Highest Paying Finance Jobs
If you’re looking to start an exciting and challenging new career in finance, there has never been a better time to start.
The finance market size has grown by over 2% every year since 2015 and it is predicted to continue growing. In 2018, finance and insurance represented 7.4% of the US GDP, which amounts to a $1.5 trillion industry!
Not only that, financial and business careers are projected to grow by 10% by 2026, which means there will be over 700,000 new jobs in the field.
Put simply, finance and accounting is a hugely growing industry and there are many high paying jobs in finance.
How to Get a High-Paying Entry-Level Finance Job
Finance is one of those careers that often will require a related bachelor’s degree. For example, a BS in Finance and Accounting Management. Now a bachelors degree is going to take a lot of time and effort, but if you want the best paying job possible in finance, it’s a great option.
Of course, there are entry-level jobs that do not require a degree and your knowledge and skills learned with online courses can definitely help you to secure a job in finance or accounting–a degree just gives an edge on other candidates and generally means a higher paying job right out of the gate.
If you want to figure out if finance is the right career for you before committing to a bachelor’s degree, an MBA, or similar, there are many very affordable online courses available that will teach you about the fundamental and foundational topics. The skills you would need to learn are:
- Basic accounting principles
- Advanced accounting principles
- Foundations of financial management
- Ability to use Excel spreadsheets and formulas
- Investment fundamentals
- Basic corporate finance principles
Once you have the skills, certifications, and knowledge for a career in finance, what jobs are available to you? Let’s now take a look at some of the highest paying finance and accounting jobs.
High Paying Finance Jobs
As we mentioned, a degree in finance and accounting is going to affect your starting salary with a lot of financial careers, and Kiplinger named a BS in Finance as one the top 25 degrees for a lucrative career.
Below are the top 3, entry-level finance jobs with the highest paying salaries:
Average salary: $127,990
A financial manager is a job which requires a lot of responsibility for a company’s financial health. You will need a thorough understanding of financial statements and be able to critically evaluate them to create strategies for long-term growth.
Financial management is one of the fastest-growing finance careers and is where you have the most opportunity for higher earning potential.
Over 23,000 people in the U.S are hired as a financial manager every month and this is expected to grow 16% from 2018 to 2028.
Average salary: $85,660
A financial analyst job is an interesting one and is a very good career for somebody looking to move into finance. You do typically still need a bachelor’s degree, but there are many online courses now which will allow you to learn the skills without a formal degree.
Much of the job will be working in Excel, evaluating financial statements and ratios to determine the value of a company and assess risks and potential growth.
This is one of the highest-paying entry-level jobs on the market and is a great stepping stone to eventually becoming a financial manager.
Average salary: $70,500
As an accountant, you can work with individuals as well as corporations to help prepare their tax information and make sure it is accurate. Again, you’ll need a strong understanding of cash flow and financial statements, and be able to advise your clients on how they can be more tax-efficient.
Many accountants choose to further their career and earning potential by taking additional certifications. The CPA (Certified Public Accountant) is valued very highly because it requires a high standard.
A CPA will be able to earn a significantly higher salary than a non-CPA. There are no official numbers for this, but the top 10% of accountants earned around $122,220 and it’s a good bet that those high earners were CPAs.
An accounting job, much like a financial analyst job, is a great entry-level position and many accountants will go on to become financial managers in the future.
Finance Job Growth
The prospects for a career in finance are very good. As technology increases and changes (i.e the blockchain), there will be a real need globally for expert financial professionals.
Whether you want to become a financial manager, an analyst, an accountant, or any of the dozens of other job titles for careers in finance, the salaries are some of the highest in the market for entry-level jobs.
1. Where do finance majors make the most money?
In general, finance majors make the most money in the financial industry. However, there are many different finance jobs with a variety of salaries. The top three highest-paying finance jobs for entry-level employees are:
-Financial Manager: The average salary for a financial manager is $127,990. This is expected to grow 16% from 2018 to 2028.
-Financial Analyst: The average salary for a financial analyst is $85,660.
-Accountant: The average salary for an accountant is $70,500.
2. Will a finance degree make you rich?
According to Payscale, the average pay for a finance graduate is $68,000. This is significantly higher than the average salary for those with a degree in other subjects.
However, there is no one-size-fits-all answer to this question. It depends on the job you choose and your level of experience.
3. Do finance careers pay well?
Finance can be a very lucrative career. After all, it's a famously high-paying industry known to deal out six-figure salaries.
However, your salary as a finance professional will largely depend on the specific role you take and your level of experience. That said, almost all finance careers offer above-average salaries when compared to other industries.
4. How do I get a high-paying finance job?
In order to get a high-paying finance job, you'll need to have the appropriate qualifications and experience. Most finance jobs require a bachelor's degree, but there are many online courses now which will allow you to learn the skills without a formal degree.
Much of the job will be working in Excel, evaluating financial statements and ratios, and having a strong understanding of business concepts. You can also improve your chances of getting a high-paying finance job by joining professional organizations such as the Financial Analyst Association or the Institute of Chartered Accountants.
5. Is finance a hard major?
Finance is not a hard major. However, you will need to be able to understand complex financial concepts and have strong math skills. If you're interested in pursuing a career in finance, it's important to start studying the subject early and get experience working with numbers.