Share this post:
This post was originally published in June 2022 and has been updated for freshness, accuracy, and comprehensiveness.
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 with no previous experience.
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 high-paying salaries and bonuses for those who put in the work.
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 Bureau of Labor Statistics expects finance careers to grow faster than the average for all occupations during this decade. This above-average growth will result in a median of 963,500 job openings per year, between employment rise and replacing workers who’ll retire during this time.
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 even with a non-finance degree.
Here are 6 tips to get you started in an entry-level job:
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 best entry-level jobs in finance that are worth your while.
As an investment manager, you’ll land a high-paying entry-level job that doesn’t necessarily require employment by a company. In this role, you’ll advise and help your clients develop their investment portfolios; therefore, you’ll need strong analytical skills to evaluate portfolios, study performance reports, and present options to your clients to diversify and optimize their trade securities.
If you choose to be employed, your responsibilities will revolve around the company’s financial health; most of your strategies will focus on your organization’s long-term growth. According to Indeed, depending on your employment conditions, you can make $99,604 to $118,280 as an investment manager.
This is one of the highest-paid entry-level positions in finance, with an average salary per year of $99,890. Financial Analysts are essential for companies because 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.
This is another position you should consider if you want to begin a career in finance since it’s another well-paid entry-level job with a yearly salary of $99,580. 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 is a highly valued skill in this career since their role includes explaining complex concepts to their clients.
Although traders are, in most cases, self-employed professionals, this position works similarly to an entry-level job as it allows you to get into the finance industry even if you have a non-finance degree. To be proficient in this role, you’ll need strong analytical skills and deep knowledge of the financial markets to develop trading strategies and improve your asset’s profits.
If you want to become a trader but don’t feel comfortable with the idea of being independent, you can have the backup of a financial institution and be employed by a bank, trust funds, or investment firms. The average trader salary is $96,774 a year, but depending on your proficiency in the role, you can increase your earnings from bonuses, commissions, or even your own portfolio.
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 that involves 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 $84,940 per year, although this may vary depending on experience and certifications.
Even though this position is available at many companies, it can also work to make your way into the finance industry. As a compensation analyst, you’ll help businesses set the proper salary for each one of their open positions; for that reason, you’ll need to have a solid research skill set, as you’ll have to learn what your company’s competitors are paying for similar roles.
As you’ll be in charge of creating compensation structures and making recommendations on raises and bonuses, you’ll have to be aware and comply with salary transparency laws, set goals for pay equity, and even do some recruitment-related tasks, such as creating job descriptions and staffing reports for management. If you lean for this entry-level finance job, you’ll likely make $83,439 a year, depending on your location, the company that hires you, and which industry it belongs.
Accounting skills and financial services related to taxation will always be in constant demand; therefore, accountant jobs are among the best-paying 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 that it often leads to corporate jobs such as budget director, comptroller, accounting manager, treasurer, or even Chief Financial Officer. According to the Bureau of Labor Statistics, the median annual pay for this occupation is $79,880, and its growth expectation is 6% for this decade.
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.
Another insurance-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.
This is an excellent choice for those wanting to start a career in the financial industry without related degrees. To land this entry-level job you’ll need a professional license more than specific education or formal studies in a financial field. They usually work for banks, credit unions, mortgage companies, and other financial institutions.
As a loan officer, you’ll mostly assess clients’ financial situation considering their income, debt, and assets, to determine if they’re eligible for a loan. By underwriting, loan officers examine other financial factors affecting loan eligibility, such as employment, credit history, and savings.
According to the Bureau of Labor Statistics, the median annual salary for loan officers is $69,990; nevertheless, the salary will vary depending on their work division—mortgage, commercial, consumer, etc. Therefore, there are loan officers who can significantly increase their earnings up to $183,272 via commissions.
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 contacting an expert recruiter who will help you achieve your goals.
Contributed by Luis Arellano
WHAT DO YOU NEED TO FIND?
