Is finance a good career path? Here’s what to consider

If you want a career where you can earn a good salary and enjoy job security, finance may be the right choice for you. However, working in the finance industry can be challenging and it requires continuous learning as you progress in your career. If you’re thinking about pursuing a job in finance, it’s helpful to keep all these considerations in mind as you plan your future career path.

In this article, we’ll take a closer look at some benefits of pursuing a finance career, as well as the potential drawbacks. We’ll answer these questions and more:

• Is finance a good career path?

• What are some jobs available in the finance industry?

• How can you get a job in finance?

• What salary can you expect as a finance professional?

Pros of working in finance

Just like any career path, working in finance comes with pros and cons. By weighing the benefits against the drawbacks, you can make an informed decision about whether finance is right for you.

Here are a few reasons why finance is a good career path.

High earning potential

Finance jobs pay well, and salaries for finance employees tend to be higher than in other industries. The average annual salary for business and financial occupations is $79,050, according to the U.S. Bureau of Labor Statistics (BLS). That’s significantly higher than the average wage for all occupations, which is $48,060 per year. If money is a top factor in your career decision, finance is a good option.

Strong job market

Along with high earning potential, the finance industry offers a healthy job market. The BLS projects above-average growth in the field over the next decade, with about 963,500 job openings expected each year. Additionally, most industries need finance professionals, such as accountants and budget analysts. This versatility may give you stable employment throughout your career.

Career growth and fulfillment

Finance professionals bring value to an organization. Often, these employees play a significant role in growing revenue, managing risk, and driving business decisions. Many people in the industry find purpose in their roles. On a personal level, you may also find fulfillment in expanding your skills through specializations or certifications, such as the Certified Public Accountant (CPA).

Cons of working in finance

Finance jobs can have many benefits, but no career is perfect. Here are some disadvantages of working in the finance industry.

Stressful environment

Some finance jobs require you to work in stressful environments, especially when there’s economic uncertainty or market volatility. You may work under tight deadlines or intense pressure. In some roles, you may be expected to make high-stakes decisions about the future of a company. This type of environment can affect your mental health and lead to burnout.

Low work-life balance

Similarly, many finance professionals work long hours. If you want to work in a high-demand area, such as investment banking, you may regularly work over 40 hours a week. These hours can affect your work-life balance, leaving you with less time for personal hobbies, family activities, or a social life.

Competition for jobs

While there are many jobs available in finance, these openings also come with a lot of competition. Entry-level roles may attract hundreds of candidates, making it more difficult to get your foot in the door. When you’re looking to advance, you may face fierce competition for a promotion or leadership position. This competition can inspire you to perform at a high level, but it can also be discouraging.

5 Finance careers to consider

If you want to pursue a finance career, you have no shortage of options. Here are five of the top finance careers to consider with information about their job duties, salaries, and growth opportunities.

1. Financial manager

• Average annual salary: $156,100

• Expected job growth rate: 17%

A financial manager analyzes data and finds trends to help an organization streamline its expenses. These professionals prepare and review financial reports, study market trends, and contribute to business decisions. This role is instrumental in a company’s long-term growth strategy.

2. Financial planner

• Average annual salary: $99,580

• Expected job growth rate: 17%

Financial planners, also known as financial advisors, typically work with individual clients to help them plan for retirement and find investments to grow their wealth. Investors also rely on the assistance of financial planners to determine whether a potential investment, property, or business is worth their attention.

3. Financial analyst

• Average annual salary: $99,890

• Expected job growth rate: 9%

As a financial analyst, you will have different career options. One option is to work with a company or individuals as a buy-side analyst. In this position, you will help your clients invest in different products, such as hedge funds. Another option is a sell-side analyst. In this role, you work with an investment firm and make recommendations to the firm’s clients.

4. Actuary

• Average annual salary: $120,000

• Expected job growth rate: 22%

Actuaries assess risks to help insurance companies create policies and determine premiums. In this role, your goal will be to calculate how likely it is that certain financial situations will occur. You will also need to produce data to back up your findings. These financial professionals work heavily with statistical data, so you need to be a strong mathematician to succeed in this role. 

5. Accountant

• Average annual salary: $79,880

• Expected job growth rate: 6%

For people looking for a general career in the finance industry, becoming an accountant may be the perfect option. You can work with organizations or individuals on many financial tasks, such as tax planning, financial statement preparation, and operations assessments. Earning additional certifications, such as the CPA credential, can allow you to audit financial documents, assess transactions, and participate in budgeting procedures.

How to pursue a career in finance

Getting your first job in finance can seem overwhelming, but it helps if you know what to expect. Follow these steps to pursue a career in this industry:

Explore different jobs

While you may not know exactly what finance job you want to get, it’s helpful to have a general idea. Consider your interests and passions to narrow down your options. For example, do you enjoy performing complex calculations? You might want to become a financial analyst or an actuary. Do you like helping people make decisions? A career as a financial planner may be good for you. 

Get an education

For most finance jobs, you will need a bachelor’s degree at a minimum. Some jobs may require an advanced degree, such as a Master of Business Administration. Research your preferred finance jobs to learn about the common educational requirements.

Choose a major in a relevant field, such as accounting or finance. It’s also a good idea to take business courses so you can learn about how companies operate.

Build relevant skills

As you complete your education, focus on building relevant skills for your future career. No matter what finance job you want to get, it’s helpful to have some essential skills, such as budgeting and data analysis. Many finance professionals also work with spreadsheet software, so familiarize yourself with these programs. When you’re ready to apply for your first job, you can highlight these skills on your resume and in interviews.

Get some experience

If you’re not ready to apply for jobs yet, identify other ways to get some experience. For example, you can get a part-time job as a bank teller or volunteer to provide bookkeeping services for a local nonprofit. This experience not only provides opportunities to build your skills, but it also allows you to get a feel for what it’s like to work in the industry.

Build your network

In finance, like in many industries, getting a job can come down to who you know. Build your network by attending events, going to conferences, or joining a professional organization. You can even network with finance professionals through social networking sites, such as LinkedIn.

As you grow your network, ask other professionals for advice about your future career. Offer to take them to coffee so you can pick their brain about the industry. These connections can provide valuable insights into the field, and they can also be beneficial when you’re applying for jobs.

FAQs about finance careers

Want to learn more about a career in finance? Review these answers to some other frequently asked questions about the field.

Is finance a hard career to get into?

It depends. Finance is a popular career choice, and you may face stiff competition when applying for entry-level roles. Here are some tips for getting your first finance job with no experience:

• Consider an internship. If you’re still working on your degree or have recently completed it, you can gain valuable experience by becoming an intern. Not only can you add an internship to your resume, but it also can help you determine which skills you need to build to be more competitive.

• Get a certification. Not every finance professional has a certification, so doing the extra work to earn one can make you more attractive as an applicant. Research certifications in your desired area and review job descriptions to learn which credentials employers prefer.

• Write a great resume and cover letter. In your application documents, emphasize the education and training you have, such as a recent degree or an internship. You can also discuss your transferable skills, such as time management, critical thinking, and the ability to stay calm under pressure.

Is finance a well-paying career?

Yes, average salaries for finance jobs are above average compared to other occupations. You can find many well-paying jobs in the industry. Just keep in mind that your salary will depend on different factors, including the job, your experience level, and your location.

How stressful is a career in finance?

Finance can be a stressful career path, especially if you’re making decisions that impact a company’s future. However, there are ways you can manage stress on the job. Check out these tips for lowering your stress levels while working in finance:

• Prioritize. Do you want to work long hours to earn a promotion, or do you prefer to have a healthy work-life balance? Know your priorities so you can set boundaries for yourself.

• Stay healthy. Spend time taking care of your body. When you aren’t feeling your best, it’s difficult to perform well. Get enough sleep, eat a healthy diet, and exercise. 

• Ask for help. Build a network of co-workers, colleagues, and peers who can provide you with advice when you’re facing difficult situations. 

• Be organized. Work on your time management skills, and try to be as organized as possible. Don’t be afraid to delegate tasks to others, rather than taking on all the work yourself.

• Remain optimistic. Keep a positive attitude, and try not to spend too much time worrying about the things you can’t control.

Will AI replace finance workers?

Artificial intelligence (AI) can automate many repetitive tasks, which may eliminate some work that finance professionals handle. However, AI cannot make highly complex financial decisions. For that reason, finance is still a good career path for the foreseeable future.

Companies need people who can analyze data and make decisions based on strategic analysis. If you plan to go into the finance industry, you should strive to continually build your skills to remain competitive.

Is working in finance worth it?

A career in finance can be rewarding for someone who enjoys analysis and problem-solving. Jobs in this area can also allow you to play a pivotal role in business decisions, which can be exciting. You can earn a good salary in this industry, and job growth looks good for the next decade.

However, you’re the only person who can decide if finance is the right career path for you. Do your research and weigh the pros and cons, so you can feel confident about your future career path.

Are you interested in a finance career, but not sure what to do next? Check out career.io’s Career Pathways tool to explore potential jobs, identify the skills you need, and chart your future career path!

Key takeaways

1. Finance professionals can earn generous salaries, and the number of jobs in the field continues to increase. These factors can make the finance industry a good career path.

2. There are many types of finance jobs available, including financial managers, financial planners, actuaries, accountants, and financial analysts.

3. If you want to pursue a career in finance, start by exploring jobs, getting an education, and gaining some entry-level experience in the field.

4. Finance can be a stressful and competitive field, but it helps to build your network, set priorities, and continually expand your skills.