Updated October 26, 2023
Introduction to Finance Degree Career
The most common finance degree career paths that branch out of finance are financial planning, insurance, public accounting, and hedge funds, which may further offer you a career as a financial analyst, trader, regulatory compliance officer, or quantitative analyst.
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Finance Degree Career Options
Want to know about a rare career in finance you can go for? Finance is a specialized area of study that forms the backbone of each industry or organization. A good team of financial experts is the key to success for any business. Lucrative as it is, many students take up finance programs at the university level.
The most common finance degree career paths that branch out of finance are financial planning, insurance, public accounting, and hedge funds, which may offer you a career as a financial analyst, trader, regulatory compliance officer, or quantitative analyst.
Trading jobs are among the most sought-after financial careers and can be broadly categorized into sell-side and buy-side trading jobs. On the sell side, a trader is employed with commercial and investment banks and deals in products such as equities, commodities, or fixed income. On the buy-side, you would be used with asset management firms or hedge funds to ensure the availability of financial resources and plan adequate returns for your customers by buying and selling securities.
However, many finance graduates may face difficulty in finding a place for themselves in a suitable job. Some of you may have gained enough experience in the field but may find these finance degree career options with a finance degree very monotonous or run-of-the-mill. It is possible that initially, you were attracted to the area as it provides a scope for high income. While you still possess the ability to take up challenges posed by the industry, you no longer feel the same passion for the financial markets. The feeling makes you wonder, have you chosen the wrong career?
However, this is not true. Finance is a multidimensional area that allows an array of opportunities for individuals possessing unique skills relevant to this sector.
The horizons of all industries have expanded in the last decade, giving a large number of new types of financial careers that require the expertise of financial specialists. The key is to look closely at these positions and see how financial experts can increase corporate worth and decrease economic hazards. One should also align his aptitude and career objectives with the job in question to ascertain the most appropriate finance degree career for them.
Besides procuring a finance degree career, aspirants can obtain non-traditional finance major career options if they have additional qualifications in statistics, accounting, economics, mathematics, or business administration.
Careers in Finance Degree
You must be wondering what you do with a degree in finance. Explore less common finance degree career options within the diverse field of finance.
Forensic Finance Experts
Do you ever look at your finance career degree and wish you wouldn’t have put the detective in? You take a back seat. Well, you can still be a detective and a financier at the same time by being in forensic finance. It is a unique career in finance that combines the thrill and excitement of investigation with your sound knowledge of finance.
You can work with a national security organization or tax and consulting services. Various government organizations have special departments dedicated to Forensic Accounting.
You would identify and bring corporate criminals to book as a special agent with the National Security Agency. These are the people who have committed financial fraud or money launderers, which legitimize the fortune earned through illegal and criminal activities by violating trading laws and economic policies..,
As a corporate forensic expert, you must investigate current or probable criminal financial conduct, misappropriation of funds, and other financial frauds and disputes within companies. You might also need to probe global terrorism, surveillance, and corruption-related issues. The evidence from these investigations serves for presentation in the court of law during criminal trials.
Accounting Software Developers
If you have a finance background and a niche in the IT field, you can utilize this varied skill set to develop accounting software for organizations. In the day and age of computerization, all organizations must switch to a platform that enables the ease of technology to attain that cutting-edge perfection.
Accounting software is a computer system that archives and manages various accounting operations.
As an accounting software developer, you can be a part of a software development firm or a company to look after their financial requirements regarding computer applications and develop customized programs.
Accounting software can be developed for extensive usage by a particular sector, such as departmental stores, hospitals, or hotels, or specially designed for a specific firm, business, or organization.
Investment Journalist/ Writer
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As a financer, you must understand every aspect of money deeply. Become an investment journalist if you excel at explaining financial concepts through the power of print and effective communication.
As an investment writer, you can be employed with finance magazines, write the finance column in newspapers or websites, and work for banks to help them develop marketing newsletters, brochures, press releases, etc. You may also need to create text matter for commentaries, expressing your expert views on current financial issues and concerns. Furthermore, it is also possible that you may have to author books or produce educational content.
To succeed as an investment writer, you should be able to transform complex financial terms into readable and easily comprehensible language for the commoner, who may be interested in learning and, hence, invest his money. Besides having the skill to write well, you should possess experience as a financer.
IFRS, or International Financial Reporting Standards, is a globally accepted system of accounting to facilitate the formulation of financial statements. This system forms the basic building blocks that lay the foundation for preparing accounts and enable financiers worldwide to work on familiar ground.
As IFRS is internationally acknowledged, there is an impending demand for finance professionals trained and experienced in International Financial Reporting Standards, more commonly known as International accountants or international accounting managers. This system is becoming mandatory for large enterprises that aspire to have a listing on an international stock exchange and foray into global markets. Finance professionals proficient in this field work as international experts or external consultants by companies during the up-gradation of IFRS.
IFRS professionals knowing the legal aspects of tax in a particular region can also provide services as financial advisors and may have to travel extensively.
Finance Officer with Defence Services
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Like any other organization, the Military also requires finances to run all its affairs. Money remains at the heart of all activities, whether it is the payroll of soldiers, the purchase of military equipment, or funding various military assignments.
The responsibility of the finance officer with the defense services is to closely scrutinize these expenses and ensure adequate availability of funds in case of any difficulty. He must assign funds to the forces’ various arms and support the defense personnel and their families. On behalf of the Military, he mediates with various external providers to procure supplies and services, formulates budgets, predicts financial requirements for the future, authorizes payments, and streamlines financial procedures. He performs audits, prepares financial reports, and presents the same to the commander-in-chief. Financial planning remains the core of all activities.
The Military also encourages young aspirants who enroll in the services by supporting them in their education and providing special administrative training. A job in the Military is gratifying as it is well respected and highly regarded, and you can get promoted to higher ranks.
A military finance officer must be confident, have a solid logical insight to monitor expenditures, and have strong administrative ability, keen observation, and strategic leadership skills. Having excellent mathematical skills and superb comfort with numbers is also essential.
Finance Consultant for Start-Ups and Enterprises
A lot of planning goes on while planning a new project or starting a new business. Planning finances is an integral part of this exercise, as the ultimate objective for any enterprise is to turn it into a profitable venture. Business acumen, forecasting, and budgeting are the critical strategic skills necessary to plan the finances that an entrepreneur may not necessarily possess. This is where the role of a finance expert comes into the picture.
These finance professionals have a keen eye for identifying profitable investments, balancing cash flow and working capital proficiently, and isolating the potential risks for various business projects to drive performance. This enables enterprises to overcome obstacles and achieve revenue objectives.
Financial consultants develop personalized strategies for savings, taxes, investments, and insurance and may also guide their clients’ buying and selling of stocks and bonds.
The services of these consultants are also crucial to banks, investment firms, or consulting companies that deal with particular businesses or industries to take care of their financial requirements. These consultants have a great scope of earning.
Be An Accountant With An Industry Of Your Choice
Are you passionate about sports, or does your love for the entertainment industry surpass all your cravings? Are you an ardent supporter of environmental issues or strongly desire to do something for society? Do you feel that the decisions you have taken along your career path force you to be in a typical finance job? If you identify with this, read on…
Any industry needs to have its account books in order. An accountant helps reduce operational costs, improve savings, and understand various tax regulations, defending the company from unnecessary liabilities.
As a financier, you possess exceptional computing and analytical skills and a knack for construing and calculating financial performance. The key is to be in an industry that motivates you. For instance, as a sports team accountant, you would get a chance to be among your heroes and crack profitable commercial deals with the media or sponsors.
If you are associated with a sports club, you would manage their income and expenditure balance sheet, ensure adequate availability of funds so that the top players and coaches stay with the club, maintain revenue from sponsorships, and look into other monetary affairs.
As an environmental accountant, you may have involvement with an organization that works for the environment. You need to assess and ascertain the financial viability of various ecological projects. Assist organizations in their green efforts by informing them about government incentive payouts and helping them save money.
If you nurture a cause close to your heart, you can be associated with an NGO, or if you have always dreamed of being in the limelight, the entertainment industry is your calling. You can be employed either with movie production organizations or accounting companies that deal with the entertainment industry. You must formulate production budgets and ensure that production is completed within the stipulated allowance.
These are just a few off-beat finance degree career options that financers have. A deeper understanding of other industries would give you a clearer picture of the different roles a financer can fit. Engaging in what you enjoy can lead to high productivity, particularly as many traditional banking jobs involve long hours and stress. So there are other finance degree jobs which will be more exciting & can be your type of job too.
Only in a job do we love the recited avenues for success, growth, and personal development. Thus, a foray into these non-traditional opportunities and industries as a financer can be very rewarding and fulfilling personally. This can help you to carve your career along an unexplored path and give a new direction to your aspirations. Also, you can showcase hidden skills and interests, fostering a strong sense of self-worth.
Here are some articles that will help you get more details about the Finance Degree Career Options, so go through the link.