Finance Careers

finance_careers

Courtesy of pannawat at FreeDigitalPhotos.net

 

Studying Finance can be rewarding and open doors to many different career options.

ACC Career ServicesCampus2Careers at ACCIndeed Job Search

 

Careers

There are many rewarding and interesting jobs in finance. Finance can lead to many career paths. Some career choices you can pursue with an associate or a degree in finance are: Financial Managers, Financial Securities Sales Agents, Insurance Sales Agents and Underwriters, Loan Originating, Mortgage Banking, Mortgage Brokerage, Personal Financial Advisors, Property Management, Real Estate Brokers, Real Estate Finance, Real Estate Sales, Retail Banking, Secondary Marketing, Securities and Commodities, Warehousing.

May 2014 Occupational Employment and Wage Estimates - Austin-Round Rock-San Marcos, TX

Occupation CodeOccupation titleMedian hourly wageMean hourly wageAnnual mean wageMean wage RSEEmploymentEmployment RSELocation quotient
11-3031 Financial Managers$58.11$65.24$135,6903.0%2,4405.9%0.72
13-2051Financial Analysts$40.70$46.40$96,5004.8%2,6508.8%1.54
13-2052Personal Financial Advisors$35.21$46.27$96,2408.5%1,03012.6%0.80
Source: Bureau of Labor Statistics
  • SOC Code Number: the Standard Occupational Classification (SOC) system's unique, six-digit (plus hyphen) numerical identifier for each occupation. When the SOC code is a link, clicking on it leads to a page that contains the occupational definition and national cross-industry estimates.
  • Occupation Title: a descriptive title that corresponds to the SOC code.
  • Median Hourly Wage: the estimated 50th percentile of the distribution of wages based on data collected from employers in all industries; 50 percent of workers in an occupation earn less than the median wage, and 50 percent earn more than the median wage.
  • Mean Hourly Wage: the estimated total hourly wages of an occupation divided by its estimated employment, i.e., the average hourly wage.
  • Mean Annual Wage: the estimated total annual wages of an occupation divided by its estimated employment, i.e., the average annual wage.
  • Mean RSE: the relative standard error of the mean wage estimates, a measure of the reliability or precision of the mean wage estimates. The relative standard error is defined as the ratio of the standard error to the survey estimate. For example, a relative standard error of 10 percent implies that the standard error is one-tenth as large as the survey estimate.
  • Employment: the estimated total occupational employment (not including self-employed).
  • Employment RSE: the Relative Standard Error of the employment estimate, a measure of the reliability or precision of the employment estimate. The relative standard error is defined as the ratio of the standard error to the survey estimate. For example, a relative standard error of 10 percent implies that the standard error is one-tenth as large as the survey estimate.
  • Location Quotient: (State, metropolitan, and nonmetropolitan statistical area estimates only) the ratio of an occupation's share of employment in a given area to that occupation's share of employment in the U.S. as a whole. For example, an occupation that makes up 10 percent of employment in a specific metropolitan area compared with 2 percent of U.S. employment would have a location quotient of 5 for the area in question.

About May 2014 National, State, Metropolitan, and Nonmetropolitan Area Occupational Employment and Wage Estimates

May 2014 Occupational Employment and Wage Estimates - Texas

Occupation CodeOccupation titleMedian hourly wageMean hourly wageAnnual mean wageMean wage RSEEmploymentEmployment RSELocation quotient
11-3031 Financial Managers$57.95$64.71$134,5901.0%27,6902.0%0.64
13-2021Financial Analysts$37.24$43.64$90,7701.7%21,7903.4%1.00
13-2052Personal Financial Advisors$34.12$49.40$102,7604.3%13,9205.9%0.85
Source: Bureau of Labor Statistics
  • SOC Code Number: the Standard Occupational Classification (SOC) system's unique, six-digit (plus hyphen) numerical identifier for each occupation. When the SOC code is a link, clicking on it leads to a page that contains the occupational definition and national cross-industry estimates.
  • Occupation Title: a descriptive title that corresponds to the SOC code.
  • Median Hourly Wage: the estimated 50th percentile of the distribution of wages based on data collected from employers in all industries; 50 percent of workers in an occupation earn less than the median wage, and 50 percent earn more than the median wage.
  • Mean Hourly Wage: the estimated total hourly wages of an occupation divided by its estimated employment, i.e., the average hourly wage.
  • Mean Annual Wage: the estimated total annual wages of an occupation divided by its estimated employment, i.e., the average annual wage.
  • Mean RSE: the relative standard error of the mean wage estimates, a measure of the reliability or precision of the mean wage estimates. The relative standard error is defined as the ratio of the standard error to the survey estimate. For example, a relative standard error of 10 percent implies that the standard error is one-tenth as large as the survey estimate.
  • Employment: the estimated total occupational employment (not including self-employed).
  • Employment RSE: the Relative Standard Error of the employment estimate, a measure of the reliability or precision of the employment estimate. The relative standard error is defined as the ratio of the standard error to the survey estimate. For example, a relative standard error of 10 percent implies that the standard error is one-tenth as large as the survey estimate.
  • Location Quotient: (State, metropolitan, and nonmetropolitan statistical area estimates only) the ratio of an occupation's share of employment in a given area to that occupation's share of employment in the U.S. as a whole. For example, an occupation that makes up 10 percent of employment in a specific metropolitan area compared with 2 percent of U.S. employment would have a location quotient of 5 for the area in question.

About May 2014 National, State, Metropolitan, and Nonmetropolitan Area Occupational Employment and Wage Estimates

Financial Managers - 2014 Pay, 2014-2024 Job Outlook

Source: Occupational Outlook Handbook - Pay

financial1_payThe median annual wage for financial managers was $115,320 in May 2014. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $62,480, and the highest 10 percent earned more than $187,200.

In May 2014, the median annual wages for financial managers in the top industries in which they worked were as follows:

Professional, scientific, and technical services$139,380
Management of companies and enterprises133,200
Manufacturing114,350
Finance and insurance110,310
Government104,720

 

Most financial managers work full time, and about 1 in 3 worked more than 40 hours per week in 2014.

Source: Occupational Outlook Handbook - Job Outlook

Employment of financial managers is projected to grow 7 percent from 2014 to 2024, about as fast as the average for all occupations. However, growth will vary by industry.

Services provided by financial managers, such as planning, directing, and coordinating investments, are likely to stay in demand as the economy grows. The United States remains an international financial center, meaning that the economic growth of countries around the world will likely contribute to employment growth in the U.S. financial industry. In recent years, companies have been accumulating more cash on their balance sheets, particularly among those with operations in foreign countries. As globalization continues, this trend is likely to persist. This should lead to demand for financial managers, as companies will be in need of cash management expertise.

The depository credit intermediation industry, which includes commercial banking and savings institutions, employs a large percentage of financial managers. As bank customers increasingly conduct transactions online, the number of bank branches is expected to decline, which should limit employment growth in this sector. However, employment declines here are expected to mainly affect clerical occupations, such as tellers, rather than financial managers. From 2014 to 2024, employment of financial managers is projected to grow 6 percent in this industry.

Job Prospects

As with other managerial occupations, jobseekers are likely to face competition because there are more applicants than job openings. Candidates with expertise in accounting and finance—particularly those with a master's degree or certification—should enjoy the best job prospects. An understanding of international finance and complex financial documents is important.

financial1_joboutlook2

Financial Analysts - 2014 Pay, 2014-2024 Job Outlook

Source: Occupational Outlook Handbook - Pay

The median annual wage for financial analysts was $78,620 in May 2014. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $48,170, and the highest 10 percent earned more than $154,680.

In May 2014, the median annual wages for financial analysts in the top industries in which they worked were as follows:

Securities, commodity contracts, and other financial investments and related activities$90,550
Professional, scientific, and technical services80,720
Management of companies and enterprises77,070
Credit intermediation and related activities76,050
Insurance carriers and related activities73,790

 

Fund managers are typically compensated by fees, usually structured as a percentage of assets under management and a percentage of the fund’s annual return.

Most financial analysts work full time, and about 1 in 3 worked more than 40 hours per week in 2014.

Source: Occupational Outlook Handbook - Job Outlook

Employment of financial analysts is projected to grow 12 percent from 2014 to 2024, faster than the average for all occupations. A growing range of financial products and the need for in-depth knowledge of geographic regions are expected to lead to strong employment growth.

Investment portfolios are becoming more complex, and there are more financial products available for trade. In addition, emerging markets throughout the world are providing new investment opportunities, which require expertise in geographic regions where those markets are located.

The continued implementation of financial regulatory reform could constrict growth in the industry, as rulemaking bodies place a greater emphasis on stability. Restrictions on trading by banks may shift employment of financial analysts from investment banks to hedge funds and private equity groups.

Job Prospects

Despite employment growth, strong competition is expected for financial analyst positions. Growth in financial services is projected to create new positions, but there are still far more people who would like to enter the occupation than there are jobs in the occupation. Having certifications and a graduate degree can significantly improve an applicant’s prospects.

Personal Financial Advisors - 2014 Pay, 2014-2024 Job Outlook

Source: Occupational Outlook Handbook - Pay

The median annual wage for personal financial advisors was $81,060 in May 2014. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $35,500, and the highest 10 percent earned more than $187,200.

In May 2014, the median annual wages for personal financial advisors in the top industries in which they worked were as follows:

Other financial investment activities$91,740
Securities and commodity contracts intermediation and brokerage89,880
Management of companies and enterprises80,270
Professional, scientific, and technical services75,890
Credit intermediation and related activities60,710

 

Wages of self-employed advisors are not included in the earnings reported here.

Personal financial advisors who work for financial services firms are often paid a salary plus bonuses. Bonuses are not included in the wage data here.

Advisors who work for financial investment firms or financial planning firms, or who are self-employed, typically earn their money by charging a percentage of the clients’ assets that they manage. They also may earn money by charging an hourly fee or by getting fees on stock and insurance purchases. In addition to their fees, advisors generally get commissions for financial products that they sell.

Most personal financial advisors work full time, and about 3 in 10 worked more than 40 hours per week in 2014. They often go to meetings on evenings and weekends to meet with existing clients or to try to bring in new ones.

Source: Occupational Outlook Handbook - Job Outlook

Employment of personal financial advisors is projected to grow 30 percent from 2014 to 2024, much faster than the average for all occupations.

The primary driver of employment growth will be the aging population. As large numbers of baby boomers approach retirement, they will seek planning advice from personal financial advisors. Also, longer lifespans will lead to longer retirement periods, further increasing demand for financial planning services.

In addition, the replacement of traditional pension plans with individual retirement accounts is expected to continue. Many people used to receive defined pension payments in retirement, but most companies no longer offer these plans. Therefore, individuals must save and invest for their own retirement, increasing the demand for personal financial advisors.

Job Prospects

Job prospects for personal financial advisors should be relatively favorable compared with prospects in other financial sector occupations. Those who obtain certification will likely have the best prospects.

Translate »