12 Best Paying Finance Jobs in 2023

0
107
Highest paying financial positions

When picking a career, job security is always a concern, but certain professions are more resilient to economic downturns than others.

And while there is no assurance that any position will be safe from layoffs or budget cuts, some industries fare better during economic downturns than others. Finance is one sector that typically resists recessions. People will always require financial services, whether they are investing their money, borrowing money, or filing their taxes.

And although there have been ups and downs in the finance business throughout the years, it typically recovers relatively fast. The highest-paying positions in the banking industry are undoubtedly on your mind if you’re pursuing one.

In light of this, we have compiled a list of the best paying jobs in finance for 2023.

12 Highest Paying Jobs in Finance

The following 12 positions are at or near the top of the pay scale in 2023, despite the fact that many finance careers pay well:

1. Financial Manager

Average salary: $134,000 per year

Financial managers are among the highest-paying occupations in finance available to college graduates, with considerable demand for workers in this industry. Financial Manager employment is predicted to grow by 17% over the next ten years, faster than the average for all occupations, according to the U.S. Bureau of Labor Statistics.

Financial managers are comparable to personal financial counselors, with the exception that they keep an eye on enterprises’ financial health rather than people’s. Most financial managers have prior experience in comparable roles in market analysis and forecasting.

Long-term financial planning, overseeing investment operations, and producing financial reports are all tasks that fall within the purview of financial managers. They might work for a variety of organizations, including the government, banks, accountancy firms, and investment corporations.

Over the upcoming ten years, employment of financial managers is expected to grow by 17%, faster than the average for all occupations.

2. Chief Financial Officer

Average salary: $314,480/year

The chief financial officer (CFO), a financial executive, is responsible for an organization’s financial stability.

The CFO’s function is multifaceted and encompasses budgeting for businesses, financial analysis, and risk management, in addition to financial planning and planning. CFOs often possess strong analytical and problem-solving abilities as well as a thorough understanding of economic theory and practice. Because of their expertise in financial leadership, experience, and networks, CFOs are among the highest-paid financial professionals.

3. Chief Compliance Officer

Average salary: $114,832/year

An organization’s chief compliance officer makes sure financial institutions follow all relevant rules and legislation. CCOs keep an eye on the company policy and compliance to keep things operating smoothly and help businesses avoid expensive non-compliance fees.

Given how strictly regulated the financial industry is, this can be a hard position. However, it can also be profitable and advantageous in the workplace. A degree in finance, law, accounting, or business administration is common among chief compliance officers. In most cases at a senior level, they have previous experience working in the financial sector.

4. Insurance Advisor

Average salary: $89,290/year

The main responsibility of an insurance advisor is to assist clients in selecting the appropriate insurance policies to meet their immediate and long-term needs. This includes all aspects of insurance, including financial planning services as well as life and home/auto coverage.

But choosing the ideal policy is only one of an insurance advisor’s duties. Additionally, they must assist clients in managing their accounts, filing claims, and comprehending their coverage. In a nutshell, they are advisers on financial planning who assist clients in safeguarding their assets.

For insurance advisors, a CFP (Certified Financial Planner) certification is preferable, although a Bachelor’s degree in finance or a closely related discipline is necessary.

5. Hedge Fund Manager

Average salary: $83,578/year

Who wouldn’t want to make a fortune by making the right stock market predictions?
Just that is what hedge fund managers do. A type of investment fund known as a hedge fund employs financial mechanisms to lessen the risk associated with investments. Hedge fund managers control their investments’ goals, liquidity, and risk using their understanding of the financial markets.

Finance, programming, economics, quantitative finance, or business administration are the most common degrees held by hedge fund managers.

6. Personal Financial Advisor

Average salary: $74,055/year

After learning about their client’s financial objectives, financial advisors assist them in making investments. Major life events like retirement planning and paying for college are frequently guided by them as well.

An advisor’s job involves talking to clients and looking for new investment options, thus having strong communication skills is crucial.

7. Financial Examiner

Average salary: $81,410/year

The financial examiner is in charge of risk management, making sure that laws and regulations are followed, and confirming that banks have enough cash to handle unforeseen losses. Financial examiners often have above-average growth potential and excellent incomes.

The intermediaries between finance and law are financial examiners. Overall, their main concern is making sure businesses follow all rules to prevent bad management. For this career, a bachelor’s degree is the absolute minimum requirement.

8. Senior Accountants

Average salary: $73,547/year

The management of an organization’s financial records is the responsibility of senior accountants. Creating financial statements, keeping track of ledgers, and managing budgets all fall under this category.

In addition to a bachelor’s degree in accounting or a closely related subject, senior accountants frequently hold a Certified Public Accountant (CPA) or comparable qualification.

9. Financial Analyst

Average salary: $70,677/year

Financial analyst work may be ideal for you if you excel at math and have experience with or have an interest in money. Financial analysts offer guidance on wise financial investments to firms and individuals. They monitor economic trends, aid in investment decision-making, and compute value and risk.

They help financial institutions like banks and insurance companies understand the demands of their customers and help them make purchasing decisions.

10. Investment Banker

Average salary: $72,133/year

Investment banking is the sector in which banks make investments in other businesses, as suggested by the name. Investment bankers assist clients (companies or governmental organizations) in determining their financial needs and provide investment instruments, such as stocks and bonds, to aid in achieving their objectives.

This is a job that puts a lot of pressure on you to think quickly and make decisions. Because they frequently have to travel to meet with clients, investment bankers also need to be ready to work long hours.

11. Information Technology Auditor

Average salary: $59,676/year

Financial institutions’ information assets are protected by sufficient controls, according to information technology auditors. This covers everything, from networks and apps to systems and databases. IT auditors frequently hold degrees in accounting, computer science, or information systems.

Since IT auditors are in charge of performing audits, they need to be professionals in this field, which may necessitate that financial institutions appoint them.

12. Budget Analyst

Average salary: $53,690/year

Budget analysts play a critical role in keeping businesses structured and compliant with laws. By analyzing their spending and identifying ways to save costs, they assist businesses and people with budgeting. Budget analysts have the expertise and experience to make budgeting simple, even though it might be challenging.

Typically, budget analysts work for accounting businesses or the government.

What Skills Do You Need to Succeed in Finance

There are some talents you’ll need to succeed in finance, regardless of whether your goal is to work as an investment banker or financial analyst. These consist of:

finance skills

Accounting Skills

Finance differs from other business disciplines in that it places a strong emphasis on numbers. Financial experts must be able to comprehend and analyze financial data.

Strong accounting knowledge is necessary for this.

Management Skills

Being able to manage the finances of an entire organization is different from being able to manage your own finances. The financial management of a company is the responsibility of the financial manager. For this, you need to be an excellent manager.

Analytical Thinking Skills

Employers need someone who can put together financial accounts, but business executives also need to be able to comprehend and take advantage of this data.

This is known as financial statement analysis: a thorough examination of important financial records to gauge a company’s performance. Strong analytical thinking skills are needed for this work.

Every business discipline, not just finance, needs solid analytical skills since companies are always looking for people who can think beyond the box.

Communication Skills

Success in the complex world of finance depends on excellent communication. Financial experts must be able to communicate their ideas succinctly and precisely. There is no room for error when engaging with clients or business partners because there is so much at stake.

Financial Reporting Skills

Finance experts understand that while looking backward is vital, looking forward is also essential for success. Financial reporting expertise is crucial for this reason. Financial reports can forecast future trends and provide information on the current financial health of a company.

When it comes to making important decisions like recruiting, budgeting, and strategic planning, business leaders must always think critically. Therefore, including this expertise in your resume is essential if you want it to stand out.

Financial Decision-Making Skills

Making decisions is essential for everyone who aspires to lead a company. While leaders must be aware of the aims and objectives of their organization, they must also be able to make choices that will aid in achieving these goals.

This necessitates having a grasp of financial principles as well as the capacity to think creatively and come up with original solutions. Making financial decisions is essential to decide a company’s success.

You’ll need these essential abilities to flourish in the banking industry. If you possess two or three of these abilities, you are well on your way to having a prosperous career in this fascinating industry.

FAQs about Finance Careers

Which finance position is the toughest?

When it comes to the toughest finance job, there is no simple answer. It depends on your experience and skill set. Corporate finance is more difficult for certain persons than investment banking, controllers, tax managers, and valuation analysts are for others.

What is the least demanding position in finance?

Among finance jobs, accounting is frequently seen as the least stressful. This is due to the fact that it typically doesn’t have as much stress as other finance professions.

What position in finance has the greatest pay?

Chief Executive Officers, like chief financial officers (CFOs), is in charge of the entire business and are paid well. The CFO is primarily in charge of financial matters.

Why do jobs in finance pay so well?

There are several explanations for why finance positions are so well paid.
First off, the financial industry is a crucial one for the economy, and workers in the field are in charge of making sure that people and companies have access to the capital they require to thrive.

Second, many who work in finance have spent years learning and preparing for their employees because it is a highly specialized field.

Last but not least, those who work in finance are frequently eager to put in long hours to complete the job because the occupations are frequently quite demanding.

The Verdict: Is a Career in Finance Valuable to You?

For students, a finance degree is beneficial. Finance majors at the entry-level make, on average, $55,000 a month. They are around 101,000 a month, which is comparable to mid-career incomes. This is noticeably greater than the median annual wage in the USA, which is $45,760, according to the Bureau of Labor Statistics’ Occupational Outlook Handbook. To put it another way, finance majors are extremely wealthy. And if that’s not the route for you, you can always have a look at these options for working for yourself.

LEAVE A REPLY

Please enter your comment!
Please enter your name here