Chapter 6: Jobs, Salary and Benefits
So we touched upon some of the potential jobs and career choices that might be available to you with a finance degree, but what sort of longer-term career paths might be open to you with an education within the field?
Well, it’s a good question, and one that can really have almost innumerable answers.
From working in a securities exchange to helping those with their financial planning or even working as a manager within the financial realm managing an office of financial employees to more analytical work as an accountant, tax advisor or planner, financial analyst for a corporation or government entity, or some combination of multiple careers, there are just so many routes that you can take when it comes to careers paths and opportunities within the financial field.
But let’s get down to the meat of the issue here. We’ve already talked about some of the job options and outside benefits of getting a degree in and working within the field of finance, but if you’re interested in money, you’re probably interested in how much of it you’ll be taking home with you at the end of the week. Therefore, in an effort to provide you with more concrete examples of the roles within the finance field and how they can pay off monetarily, here are some numbers from financial-related roles taken from the US Bureau of Labor Statistics May 2012 Occupational Employment and Wages report.
First off, let’s take a look at the mean annual wage numbers from some standard jobs within the industry:
- Accountants and Auditors – $71,040
- Budget Analysts – $72,100
- Credit Analysts – $69,500
- Financial Analysts – $89,410
- Personal Financial Advisors – $90,820
- Financial Examiners – $84,220
Now here are the annual mean wages for certain related financial industry roles:
- Credit Counselors – $43,670
- Loan Officers – $70,350
- Tax Preparers – $41,700
- Tax Examiners and Collectors, and Revenue Agents – $56,050
- Financial Specialists all Other – $67,020
And finally, here are some of the wage numbers of roles in financial management:
- Financial Managers – $123,260
- Chief Executives – $176,840
Of course pay for the various roles within the field may certainly range depending upon factors like region, government vs. non-government jobs, rural vs. urban roles, and the size of the organization for which you work as well as the level of responsibility and supervision required of the role.
According to the Bureau of Labor Statistics, some of the states with the highest employment levels for business and financial operations occupations for 2012 include California, Texas, New York, Illinois and Florida. States with the highest mean wage for 2012 included, District of Columbia, New York, Connecticut, Massachusetts, and Virginia.
It’s also important to bear in mind that many financial industry jobs can have associated monetary bonuses that can push the level of compensation for a particular job even higher.