Finance majors focus on a range of courses that include financial markets, accounting, economics and even business, making careers for finance majors incredibly diverse. Although a range of career choices exist, these occupations also have steady employment and high average salaries. These five great careers show diverse employment prospects for a major in finance.
1. Financial Analyst
Financial analysis offers sundry careers for finance majors, as financial analysts can work in a variety of finance sectors from hedge funds to the stock market, insurance, government and mergers and acquisitions. Analysts conduct research, write reports and determine the best course of action based on financial data. Those in this occupation need industry knowledge, quantitative skills and the ability to communicate complex financial information and recommendations. Some positions require professional licensure through a financial regulatory body; however, many people obtain such licenses after employment in an entry-level financial analyst position. The median pay for this position is over $80,000.
2. Loan Officer
Working in both commercial and personal lending, loan officers determine if a loan meets the requirements for approval. This finance majors’ career requires both sales skills and analytical skills. Loan officers gather confidential financial information, quantify assets, assess risk and ultimately determine if someone should receive a loan. Those in this position work for large corporate banks and small credit unions alike. Commonly, these officers analyze commercial, home and personal loans. Loan officers specializing in approving mortgage loans require a federally-recognized license. While some certifications require licensure, loan officers make a median of over $60,000 a year.
3. Financial Auditor
Local, state and national governments, small businesses, nonprofits and large corporations need financial auditors to make sure that financial decisions and documents follow legal requirements. Financial auditors then make recommendations based on their findings in order to make improvements in financial systems. Financial auditors use detail-oriented skills to comb through large amounts of financial data to find discrepancies and make reports. Some auditors concentrate on investigating the possibility of fraud in financial documents. Financial auditors can expect to make almost $60,000 a year, with variation in pay based on employer type.
4. Financial Writer
Finance majors can also combine their knowledge of the financial world with their creativity as a financial writer. Financial writers create informative articles for a variety of audiences, from laypeople to financial experts. Writers often focus on a specific field, such as the stock market or securities fraud, which makes it easy to apply a concentration in a finance major to the job. Finance writers find employment at local and national newspapers, broadcast media companies, blogs and financial companies. As much of the work is freelance, the average pay for a financial writer varies considerably.
5. Financial Advisor
As part of a growing industry, financial advisors or planners help companies and individuals determine the best ways to utilize their financial assets. This career for finance majors entails a lot of interpersonal interaction with clients while advisors provide direction for estate planning, stock portfolios, retirement accounts property ownership, spending and tax procedures. Many financial advisors work for financial planning firm or have their own firm. Advisors who directly invest for clients must also have the appropriate licensing in order to represent their clients. Although this career choice requires an in-depth knowledge base of financial topics, the median salary for a financial advisor is almost $90,000.
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A degree in finance prepares students to take on roles within financial firms, insurance, government, securities and more. These five great careers for finance majors provide students options to follow creative and analytic passions through a variety of employers.