The finance industry in the USA is a dynamic and ever-evolving sector that offers a multitude of job opportunities. From traditional roles in banking and investment to emerging positions in fintech, the landscape is diverse and competitive.
In this article, we will explore the current scenario of finance jobs in the USA, examining the available positions, qualifications required, and the overall job market trends.
How Many Jobs Are Available In Finance In USA
The career field of finance is wide and includes a variety of roles. Jobs in this sector range from bookkeeping and accounting to budgeting and analysis. The Bureau of Labor Statistics (BLS) projects a 7% growth rate in business and finance occupations between 2021 and 2031, or the addition of 715,100 new jobs in this field.
In-demand finance jobs
It can be helpful to learn more about sought-after finance jobs to make an informed decision about the career path you wish to pursue. Here is a list of in-demand professions to consider in the field, along with their primary duties and national average salary:
1. Financial advisor
National average salary: $55,356 per year
The role of a financial advisor entails collaborating with clients to create goals and plans for managing financial risks and boosting wealth. They collaborate closely with clients to build and maximize investment portfolios. In addition, they assist clients with other financial matters like tax preparation and retirement planning.
2. Financial analyst
National average salary: $67,342 per year
Financial analysts use risk analysis and forecasting to concentrate on investments and financial planning. They give stakeholders and business executives the information they need to make wise business decisions. Additionally, they assist organizations by offering advice on the most effective strategies and tools for raising capital and achieving their financial objectives.
3. Business analyst
National average salary: $70,810 per year
A business analyst’s primary responsibility is to evaluate an organization’s performance and recommend areas for improvement. This includes offering recommendations on how to use tools and technology to improve its efficacy, efficiency, and profitability. Along with helping organization leaders enhance procedures, they may also offer recommendations on how the company can better serve its customers, depending on the nature of the enterprise.
4. Internal auditor
National average salary: $83,068 per year
Internal auditors collaborate with businesses to make sure they abide by all applicable laws, rules, and policies. Before an organization’s financial statements are subject to an external audit, they frequently make sure they comply with regulations. If it’s not in line with the relevant laws and regulations, the internal auditor offers recommendations for how to fix the violation. They frequently produce in-depth reports on their discoveries.
National average salary: $96,444 per year
Primary duties: The main responsibility of a controller is to assess and manage the finances of a company. They often perform forecasting and budgeting duties. Their work focuses on ensuring the business follows government guidelines and that its financial reports are accurate and complete. They may set company budgets, create financial goals, and sign off on major financial decisions.
Requirements for a finance job
Depending on the career path you choose, the requirements for your finance role can vary. Consider the following common requirements for entering a financial career:
Your education requirements can vary, depending on the financial career you pursue. For example, an entry-level accounting role may require only an associate degree, whereas a senior-level role such as a chief financial officer (CFO) may require a master’s degree in finance. In most cases, though, employers often require a minimum of a bachelor’s degree in your field of focus. If you choose to pursue a degree in finance, several courses you may complete include economics, business finance, accounting principles and mathematics.
The training requirements can also vary based on the type of financial job you choose. In some educational programs, you may complete internships or study projects that help prepare you for taking on the actual role. Training may also occur in entry-level and junior roles, where you work under the supervision of a more senior-level professional, such as a manager or director. Your financial training can also encompass learning to use different accounting software and financial analysis programs.
Not all financial careers require certifications or licensing, but it’s important to understand these requirements for the specific role you choose to pursue. For example, employers may require accountants to hold the Certified Public Accountant (CPA) credential. In other instances, you may be able to complete a professional certification in place of a degree, such as the Certified Public Bookkeeper (CPB) certification for an entry-level role in this field.
Advantages of working in finance
If you’re wondering if a career in finance is worth pursuing, here is a list of benefits for you to consider:
Finance skills have personal benefits. If you choose to work in a finance-related career, you can apply the skills and knowledge to better manage your own personal finances. This can help you reach your financial goals and aid in your own money management.
You have a variety of job opportunities. Pursuing a role in this field allows you to find job opportunities in a variety of different companies and industries. Depending on your interests, you can also pursue various specialties to help tailor your career to your preferences.
It offers a rational workflow. If you prefer structured and logical tasks, you might especially suit this field of work, as many of your duties involve working with numbers. The nature of this work means that you make objective decisions, rather than relying on subjective inferences.
As you may have discovered, there are numerous career options in finance, so it’s critical to select the one that will best suit your needs. The best way to determine what kind of career you want to pursue is to gain practical experience in the field through an internship or other program! Apply to jobs that match your skill set and try to gain relevant technical skills through coursework or internships to improve your chances of success in the finance industry.
2. Are finance jobs only concentrated in major cities?
While major cities like New York and San Francisco are financial hubs, finance jobs are available across the USA in various industries and organizations.
3. What industries are currently driving demand for finance professionals?
Industries such as fintech, healthcare, and renewable energy are currently driving demand for finance professionals with diverse skill sets.
4. What are the most sought-after finance roles in the USA?
Commonly sought-after finance roles include financial analysts, investment bankers, financial consultants, and risk analysts.
5. Is a master’s degree necessary for a successful finance career?
While a master’s degree can enhance career prospects, many successful finance professionals have excelled with a bachelor’s degree and relevant experience.