A career in finance might be a perfect fit for those who enjoy working with statistics, studying the economy, making profitable investments, and assisting businesses and individuals in reaching their financial objectives. Forbes and Insider Intelligence have forecasted some significant developments in the finance sector for 2023 [1, 2].
According to 71% of Generation Z consumers, businesses ought to assist them in reaching their monetary and personal objectives.
With digital gig labor predicted to produce $455 billion by 2023, financial institutions are starting to extend their services to help gig workers.
To close the gap between traditional and decentralized finance, central banks are experimenting with digital currencies.
As the finance sector develops, obtaining an entry-level position in this field can provide several advantages for your career, such as:
- Obtaining important experience with cutting-edge financial techniques and technology
- Developing professional and technical abilities
- Expanding on your knowledge of finance
- Expanding one’s network in the workplace
- Being eligible for a more senior position with more income prospects
- Generating a profit that benefits both businesses and people
- Let’s talk about your job chances both at entry level and beyond as you seek a career in finance.
How many jobs are available in finance?
You will probably find work possibilities in a variety of industries because most organizations think that having a finance specialist on staff is beneficial. In August 2022, Indeed had over 120,000 US jobs in finance, about 44,000 of which were entry-level positions, while Glassdoor had over 59,000 US jobs in finance. Jobs in business and finance occupations are predicted to grow by 7% by 2031, according to the US Bureau of Labor Statistics (BLS).
What do finance jobs pay?
According to the BLS, as of May 2021, the median yearly pay for US workers in business and financial occupations was $76,570, which was more than the $45,760 average compensation for all workers [3, 4]. An entry-level credit analyst in the US can expect to make, on average, $58,671 as of January 2022, according to Glassdoor. This figure covers basic pay as well as supplemental compensation like commissions, profit sharing, bonuses, etc. The base salary plus supplemental compensation for a chief financial officer with at least 15 years of experience in this advanced role is approximately $308,231.
Explore entry-level finance careers, how to apply for them, and courses that can help you develop the skills necessary for the workplace in this article.
9 entry-level finance jobs
This section will examine entry-level positions in finance, including typical tasks, prospects for growth, and average total compensation (base income + additional pay) in the US. As of May 2023, employment data was obtained from Glassdoor.
1. Financial analyst
- Their earnings are $74,952.
- What they do: Keep tabs on laws and regulations, forecast, and monitor an organization’s financial performance.
- Required education and experience: a bachelor’s degree in accounting, finance, or a similar discipline; proficiency with Excel and financial modeling; etc.
- Senior roles in financial analysis, financial consulting, controllership, and financial management are possible career paths.
2. Investment banking analyst
- Their earnings are $142,123.
- What they do: Raid funds for individuals and companies, issue loans and sell equity, assess risks, carry out financial transactions, etc.
- Qualifications and skills needed: a bachelor’s degree in finance or a closely related discipline; some experience in investment banking; competence in risk analysis; familiarity with SQL and other software systems; etc.
- Potential career progression: Senior positions in investment banking
3. Tax associate
- Their income is $52,854
- What they do: Help taxpayers minimize their tax obligations while meeting their commitments; prepare tax returns and other tax papers; etc.
- Qualifications and abilities needed include a bachelor’s degree in accounting or finance, expertise in filing taxes, bookkeeping knowledge, general ledger proficiency, and a CPA credential is advantageous.
- Possible career paths: tax consultant, tax accountant, and tax analyst
4. Personal financial advisor
- Their earnings are $93,137.
- What they do: Assist customers with future financial planning, retirement planning, estate planning, and investment management.
- Qualifications and abilities needed: accounting, financial literacy, understanding of financial liabilities, a bachelor’s degree in finance, the CFP® certification is advantageous, etc.
- Prospects include senior positions in financial advice and other financial roles.
5. Credit analyst
- Their income is $63,772
- What they do: Evaluate credit applications, keep track of news and trends in the financial industry, and evaluate the data and financial accounts of credit individuals to ascertain the risks involved in lending to them.
- A bachelor’s degree in accounting, business, finance, or a similar discipline is required, as are spreadsheet and R programming skills, knowledge of generally accepted accounting principles (GAAP), etc.
- Prospects include senior positions in credit analysis and credit analysis for corporations.
6. Budget analyst
- Their earnings are $75,893.
- What they do: Provide firms with advice on financial data analysis, budget optimization, etc.
- A bachelor’s degree in finance, accounting, or a similar discipline, proficiency in arithmetic or statistics, prior budgetary experience, etc. are prerequisites.
- Prospective career paths include positions in finance and advanced budget analysis.
7. Insurance claims adjuster
- Their income is $55,313
- What they do: Assess claims and look into circumstances; they also manage policyholder payouts and arrange claim settlements. Skills and requirements: A bachelor’s degree in business, finance, or a similar discipline may be required for some roles, while a high school diploma may be adequate for others.
- Prospective career advancements: employment as an advanced claims adjuster and other finance positions
8. Bookkeeper
- Their income is $42,274
- What they do: Keep an organization’s general ledger up to date; handle payroll; manage accounts payable and receivable;
- Required credentials and abilities: Acquired an accounting or finance degree, or obtain a certification; familiarity with accounting tools such as Quickbooks; and knowledge of GAAP (Generally Accepted Accounting Principles).
- Possible developments: Lead bookkeeper, accountant, and senior bookkeeper
9. Staff accountant
- Their earnings are $59,556.
- What they do: Maintain accounting records, calculate taxes, draft tax reports, and make sure that GAAP and other laws and regulations are followed.
- A bachelor’s degree in accounting or finance, a CPA credential, familiarity with accounting software, and an understanding of tax rules and regulations are the prerequisites.
- Possible career progression: Senior Principal Accountant, Accounting Manager
How to get an entry-level job in finance
After you’ve decided on a finance career path, start the application process for your first finance job. To concentrate your efforts, take the following actions.
1. Get a finance education.
A bachelor’s degree in business, finance, or a similar discipline is typically required for entry-level positions in this industry. Accounting, microeconomics, and macroeconomics are common subjects covered in finance degree programs. Financial analysis, financial reporting, and forecasting are also covered.
2. Gain experience in finance.
- Getting some finance experience before looking for entry-level work can provide the following advantages:
- Utilizing the knowledge you have gained from a course or degree program in practical situations
- Refining your financial acumen
- Getting noticed amidst numerous applicants for finance jobs
Look for internships, volunteer opportunities, or even contract or freelance employment in finance through job sites and your network to get experience. For instance, you may help new business owners with bookkeeping or present a personal finance course at a school or other institution.
3. Hone your finance skills.
Make sure you get the essential, in-demand abilities for the entry-level position you want to attain while you study a finance degree and gain experience. seeking through specific job listings on employment sites is a wonderful way to remain up to speed on the talents that businesses are seeking. Keep track of any credentials and abilities that show up across job listings for the same position.
To make it simpler to determine which talents you should emphasize, two career websites in particular, Zippia and ZipRecruiter, gather data from thousands of actual resumes and job descriptions. Investment strategies, wealth management, and securities are a few of the talents that are most frequently included on resumes for financial advisors, for instance, based on data gathered by Zippia [5]. Employers are searching for candidates with a Series 7 license and the ability to provide customer service and financial planning, according to ZipRecruiters’ statistics on job descriptions for financial advisors [6].
4. Search online for finance jobs.
You might find plenty of entry-level opportunities to break into the finance industry because of the wide number of options available across industries, the high compensation expectations, and the positive career growth estimates for those in the profession. For instance, Wells Fargo, J.P. Morgan, Amazon, Boeing, and Verizon are among the top businesses that employ financial analysts, according to Glassdoor.
Look through job boards such as Indeed, Glassdoor, and LinkedIn for entry-level financial roles that fit your career objectives and you are qualified for. Additionally, you can look for jobs on finance-specific websites like BrokerHunter and eFinancialCareers. Examine the prerequisites for education, training, experience, and skills listed in each job posting, along with the chances for professional advancement.
Frequently Asked Questions (FAQs)
Q. Do those in finance have difficult jobs?
Ans. There are many diverse roles in the large sector of finance. Workplace seniority, responsibilities, working hours, and other factors will all affect how stressed out an employee is.
Q. If I have no prior experience, how can I enter into the financial sector?
Ans. Certain finance jobs that require no prior work experience in the field hire freshly graduated college students. But be ready to learn and ace workplace licensing examinations, including the Certified Financial Planner designation.