We hear a lot of news on how most of the MBA graduates remain unemployed. This begs the question, Is finance a good career path in 2021 and beyond? Well, let us dig deeper to know what the future holds for you.
The main reason why people opt for finance careers is because of its extravagant lifestyle, high paying jobs and lots of opportunities. If you think you can handle a lifestyle with 70 to 80-hour working weeks regularly, then Finance is an excellent option for you. The following are some of the reasons why people opt for finance as a career option.
1. High Paying Job
Careers in Finance come with considerable compensation. According to data from Glassdoor, financial analyst roles knock $72,000 or more in the US while accounting managers, financial managers, or even account executives can earn in the $80,000 to $90,000 range.
2. Exposure to Senior Executives
Working in the finance section can quickly help you work with the company’s top senior executives. You don’t have to spend decades to get promoted in the company to work with the seniors; finance jobs will give you the best seat right from the beginning.
3. Progression Opportunities
All you have to do is earn the necessary skill which is required in the finance industry. Then automatically, you can progress yourself in the company. Even if you want to quit the job, there are ample prospects outside.
4. Lots of Career Opportunities
After completing your finance degree, you can become a Financial Analyst, Finance associate, corporate controller, Finance Manager, CFO and even VP of Finance. So if you are planning to choose a finance career, it is pertinent to know that there is a wide range of opportunities.
Finance jobs are considered to be the most consistent of all. As we all know, there is a yearly increase of inflation rate at 6%, so there is a requirement of increment in salaries. Unswervingly, the finance managers get an increase in pay every year which is pretty prodigious. The highest 25% of earners, the wage rises to an average of $145,000.
6. Good Pay Right from the Beginning
Most of the jobs in this economy do not pay you great right after you have completed your degree; it will take years to earn a decent amount of money. But that is not the case with finance. For business school graduates, salaries are even higher. According to GMAC, the median wage for new MBA grads in the finance sector sits at $115,000.
7. Challenging Career
In the Finance industry, right after you graduate, you will get investment banking, corporate finance, and equity or debt research opportunities. These jobs are considered to be one of the most challenging. So you don’t have to worry about having a dull, mediocre and monotonous job.
8. Narrow Focus
One of the most important reasons people opt for Finance is that they have entirely narrowed down their focus. Specialising in one particular path will take you to places concerning job search. As we all know, ‘jack of all trades but master of none’ cannot help you bag a successful career.
9. Range of companies and businesses to work for
Whether it is an organisation, business, companies or even the Government sector, every organisation requires proper finance experts. So you can diversify your opportunities and choose the right one where you feel like you will fit in.
10. Job Security
Last but not least, the reason why finance graduates stand out even in the worst economy is because even if the company is going bankrupt, they need finance experts. Job security is an attractive advantage the finance career holds. Also, This allows you more freedom to switch cities, companies, etc.
As we all know, ‘It is easier said than done, if you want to excel in the finance sector, it requires hard work, consistency and patience. Let’s be realistic; you can’t just go to the top right away. Nonetheless, finance is a fulfilling and varied career path, with tech innovation opening up new opportunities for business school grads. There is a great long term advantage in getting into a finance career, and it is high time you kickstart your career in finance already.