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Banking and Finance Jobs

The finance industry appeals to many people, especially those who are interested in stocks, bonds, equity products, the stock market, and how investments can help meet people’s financial goals. Other finance professionals work at lending or credit card institutions, and provide funds or credit cards to creditworthy applicants. The slow economy of the last few years has made employment in this industry challenging, but it is also a time for exciting changes and new opportunities.

There are jobs available at all levels, from entry level to executives in the finance industry. Many finance workers, especially financial advisors, are considered sales people, because their primary job is to sell financial investment products to their clients, who benefit from them in the form of interest, dividends, or payments upon retirement. 

The following list, although not comprehensive, gives you an idea of some of the jobs available in the finance industry.

  • Account manager
  • Application processor
  • Bank card sales associatefinancial industry job photo
  • Broker
  • Financial advisor
  • Financial analyst
  • Financial associate
  • Financial assistant
  • Finance director
  • Finance manager
  • Financial planning and analysis manager
  • Financial reporting manager
  • Financial retail sales associate
  • Insurance advisor
  • Investment advisor
  • Loan acquisitions manager
  • Loan processor
  • Mortgage loan advisor
  • Mortgage loan processor

Now let’s take a look at the future job outlook, the salary ranges of the leading positions in the field, and the education and training required to land a job in the finance industry.

Employment Outlook

The outlook is rosy for people who are interested in becoming part of the finance industry. Employment experts, like the U.S. Bureau of Labor Statistics, predict that there will be strong growth in the number of jobs in the field. The Bureau says that the number of jobs in the finance industry will increase by 20% by the year 2018. This is largely due to the increasing number of financial products available, according to the Bureau.

Not all jobs in the industry can expect to see this kind of increase (for example, the number of loan processors is expected to increase by only 4% by 2018). More computerization and automation of these kinds of jobs and responsibilities may be the cause for this slower growth rate. However, people with expertise in the finance industry should find landing a job more attainable.

Salary Outlook

If you’re looking for a well paying career, then this is certainly one to consider.

Most financial analysts and advisors are able to earn above average salaries. According to the Bureau of Labor Statistics, the average annual salary for these positions is approximately $73,000. Financial advisors earn commissions, so those who are able to match the right products with the right clients can earn even higher salaries. Managers and executives also earn higher salaries.

Lower and entry level positions such as loan processors, administrative support personnel, and other clerical jobs are still able to earn good salaries. The U.S. Bureau of Labor Statistics says cites an annual average salary of $32,000 for workers in these positions. Remember, salaries can vary widely from employer to employer and state to state.

Education and Training Requirements

Financial advisors and analysts will be required to have a bachelor’s degree in business, finance, accounting, or a related field. Many employers prefer candidates who have earned or are in the process of earning a master’s degree in one of these disciplines. In addition, any person selling financial products must be licensed to do so. The Financial Industry Regulatory Authority (FINRA) issues these licenses. Candidates do not have to be licensed prior to getting hired, but must be able to get a license soon after starting work. Managers and executives will be expected to have several years of experience in the industry.

Loan processors, clerks, and administrative personnel may not need to hold a college or four-year degree, depending on the company. However, some financial advisors or analysts might start out on this capacity, and so come companies may look for candidates with a degree or completed college coursework. Once on the job, these employees usually receive training specific to their positions.

As the world of financial products continues to grow and become more complex, more people will rely on financial advisors and analysts for answers. If you enjoy working with people and helping them achieve their financial goals, getting a job in the finance industry may be a good choice for you.

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