If you’re a finance major, you’ve likely been drawn to the field of finance because you’re interested in working with numbers and working within the industry in some capacity. But which path do you choose?
And while majoring in finance in college does provide students with the fundamental knowledge and skills required to succeed in various finance-related fields, if you’re considering a career in one of them, you may be overwhelmed by the variety of options available.
Finance is a broad field that offers a wide range of career paths. A finance major provides students with the fundamental knowledge and skills required to succeed in various finance-related fields. If you’re considering a career in finance, you may be overwhelmed by the variety of options available. To help you make an informed decision, we’ve put together a comprehensive guide to some of the most popular career paths for finance majors.
Investment banking is one of the most well-known career paths for finance majors. Investment bankers work with clients to raise capital, advise on mergers and acquisitions, and help companies go public. This field requires strong analytical, communication and interpersonal skills, as well as an in-depth understanding of financial markets and securities.
You’ll typically start your career as an analyst, working long hours to support senior bankers in preparing and executing deals. With experience and proven performance, analysts can advance to associate and then vice president positions. The compensation for investment bankers is typically high, with many earning salaries well into the six-figure range. However, the job can also be extremely demanding, with long hours and high levels of pressure to succeed.
Corporate finance is another popular career path for finance majors. Corporate finance professionals are responsible for managing a company’s financial resources, including its budget, investments and capital structure. This field requires a deep understanding of financial management and analysis, as well as a strong understanding of the financial markets.
Corporate finance professionals typically start as financial analysts, where they support senior finance professionals in developing and implementing financial strategies. With experience and proven performance, financial analysts can advance to senior finance roles, such as controller, treasurer or chief financial officer (CFO). The compensation for corporate finance professionals is typically lower than that of investment bankers, but the job is also less demanding and may provide more opportunities for work-life balance.
Asset management is a field that involves managing a portfolio of investments for clients. Asset managers are responsible for selecting and monitoring investments, managing risk, and ensuring that the portfolio meets clients’ goals and objectives. This field requires strong investment knowledge, analytical skills and an understanding of financial markets.
Asset management professionals typically start as investment analysts, where they research and analyze investments for portfolio managers. With experience and proven performance, investment analysts can advance to portfolio manager positions. The compensation for asset managers is typically higher than that of corporate finance professionals but may be lower than that of investment bankers.
Risk management is a field that involves identifying, evaluating, and mitigating potential risks to an organization. Risk management professionals are responsible for developing and implementing risk management strategies, monitoring risks, and reporting on their effectiveness.
This field requires strong analytical skills, an understanding of financial markets and instruments, and an ability to think critically about potential risks.
Risk management professionals typically start as risk analysts, where they support senior risk management professionals in identifying and assessing risks. With experience and proven performance, risk analysts can advance to senior risk management roles, such as director of risk management or chief risk officer (CRO). The compensation for risk management professionals is typically lower than that of investment bankers but may be higher than that of corporate finance professionals.
Financial Planning and Advisory
Financial planners and advisors are responsible for helping clients achieve their financial goals, such as saving for retirement or buying a home. This field requires strong interpersonal skills, an understanding of financial markets and instruments, and an ability to communicate complex financial concepts to clients in an accessible way.
Financial planning and advisory professionals typically start as financial planners, where they work with clients to develop and implement financial plans. With experience and proven performance, financial planners can advance to senior financial advisor positions, such as certified financial planner (CFP) or wealth manager.
The compensation for financial planners and advisors varies widely, depending on factors such as location, experience and the size of the firm. However, many financial planners and advisors earn salaries in the six-figure range and have the potential to earn even more through commissions and bonuses.
Find Your Best Finance Fit
By exploring your interests, skills and career goals, you can find the finance career that best fits your needs and helps you achieve your financial and professional goals.
How can Turn2Partners help you land the gig you want in finance once you’ve got your degree in hand?
If you’re in the Washington, D.C., area and looking to pursue a path in finance or accounting, contact us today. Submit your resume to one of several up-to-date job listings on our website, or connect with a recruiter to find the career of your dreams.