Finance
Finance is driven by technology and talent. Whether working on Wall Street or with a small business, finance professionals do more than analyze spreadsheets. They make data-driven decisions that can shape the future of an organization. Or change the trajectory of a client’s legacy. Now that’s paying it forward.
6.4 million
people today
work in finance and insurance*
$69,820
average salary
for business and financial occupations*
*U.S. Bureau of Labor Statistics
At its basic functional level, this field is all about managing money. It places great value on the use of data and analytics to help individuals and organizations make more informed financial choices.
Those with formal finance training can apply their skills within institutions, individuals, businesses, nonprofits, and government organizations. After all, finance is not just about balancing the books; it’s also about identifying opportunities for growth.
Essential duties
Responsibilities vary widely based on specialization, but typical tasks in this area include:
- Reviewing and preparing financial reports
- Monitoring financial accounts
- Preparing strategies for investment
- Managing financial activities related to mergers and acquisitions
- Guiding expansion goals
- Evaluating the finances of various departments in a company
- Tracking daily reports
- Working with accountants
- Monitoring cash flow
- Analyzing targets and strategy development
Key skills
DECISION-MAKING
Being able to confidently make decisions using all available data is crucial to an organization’s success, and companies have begun to prioritize this skill in their new hires.
TECHNOLOGY
With wider access to financial data comes the need for advanced skill in using it effectively and efficiently. While automation has been used in the finance sector for quite some time, data science is becoming more important than ever. Knowing how to leverage the power of machine learning, artificial intelligence, and even blockchain technology will help increase your marketability to employers.
LEADERSHIP
Many positions in finance require you to provide leadership support or directly manage your own team. Having a strong set of leadership skills will help you to communicate effectively and ensure that organizational goals are being met.
PROBLEM SOLVING
Many finance professionals work regularly to solve complex problems. If investments perform poorly (and even if they perform well), you must be able pinpoint to what happened and why. Good problem-solving skills can help you stand out, especially within companies that are seeking to improve their bottom line.
ATTENTION TO DETAIL
Finance majors spend a lot of time looking at details, including market updates and investment data. Generating models from such small bits of information is not always easy. Refining your attention to detail can help you achieve greater success, whether as a financial manager, an analyst, or in a different role.
Employment of business and financial professionals is projected to grow 5% from 2019 to 2029, which is faster than the average for all occupations. During this period, approximately 476,200 new jobs are expected to be added.
Here’s a brief look at where the industry is headed:
Greater focus on technology
Demand for finance professionals is expected to increase as technology advances. Software and applications offer automated services, analytical tools, and forecasting features. Financial analysts will be needed to gather big data and other essential information from these systems in order to provide analysis and generate financial reports.
Growing need for skilled talent
Data compiled by Burning Glass Technologies indicates the finance industry is struggling to find and place highly skilled workers. On average, it took 35 days to fill these roles, and for some specialized positions it took up to 54 days. This data suggests that professionals with advanced education in finance may have an even greater advantage in the job market.
Increased importance of hybrid skill sets
Today’s finance-related occupations increasingly require a combination of business and technical skills. More employers are seeking well-trained professionals who not only have a solid grasp of finance principles and an understanding of industry trends, but also baseline skills in complementary areas such as communication, visualization, and research.
Top 10 skills in the finance industry
In the finance industry, 40% of the fastest-growing skills related to some type of software, while the remaining 60% require information literacy.
Here are the top 10 skills that will see the highest projected growth in the finance industry:
Skill |
Projected Posting Growth (2018-2023) |
|---|---|
| Operating Systems | 158% |
| Java | 133% |
| Data visualization | 131% |
| Financial advisement | 111% |
| Scripting languages | 85% |
| Financial trading | 71% |
| Marketing software | 71% |
| Cash management | 62% |
| Claims processing | 55% |
| Insurance industry knowledge | 50% |
Source: Burning Glass Occupational Insights, 2019
Outlook for new graduates
If you have an eye for the finer details and an interest in helping people make smart investment decisions, then a career in finance could be your ideal path. It could also position you for growth in a dynamic industry that offers considerable earning potential.
According to the U.S. Bureau of Labor Statistics:
- As globalization continues, an increasing number of companies are turning to finance professionals to help them manage their cash flow
- Employment of financial managers is projected to grow 15% from 2019 to 2029, more than three times the average for all other occupations
- Examples of median salaries for finance-related occupations include personal financial advisor ($87,850), financial analyst ($81,590), and financial examiner ($81,090)
Relevant industry associations
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