People realized how much money was in money when they built banks and were paid to protect others’ money, while others made money lending it. Some of the best paying jobs today are in managing money and making money via investments and fundraising. Here are the hottest finance careers for 2017.
Financial analysts research stocks and other investments and study trends, while investment advisers use their data to make recommendations to clients. Financial analysts often project future expenses or sales. They analyze areas to improve, like the literal benefit of altering payment terms in contracts or identifying the late pays that make up the bulk of collection costs. Or, they build financial models of various potential business plans and give their recommendations. Financial analysts just starting their careers earn $60,000 to $80,000. Those with several years of experience, data mining expertise, or industry-specific credentials can earn much more.
Budget analysts may create a budget for this year’s expenses and they will do the research and seek estimates in order to create a likely budget for next year. They can craft budget proposals for civic organizations so that leaders can hash out what they want to spend money on and where to cut expenses. They also track spending against the budget and report to their superiors when someone is burning through their budget too quickly. Median pay for this job is around $72,000.
Auditors may be internal or external. Internal auditors review the financial books of banks, insurance companies, and contractors to ensure they are meeting various rules and regulations. Businesses hire internal auditors to ensure compliance and find problems like systemic mischarging or billing errors so that they don’t show up when external auditors review the books.
External auditors are hired to audit a company and certify that it meets various standards, whether these are accounting standards necessary to be listed on the stock exchange or meeting federal contracting guidelines to be allowed to bid on future federal defense contracts.
An Internal auditor can earn between $55,000 and $70,000 to start. External auditors are typically experienced or at the top of their class and earn more than this. Chief audit executives regularly earn around $125,000.
There are many jokes about how much money can be made counting money. Accountants track billing, accounts receivable, payroll, inventory and nearly everything else in the company. You can work as an accountant with only a bachelor’s degree in accounting, though a master’s degree results in a higher pay rate and puts you on the fast track to your CPA (Certified Public Accountant) certification.
Staff accountants earn anywhere from $60,000 to $100,000. Those with a master of financial economics degree, whether earned in person or through an online MFE program earn more than one with only a bachelor’s degree. You’re paid more at larger firms and when you are a licensed CPA. Conversely, accountants can often find part-time work that pays a good hourly rate working for a small company.
If you become the head of accounting operations, expect to earn more than a hundred thousand dollars a year.
Positions like financial and budget analyst, auditors, and staff accountant have great prospects and show great potential for growth. If you’re studying finance, the number of positions available is almost endless. All you have to do is pick a specialization that fits your strengths and personality and choose a field that will be both lucrative and rewarding.