Finance Related Careers To Consider

Do you find financial markets intriguing? The up-and-coming bonds announced by the state and rising share prices continue to capture every person’s attention. Similarly, other investment options such as money market instruments are no different. It not only encourages people to save more, but stabilizes the overall economic situation. Hence, if you have been keeping an eye on the changing financial dynamics, feel free to study them a bit more closely. 

Whether you are a fresh graduate or a student, you can opt for a career in finance. It is one of the most lucrative career paths with a myriad of options for aspiring individuals. People who have a knack for numbers can become accountants. Likewise, students with analytical skills can take the role of a financial analyst. The demand for finance experts will continue to increase because of the rising need for effective financial management, thus promising job security. 

Besides this, the finance sector offers much higher median salaries than other industries because of the complexity of jobs. If you wish to explore the finance sector further, keep reading. Here we are highlighting seven finance-related careers you can consider in 2022. 

Credit Analyst 

With rising demand for loans and credit, the risk of default is also increasing. Hence, financial institutes need people who can evaluate the credibility of financing. Here, the role of credit analysts comes into play. Let us explain what does a credit analyst do and how it impacts the organization. Firstly, they assess the financial standing of loan prospects and identify the risks involved. Analysts look into customers’ credit history, score and evaluate the debt burden. 

For companies, they assess the financial viability of a loan. Credit analysts interpret financial records and scrutinize the legitimacy of financial information. Secondly, the analysts measure the risk exposure of loans taken against the bank. For instance, if a single client has acquired a billion-dollar loan, the company’s financial stability is at risk. After all, if that one client defaults, the entire organization will drown in losses. In short, credit analysts have a super crucial job. 

Senior Tax Accountant 

When we talk about finance-related careers, the career of a tax accountant is worth giving a shot at. The role of these accountants is to manage records, process tax returns, and prepare extension files. In addition, they calculate the tax returns and deductibles to reduce the company’s overall tax expense. They also perform extension tax research to ensure the organization is on top of regulatory and compliance changes. 

As a tax accountant, you will have to appraise potential acquisitions and mergers to determine profitability. It means you will find areas to save on taxes, calculate ratios, and analyze the relevant tax information. Most importantly, the senior tax accountants are well-acquainted with tax laws and regulations. Thus, they can help companies with federal and state tax audits, closing doors for penalties. 

Hedge Fund Manager  

Believe it or not, hedge fund managers play a crucial role in every organization. They find opportunities to invest money and secure it against potential losses. If the company is keen on investing in stocks and bonds, the manager will hedge the funds. Maybe, you can sell the stock at a future date for a given price to curb exchange rate risk. Similarly, you can call a put option and engage in a forward contract. These options mitigate the risk of losses and offer stable returns to the organization. 

Moreover, hedge fund managers must perform market research and trend analysis to keep up with market dynamics. For instance, if the share prices show an upward trend, they will buy the shares on a future contract. 

Financial Advisor 

Truthfully, financial advisors have to take full responsibility for the success and failure of an organization. After all, the board of directors and management counts on you for every piece of advice. Likewise, the employees depend on your financial plans to achieve maximum profits with minimal costs. As an advisor, you also have to guide clients for them to attain short-and long-term financial goals. 

Perhaps, you can explain to clients how to structure their portfolio, prepare a credit plan, or help them reduce the debt burden. Financial advising can be a pretty rewarding career since it offers opportunities to help people navigate finances. The outlook for advisory roles is also dynamic. In the United States, the employment of personal advisors is predicted to grow by 5% every year till 2029. 

Budget Analyst 

Budgeting is one of the core functions of every organization; hence, demand for budget analysts is also spiking. They apply principles of finance to various projects in the business to determine its costs. Likewise, they evaluate quarterly budgets to determine how close they are to the actual goals. The rigorous analysis ensures the company is achieving its target with realistic budgets. 

For this job role, you have to brush up on your analytical and communication skills. Having an eye for detail will help in identifying discrepancies in the budget. At the same time, communication skills will help you deliver the message to management and decision-makers accurately. 

Investment Banker 

Most people save their money in deposit accounts, thinking of it as the only saving option. As an investment banker, you will help people invest money in places that offer better returns. You can introduce them to financial markets, money market instruments, and other securities. 

Besides this, investment bankers also help organizations raise money in capital markets by issuing debt or selling equity. You have to conduct a cost-benefit analysis to determine the most viable option for the company or client. Likewise, investment bankers assist with mergers and acquisitions to ensure the organization isn’t investing money at the wrong place. 

Accountant

Are you good with numbers? If so, you can become an accountant. Unlike interpretation and analysis, you will enjoy crunching numbers. The job roles of accountants revolve around preparing financial statements, recording journal entries, and collecting data. In other words, you will carry out complicated accounting work in the finance department. 

Additionally, accountants have to analyze business problems with precision and attention to detail. For instance, if an asset is getting reevaluated, you have to propose the proper depreciation treatment. In addition to determining the asset’s worth, it affects the organization’s cash flow. Thus, every aspiring accountant needs critical thinking and number-crunching skills to grow in this field. 

Conclusion

The finance industry is ever-growing. New career paths will continue to emerge, whereas the conventional ones will keep getting stronger. Therefore, if you have an interest in financial management, this could be the perfect career choice. You can explore different career options to determine what fits your interests. People with analytical skills can take the role of analysts, whereas those who are good with numbers can become accountants.