Good luck on your job search.
FIVE CAREERS OPTIONS IN THE FINANCE PROFESSION WORTH CONSIDERING
1.) EQUITY RESEARCH ANALYST – Need to have a comprehensive background in financial markets. They work under financial managers and ultimately provide them with recommendations about investment decisions. One part of their job involves gathering all the information that they need in order to develop a complete picture of businesses other options for investing money. They specifically focus on securities investments so they look at bonds, options and stocks. They need to consider the individual option as well as the market conditions surrounding that option so that they have a clear idea of how they expect developments in the global market to affect that investment.
• The minimum educational requirement for equity research analysts is a bachelor's degree in engineering, business or another field that develops strong analytical skills. Experience in an entry-level role as an analyst is important so those planning on entering this field may want to take college programs that include internships if possible. Many employers prefer applicants who have a master's degree in finance. Those who are preparing for a career as an equity research analyst may also pursue Chartered Financial Analyst (CFA) certification.
• Salary outlook during this time it expecting the average job growth rate for all occupations will be 5%, while the U.S. Bureau of Labor Statistics forecasts job growth of 6% for financial analysts during this timeframe. PayScale indicated that in 2020 the mean annual income for equity research analysts was $94,500.
2.) FINANCIAL ADVISOR – Financial advisors, or personal financial advisors, inform and offer suggestions to their clients about a wide range of financial options and issues. Financial advisors help their clients plan for specific financial events in their lives and discuss different ways to help their clients reach their financial goals. This may involve researching and discussing various investment opportunities, savings accounts for things like college or retirement, mortgage options, or different insurance policies with their clients.
• Although there is not a specific financial advisor degree, most financial advisors need at least a bachelor's degree. Aspiring financial advisors may pursue degrees in areas like finance, business, accounting, mathematics, economics, or even law. Some helpful college courses for financial advisor training may include topics in estate planning, taxes, investments, and risk management. There are some financial advisor schools that offer online courses and training in financial advising. It is not typically required, but students may wish to pursue a master's degree in areas such as business administration or finance, to increase their chances of advancement. Professional certification, discussed in more detail below, can also lead to advancement.
• In May 2020, the U.S. Bureau of Labor Statistics reported that the median yearly wage for a personal financial advisor was $90,900. Financial advisors can make money in a number of ways, including flat-rate salaries, hourly wages, commissions or transaction fees.
3.) ACCOUNTING ANALYST – Jobs require the knowledge and use of generally accepted accounting principles to review and interpret financial data. Education requirements for accounting analyst positions usually include the minimum of a bachelor's degree, and some employers may require applicants to be licensed or certified, depending on job duties. One common option is a bachelor's degree program in accounting, which teaches students about financial monitoring for public organizations, government entities, and individuals. Students can also learn about tax reporting and preparation, auditing protocols, budget reports, and other financial data records. Some degree programs prepare students for industry certification, such as becoming a Certified Public Accountant (CPA).
• Accounting analysts must have a minimum of a bachelor's degree in accounting, finance, or a similar field. A master's degree in accounting or a master's degree in business administration with an accounting specialization are commonly required for employment. In some cases accounting analysts are required to be CPAs. This designation is awarded after completing the CPA exams given by individual state boards of accountancy.
• According to the U.S. Bureau of Labor Statistics (BLS), job growth for accountant and auditor positions, including accounting analysts, was projected to grow by 6% during the 2020-2028 decade. Predictions for that same decade imply that budget analysts would experience a 4% rate of growth and financial analysts, such as fund accounting analysts, would experience a 6% growth rate. Salary statistics gathered by the BLS in 2018 showed that the average annual salary for accountants was $80,500.
4.) FINANCIAL ANALYST – Financial analysts gather and evaluate industry and economic fiscal data to predict investment performance. Their findings are used by businesses and individuals to make decisions about stocks, bonds and other financial stakes. They might work for financial institutions, corporations, insurance groups and securities companies.
• A bachelor's degree in finance or another relevant field is the minimum qualification, but many financial analysts improve their employment prospects by earning master's degrees. Professional certification, which calls for a degree and passage of examinations, is another way to advance a career. Some positions, such as those that involve the sale of stocks and bonds, require licensing, which is acquired after employment.
• Average employment growth of 7% was projected by the U.S. Bureau of Labor Statistics (BLS) for the 2020-20286. The BLS also reported median earnings for budget analysts of $78,900 per year.
5.) RISK MANAGEMENT SPECIALIST – Concentrate on providing relevant financial insight into business decisions. It's common for risk management specialists to work for companies or organizations and their primary role is to make assessments and recommendations. They may look at things such as how to address a specific business task and determine if there are risks associated with how that task is being completed. Ultimately, their objective is to ensure that the business or client makes the best decisions possible to minimize potential risks in their business operations and decisions.
• The minimum educational requirement for a risk management specialist is a bachelor's degree, statistics have suggested that those with additional postsecondary studies may have an advantage over others when seeking employment. Studying business administration or other related fields, such as finance, can help prepare individuals to enter this career field. According to O*NET OnLine, 48% of risk management specialists have a bachelor's degree, 33% have a master's degree and an additional 11% have a post-baccalaureate certificate. This means that 44% of those working in this field are confirmed to have continued studies beyond a bachelor's degree, which is comparable to the 48% who have only completed a bachelor's degree.
• Risk management specialists are grouped with 'financial specialists, all other' by the U.S. Bureau of Labor Statistics (BLS). The BLS indicates this group of professionals should see a 6% job growth rate from 2020 to 2028. This is slightly higher than the job growth rate that the BLS expects for all occupations from 2018 to 2028, which is 5%. According to PayScale, as of 2020 risk management specialists earned a Average income of $70,000 per year.
Calleigh as you begin considering a finance degree and looking at schools with finance programs, you should strongly consider the career you're most interested in, as you may want to tailor your studies to the career paths you want to pursue. The field of finance contains many institutions and career trajectories, so you might first decide what industry you want to work in and then look at specific roles within those industries. Some popular industry choices include banking, insurance, and corporate finance, and the career choices available within these industries vary.
Hope this was Helpful Calleigh
Hope this helps broaden your mind of available possibilities! Good luck!
Accounting: besides the technical skills and graduation, you have to like to work most of the time very focus and concentrate, most of the time you work alone doing you activities, usually you are a person that likes interact with others and work as a team to see all together but not talking much with internal and external customers
Auditing: Interaction with a lot of internal customer at company (if you choose internal audit), Interaction with external customers and projects, if you choose to work with external audit, so you have to like to deal with people, and the challenges that are always dealing in audit process, as you will deal with the professional ego sometimes, as you are questioning people work, so you have to be prepared to show always the good side of audit and how it can help in the process.
Other area as financial services (accounts payable, collection, accounts receivable etc) will give the opportunity to work with internal customer (sales and care for example, plus logistics and others), and with customers and supplier. you will be always focus in better process and productivity, as automatize (robot for example) as the volume is high. Have to love to deal with people different profiles.
Commercial banks involves also sales in a indirect way, provide services and good options to customers (people or companies), strong targets, so you have to love to work with targets, not that in the others activities you will not have it, for sure you will, but targets are a little more challenging in some type of banks, as much as you grown. Have to love to deal with people and many times to search the best solution for their financial problems also.
So in summary, even being very good in math, do not forget to evaluate the human scenario, and how much you also can invest on that, to be successful you have to live what you do, because like that you will not do a job, you will be connected with that, engage and will solve any issue you have.
I would suggest the following mainly because I believe an engineering path is not as often considered in terms of Finance but is currently a hot job market for those with these skills.
Information from: https://www.iaqf.org/financial-engineering:
STUDENT RESOURCES / WHAT IS FINANCIAL ENGINEERING
Financial engineering is the application of mathematical methods to the solution of problems in finance.
It is also known as financial mathematics, mathematical finance, and computational finance.
Financial engineering draws on tools from applied mathematics, computer science, statistics, and economic theory.
Investment banks, commercial banks, hedge funds, insurance companies, corporate treasuries, and regulatory agencies employ financial engineers.
These businesses apply the methods of financial engineering to such problems as new product development, derivative securities valuation, portfolio structuring, risk management, and scenario simulation.
Quantitative analysis has brought innovation, efficiency and rigor to financial markets and to the investment process.
As the pace of financial innovation accelerates, the need for highly qualified people with specific training in financial engineering continues to grow in all market environments.
I hope this helps and I wish you all the best in your future endeavors!
Philip recommends the following next steps:
Economists also work in the math space plus work with fiscal policy - so may be a good combo of both of your interests. Economists also analyze statistical data.
As others have mentioned on this thread - you should consider what else gives you joy. Do you enjoy working with people or are you more introverted? If you are more introverted, careers that work with analyzing or researching data may be a good fit for you. Do you like solving problems or fitting puzzles together? Then you may want to explore careers in finance and analysis.
Hope this helps! Good luck in your career exploration!
I had an interest in math since second grade. Once I got into middle school, the attraction to math naturally brought my attention to finance. I began investing in a custodial account and by the time I began high school, knew I had interest in a finance career. I earned my undergrad degree in finance. During undergrad, I put more focus on landing an internship than I did on getting A+'s. It worked well as I earned a paid internship in financial services which launched my career. I am not suggesting you take the same path, but, you should decide what is is about math you enjoy.
Chris recommends the following next steps:
You can also go to the U.S. Bureau of Labor Statistics at https://www.bls.gov/audience/jobseekers.htm to look at various occupations and learn about the current and future jobs outlook, advancement and training requirements, employment, salary, and a 10 year outlook for those occupations. There are also lots of other topics to explore on this page that will give you great information to help you get started.
there are a few paths you can try, accounting/auditing, corporate finance, commercial bank, investment bank, and quantitative finance if you are really good at maths and willing to take a master/phd degree.