employment roles in the finance industry

Are you looking to make a career move? A job in the financial industry is worth your consideration.

The financial industry is expected to grow by eight percent by 2030. It’s also a rewarding career, with the average salary climbing above $72,000 a year.

There’s no doubt that you’ll have job security and financial security. The question becomes how you can apply your skills in the financial industry.

What are the employment roles? What skills and education do they require? These questions come up anytime you consider a career change.

Fortunately, this article has you covered. Read on to learn what your financial career options are and how you can get started.

1. CPA

When you think of financial employment roles, this is usually the one that comes to mind. A CPA is a Certified Public Accountant.

That’s not the same as an accountant. An accountant goes to school for four years and handles bookkeeping tasks and some tax issues.

They can’t sign tax returns or represent clients on behalf of the IRS.

Only CPAs can do that. CPAs have to go through a rigorous process to get certified. They have to pass an exam and they’re overseen by the Board of Accountants in your state.

CPAs generally earn more than accountants.

The great thing about being a CPA is that you have several choices to build your career. You can work for someone else in an accounting firm.

Another option is to find freelance CPA jobs, where you work on your own time. This gives you more freedom over your schedule.

Entrepreneurs can start their own accounting firm and hire CPAs to work with clients, while they guide the growth of the business.

2. Financial Advisor

Do you want a rewarding career that helps people reach their financial goals? That’s what financial advisors do.

They work with individuals and couples, talk about their dreams, goals, and come up with strategies to achieve them. You might help a family save for retirement or pay for a college education.

Financial advisors can grow their careers and become Certified Financial Planners. The CFP certification takes years of experience to obtain.

Once you do, you have the skills to develop long-term relationships with your clients. You’ll also earn more money.

3. Bookkeeper

How does a bookkeeper differ from an accountant and CPA?

Bookkeepers help people and businesses maintain their business books. They enter transactions, invoice clients, and occasionally pitch in with collections calls.

Bookkeepers categorize transactions and prepare your financial data for accountants and CPAs. The accountant or CPA takes that information to create your tax returns or provide tax advice.

Bookkeeper is one of the financial career options that doesn’t require a four-year degree. It’s possible to start a bookkeeping career in one or two years.

Get a bookkeeping certificate or associate’s degree. You can work for a company as an employee or you could become an independent contractor.

As an independent contractor, you can take on several clients, determine your own pricing, and set your own hours. Many bookkeepers that work as independent contractors work from home.

4. Insurance Underwriter

Insurance underwriters are good at assessing risk. They look at a business, building, or equipment and decide if an insurance company should provide coverage or not.

They apply statistical analysis, accounting, and financial skills to determine the financial risk to the insurance company.

You do need to have a four-year degree in statistics, accounting, or finance. You also need to have experience as an insurance underwriter.

It’s possible to get hired as a junior underwriter out of school. An insurance company may require a certification as an underwriter in order to advance in the company.

5. Auditor

Auditors review financial documents and reports for errors. It’s their responsibility to ensure an organization complies with all industry regulations.

Auditors review the financial policies and procedures and make recommendations if necessary. Auditors have to be aware of how technology gets used to store financial data and the impacts on compliance.

Auditors work internally for companies or they can get hired as independent entities. If you’re an internal auditor, you would work with the independent auditor to make sure they have the relevant information they need to do their work.

Auditors often start as CPAs and then get certified as an auditor. The most common certifications for auditors are Certified Internal Auditor, Certified Information Systems Auditor, and Certified Financial Services Auditor.

6. Mortgage Broker

Mortgage brokers work with real estate agents and homebuyers to secure financing to purchase a home.

They take the financial information such as income, credit score, and credit history to determine how much someone can borrow and at what interest rate.

Other related job titles are loan officers and mortgage specialists. People with these titles tend to work in banks and other lending institutions.

The difference between brokers and loan officers is that loan officers can only recommend loans offered by the company they work for.

Mortgage brokers have relationships with several institutions. They can offer a broader variety of loan products, often at better rates.

To get a job as a mortgage loan officer or broker, you need to get licensed through the National Mortgage Licensing Service and in your state.

7. Forensic Accountant

For people who enjoy solving mysteries and applying accounting and auditing skills, forensic accounting is the job for you.

They work to prevent or uncover fraud. Forensic accountants start as CPAs. They might work on cases such as money laundering, tax fraud, insurance claims, and securities fraud.

Exciting Employment Roles in Finance

New opportunities open up in the financial industry every day. This article only scratched the surface of the employment roles in finance.

For some careers in finance, you don’t even need a four-year degree. It’s a great way to start your new career without carrying a huge student loan.

What’s next now that you know some of the top jobs in the financial industry? Head over to the Tech section of this site to learn about the latest technology and how you can use it in your work.

https://cdn.newsflashing.com/2021/11/Employment-Roles-in-the-Finance-Industry-768x431.pngNF_Editor FinanceEmploymentAre you looking to make a career move? A job in the financial industry is worth your consideration. The financial industry is expected to grow by eight percent by 2030. It’s also a rewarding career, with the average salary climbing above $72,000 a year. There’s no doubt that you’ll have job security and financial security. […]