Careers in Finance – Ways To Accelerate Your Role in The Sector

The finance sector is growing rapidly, not just in the U.S. but globally too. This industry is also said to be one of the most innovative places to be if you?re starting out in your career or looking to move into the sector. There?s often a huge misconception that finance just covers the numbers or the barebones of number crunching. However, the industry has many channels and subsidiaries that create an array of career choices. Some examples of finance areas include:

? Insurance
? Risk management
? Government
? Compliance
? Investment
? Accounting
? Plus many other areas

If any of these paths sound interesting, finance could the perfect stepping stone in your career. There is also a wealth of benefits that come in this sector, including attractive salaries, excellent benefits, professional development, and a clear progression route.

The U.S. Bureau of Labor Statistics estimated the number of financial analyst jobs that had a median pay of $85,660 in 2018, would enjoy an estimated 12 percent growth in salary by 2024. In other roles of finance, such as personal finance advisors ? this role would also have a higher salary growth rate of around 30 percent.

Finance is crucial to all companies

The beauty of choosing a career in the finance industry is that all businesses, big or small, require finance professionals at all levels. They are critical functions and roles in organizations that provide expert advice and strategy to ensure companies make profit time and time again.

So what?s the next step when considering a career in this sector?

Finance careers are open to people at all stages of life. The levels of entry differ depending on qualifications and experience. However, this often doesn?t hold you back if you have little of either, as the progression routes are promising. For anyone just starting out, studying for a degree and a subsequent master?s degree is an excellent way to catapult your career prospects.

Graduates enjoy a number of opportunities when leaving education, and many take up the offer of studying for further professional qualifications while they work through roles in an organization.

Degrees and master?s programs don?t have to be completed via the traditional channels either. Online master?s qualifications are also a valid entry point, and studying for an MSF online could be the push you need to further your career.

What are the career benefits of studying a master?s in finance?

It?s all about maximizing your potential to help accelerate your career. For those that want to unlock their potential, there are many reasons why studying for this qualification online can boost your prospects. Take a look at why below:

Specialization ? Due to the number of fields in finance, specializing in an area will ensure you stand out amongst the rest. Becoming an expert in a chosen element also ensures you stay abreast of the updates and innovations throughout your area of expertise. Specialists can often command a higher salary in their chosen field, which also creates progression throughout the sector.

Online study is flexible ? The beauty of online study is that you don?t have to go to traditional classes to gain your qualification. There is often a misconception that you won?t receive the full support studying this way. However, with the technological advances in online delivery, courses and mentoring is supported entirely online to get the best outcomes. Just like a classroom setting, you can tap into an interactive workspace from the comfort of home or your work desk. Plus, you can go back over previous classes and catch up due to its flexibility.

Shows drive and ambition ? Studying for qualifications while you work is an optimum way to show commitment to the profession. Dedicating time to learning more and furthering your career is seen to be a good way to gain promotion and higher-paid salaries. Specialising also ensures others respect your understanding and knowledge on a particular niche.

Building connections ? Another benefit of the study is the connections you make along the way. Although learning online means you are not in the same room as your peers, that doesn?t mean you won?t expand your network while on the course. A connection is built with community leaders, faculty members, and a thriving network of industry leaders . So you not only gain invaluable insights and expert advice, but also a range of people that you can turn to later in your career path for references and consultation.

Access to world-class education ? Online learning is far from second best in terms of educational establishments. Some of the best colleges and universities across the country offer online access, which means you?ll get a first-class education from the word go. Industry experts and professionals will guide you through the course and help you get the best outcomes. These courses align with the industry too, so it means you will have access to data-driven analysis, advanced financial concepts, and superior thought leadership throughout your journey.

So you?ve decided to study for a master?s and advance your career, so where do you want to go next?

Check out some of the top careers in the finance sector you can choose from:

Financial Analyst

This role covers a lot of ground and can differ in organizations across the country. According to the U.S. Bureau of Labor Statistics June 2018, median salaries for this position were $85,660 per year. The job outlook for this position looks promising too, and it?s one of the better-paid posts comparative to other countries across the globe. As this role is varied, you might expect to cover anything from:

? Looking at financial issues
? Forecasting for new projects
? Understanding investments
? Reporting and analysis work
? Analyzing financial data for companies

Within this position, you can also specialize, which is ideal if you want to take a particular career path.

Portfolio Manager

For anyone looking to further their career and take the next step after financial analyst, a portfolio manager position could be an area of interest. This is particularly great for anyone that comes from an investment background and wants to take the next step. This opportunity brings together a range of skills to ensure portfolios are maximized for the client or company.

Entry-level jobs in this sector see a median wage of $83,761 per year, and with further experience, a median salary of $123,000. This shows an excellent path for progression and salary growth. Plus, statistics have shown this sector is also growing, which cements its position in the industry.

Risk Manager

Mitigating risk in the finance sector is an important role. There are many threats to companies, especially when money is concerned, and there is always a need for someone to oversee the management of this area. Minimizing exposure is just a drop in the ocean to what this position entails, and you could be expected to cover aspects such as:

? Combatting threats when they happen
? Identifying future threats
? Analyzing threats and trends
? Managing all risk areas that finance covers, including overseas exposure

A risk manager will need to have relevant qualifications and designations such as Chartered Market Technician (CMT) or Financial Risk management (FRM). The salary in this role, according to statistics from 2016, is a median of $121,750, with a 7 percent growth in this job sector by 2024.

How career mapping can accelerate your finance path

If you already work with an organization and want to take the next step in your finance career, career mapping could work for you. Career mapping isn?t a new concept. However, it?s something that many people don?t take advantage of. Employers that are looking to advance internal members of staff to higher or new positions often use this technique. Working with an employee, a clear pathway is outlined so that everyone gets what he or she needs from the experience. Each person benefits from this career mapping, and extensive investment in time in money is taken to retain vital staff in the company.

So how do companies create a career map? According to Steve Hurst, regional manager for I.T. staffing company Randstad Technologies, ?It?s a combination of personality profiles, formal education requirements, leadership qualities and capabilities to fit with different positions and levels.?

For employees, you may find this mapping idea works for you in larger organizations. However, smaller companies lack the resource or investment to move people into different roles and responsibly brackets. You may be able to fill the gaps in talent in an organization, but there may not be an opening, so considering your options in other companies may fit the bill for your career progression.

What?s next in finance?

The finance sector is growing. This sector is said to be one of the largest and most liquid in the world. Plus, it also helps to facilitate the smooth export of goods and services across the globe. The number of opportunities here is vast, and taking the next step in a finance career could see you working with top financial institutions that are paving the future of innovation of FinTech in the global market.