Most Promising Career Options in Financial Services – Benefits and Salary -Techbytes

Is financial services a good career choice? Financial services experts are in high demand. From a recent survey, professionals in financial services rated their job satisfaction between 9.5 and 10.

In 2018, the financial services sector employed more than 6.3 million people. However, the COVID-19 pandemic created many challenges for the financial services sector. For example, the industry faced heightened levels of fraud including cyber fraud as criminals exploited the pandemic.

Luckily, financial services companies adapted. The question is which are the most promising career options in financial services?

Keep reading!

Salary and Benefits in Financial Services

#1. Financial Manager

Median Salary - $121,750

A financial manager is responsible for the overall financial performance of the company. He develops and monitors budgets, overseas investments, and prepares financial reports.

The manager also:

• Directs investment activities
• Helps management make financial decisions
• Develops strategies for the long-term financial goals of the company

To hold the position of a financial manager, you must have a bachelor’s degree in:

• Economics
• Commerce
• Business administration, or a related field

A master’s degree in business administration with a concentration in finance or a master’s level management program is needed. You also need at least 5 years of experience in auditing, budgeting, accounting, financial planning, and analysis.

#2. Investment Banker

Median Salary - $117,478

An investment banker is primarily concerned with raising capital for companies. As a financial advisor to corporations, he floats bonds, issues stocks, or even negotiates the acquisition of a rival company. In some cases, an investment banker will arrange the sale of the company itself. This allows corporations to raise money.

Investment bankers work in private equity firms, venture capital firms, and investment banks.

The minimum educational qualification required for an investment banker is a bachelor’s degree in:

• Commerce
• Finance
• Economics

An MBA and a strong foundation in mathematics are important.

#3. Actuary

Median Salary - $114,040

An actuary usually applies his analytical skills to quantify financial consequences and risk. He will work to evaluate the risk of potential events. Using his skills, an actuary will help companies develop policies that minimize risks.

The skills and experience of an actuary are essential to the insurance industry. In the insurance industry, actuaries price insurance policies. They also advise companies on how to balance capital and meet regulatory standards.

To become an actuary, you can start with

• A bachelor’s degree in any subject.
• However, you must major in actuarial science, mathematics, or statistics.
• You will also need to pass all actuarial exams and have at least 3 years of practical work experience.

#4. Wealth Manager

Median Salary - $111,963

A wealth manager utilizes his diverse financial skills such as accounting and investment advice to manage a client’s wealth. He evaluates his client’s needs to gain an understanding of his or her wealth. Using this information, the manager will develop recommendations to generate and preserve wealth.

Wealth managers also offer financial advice to high-net-worth clients. Other responsibilities include:

• Helping clients with account details
• Providing advice on financial investments
• Relationship management

To succeed as a wealth manager, you should

• be confident
• have good sales and negotiation skills.
• You should also have the ability to explain complex information.
• A wealth manager must have a degree in economics, finance, management, or a related field.
• Previous experience in financial services is a plus.

#5. Securities Trader

Median Salary - $107,941

A securities trader works for an investment firm that buys and sells stocks plus other commodities for a commission. Also referred to as a share trader or equity trader, a securities trader buys and sells securities on the wishes of a portfolio manager. Typically, a security trader may specialize in different securities such as cryptos, or stocks.

For example, a buy-side trader works for an asset management firm to buy and sell under the direction of the portfolio manager. However, a sell-side trader works for banks. He buys and sells products for the benefit of the bank or the bank’s clients.

You can work your way up as a security trader

• without a college degree, but most securities traders have a background in a finance-related field.
• They also have advanced degrees in mathematics, statistics, or related fields.

#6. Quantitative Analyst

Median Salary - $83,900

A quantitative analyst is a professional who applies statistics and mathematics to risk. Also referred to as a quant, he develops and implements complex strategies to help firms make financial decisions on issues. Such issues include pricing and investment.

Successful quantitative analysts have excellent verbal and written communication skills. They work for hedge funds, investment banks, insurance companies, and private equity firms.

To have a long career as a quantitative analyst, you need

• a graduate degree in a quantitative field. Such fields include finance, mathematics, economics, and statistics.
• You can decide to further your education by getting an MBA or pursuing other certifications.

#7. Cybersecurity Expert

Median Salary - $76,336

In 2020, 22% of data breaches involved phishing. By 2021, this had risen to 36%. Between 2019 and 2020, the number of companies that experienced phishing scams increased from 55% to 57%.

Many of the financial services are usually attacked more than any other industry. As a cybersecurity expert, you are responsible for protecting:

• IT infrastructure
• Networks
• Edge devices
• Data

More genuinely, you are responsible for reacting to attacks and preventing data breaches.

The majority of cybersecurity experts have

• a background in networking or programming.
• However, you need a bachelor’s degree in computer science.
• Additional certifications in cybersecurity is a plus.

#8. Budget Analyst

Median Salary - $76,220

A budget analyst looks over pre-existing and past budgets to identify any weaknesses. He collaborates with senior staff and management to develop an analysis strategy. By evaluating budget proposals, the analyst determines the optimal allocation of project funds.

Budget analysts are also responsible for reviewing budget proposals and rejecting funding requests. They assess future performance to find out if budgets optimally allocate resources.

To become a budget analyst

• you need a bachelor’s degree in a business or finance-related field.

Benefits of a Financial Services Career

The following are the benefits of a career in financial services.

No Shortage of Opportunities

Financial experts are always needed globally. As such, there will never be a shortage of opportunities. Even post COVID-19, financial experts are in high demand more than ever. As many firms open new offices globally, you have international transfer options. If you’re a financial expert in New York, you can find opportunities in London, Hong Kong, or Tokyo.

Flexibility

If you’re very unsatisfied with your position, it's not difficult to find a new position. For example, are you bored in your current position as a financial analyst? You can always switch to a fast pacing career option such as investment banking or become a wealth manager. If you’re skilled enough, there is no shortage of opportunities for you.

Networking Opportunities

Working with colleagues, clients, and industry experts enables you to develop a solid network in your area of expertise. This helps you progress and allows you to have more opportunities if you ever desire to move to a different role or firm.