20+ Best Paying Jobs in Finance (2023 Update)
The Financial Services industry is a vast field that includes some of the most lucrative sectors. Finance jobs can be extremely lucrative profession for people who have strong calculative, analytical, and mathematical skills. This sector encompasses banking, insurance, investments, and retirement funds. It also includes financial advisory for individuals and companies.
In order to get a decent job in the Finance sector, you need good knowledge about personal finance, accounting, the fundamentals of markets, and the financial concepts of business. You will also require mathematical skills related to money and statistics. If you have the above skills, you can easily get a decent Finance job from the list given below.
Here are some best-paying jobs in Finance with their descriptions and salary details:
1) Financial Analyst
Financial Analysts’ job is to look after company finances, poring over data, and supporting financial management decisions. Their job also involves evaluating possible outcomes of business and investment recommendations.
Generally, they are hired in junior and senior positions in banks, insurance companies, and other financial institutions. Apart from the basic financial literacy and accounting skills, these professionals should also have critical thinking and communication skills.
Average Salary: $127,990 per year.
2) Investment Banker
Investment Bankers need to deal with the savings and the money of other people. These professionals help you avoid huge monetary losses. Therefore, the riskier the job is, the more figures you will get from your paycheck. Leaders of corporate and public organizations depend on investment banking to administer the stocks and bonds as per the Securities and Exchange Commission rules.
Investment bankers are also responsible for making markets in stocks, bonds, and derivative markets. These highest-paying finance job professionals also work with asset managers, hedge fund managers, insurance companies, and other buy-side investors to pitch ideas and buy or sell securities, commodities, or derivatives.
Average Salary: $100,000 per year.
3) Hedge Fund Manager
Hedge fund managers manage higher risk and reward portfolios for investors who have money to make investments in hedge funds. These professionals also monitor markets to protect investors.
The major difference between normal funds and hedge funds is that hedge funds can be riskier, so hedge fund managers need to do more than make smart financial decisions. These professionals also keep an eye on the markets to make sure they can protect their investors from loss.
Average Salary: $102,000 to $105,000 a year.
4) Private Equity Associate
Brokers or financial firms employ Equity Analyst associates to analyze a company’s stock value and make financial predictions regarding listed companies in the stock market. This type of research is accomplished using numerical and qualitative analysis of financial data, public records of companies, and other information sources.
This high-paying job position requires executing deals, monitoring the portfolio of companies, and cracking new deals. These professionals also provide better financial models to bail out struggling organizations to better compete in the industry by collecting data from similar competitors from the market.
Average Salary: $111,069 per year.
5) Financial Advisor
These professionals help clients identify their short and long-term financial goals and lead them to achieve those financial goals. The duties of a financial advisor include being knowledgeable about insurance products and risks. They work closely with underwriters and people in risk assessment and are a primary contact point for clients.
Average Salary: $99,949 per year.
6) Budget Analyst
Budget analysts help public and private institutions like government agencies and universities organize their budgets and finances. Budget analysts are also responsible for ensuring that budget proposals of clients are accurate and compliant with laws and regulations.
Average Salary: $76,540 per year.
7) Management Analyst
Management consultants are also called Management analysts. Their main role is to increase a company’s efficiency. These professionals examine a company’s problems and find effective procedures to develop the best solutions.
These highest-paying finance job professionals also review current processes, procedures, and systems. Then, they make recommendations for improving the efficiency of an organization.
Average Salary: $85,260 per year.
8) Loan Officer
Loan officers evaluate and approve loan applications. This includes funding provided to individuals and the loans issued to companies.
You can start this one of the highest-paying finance jobs right out of college. If you have a degree in hand, you can learn too many things while job training and increase your overall earnings.
Average Salary: $63,270 per year.
9) Chief Financial Officer
The Chief Financial Officer or CFO manages a company’s capital structure, cash flow, and plans for future growth. These financial professionals require in-depth knowledge of accounting and financial modeling. These high-paying finance job professionals supervise analysts’ work, help manage finance teams, and decide the costing and technology infrastructure strategy.
Average Salary: $393,377 per year.
10) Tax Director
Tax directors in finance manage tax compliance, tax strategies, and tax accounting for financial organizations. This job demands a bachelor’s degree, as well as extensive experience with accounting and taxes.
These highest-paying finance job professionals help companies develop tax strategies that include identifying financial moves that can lessen liability while still following the law.
Average Salary: $123,000 per year.
11) Senior Accountant
Senior accountants analyze the financial information and statements of a company or firm. Senior accountant job involves recording entries related to a specific firm’s assets, liabilities, revenue, and expenditure. It is one of the highest-paying finance jobs that involve maintaining balances and resolving discrepancies.
Average Salary: $88,800 per year.
12) Personal Finance Advisor
As a personal financial advisor, you will help people manage their finances better. You will help individuals or families figure out budgeting, save for the future, make smart investments, and more. Many personal financial advisors are self-employed. Some also work for finance or insurance companies.
Average Salary: $87,850 per year.
13) Internal Auditor
Internal auditors focus on compliance. They review a company’s processes and procedures to ensure various standards are being met and applicable laws are followed. The most desired quality to become an internal auditor is analytical and critical thinking skills.
Average Salary: $59,798 a year.
14) Insurance Advisor
Insurance advisors help customers search for the best insurance products to meet their long and short-term insurance needs. They guide people with purchasing decisions regarding insurance for the home, vehicle, personal, medical and more.
Average Salary: $55,850 per year.
15) Information Technology Auditor
IT auditors mostly work in government departments or private companies to synchronize the technology infrastructure and enterprise needs.
These professionals also look after IT compliance and digital security to enable the smooth functioning of all organizational processes. Therefore, the audit review procedures can extend to computer networks, software programs, security setup, and communication systems.
It is one of the highest-paying finance jobs which demand an adequate understanding of physical IT controls within the company and requires knowledge of various financial practices and business operations.
Average Salary: $63,000 per year.
16) Financial Manager
Financial managers play a main role in the financial health of any organization. They manage a range of activities, including investments, and assist with strategic planning initiatives, which help organizations achieve their financial goals.
Average Salary: $129,890 per year.
17) Financial Examiner
The financial examiner’s main duty includes ensuring that a company complies with various laws to govern financial transactions and organizations. They also stay updated on regulations, assist with planning efforts, and ensure that the company remains on the right side of the law.
Average Salary: $81,090 per year.
18) Financial Software Developer
As the financial industry supports technology and the Internet, the demand for financial software developers has experienced a sharp rise. These highest paying job professionals design, develop, maintain and test financial software and other applications that align with the company and end-users needs. These software applications predominantly deal with finance and accounts.
Average Salary: $163,500 per year.
Economists evaluate economic issues related to the production and distribution of raw materials, goods, and services. They show their findings to government agencies, corporations, and academic research organizations.
Economists’ job is to help public and private groups to forecast important aspects of their operations, like job availability in specific sectors, labor shortages, the impact of the pandemic, natural resource scarcity, etc.
Average Salary: $107,611 per year.
20) Credit Analyst
Credit scores impact people, companies, and nations in various ways. A company with a well-demonstrated fiscal record attracts more investors to its projects with ease. Therefore, a person with a good credit rating will surely have an easier time getting a home loan, car loan, and good perks.
Credit risk analysts are professionals who assess the credit ratings of organizations, people, and security products. This job profile requires evaluating these entities’ credit histories, financial conditions, and economic environments.
They use the data to assign a credit risk rating that impacts interest rates and terms of loans. Suppose they find that a company is in moderate economic straits. In that case, they might recommend harder terms or additional fees for money that the company lends to that business.
Average Salary: $73,650 per year.
Actuaries play an important role in finance-oriented businesses like insurance, rating agencies, and accounting organizations. These finance graduates with strong mathematical skills help calculate the likelihood of various events. They allow an organization to assess the impact of economic effects on those outcomes.
To become a professional actuary, you need a bachelor’s degree in mathematics. You also need to pass various related exams for the job.
Average Salary: $108,350 per year.
An accountant professional is responsible for checking and ensuring whether an individual or company’s tax information is accurate and done properly or not. Accountants are busy during the tax filing season. It is typical for individuals in this field to work on many things.
Average Salary: $71,550 per year.
23) Private Wealth Advisor
A private wealth advisor is a different type of financial advisor who offers services across the financial spectrum. A private wealth advisor manages an affluent client, everything from accounting and tax services to retirement planning and estate management for one set fee.
If you want to become a private wealth advisor, you need a bachelor’s degree and relevant certifications.
Average Salary: $125,025 per year.
24) Foreign Exchange Trader
Companies employ foreign exchange traders for conducting financial trading in various foreign currencies. Some specific foreign exchange trader jobs include buying and selling specific currencies and stocks at certain time intervals.
Suppose you want to become a professional foreign exchange trader. In that case, you should have a bachelor’s degree in finance or a related field and need relevant experience as a trader.
Average Salary: $42,861 per year.
What is the Best Finance Job that Pays the Most if you’re good at it?
Here are some of the best paying finance jobs:
- Financial Analyst
- Investment Banker
- Hedge-fund Manager
- Private Equity Associate
- Financial Advisor
- Budget Analyst
- Management Analyst
- Loan Officer
- Chief Financial Officer
- Tax Director
Which New Skills may Benefit you to incorporate the different changing Finance Jobs requirements?
In recent times, the Finance field has evolved rapidly. People will have to develop new skills to understand the business processes. New digital skills are evolving to help financial institutions benefit from the latest technological innovations.
Which kind of Finance Job is Right For You?
When we talk about finance, it isn’t just for people who were math experts in college. Many people who are working in the financial industry have backgrounds in human resources and liberal arts. A career in the finance industry also demands various degrees of quantitative knowledge and experience.
Some people in the industry may have a master’s degree in data science. At the same time, some professionals may get equally high pay grades through their ability to easily connect with clients, finding the right trend of various types of equity and commodity markets.
Therefore, before beginning your career in the finance industry, it’s important to know your ultimate career goals in the field and find out if you need any additional education or certifications to reach those goals.
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