Financial Careers- OK, you can finally say this iconic line from the hit Hollywood film Jerry Maguire. While the character of Cuba Gooding Jr. in the film is a soccer player and not an aspiring investment banker, the line resonates (so loud and clear!) with anyone who aspires to a career in finance, particularly in high finance.

So yeah, yell, “Show me the money!” And yes, remove it from your system. Phew!

Now that you’ve finally sobered up and read on, many believe that all it takes to dream of a career in finance is ahead for money, fast math, and a college degree; the truth is that it is much more complicated.

Behind the glitz and glamor of these Wall Street bigwigs lies an unquenchable fire in their bellies, tempered by patience, a lot of experience in the trenches, courage, bravery, and willingness to take risks, the right skills, relevant proof of education, and a thirst for continuing learning.

And how could we forget? Unlike most other careers, if you feel like walking the financial wire, you damn well qualify!

Why Financial Services?

A career in finance is thrilling, rewarding, and usually very lucrative. It appeals to young people who are very ambitious but also have a flair for economics and accounting and the ability to quickly and intuitively understand and process complex financial data and concepts.

Finance is about managing money. This definition can be divided into financial management and financial services.

Financial management is how an organization’s resources, whether a corporation, non-profit organization, or government agency, can be used effectively. It is where CFOs design and implement strategies to increase profitability within an organization.

On the other hand, financial services involve transferring funds between savers and borrowers, managing investment accounts, raising capital for businesses and governments, providing investment advice, and mitigating the risk of financial loss.

Professionals in this sector deal with debt markets, stock markets, futures and commodities, hedge funds, mergers, and acquisitions or work in less stressful areas such as banking, insurance, and corporate finance.

 Degrees for Careers in Finance

 University Diploma

Most careers, especially entry-level, require nothing more than a college degree. A liberal arts degree is an excellent place to start, but majors in economics, finance, business administration, and accounting are a huge plus.

But here’s a Tricky Question:

Do you need a bachelor’s or master’s degree in business administration?

Not necessarily. So why all the fuss about those three little letters?

 Master of Business Administration

Many consider an MBA a “pseudo-requirement,” a simple screening tool for employers to select candidates from various applicants.

So while a college degree with relevant primary and on-the-job training may suffice, an MBA gives you an advantage in hiring, promotions, and compensation.

 Legal Class

The financial services trade is highly regulated in personal finance, corporate finance, wealth management, or insurance, so a law degree is advantageous.

For example, a financial planner may need to deal with probate, trust, real estate, and inheritance law, while wealth managers dealing with the affairs of the super-rich may need to provide tax advice on a complex array of assets.

Computer Skills

Finance professionals often need to process and analyze data, especially at lower levels, such as financial analysts and employees who do all the legwork.

Computer programs that help create databases of calculations, models, graphs, charts, and tables most efficiently achieve this.

Certificate

Think of a career in finance as ongoing education. If you are in it for the long haul and want to improve your credibility, you must take regular exams and get licensed and certified.

The type of certification you need depends on the job you are in. For example, traders who buy and sell securities and trade financial products must obtain a Financial Industry Regulatory Authority (FINRA).

On the other hand, financial advisors, especially those in managerial positions, need a CFP certification (Certified Financial Planner).

Financial analysts take the Chartered Financial Analyst exam because it certifies their knowledge of securities and investment vehicles and indicates that they are familiar with quantitative methods for stock analysis.

Another required certification is that of a Certified Public Accountant (CPA), a must if you consider a career in accounting and auditing. Do I have an idea?

Financial Careers and Salaries

Most financiers are in for the thrill, but let’s face it, the money is good too, perfect. But before we search this page for numbers, let’s first understand some concepts.

A financial professional’s compensation almost always includes a bonus or commission component on top of their “base salary.” Bonuses make up a more significant proportion of payments at investment banks, wealth management firms, and brokerage firms than banks and insurance companies.

Additionally, as you climb the ranks, you will receive a more significant percentage of your bonus salary, a combination of your department and company earnings. Unlike dividends, commissions are stereotypical.

Employees such as financial advisors who receive commissions are typically in sales positions. The revenue generated by your customers and other key metrics, such as B. the value of your customer accounts, determine your commission.

Real Numbers Financial Careers

So, if you’re looking for real numbers, here they are. At the lower end of the scale, a financial analyst makes about $80,000 annually—more than a retail bank branch manager, who makes $62,000 at the entry-level level and rises to $154,000 at the top level.

But there is some solace in this relatively “secure” job. A branch executive earns more than an insurance manager. Whose annual compensation, including bonuses, is approximately $103,800.

If you join as a trader, you can expect to earn $70,000 at the entry level and up to $200,000 as an affiliate trader. Derivative works are even more lucrative.

But there’s a lot at stake here: investment banking. Junior professionals such as sales, commercial, research, and M&M&A professionals attract up to $195,000 per year, while employees earn around $270,000.

At higher levels, such as vice president, salaries top $460,000, while directors or CEOs earn $700,000 annually.