinions and recommendations to guide traders and portfolio managers.

Financial analysts also work at non-bank companies, where they typically analyze the company's financial condition and help formulate budgets.

Types of Financial Analyst Jobs

• Investmentanalyst: Investment analysts typically specialize in one or more areas, including a particular region of the world, industry or economic sector, or type of investment security. Analysts working for sell-side companies typically make buy and sell recommendations for clients. Analysts working for a buy-side firm often recommend securities to their portfolio managers to buy or sell.
  
• financial analyst: Financial analysts typically work at more traditional (non-financial) companies or government agencies. Almost every large company, regardless of sector or industry, employs financial analysts to analyze cash flows and expenses, stay on budget, and more. These analysts can also help determine the best capital structure for the company. They can assist in raising capital. Financial analysts have the potential to move up the ranks in their company and eventually become treasurer or financial analystCFO.

Salaries for these jobs are:

• Investment analyst salary range as of July 2022: $96,185 - $135,383
• Financial Analyst salary range as of July 2022: $55,000 - $92,000

The final result

Despite their differences, there are commonalities among many finance professions. There is fierce competition among applicants and high barriers to entry. While work environments can be challenging, jobs typically involve interacting with highly motivated and intelligent colleagues. Most jobs require a significant level of education as well as excellent academic record.

Many people are attracted to the financial industry because of the potential for significant income. However, the most successful also tend to have a strong passion for their work—in some finance jobs, new hires can expect to work 70 to 90 hours a week. The work is usually stressful, but if you stick it out for the first few years, you promise yourself a lucrative salary.