The field of finance is highly competitive. The positions tend to be high-paying, but also very demanding. That being said, even finance entry-level jobs provide substantial income and a massive amount of opportunity for growth.
To break into the field, there are specific education requirements and skills one should possess. Let’s take a look at everything you need to know about the best entry-level jobs in finance.
Entry-Level Finance Job Education Requirements
It’s safe to say that any solid job in the field of finance will require at least an undergraduate degree. It’s possible to enter the field with any major, but it’s obvious as to why related majors like economics, accounting, computer science, or business administration can best prepare you. Pursuing a certificate program in finance can be an additional or alternative choice for many that often proves to be highly beneficial.
While earning your undergraduate degree, it’s a good idea to try to land an internship in the field. This is so that when you are ready to graduate and you’re creating your CV to apply to jobs, you can showcase your relevant experience.
Where To Find Finance Jobs
There are different paths you can take in the field of finance. But, before you get to applying, it’s best practice to define your career goals and have an idea of what type of job you want.
Then, you can leverage job posting boards online like Indeed and Monster, or professional networks like LinkedIn to find jobs.
If there’s a specific firm that you have your eye set on, check out their website directly for job postings. It’s also always a good idea to leverage your own network or friends’ connections to put you in touch with those who may be able to help you enter the field.
It’s time for the good stuff. Let’s take a look at some of the top entry-level jobs in finance and their average salaries. It’s important to note that the average salaries provided here will vary based on your location, employer, and education level.
1. Accountant
Accountants work with individuals and businesses to maintain their financial records and create a variety of reports. They can work for public accounting firms, in-house for corporations, for the government, or have a private practice. According to the BLS, accountants earn an average of $71,550 per year. Generally, they require a bachelor’s degree to land a job. However, if you want to work your way into being able to produce and submit taxes to the government, you’ll have to take a test to become a certified public accountant, or CPA.
2. Financial Analyst
Financial analysts help individuals and businesses make decisions concerning their investments, including stocks, bonds, and mutual funds. Financial analysts understand the market and can help to assess risks and opportunities. They have the option to work for investment companies, consulting firms, corporate entities and insurance companies. On average, they earn $85,660 per year.
3. Credit Analyst
When people need to borrow money, they may seek out loans. Credit analysts help to assess a borrower’s creditworthiness. They can make educated decisions as to whether or not borrowers should be approved or denied for a loan. For this reason, they work with credit card companies, banks, and credit unions. The median average wage for credit analysts hovers around $73,650 per year.
4. Budget Analyst
It’s common for organizations to hire budget analysts to help keep track of their finances. Budget analysts create cost estimates and may help to find ways to reduce expenses. They analyze budget items and work to make recommendations. Their average annual salary is $76,540.
5. Insurance Underwriter
Insurance underwriters look over client’s information and advise as to their insurability, rates, and policy structure. Their role is to evaluate risk factors and communicate this information with insurance agencies when it comes to making policy decisions. Insurance underwriters earn an average of $70,020 annually.
6. Investment Bank Analyst
Investment banking is often touted as one of the most respected positions in the field of finance. Investment bankers help individuals, corporations, governments, and venture capital firms with everything related to investments. They aid in the sale of securities, help to make companies public, manage mergers, acquisitions, and reorganizations, etc. In an entry-level role, investment bank analysts may procure materials related to deals, perform industry research, and analyze corporate performance. The role leads to many opportunities for advancement, and the salary averages around $86,643 per year.
7. Personal Financial Advisor
Many personal financial advisors tend to be self-employed and meet with their clients to provide advice in managing their finances. They also help to forecast and budget for the future. Typically, the role requires a bachelor’s degree, but as with any occupation, a master’s can open the door to further growth. The average salary is $87,850 per year.
8. Insurance Adjuster
Insurance claims adjusters collect and process information regarding insurance claims. This information can span from interviews with involved parties to the physical inspection of damages. Then, they review policies to process what is and isn’t covered. Adjusters may have to negotiate settlements with attorneys, other insurers, and clients directly. This position makes an average of $64,900 per year.
9. Compensation And Benefits Specialist
For companies who provide employee benefits, a compensation and benefits specialist helps to maximize coverage at the lowest cost possible for the business. They analyze employee positions and set the standards for salaries. This involves market research. On average, this position can earn $64,560 per year.
10. Junior Tax Associate
Tax associates develop policies relating to taxes and review internal fiscal systems to prepare tax documents. It’s necessary to have the minimum of a bachelor’s degree in accounting to work as a junior tax associate. On average, they earn $50,000 per year.
For those who are working in the field of finance or want to continue with their education after gaining some years of experience, the next steps could be to earn a master’s in business association (MBA) or take the CPA exam to become a certified public accountant.
Both of these qualifications open the door to higher-level positions and the potential for increased earning potential.
Wrapping Up
The finance field is filled with many different positions to choose from. Whether you are searching for a finance entry-level position or looking to advance in the field, there’s likely a position that will suit your desires. While finance jobs tend to be demanding and challenging, they are rewarding in both the duties you fulfill and the earning potential.
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