There are a number of factors that determine the best careers in finance. The potential for finding a job needs to be high, average compensation needs to be up to standard, and benefits need to be offered. The top careers in finance have it all.
If you’re looking to start a career in finance, consider following the path of these lucrative positions. Here are five of the top careers in finance, and what you need to get there.
1. Financial Analyst
Financial analysts are among the most lucrative financial jobs. They spend their days researching corporate finances and providing clients with advice on how to make smart investment decisions for the future. This means being aware of the economic outlook in the area that they specialize in, as well as developing predictions based on the data they collect.
In order to secure a financial analyst job, a background in business, economics, accounting, and math are recommended, and those with graduate degrees may find themselves in higher paying senior positions. On average, financial analysts make up to $70,000 a year in Canada, and are inhigh demand by employers.
2. Private Banking Manager
The private banking career path involves far more than just good customer service skills. The most prevalent part of a private bank manager’s job is to manage their clients’ financial concerns by gathering data about their total assets—including property and business interest. It’s also their job to make tailored recommendations to their clients based on this data, aiming to strengthen their financial investments.
Most private bank managers hold undergraduate decrees in accounting, finance, or business—but a marketing degree may also benefit a banker. On average, these professionals make nearly $90,000 annually, making it a lucrative career path.
Accountants are among the most in-demand jobs in Canada, making them high on the list of top careers in finance. The field of accounting can be broad, but generally an accountant’s daily tasks involve bookkeeping, maintaining financial documents, conducting audits, and developing important financial reports. Average salaries for accountants are around $50,000 annually, and can reach more than $75,000 for those with a few years of experience under their belt.
4. Financial Advisor
Another popular career route for job seekers—financial advisors are expected to provide useful financial advice to their clients in a number of areas. Depending on their specialty, this could mean providing advice on how to save up to buy a house, what financial route to take to start a business, and even how best to save up for college or retirement. These professionals are well versed in tax laws, and those who specialize in mortgage loans and investments are among the top paid financial experts.
5. Insurance Agent
Insurance is a crucial part of society—so much so that an insurance agent position is one of the most stable careers to be had in the financial industry. In order to excel in this position, job seekers must know the ins and outs of health, auto, and home insurance, as well as possess the ability to analyze their clients’ existing policies critically and carefully. The payscale of this job depends on a number of factors—including the size of their existing client base—but insurance agents can generally expect to make anywhere between $40,000 and $60,000 per year.