From entry-level to C-suite positions, careers in finance can be fascinating and often quite lucrative. Plus, the job outlook for finance-related professions is very positive. For instance, the U.S. Bureau of Labor Statistics (BLS) reports that “employment of financial managers is projected to grow 15% from 2019 to 2029, much faster than the average for all occupations.”
William Paterson University’s online Master of Business Administration (MBA) with a concentration in Finance program prepares students through a specialized curriculum. Included are hand-in assignments, discussion questions, projects and personal development plans, and the use of databases/platforms such as Bloomberg, Thomson Reuters Eikon, Mathematica/STATA/SAS, and a premium LinkedIn Learning account. This depth of preparation enables program graduates to excel in high-level jobs in finance. The following are five such careers well-suited to the knowledge and skills of finance MBA grads:
Financial Analyst
The role of financial analyst makes it on the list of top jobs for finance graduates on websites like MBA Central, The Balance Careers, Glassdoor and Top MBA. Financial analysts research and analyze internal and external financial information to produce financial reports, build financial models and make projections and recommendations. Organizations in every sector and every industry rely on the work of financial analysts to direct investment, planning and decision-making at all levels.
Financial analysts are considered “entry-level” professionals. But they have a well-defined path for career advancement. The BLS reports that the median annual pay for financial analysts in 2020 was $83,660 — substantially more than most entry-level jobs pay.
Financial Manager
Becoming a financial manager is the logical next step in career advancement for a financial analyst. Financial managers supervise teams of financial analysts, oversee and review their work, reports and projections. In addition, financial managers synthesize information from the work of their financial team and translate it into actionable insight for upper management. They also perform higher level financial reporting, market analysis and financial and investment planning to ensure all financial operations align with and serve business goals.
In addition to the strong job growth noted above, compensation in this career is substantial. According to BLS, 2020 median pay for financial managers was $134,180 per year.
Chief Financial Officer
The top, executive-level position in the finance career track is that of the chief financial officer (CFO). The CFO is responsible for an organization’s overall financial well-being. They monitor and oversee all financial actions while managing big-picture strategic financial planning and goals. CFOs may also appoint and supervise subordinate managers, delegating responsibilities and duties accordingly.
The BLS reports that the median annual pay for chief executives like CFOs was $185,950 in May 2020. But CFOs are often compensated further through bonuses, profit sharing, stock options and more. According to Salary.com data (June 2021), CFOs average $543,053 annually when combining salary with bonuses and other compensation.
Personal Financial Advisor
People who like flexibility, independence, building relationships and financial planning may be drawn to a career as a personal financial advisor. These professionals provide their clients with advice on matters like financial planning, wealth management and investments. If properly registered and licensed, financial advisors may manage client portfolios, investing and trading on their behalf.
Personal financial advisors may work as part of a firm. Or they may work for themselves, providing independent advice, consultation and services to clients. According to the BLS, the median annual pay for personal financial advisors in 2020 was $89,330 per year.
Trader or Stockbroker
These professionals buy and sell securities and financial instruments (such as stocks, bonds, cryptocurrency and commodity futures). They can work in various settings, independently or for firms, according to their desired level of independence, willingness to assume risk and available capital.
Success requires having a comprehensive grasp of financial market behavior, trends and projections. Traders must be confident enough to act quickly and decisively, taking advantage of constant market shifts to secure financial gain and investment return for themselves, their firm and clients.
Income levels of stockbrokers and traders vary greatly as earnings and compensation are largely dependent on job performance. For example, ZipRecruiter reports stockbrokers made an average of $136,264 per year as of June 2021. But bonuses and other forms of compensation can vastly increase the earnings of high-performing traders.
Beyond these jobs and advancement opportunities, finance MBA grads could pursue high-level work in roles like quantitative analyst, data scientist/engineer, risk management research associate, and in areas like portfolio analytics, banking, insurance, accounting and management consulting. Rewarding career options abound for professionals equipped with the leadership skills, management know-how and advanced financial expertise a finance MBA can provide.
Learn more about William Paterson University’s online Master of Business Administration program.
Sources:
Glassdoor: The Best Jobs and Career Advice for Finance Majors
MBA Central: What Can I Do With a Finance MBA?
Salary.com: Chief Financial Officer Salary + Bonus
The Balance Careers: Best Jobs for Graduates With a Finance Degree
Top MBA: 7 Careers You Can Do With a Finance Degree Other Than Banking
U.S. Bureau of Labor Statistics: Occupational Outlook Handbook:
Financial Analysts
Financial Managers
Top Executives
Personal Financial Advisors
