Financial Careers: The Future of Money
Introduction
Finance, a field dedicated to money, will undoubtedly be lucrative for those who master it and can lead the industry. I’m going to cover the state of the job industry in finance, the challenges and trends we see right now, what may happen in the future, and my personal take/advice. Just to show how diverse the field is in terms of career options, see below for all the interesting pathways you could take in finance. These jobs obviously fit different people with different skill sets, but they’re all crucial to a thriving finance industry. I will also cover some of the different types of jobs for beginners who might want to get started.
Just to preface, the US Bureau of Labor Statistics projects finance growing in GDP share and employment by 7 and 15 percent (respectively), and this means we can see new jobs and opportunities that will draw more people to finance. This is why it is important to think of a career early and make sure you tailor your skillset accordingly.
Current Trends and Jobs in Finance
Initially, let me mention three of the most important or well-known jobs in finance, which represent the foundation of what people think when they think of finance.
Firstly, investment banking. Investment banking remains a cornerstone of the finance sector, providing individuals with an opportunity to work on high-stakes deals, mergers, and acquisitions. Investment bankers often play a crucial role in facilitating the flow of money and advising clients on financial strategies. Additionally, investment bankers generally make very high incomes and have stable jobs.
Next, traditional/commercial banking. Commercial banking is the bedrock of financial services, involving activities such as managing deposits, loans, and providing financial solutions to businesses and individuals. It offers a stable career path with opportunities for growth in areas like relationship management and credit analysis.
And lastly, one of the fastest-growing fields related to many types of analysis, asset management. Asset managers oversee investment portfolios, making decisions to maximize returns for clients. Careers in asset management involve a deep understanding of financial markets, risk management, and portfolio optimization. Basically, they are similar to investment bankers but they might be more directly involved in the qualitative and quantitative analysis.
Of course, feel free to search up other information and jobs, I’m just trying to say these are some of the most important ones.
Future Jobs in Finance
One of the future industries (in all reality, this is the present as well) — fintech. Fintech is all about using technology to make finance easier and better. It includes things like mobile banking apps and smart ways to handle money. Jobs in fintech can be in making software, studying data, managing products, or keeping things secure online. People in fintech help create new financial tools, improve how we use money and mix finance with cool tech.
Additionally, one of the hottest buzzwords in finance — blockchain, with its decentralized and secure nature, has applications beyond digital currencies, including smart contracts and supply chain management. Careers in this space include blockchain developers, cryptocurrency analysts, and compliance experts. It’s easy to see that finance-related technologies and jobs are starting to spread beyond the realm of just finance. I personally think this is great since it allows for codependence with sectors, which is generally good.
Conclusion
All of this, as I said earlier, means that the sky is the limit for finance. The new subsectors within finance involving alternate currencies, novel technologies, and generally speaking, an increased demand for efficiency will lead to innovations and people working on these innovations. Personally, I think the financial industry is in a spot where it is healthier than a lot of people realize. For example, CNBC reported that the finance industry is the number one industry Gen Z wants to work in. Whether or not this is spot on, we can’t doubt that people are taking finance a lot more seriously than we thought of when considering the meme stocks and bitcoin volatility of the last few years.
Disclaimer: The information offered by us may not be suitable for all investors. If you have any doubts as to the merits of an investment, you should seek advice from an independent financial advisor.
