Careers You Can Do With A Finance Degree Other Than Banking
Finance is one of the most popular choices for postgraduate business study, a report saying that 23 percent of potential students would consider a master’s in finance degree in previous year , topping the table for master’s programs Many finance graduates have one field in mind: banking. With great wages and fantastic opportunities for progression, it’s easy to see why banking remains so popular. However, there are many other jobs suited to those with a finance qualification, so whether you have an undergraduate finance degree, a finance masters or an MBA specializing in finance, read on to find out seven careers you should consider…
1) Management Consultant
Management consultants help organizations solve problems, improve business performance, create value and maximize growth. They identify solutions for business troubles and make suggestions for changes to implement. Management consulting can be an extremely rewarding career for job satisfaction and remuneration. Consultancy suits people who thrive off variety, as days can be exciting and unpredictable – for example, you might be needed at client sites at the last minute, there’s a lot of travel, and you will meet a huge range of interesting people. Competition is fierce, and applicants with MBAs or business master’s degrees will find it considerably easier to get into the field.
A stock trader either works for themselves or for a firm, buying and selling stocks. Traders may also buy and sell bonds, metals and other financial instruments. Trading is a fast-paced and high-pressure career, best suited to those with bold, dynamic personalities. Hours are very long, usually starting early for the opening of international markets. Traders have very little supervision so this career will suit you if you’re individualistic and self-disciplined. Traders who perform poorly will find themselves out of a job very quickly – it’s a cut-throat environment, but with the potential for very high rewards.
Accountancy is always a popular career path for finance graduates. Accountants are employed by companies and individuals to assist with financial business issues such as taxation, analyzing profit and loss, budgeting and detecting fraud. Very close attention to detail is essential, plus communication skills to convey complex financial information to colleagues, senior management and clients. In-house accountants prepare profit and loss statements, accounting reports and key information for annual reports, plus other financial tasks. Alternative career paths in accountancy include forensic accounting, tax advisors and chartered accountancy.
4) Financial Manager/CFO
A financial manager or CFO (Chief Financial Officer) is responsible for providing financial guidance and support to clients and colleagues. Employers come from a wide range of industries in both the public and private sectors. In larger companies the role may be more concerned with strategic analysis, while in smaller businesses you might be responsible for the collection and preparation of accounts. Other responsibilities can include managing budgets, arranging new sources of finance and liaising with auditors to ensure annual monitoring is carried out. Financial manager/CFO are senior roles so will require progression within a company.
Actuaries evaluate, manage and advise on financial risk. They use financial and statistic theories to assess the likelihood of a particular event and the possible financial costs. With this knowledge they can design creative ways to reduce the likelihood of undesirable events occurring and decrease the impact of undesirable events that do occur. The study of uncertain future events by actuaries are of special concern to insurance and pensions companies, but actuaries can work in a wide range of sectors. They are highly skilled individuals and as such are often in high demand. Work is high-pressured and you may be expected to work overtime frequently.
6) External Auditor
External auditors examine financial records and other data to provide businesses, investors and regulators with a clear idea of how they’re performing, plus recommendations for improvement. Their work can be split into two distinct areas – a financial audit, examining a company’s financial statements and records, or a corporate/non-financial audit to help companies solve specific business problems. There are many companies who employ external auditors, most famously the ‘big four’ accounting firms: Ernst & Young, Deloitte, KPMG and PwC; however, there are many other mid-tier and smaller firms also providing rewarding employment.
7) Financial Analyst
Financial analysts collect and analyze financial data to guide the investment decisions of their employer – this could be an individual, a corporation, a non-profit organization or the government. You’ll recommend the best course of action when identifying challenges and need to stay aware of market trends and investment opportunities in your specialist area. A career as a financial analyst will suit data-focused and computer literate finance graduates, with great strategic thinking skills and an affinity for statistics. Other related roles include credit analysts and budget analysts.
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