People who have a bachelor's degree in finance take in $124,000 a year on average, according to data collected by Comparably. 1 However, and it becomes apparent just how many finance-related careers pay well above average. Here's a look at how you can expect to fare in some of the field's more common occupations.
Jobs in the finance industry can be rewarding—sometimes, they also pay very well. That means they are in high demand, with requirements for entry as lofty as some salaries plus bonuses. For most of these jobs, an undergraduate degree is a must.
Salary range 2024: $230 – 300k
The VP of Finance & Operations plays a pivotal role in shaping both financial strategies and streamlining day-to-day operations to drive overall success and will require exceptional leadership and team management skills, allowing for a culture of collaboration and accountability.
The Rule of 300 multiplies your current income by 300 to estimate your retirement needs. For example, if you currently spend $4,000 a month, you'll multiply that amount by 300, which means you'll likely need $1,200,000 when you retire.
Studying economics or finance can fast track you towards becoming a millionaire. Understanding the financial world and having expertise in economic principles can lead to high-paying jobs in sectors such as banking and finance.
High Stakes and Performance Pressure. The Stressor: The responsibility of managing large sums of money and making crucial financial decisions creates immense performance pressure. The fear of making costly mistakes or facing career setbacks can be a constant source of stress.
Investment banking is generally considered the most lucrative branch of finance. This field includes roles such as investment bankers, who advise on mergers, acquisitions, and capital raising, and private equity professionals, who invest in and manage portfolio companies.
Finance degrees are generally considered to be challenging. In a program like this, students gain exposure to new concepts, from financial lingo to mathematical problems, so there can be a learning curve.
A Day in the Life. A financial analyst is responsible for a wide range of activities including gathering data, organizing information, analyzing historical results, making forecasts and projections, making recommendations, and generating Excel models, presentations, and reports.
For portfolio managers at hedge funds managing over $250 million in assets, earnings can typically fall between $500,000 and $3 million, with the median compensation landing in the upper six-figure to lower seven-figure range.
The average annual salary for business and financial occupations is $79,050, according to the U.S. Bureau of Labor Statistics (BLS). That's significantly higher than the average wage for all occupations, which is $48,060 per year. If money is a top factor in your career decision, finance is a good option.
The majority of the most lucrative professions nationwide are medical jobs, including physician, surgeon, anesthesiologist, and dentist. Some of the highest-paying non-medical jobs are chief executive officer (CEO), information systems manager, lawyer, and pilot.
Finance can be a fiercely competitive field. It's a famously high-paying industry known to deal out six or seven figures in salaries and bonuses for those at the top. Even those on the bottom rung can expect to start at a good wage compared with other fields.
Jobs within the financial industry, such as accounting, consulting, and corporate finance are some of the highest-paying jobs. In the financial services industry, there are some areas that pay significantly more than others, such as investment banking, private equity, and hedge funds.
Pros and Cons of Finance Careers
The median annual wage for all business and financial occupations was $79,050 in May 2023, according to the Bureau of Labor Statistics. That's significantly higher than the median annual wage of $48,060 for all occupations. And many finance workers can earn much more.
The best-paying jobs in major banks include financial analysts, accountants, and managers overseeing financial operations, marketing, and sales. Most of the highest-paying jobs major banks offer require at least a bachelor's degree and several years of experience.
Some people in finance probably will lose their jobs in a recession, Caldwell says. If we do have a recession that hasn't already been priced into current trading, “people who are trying to outsmart the market for a living are not going to be able to (do so),” he says.
The FP&A manager is also responsible for business forecasting and creating financial budgets. FP&A is a 9-5 office job that involves a moderate level of stress.
For example, roles like financial analysts, actuaries, or accountants require individuals to spend considerable time examining data, creating forecasts, and developing strategies—all of which introverts tend to excel in due to their ability to focus intensely and work independently.
How satisfied are finance students compared to other degrees? Overall, finance students rate their satisfaction with their degree a 3.1 out of 5. This is low compared to other degrees which average a rating of 3.28 across all degrees.
THE TOP 5 CAREERS OF MILLIONAIRES: - Engineer - Accountant (CPA) - Teacher - Management - Attorney Some of those are surprising, huh? Nope, teacher isn't a typo. You see, it's not chance or inheritance that creates most millionaires.