Best Paying Jobs in Finance (2022 Update)
There are numerous lucrative segments within the Financial Services industry, which is a large and diverse field of endeavour. Individuals with strong calculative, analytical, and quantitative abilities may find finance to be an exceptionally rewarding career path. This industry includes banking, insurance, investing, and retirement funds, among other things. It also involves financial planning and consulting for both individuals and businesses.
In order to obtain a respectable position in the Finance industry, you must have thorough understanding of personal finance, accounting, market principles, and financial ideas of business. You’ll also need to be proficient in mathematics, particularly in the areas of money and statistics. If you possess the aforementioned abilities, you should have no trouble finding a respectable Finance position from the list provided below.
Here are some of the highest-paying careers in Finance, together with descriptions and salary information:
1) Financial Analyst
The role of a financial analyst is to oversee the finances of a firm, combing over data and providing support for financial management decisions. In addition, they are responsible for evaluating the potential outcomes of business and investment suggestions.
In most cases, they are hired into junior and senior roles in financial institutions such as banks, insurance firms, and other similar organisations. Along with fundamental financial literacy and accounting abilities, these professionals should also be able to think critically and communicate effectively with their clients and colleagues.
Yearly Average Salary: $127,990 (US dollars).
2) Investment Banker
Investment bankers must deal with other people’s savings and money in order to make a living. These professionals assist you in avoiding significant financial losses. As a result, the riskier the profession, the greater the amount of money you will receive in your salary. Investment banking is a service that corporate and public sector leaders rely on to handle their stocks and bonds in accordance with the Securities and Exchange Commission’s regulations.
Investment bankers are also responsible for facilitating the trading of stocks, bonds, and derivatives on the stock and bond markets. The asset managers, hedge fund managers, insurance firms, and other buy-side investors with whom they collaborate on pitching ideas and buying and selling securities, commodities, and derivatives are among the highest-paying finance career specialists.
Approximately $100,000 per year is the average annual salary.
3) Hedge Fund Manager
In order to attract investors with money to invest in hedge funds, hedge fund managers run portfolios that are higher risk and higher reward than traditional investment vehicles. These professionals also keep an eye on the markets to ensure that investors are protected.
The most significant distinction between standard funds and hedge funds is that hedge funds might be more risky, which means that hedge fund managers must do more than just make sound financial decisions. These professionals also keep a close check on the markets to ensure that they are able to shield their investors from suffering financial losses.
Salary ranges from $102,000 to $105,000 per year on average.
4) Private Equity Associate
Brokers or financial businesses use Equity Analyst associates to assess a company’s stock value and make financial predictions about companies that are publicly traded on the stock exchange. This type of investigation is carried out through the use of numerical and qualitative examination of financial data, public records of corporations, and other sources of information.
It is necessary to execute deals, monitor the portfolio of companies, and crack new opportunities in order to earn a high salary in this high-paying employment position. The data collected from similar competitors in the market allows these specialists to develop superior financial models that help failing firms get back on their feet and better compete in the industry.
5) Financial Advisor
These experts assist clients in identifying their short- and long-term financial objectives, as well as guiding them through the process of achieving those objectives. A financial advisor’s responsibilities include being well-versed in insurance products as well as risk management. They collaborate closely with underwriters and those involved in risk assessment, and they serve as the principal point of contact for clients.
The average annual salary is $99,949 USD.
6) Budget Analyst
Those who work in budget analysis assist public and private organisations, such as government agencies and colleges, in organising their budgets and financial operations. Budget analysts are also responsible for ensuring that the budget plans submitted by customers are correct and in compliance with applicable laws and rules.
Approximately $76,540 per year is the average annual salary.
7) Management Analyst
Management consultants are sometimes referred to as management analysts in some circles. Their primary responsibility is to boost the efficiency of an organisation. These professionals look into the challenges that a firm is experiencing and devise effective techniques to provide the finest possible solutions.
These highest-paid financial job professionals are also responsible for conducting an audit of present processes, procedures, and systems. Afterwards, they provide recommendations for how to improve the overall efficiency of a company.
The average yearly salary is $85,260 dollars.
8) Loan Officer
Loan officers are responsible for evaluating and approving loan applications. This encompasses both the funding granted to individuals and the loans provided to businesses and organisations.
You can begin working in one of the highest-paying financial careers right out of college if you meet the qualifications. If you already have a degree in hand, you can learn a great deal on the job while also increasing your overall wages.
The average annual salary is $63,270 dollars.
9) Chief Financial Officer
The Chief Financial Officer, sometimes known as the CFO, is in charge of a company’s financial structure, cash flow, and growth plans for the future. These financial specialists must have in-depth understanding of accounting and financial modelling in order to perform their duties. These highly compensated financial job professionals supervise analysts’ work, assist in the management of finance teams, and make decisions on costing and technological infrastructure plan.
Yearly Average Salary: $393,377 (US dollars).
10) Tax Director
Tax directors in finance are responsible for the administration of tax compliance, tax strategy, and tax accounting for financial institutions. This position necessitates a bachelor’s degree as well as substantial experience in accounting and taxation to be successful.
Financial job professionals earn the highest salaries in the industry. They assist businesses in developing tax plans, which may include recognising financial manoeuvres that can reduce obligation while still adhering to the law.
Approximately $123,000 per year is the average annual salary.
11) Senior Accountant
Senior accountants are responsible for analysing the financial information and financial statements of a company or a business. The duties of a senior accountant include documenting entries pertaining to the assets, liabilities, revenue, and spending of a certain company. Balance sheet reconciliation and discrepancy resolution are among the highest-paying finance occupations, and it is one of the most difficult to obtain.
In the United States, the average annual salary is $88,800.
12) Personal Finance Advisor
As a personal financial advisor, you will assist customers in better managing their personal finances. You will assist individuals or families in determining their financial needs, saving for the future, making wise investments, and other tasks. A large number of personal financial advisors work for themselves. Some work with financial institutions or insurance companies as well.
87,850 dollars per year on average is the annual salary.
13) Internal Auditor
Internal auditors are primarily concerned with compliance. Process and procedure audits are performed to guarantee that various criteria are met and that applicable laws are obeyed by a company’s employees. The ability to think analytically and critically is the most sought-after attribute in anyone aspiring to be an internal auditor.
Salary on average: $59,798 per year.
14) Insurance Advisor
The services of insurance advisors include assisting consumers in their quest for the finest insurance products to satisfy their long- and short-term insurance requirements. They assist consumers in making insurance purchase decisions for their homes, automobiles, personal belongings, medical expenses, and other types of insurance.
The average yearly salary is $55,850 dollars.
15) Information Technology Auditor
IT auditors are generally employed by government agencies or commercial organisations, and their primary responsibility is to ensure that technological infrastructure and enterprise requirements are in sync.
These specialists are also responsible for IT compliance and digital security, which is necessary to ensure that all organisational procedures run smoothly. As a result, audit review procedures can include computer networks, software programmes, security configuration, and communication systems, among other things.
In addition to a thorough awareness of physical information technology controls within the organisation, it is necessary to have knowledge of various financial practises and business operations. It is one of the highest-paying finance positions available.
In the United States, the average annual salary is $63,000.