- High Paying Jobs: Finance offers higher-than-average salaries, even at entry-level positions.
- Diverse Opportunities: Entry-level roles range from analysts to tax associates, auditors, and financial advisors.
- Lack of Diversity: Women and minorities are underrepresented, especially in senior roles.
Growing Industry: Finance jobs are projected to grow by 8% between 2022 and 2032, according to the BLS.Why Finance is a Lucrative Field
The finance industry is known for its high-paying jobs, whether you're starting out or at the top of your career. According to Glassdoor, the estimated total compensation for an entry-level finance job is around $64,239 annually, including bonuses. This is significantly higher than the average entry-level salary across other industries.Graduates with specialized degrees in finance, business, or related fields can expect even higher starting salaries. The National Association of Colleges and Employers (NACE) predicts that 2024 graduates with degrees in financial-related fields, including business majors, will start with an average salary of $63,907. For financial specialists like accountants, analysts, and tax professionals, starting salaries are expected to reach around $63,847.
Education Requirements for a Career in Finance
While you don’t need a degree from a prestigious Ivy League school to break into finance, a solid educational background is essential. Most financial institutions require at least a bachelor’s degree, with preferences often given to candidates with majors in fields like finance, accounting, economics, or applied mathematics.According to a NACE study, graduates with majors in engineering and computer sciences tend to command higher salaries in finance compared to those with sales or marketing backgrounds. This highlights the importance of strong analytical and quantitative skills.
Internships: The Stepping Stone to Success
Securing an internship is a critical step for anyone looking to start a career in finance. Many firms actively recruit for summer internships on college campuses or hold exclusive workshops, symposia, or networking events, such as the Goldman Sachs Possibilities Summit or Morgan Stanley's Early Insights program.Internships are not only valuable for gaining real-world experience, but they also provide a fast-track into full-time roles within the same company. Many financial firms use internships as a key part of their recruitment pipeline, so landing one significantly increases your chances of securing a job offer post-graduation.
Certifications and Continuing Education
If you're already a graduate or working professional, earning finance-specific credentials can help boost your resume and marketability. Credentials like the Chartered Financial Analyst (CFA), Certified Public Accountant (CPA), or Certified Financial Planner (CFP) are highly regarded in the industry and can open doors to specialized roles. These certifications demonstrate a commitment to the field and a deeper understanding of specific financial practices.Additionally, the Securities Industry Essentials (SIE) exam, introduced by FINRA in 2018, allows individuals to showcase their basic industry knowledge even without prior sponsorship from a financial institution. This exam is ideal for those looking to demonstrate their commitment to finance early in their career.
The Lack of Diversity in Finance
Unfortunately, the financial sector still suffers from a significant lack of diversity, especially in leadership roles. Despite some efforts, women and people of color remain underrepresented in the industry.For example, according to the CFP Board, the number of Black and Latinx CFP professionals grew by 8.8% and 10.3% respectively in 2022. However, this still represents a very small fraction—only 4,476 out of over 95,000 certified financial planners are Black or Latinx.Several organizations and initiatives, such as 100 Women in Finance, the Greenwood Project, and the Blackstone Future Women Leaders Program, aim to support women and minorities in finance. For students, scholarships such as the National Association of Black Accountants National Scholarship and the AICPA Minority Scholarship can help increase representation by supporting the next generation of financial professionals.
Entry-Level Jobs in Finance
Breaking into finance might seem challenging, but the industry offers a wide range of entry-level roles that can help you gain a foothold. Here are some of the most popular entry-level jobs in finance:
- Financial Analyst
Financial analysts play a crucial role in advising companies or clients on investment decisions. They analyze market trends, review financial data, and create forecasts to help guide investment strategies. Financial analysts often work for investment firms, insurance companies, and consulting firms. The BLS estimates an average growth rate of 8% in this role through 2032, with a median salary of $96,220 as of 2022. - Investment Banking Analyst
Investment banking is one of the most prestigious sectors in finance. As an entry-level analyst, you will assist with various deal-related tasks, including financial modeling, industry research, and data collection. These roles are typically available at investment banks, hedge funds, and venture capital firms. According to Payscale, the average starting salary for an investment banking analyst was $81,579 in 2024. - Junior Tax Associate/Accountant
Professionals specializing in tax law and accounting are always in demand. A junior tax associate’s job involves preparing tax returns, ensuring compliance with regulations, and conducting research. This position often leads to higher-level roles such as CFO or budget director. The BLS reported a median salary of $57,950 in 2022 for tax professionals. - Personal Financial Advisor
Personal financial advisors help clients manage their finances, plan for retirement, and make investment decisions. Many also sell insurance or provide tax services. This role offers significant growth potential, with the BLS predicting a 13% growth rate through 2032. The median salary for personal financial advisors was $95,390 in 2022.
Future Outlook for Finance JobsThe finance industry is expected to continue growing at a steady pace. According to the BLS, financial jobs are projected to grow by 8% between 2022 and 2032, adding about 911,400 new openings annually. As the financial world evolves, emerging fields such as financial technology (FinTech), environmental finance, and data-driven investment strategies are expected to offer even more opportunities for skilled professionals.While the competition for jobs in finance can be intense, those who are persistent, well-prepared, and adaptable can build highly successful careers. The key is to stay up to date with industry trends, pursue relevant certifications, and continually expand your professional network.
Conclusion: How to Get Your Foot in the Finance Door
To build a career in finance, you need more than just a degree; you need strategic planning and a commitment to continuous learning. Whether you're pursuing internships, gaining certifications, or networking at industry events, every step helps to strengthen your position in this competitive field. And while landing your dream finance job may take time, starting out in an entry-level role with the right company can set you on the path to long-term success.Breaking into the finance industry is possible for anyone willing to put in the effort. Keep refining your skills, expanding your network, and staying updated on the latest developments in the financial world. Whether you aspire to become a financial analyst, investment banker, or personal advisor, the opportunities in this industry are vast, and the rewards—both financial and professional—are well worth the effort.By following these steps and remaining persistent, you can not only get your foot in the door but also unlock numerous possibilities for a rewarding and dynamic career in finance.
.png)
