Beginning a career in finance can seem overwhelming. Whether you’re a new grad or just looking for a career change, the challenge is the same: getting your way through a competitive field. Fortunately, the financial industry has one of the lowest unemployment rates and many entry-level jobs are perfect for starting your path in this sector.
Even if some entry-level finance positions don’t look like your dream job, the good news is this industry offers plenty of chances to evolve in the field, develop your skill set, and build up your network. Also, these finance careers are known for their well-paid salaries and bonuses for those who put in the work.
What is the outlook for financial careers?
Although almost every job market is expanding at a high pace, finance stands out above others because of its brightly optimistic expectations in offering an ever-growing supply of job opportunities. While the demand for financial experts keeps increasing, the number of students interested in a finance major keeps pace since it’s one of the most lucrative careers.
The finance industry will always provide a good career path since it has a wide variety of job opportunities. You can rest easy knowing the starting point for a career in this sector isn’t strictly attached to having a finance degree. Depending on your skill set, experience, and interests, you can make your way in the finance industry, and here are 6 tips to get you started in an entry-level job:
But enough preamble; by now, you probably want to get your hands on the information that will convince you to enter this industry, so here are the top entry-level jobs in finance that are worth your while.
7 entry-level finance jobs
Financial Analyst
This is one of the highest-paid entry-level positions in finance, with an average salary per year of $81,410. A Financial Analyst is essential for companies since they are responsible for analyzing budgets, researching potential investments, improving financial performances, conducting business studies, and developing forecast models.
Financial Analysts usually work for banks, insurance companies, consulting firms, large investment groups, and other corporate entities. For this entry-level job, a bachelor’s degree in finance or a related field is mostly required, as well as a CMC or CFA certification will make a job-seeker more desirable.
Accountant
Accounting skills and financial services related to taxation will always be in constant demand; therefore, accountant jobs are among the best entry-level jobs you can pick, especially if you’re a new graduate. Typical environments for this career are mainly accounting firms, and large companies, but independent contract work with businesses or individuals is also an option.
Another benefit of this position is it often leads to corporate jobs such as a budget director, comptroller, accounting manager, treasurer, or even a Chief Financial Officer. According to the Bureau of Labor Statistics, the median annual pay for this occupation is $77,250, and its growth expectation is 7% for this decade.
Insurance Underwriter
Insurance careers are tied to the finance industry, so this may be an excellent option for you if you prefer a position less related to budgeting and taxation. This entry-level job is perfect for those who want to avoid any kind of fieldwork; their functions are mainly to evaluate applications, establish policy rates, and decide the terms of provided coverages.
Insurance Underwriters make approximately $76,390 a year. Although many people in this role have bachelor’s degrees, another perk of this position is that you can get a job and grow if you have strong analytical skills and a background in insurance-related work.
Personal Financial Advisor
This is another position you should consider if you want to begin a career in finances since it’s another well-paid entry-level job with a yearly salary of $94,179. Personal Financial Advisors usually evaluate the monetary needs of individuals and assist them with investing, budgeting, and savings; some also offer tax services or sell insurance and other financial products in addition to their counseling services.
Personal Financial Advisors don’t need any specific degree. Professionals with math, economics, finance studies, or even industry credentials can be placed ahead of their competition. Effective communication it’s a highly valued skill in this career since their role includes explaining complex concepts to their clients.
Loan Officer
Loan Officers recommend, evaluate, and authorize loan applications for individuals and businesses. They usually work for banks, credit unions, mortgage companies, and other financial institutions. Their work may also fall under specializations such as commercial loans, mortgages, or personal loans.
This is an excellent choice for those wanting to start a career in the financial industry with no related studies or degree. In most cases, this entry-level job doesn’t require formal education, only a professional license.
The salary for this career may vary depending on the work division and bonuses or commission your employer may offer. Still, according to the Bureau of Labor Statistics, the median annual wage for Loan Officers is approximately $63,380.
Budget Analyst
Budget Analysts help private and public organizations organize their annual budgets, keep records of expenses, and evaluate their financial goals. They ensure budget proposals are on point by making financial reports, determining funding needs, and assessing operational decisions for any expenses.
Suppose you are looking for a career with a lot of collaborative work and puzzle-solving. In that case, this position is perfect for you! Another perk of this entry-level job is its excellent benefits and payment; budget analysts earn approximately $79,940 per year, although this may vary depending on experience and certifications.
Claims Adjuster
Another insurance work-related position for recent finance graduates or those seeking an entry-level job in this industry is Claim Adjuster. Their duties can go from evaluating damaged property and providing an estimate for repairs to assessing responsibility in an accident and claiming the terms of a settlement. Others work as investigators in cases of suspected fraud or insurance-related crimes.
Usually, to become a Claim Adjuster, you need a college degree; however, most of these positions require specialized training and license. According to the BLS, the median annual wage for this job is $64,710, and about 25,500 openings are projected per year.
If you’re serious about getting your foot in the financial and accounting sector, preparation and keeping your knowledge up to date is essential. Remember, entry-level jobs are about positioning your name in the industry, so consider reaching out to a financial expert or a recruiter that will help you achieve your goals.
