Is Finance a Good Career Path?

Finance is a real hot spot in the jobs market. Here are jobs that offer great growth and earning potential.

By Camilla Andersson, Monster Contributor

Do you want to build a career around math, while also making good numbers? Then a job in finance might be right for you. Finance careers focus on managing and documenting finances for individuals, corporations, agencies, or organizations, as well as offering investment advice.

So, is finance a good career path? The finance sector offers a range of well-paid jobs and many opportunities for career growth. Finance is a good career path if you have a strong analytical mind, enjoy math, thrive on organization, and are detail oriented. You can excel in this field whether you’re an introvert or extrovert, since jobs range from solitary positions where you create forecast or analytical reports to jobs focused on advising others on financial affairs.

Learn more about the best finance careers here, including job outlooks and salaries.

Working in Finance: Work Climate and Job Outlook

The U.S. financial and insurance market is worth $5.7 trillion, which means finance is a good career path if you’re looking for a job in a profitable market. Since there are so many different types of careers in finance, there is no uniform work climate, but for many finance jobs you should be prepared for seasonal changes in intensity, due to tax deadlines, quarterly reports, and other factors. Market fluctuations can also lead to increased demand for financial planners, portfolio managers, security traders, and similar positions.

Is finance a good career path financially speaking? Salaries vary but are generally higher than average household incomes, even for entry-level jobs, and many professions see higher-than-average growth rates.

Education Paths for Finance Careers

Is finance a good career path if you don’t have a college degree? Generally, a bachelor’s degree is required for most finance jobs, even entry-level ones, due to their complexity and typical responsibilities. Jobs with more responsibilities, such as managing teams and departments, might require a master’s degree.

A bachelor’s degree is a good first step to building a career in finance. Common majors, besides finance degrees, are math, statistics, accounting, or business. You might also consider a master’s degree in finance (MF) or business administration (MBA) to help you advance in your career.

Some jobs, such as certified public accountant, require licenses. To acquire a license, you may need to take specific classes, so take this into consideration when you plan your education.

You may also wonder if finance is a good career path if you’re not sure exactly what job you want. Finance is a good option if you want to try out different professions during your career, because a degree in finance or accounting is a steppingstone to many different jobs. Once you’re in one finance career, you can draw upon your transferrable skills and knowledge to pivot to another.

Finance: Major Jobs and Sectors

Finance can be divided into many different sectors and job functions. Here are some common finance job titles and the areas they slot into:

  • Financial planning, investment banking, and money management: In these positions you’ll be responsible for offering financial advice, managing, and acquiring funds for private people or corporations, or both. Some examples of positions in this sector are financial planners, portfolio managers, and securities traders.
  • Accounting: Accounting professions prepare and audit financial records. Common jobs are accountant, bookkeeper, auditor, accounting manager, and controller.
  • Insurance: There are many financial jobs in the insurance industry. Some examples are underwriter, claims adjustor, risk consultant, and claims director.
  • Financial forecasting and analysis: In these positions you’ll gather or collect data to create forecasts and reports, often making financial recommendations based on your projections. Some examples of positions in financial forecasting are actuaries and financial analysts.
  • Financial management: Financial managers oversee a department or a whole institution or are second-in-command after the CEO as a CFO. Other common job titles are finance director, vice president of finance, or finance officer.

Best Finance Jobs

Is finance a good career path if you want to climb the career ladder? It depends on the position and employer, but many careers in finance have a clear pathway to a higher position. For example, underwriting assistants often move up to become underwriters.

Below are some of the best careers in finance at the entry-level, mid-level, and senior stages of your career.

Entry-Level Finance Jobs

Accountant

What you'd do: Accountants prepare, organize, and check the financial records of companies, organizations, and private citizens. This could include preparing taxes, managing record-keeping, auditing records, and more.

What you'd need: You’ll need a bachelor’s degree in accounting to get started in this field. Certain positions require you to hold a CPA (certified public accountant) license, which enables you to represent clients before the IRS and to file reports with the SEC.

What you'd make: The median annual income is $68,475 nationally for accountants.

Find accountant jobs on Monster.

Underwriting Assistant

What you'd do: As an underwriting assistant (also called assistant underwriter) you’ll help an underwriter process mortgage, credit, and insurance applications. This could include collecting and documenting information and analyzing financial risks.

What you'd need: A college degree is required for some but not all underwriting assistant positions. However, if you plan to build a career in insurance, it’s wise to get a bachelor’s degree so that you can advance to an underwriter position and beyond.

What you'd make: An underwriting assistant typically earns an hourly salary. The nationwide median is $25.18 an hour.

Find underwriting assistant jobs on Monster.

Stock Trader

What you'd do: Stock traders buy or sell shares of stock on behalf of companies. It’s common that they help with financial planning as well. To perform the job well, you’ll also be researching, observing, and analyzing the market. This lucrative sector is projected to grow at an annual rate of 10%.

What you'd need: You’ll need a license from the Financial Industry Regulatory Authority (FINRA) to work in this industry.

What you'd make: A securities trader makes a median income of $49,706 nationally.

Find stock trader jobs on Monster.

Mid-Level Finance Jobs

Controller

What you'd do: As a controller, you'd oversee the treasury of a government, private corporation, or a non-profit organization. You'd prepare financial reports that show the position of an organization and you'd be responsible for the quality of accounting and financial reporting within the organization. Some controllers may also oversee the company's investments.
What you'd need: A bachelor's degree, often in accounting, is required to get started as a controller.
What you'd make: The national median salary for a controller is $118,787.

Find controller jobs on Monster.

Mid-Level Financial Manager

What you'd do: Financial managers plan the overall financial activities of a company or organization, preparing financial statements and forecasting reports. You'd also supervise accounting and advise management on all financial decisions. Managing finance is a good career path if job stability is important to you since the field is expected to see growth rates of 17% in the next few years.
What you'd need: Financial managers typically have a bachelor’s degree and five or more years of experience in another business or financial occupation.
What you'd make: Financial managers make about $124,376 a year nationally.

Find jobs as a financial manager on Monster.

Actuary

What you'd do: As an actuary, you’ll use statistics, mathematics, and other analytical tools to predict the likelihood of different events. Actuaries often work in the insurance industry to help companies establish prices for their policies. There is a high need for actuaries, a profession which is expected to grow by an annual rate of 21% in the next few years.

What you'd need: Actuaries need a bachelor’s degree and need to pass several certification exams over a period of multiple years.

What you'd make: Actuaries earn median salaries of $106,868 nationwide.

Find actuary jobs on Monster.

Financial Analyst

What you'd do: Financial analysts evaluate and recommend investment opportunities for individuals and businesses. They conduct data analysis of investments, business and economic trends, and company earnings to determine investment opportunities. This is a fast-growing field with a projected increase of 9% annually.

What you'd need: Financial analysts typically have at least a bachelor’s degree. Entry-level positions often include additional training; mid-level financial analysists earn more but need more experience.

What you'd make: A financial analyst makes a median salary of $87,328 nationally.

Find financial analyst jobs on Monster.

Senior-Level Finance Jobs

Vice President of Finance

What you'd do: A vice president of finance leads the financial department of an institution or, if it has a chief financial officer (CFO), helps the CFO to do so. If you work at a financial corporation, such as an investment firm or bank, your title will most likely just be vice president, or vice president of a specific department. You might negotiate and oversee large contracts, perform due diligence, plan, and coordinate financial policies, and analyze financial data.

What you'd need: You’ll need a solid financial background and previous leadership experience for this position.

What you'd make: A vice president of finance makes an median national salary of $143,246.

Find financial director and VP jobs on Monster.

Chief Financial Officer

What you'd do: A chief financial officer (CFO) is the highest-ranking financial position and typically reports directly to the CEO. CFOs also work closely with the board and the chief operating officer (COO). As a CFO you’ll be responsible for overseeing and coordinating the organization’s financial operations, such as financial planning, analysis, record-keeping, reporting, and ensuing compliance with regulations.

What you'd need: You’ll need a degree in finance, accounting, or business to work as a CFO. Some positions require a master’s degree. You should also have solid leadership experience in financial affairs, for example as a vice president or financial manager.

What you'd make: The median salary nationwide for a CFO is $160,463. As part of a company’s executive team, a CFO is typically also compensated in significant cash bonuses.

Find CFO jobs on Monster.

Your Finance Career Forecast Looks Promising With Monster

Now that you have the answer to the question “Is finance a good career path?” you may wonder how the prognosis looks for your job hunt. We don’t have any charts or graphs for your career, but we can tell you these numbers: Over 14,000 companies search for candidates on Monster. That means that the odds are in your favor when it comes to finding a job in finance here. Take the first step today by creating a free profile.