If you are someone who is looking to build a career in finance, it is important to know which jobs offer the best salaries. The finance industry is vast, and there are countless job opportunities available. However, not all finance jobs are created equal in terms of pay.
In this blog, we will discuss the best paying jobs in finance that you should consider if you want to make a lucrative career in this field. We will provide insight into the average salaries, educational requirements, and job outlook for each of these top-paying finance positions.
So, let’s get started and explore the best paying jobs in finance.
Best Paying Jobs In Finance
This article will provide insight into the best paying finance jobs in the current job market. It will discuss the various roles within finance and highlight the skills required for success in these positions. Additionally, readers will gain a better understanding of the earning potential and career opportunities available in the finance industry.
Investment Banker
One of the most well-known and lucrative jobs in finance is that of an investment banker. Investment bankers work in banking institutions to provide guidance on financial offerings like mergers and acquisitions, initial public offerings, and other high-level financial transactions. Investment banking jobs require a high level of education, typically a degree in finance, business, economics, or a related field.
They also require long hours and a willingness to work under high-pressure situations. But, with a median salary of $130,000 and potential bonuses reaching into the millions, investment bankers have the potential to earn some of the highest salaries in finance.
Job Description
Investment bankers are responsible for providing strategic financial advice to clients, especially when it comes to mergers and acquisitions, initial public offerings, and capital raising. They work long hours, often under high-pressure situations and tight deadlines. Investment bankers use their financial expertise to analyze market trends, company performance, and financial data to provide valuable insights and guidance to clients.
They typically work in teams and collaborate with other professionals such as lawyers, accountants, and financial analysts.
Required Skills and Education
To become an investment banker, a bachelor’s degree is typically required in finance, economics, or a related field. Advanced degrees such as an MBA can be advantageous in securing top positions in the field. In addition to a strong academic background, investment bankers need excellent analytical and quantitative skills, as well as outstanding communication and interpersonal skills.
They must be able to work well under pressure and juggle multiple projects and deadlines simultaneously. Fluency in multiple languages can also be helpful for those working in global finance.
Salary Range
If you want a high-paying career in the finance industry, investment banking might be the right path for you. According to Glassdoor, the median salary for investment bankers in the United States is over $108,000 per year.
However, this number can vary greatly depending on location, experience, and company. Entry-level investment bankers may make closer to $70,000 per year while experienced professionals at top firms can earn well over $200,000 per year in base salary, plus bonuses and other incentives. Overall, investment banking offers a lucrative career path for those with the required skills and education.
Job Outlook
Investment banking is just one of many high-paying finance jobs, but it is a highly sought-after career with a promising job outlook. According to the Bureau of Labor Statistics, employment of financial analysts, including investment bankers, is projected to grow 5% from 2019 to 2029, faster than the average for all occupations. This growth is due in part to the increased demand for financial expertise in a globally integrated financial system.
Overall, the finance industry offers a range of high-paying careers for those willing to put in the work and develop the necessary skills.
Portfolio Manager
As the name suggests, portfolio managers are responsible for managing investment portfolios for individuals or businesses. This involves identifying investment opportunities, determining the most appropriate investment strategies, and monitoring the performance of the portfolio over time.
According to Glassdoor, the median salary for a portfolio manager is around $115,000 per year, with top earners making over $200,000. To become a portfolio manager, a bachelor’s degree in finance, economics, or a related field is typically required, as well as several years of relevant work experience. A master’s degree or professional certification can also be beneficial for advancing in this field.
Risk Manager
Risk managers work in a variety of industries, including finance, insurance, and healthcare, to identify and mitigate potential risks to their organization. They analyze market trends, financial data, and other relevant factors to assess potential risks and develop strategies to minimize or avoid them.
The median salary for a risk manager is around $95,000 per year, according to Glassdoor, with top earners making over $150,000. A bachelor’s degree in finance, business, or a related field is typically required, as well as relevant work experience. Professional certifications, such as the Chartered Financial Analyst (CFA) or Financial Risk Manager (FRM) designations, can also enhance job prospects and earning potential.
Actuary
Actuaries are responsible for analyzing and assessing financial risk, primarily in the insurance industry. They use statistical models and data analysis to assess the likelihood of future events and their potential impact on an organization’s financial health.
Actuaries are highly skilled professionals and are required to have strong analytical skills, keen attention to detail, and excellent communication skills. They typically earn a median salary of around $108,000 per year, with top earners making over $200,000. A bachelor’s degree in mathematics, statistics, or a related field is required, as well as professional certification as an actuary.
The job outlook for actuaries is strong, with a projected growth rate of 18% through 202
Financial Analyst
Another highly paid job in finance is that of a financial analyst. These professionals help businesses and organizations make strategic financial decisions by utilizing their expertise in financial data analysis, market research, and economic trends.
Financial analysts typically earn a median salary of around $85,660 per year, with top earners making over $157,000. They are required to have a bachelor’s degree in finance, business, accounting, economics, or a related field. Advanced degrees and certifications can also boost earning potential and career advancement opportunities.
The job outlook for financial analysts is strong, with a projected growth rate of 5% through 202
Corporate Controller
One of the highest-paying jobs in finance is that of a corporate controller. These professionals are responsible for the financial operations of a company, including managing accounting and financial reporting, ensuring compliance with regulations, and developing financial strategies. They typically earn a median salary of around $142,000 per year, with top earners making over $250,000.
To become a corporate controller, one typically needs a bachelor’s degree in finance, accounting, or a related field, as well as several years of relevant experience. Advanced degrees and certifications can also enhance earning potential and career prospects.
The job outlook for corporate controllers is positive, with a projected growth rate of 6% through 202 As companies continue to expand, the demand for skilled financial professionals like corporate controllers will only continue to grow.
Tax Manager
If you have an affinity for numbers and an interest in finance, choosing a career path in this field can lead to excellent earning potential. One of the top-paying jobs in finance is that of a corporate controller.
These professionals hold a crucial position in a company’s financial operations, overseeing accounting and financial reporting, compliance regulations, and financial strategies. The median salary for corporate controllers is around $142,000 per year, with top earners making over $250,000 annually. To become a corporate controller, one typically needs a bachelor’s degree in finance, accounting, or a related field, along with years of relevant experience.
Advanced degrees and certifications can also ramp up earning potential and provide an edge in career growth. The job outlook for corporate controllers is sunny, with a projected growth rate of 6% through 202 As companies continue to expand, the demand for skilled financial professionals like corporate controllers will only continue to rise.
Another high-paying finance job is that of a tax manager. These professionals specialize in managing all pertinent tax issues within an organization.
They ensure that the company is compliant with all relevant tax laws on a local, state, or national level. Tax managers can expect to earn a median salary of around $125,000 annually, with top earners making over $200,000.
To become a tax manager, one typically needs a bachelor’s degree in accounting or finance and several years of relevant experience in tax preparation or accounting. Advanced degrees and certifications, such as the Certified Public Accountant (CPA) designation, can boost earning potential and career progression. The job outlook for tax managers is favorable, with a projected growth rate of 6% through 202
In conclusion, finance is a lucrative career field with many paths leading to high salaries. Corporate controllers and tax managers are among the top-paying finance jobs, but many other opportunities exist for those with education, skill and experience. Continuous education, professional certifications, and keeping up with industry trends are key to long-term growth and success in the finance industry.
Financial Manager
If you are looking for a high-paying job in finance, becoming a financial manager might be the perfect fit for you. Financial managers are responsible for overseeing a company’s financial operations, developing financial strategies, and making investment decisions in line with company goals. The median salary for financial managers is around $129,890 per year, with top earners making over $208,000 annually.
To become a financial manager, one typically needs a bachelor’s degree in finance or a related field, along with several years of experience. Advanced degrees, such as an MBA in finance, can enhance career prospects and earning potential.
The job outlook for financial managers is strong, with a projected growth rate of 15% through 2029, making it a promising career choice in the finance industry.
Financial Advisor
Financial advisors provide guidance to individuals and businesses on how to manage their finances and invest their money. With a median salary of around $89,160 per year and top earners making over $208,000 annually, this is another high-paying job in the finance industry. To become a financial advisor, one typically needs a bachelor’s degree in finance, accounting, or a related field, as well as certification through organizations such as the Certified Financial Planner Board of Standards.
Strong communication and interpersonal skills are also essential to succeeding in this role. The job outlook for financial advisors is promising, with a projected growth rate of 4% through 202
As more individuals and businesses seek out financial advice, the demand for qualified financial advisors is expected to increase. Whether you are interested in becoming a financial manager or financial advisor, both of these positions offer high earning potential and a promising career outlook in the finance industry.
Economist
Financial Advisor is definitely one of the best-paying jobs in finance. This career path involves providing financial advice to individuals and businesses on how to best manage and invest their money.
With a median salary of around $89,160 per year and the top earners making over $208,000 annually, financial advisors are well-compensated for their expertise. Along with a bachelor’s degree in finance, accounting, or related fields, financial advisors also need certification from organizations such as the Certified Financial Planner Board of Standards. Strong communication and interpersonal skills are also essential for success in this role.
The job outlook for financial advisors is promising, with a projected growth rate of 4% through 202 So, those looking to pursue a career in finance should consider becoming a financial advisor to enjoy high earning potential and a promising career outlook.
Conclusion of Best Paying Jobs In Finance
In today’s economy, finance is one of the most important industries, making the idea of landing a high-paying job alluring. The best paying jobs in finance include financial managers, hedge fund managers, investment bankers, and more. These professionals command large salaries and bonuses, making finance a lucrative career path for those with the right skills and education.
With the right experience and education, anyone can achieve success in high-paying finance jobs.
FAQ’s of Best Paying Jobs In Finance
What part of finance makes the most money?
The answer to this question varies based on numerous factors such as the industry, job level, and location. However, investment banking, private equity, and hedge fund management are the areas of finance that generally offer the highest salaries and bonuses.
Is it hard for finance majors to get a job?
It depends on various factors such as the current state of the economy, the specific industry or company one is interested in, and the individual’s qualifications and skills. Generally, finance majors have a good job outlook and opportunities for employment in a range of industries. However, competition can still be fierce, and having relevant work experience and networking can be beneficial in securing a job.
Are finance careers worth it?
As an AI language model, I cannot provide personal opinion. However, finance careers can be worth it if you have the skills and interest in the field, enjoy working with numbers and data, and are willing to put in the effort to advance in the industry. Finance careers can provide opportunities for high salaries, job security, and exciting work in a variety of industries.
Which finance job pays the most?
The finance job that pays the most is typically the Chief Financial Officer (CFO), followed by Investment Bankers and Hedge Fund Managers.
Do finance majors make the most money?
It depends on various factors such as job role, industry, level of experience, and location. Finance majors can earn good salaries in various industries such as banking, investment, and insurance. However, other majors such as computer science, engineering, and business administration may also have high earning potential depending on the specific job role.
