There was a time when a bachelor’s degree would be enough to get the attention of recruiters. After getting hired, you could show up as a star performer and, a few years down the road made yourself eligible for the promotion. It might sound like a fairytale for a contemporary graduate. Because graduation barely paves the way for a decent job today. Since the number of graduates has been marking a constant rise for quite some time, employees have set the bar higher for candidates to qualify for a job.
But we know that a fair proportion of students lack the time and resources to continue their studies after graduation. If you also identify yourself as one of these less-privileged students, you must graduate in finance. The reason being, it teaches an individual a diverse range of skills that will turn him into an ideal prospect for multiple professions.
Here are of the highly desirable career options for finance graduates:
An actuary observes developments and evaluates the financial consequences in the long run. By their forecasting ability, actuaries play a crucial role in financial organizations, including rating agencies, insurance companies, banks, etc. As an actuary, you need to get equipped with mathematical techniques and statistical modeling tools. Moreover, it would be best to be on top of the interpersonal skills to convey the efficiency of your decisions aptly.
At times, the work could be overwhelming and might trigger stress because a single wrong decision may bring the employee to the verge of a breaking point. But the importance of the job and financial perks will prove to be major motivating factors. The annual income in this line of work is around 108,350 dollars, notes BLS. The employment opportunities are going to observe the boom of a whopping 19 percent until 2029.
If the job description falls into your domain, you may be wondering how to become an actuary then. Well, the first step in that direction is to earn a bachelor’s degree in finance. It will set the tone correctly for the future.
2) Financial Planner
As an individual, we all have financial goals. For example, some of you would want to pay off the debt at the earliest, while others might have a priority to buy a home. They vary from person to person. But no matter what the objective may be, you can’t accomplish it without a clear-cut and comprehensive roadmap. That is where a financial planner comes very handy.
Once you hire the services of a financial planner, your odds to meet financial goals reduces. Because they know how to cope with the obstructions such as procrastination, fear, anticipating risks, and so on, if you are a working woman, you are more likely to lag behind financial planning due to the gender pay gap. A study reveals that a woman’s total earning account for only 80 percent of what an average man makes.
A finance major will fully prepare you to take up the role of a financial planner. Going by BLS figures (Bureau of Labor Statistics), a financial planner earns up to 88000 annually. On top of that, more and more individuals now realize the worth of financial planning. Therefore, the jobs will soon grow by 4 percent in this field till the next decade.
In the past, accountants were mostly visible during the tax season. But, over time, businesses have begun to hire these professionals to perform multiple tasks. Ensuring the accuracy and transparency of statements, recommending methods to cut the unnecessary operational costs, serving bookkeeping purposes, and frequently updating accounting systems, to name a few of them. Provided its ever-increasing scope, the field of accounting is enrolling a record number of students. It is one reason why the USA alone is home to 1.3 million accountants at the moment.
A Finance major is the key to develop accountancy traits. The regular classes will help students learn the nitty-gritty of the business and keep them informed about the latest modifications of the local and international jurisdictions. There are vast and varied types of accountants. You may choose to work as any of the following roles:
- Forensic accountant
- Project accountant
- Cost accountant
- Staff accountant
- CPA (Certified Public Accountant)
- Management accountant
Statisticians are responsible for gathering, crunching, and summarizing data. Their reports are beneficial for a variety of industries because they can lead to precise decision making. For example, if a business owner wants to launch a product, he can figure out the demand beforehand through stats. That way, it will save him from making the respective product in abundance, which may be a financial catastrophe for the company.
Statisticians are not only limited to the private sector. They are equally desirable by many government institutions out there. Arguably, the most significant upshot of becoming a statistician is that you do not have to operate in a downright stressful setting. Apart from that, you would barely keep up with the typical dressing down from the higherups because the work involves minimum outside interference.
As we talk about the financial side, a statistician’s yearly salary touches the threshold of 85000 dollars.
5) Credit Analyst
Have you ever applied for a loan? If yes, then the lender would have thoroughly drilled down your current finances and credit history. It is a necessary step as it gives the lender a clear idea about the prospect’s borrowing capacity and unveils his ability to repay the loan. That is what credit analysts are supposed to do.
They dive into the submitted information and scrutinize its authenticity. Furthermore, credit analysts are encompassed with communication skills to retrieve the necessary details through conversation. Having done your major in finance, you can go about both these tasks with authority. The median annual salary of a credit analyst is almost 70000 dollars. The employment growth in this profession is 8 percent – more than average.
As you can see, the finance major has numerous opportunities to offer. If you capitalize on the academic years, it will not be challenging to find a career that can best utilize your potential. If you go by demand or analyze your passion and interest, the field of finance will never disappoint!