By the end of the decade, some professions became the hero, while others got dimmed in their demand—all credits to rapid technological advancement and constant evolution. Well, 2020 is here, and people are significantly moving towards finance studies. An increasing number of businesses and entrepreneurial setups are the cause of such motivation. Candidates are foreseeing their career prospects and growth in the finance industry.
For guaranteed success in the finance world, you should have specific skills and talents. It is a requirement for candidates to understand certain financial principles along with the foundations of financial management. Nevertheless, getting a degree in finance is a significant investment of both time and money. If you have recently completed your degree in the field of finance, you have a great foundation as you can now get a specialization in different types of subfields that are related to finance. Holding a bachelor’s or master’s degree in the field of finance is an excellent choice as it offers many types of challenging job opportunities that will help you in your career.
You might know that the salary of a finance-related job is very high compared to other business degrees; however, you need to do a specialization to get hired for a specific role, usually at a bank or firm. These roles have different responsibilities and salaries. This article aims at sharing with you the eight best finance specializations that you need to know this year.
- CREDIT ANALYST
Credit analysts analyze financial data of a company or organization and assess the risk that is involved for said organizations when someone applies for a loan or line of credit. The bank or the lending organization uses this compiled data to determine whether the loan or line of credit should be granted or rejected, determining the loan’s interest rate.
To become a credit analyst, you need to have a degree in finance or a similar field as a start. It would help if you then got yourself certified as a CBCA (certified banking and credit analyst) to apply for such a role. The credit analyst career path offers plenty of opportunities and platforms for its candidates if they manage to develop a profile favorable to the organization. The average yearly salary of a credit analyst is around 68,000 dollars, but that also depends on your level of experience.
- BUDGET ANALYST
A budget analyst’s job is to help organizations and businesses to stay on track with their cash to strike a balanced budget. They do this by running regular financial reports and using these budget reports to help the hierarchy make business decisions accordingly. To become a budget analyst, one must have at least a bachelor’s degree in the finance or related field.
To become a certified budget analyst, you need to have a bachelor’s degree, with a minimum of 24 credits hours in financial management, two years of work experience, and you have to give a series of exams and pass them with a good grade. A budget analyst can earn, on average, around 73,000 dollars yearly. It is a vast field to get certified in, and job security is excellent as well.
- LOAN OFFICER
They usually use a process called underwriting to evaluate and authorize a loan request for organizations or individuals. The salary of a loan officer often depends on the experience of the loan officer. It is also dependent on whether someone is a consumer loan officer or a commercial loan officer. A loan officer can usually earn even more money from commissions and bonuses. You can get certified as an MLO( mortgage loan officer) to specialize in this field. Loan officers earn an average of 73,000 dollars per year.
- MANAGEMENT ANALYST
Management analysts are sometimes also called management consultants. The core responsibility of a management analyst is to increase the efficiency of a company or business. A management analyst examines the procedures and operations of a company or industry and looks for any forms of inefficiencies that may be present in said procedures.
A bachelor’s degree in the finance or related field is a requirement. However, you can specialize in this field by becoming a certified CMC (certified management consultant). The average yearly pay of a CMC is around 83,000 dollars.
- FINANCIAL ANALYST
As a financial analyst, look at the market and economic trends to stay ahead of the curve and advise businesses and companies to invest their money in the right place. A financial analyst can also determine the value of a business or company by looking at financial reports and assessing them accurately according to market value.
For specialization, you need to get certified as a CFA (chartered financial analyst). It is one of the most prestigious certifications to have in the field of finance. The average yearly salary of a business analyst is around 85,00 dollars.
- FINANCIAL EXAMINER
The primary responsibility of a financial examiner is to keep commercial organizations, like banks and loan providers, legally compliant. Their job is to ensure that these organizations are following government rules and regulations and operating according to them. They perform risk management to ensure banks and loan providers enjoy safe loans.
To become a certified financial examiner and specialize in this field, you must get an AFE (accredited financial examiner) certification. The average salary of an AFE is around 80,000 dollars per year.
- PERSONAL FINANCE ADVISOR
The job responsibilities of such personnel are vast and can be anywhere from life insurance, investments, retirement, estate planning, or budgeting help. To secure a job as a personal finance advisor, a bachelor’s degree in finance or accountant is a requirement. To become a certified financial advisor, getting a certification as a CFP (certified financial planner) is a must. Job salary is usually around an average of 89,00 dollars per year.
Becoming an accountant is the most common specialization in the field of finance. To get certified as an accountant, you need to get a CPA (certified public accountant) from the association of chartered certified accountants (ACCA). Also, a bachelor’s or master’s degree in finance is a must if you want to apply to become a CPA. Job salary is around an average of 70,000 dollars per year.
Finance and accounts specializations have been very common in the last decade or so. As the word goes through changes due to the introduction of new economic reforms, the demand for individuals who carry different finance certifications has also increased. Individuals who hold a bachelor’s or master’s degree, along with certification, get preferred over individuals.
Thus, considering all the perks and requirements, prepare a roadmap, and begin with your journey!