8 Popular Career Fields in Finance for 2023
As kids, all of us have different visions of the future. When asked about the career that we would like to pursue in the future, we always have many varying answers. These career choices keep changing as the years go by and we gradually realize what goes into a particular career choice.
However, as we grow older, we are required to chart a possible career to pursue in the future course of action. For instance, as we cross class 10, we are required to decide on a stream that we will be pursuing our studies in Arts, Commerce or Science. This is often taken to be a crucial step in deciding on our careers as many careers are dependent on the stream that we choose to study in.
Similarly, as we complete our 12th board examinations, we are required to choose a major to study on, a major that is supposed to be the centre of most of our careers, be it engineering, finance, literature, medical, etc. Sure, all of this becomes easier if you are completely sure about the career that you want to pursue or the subject that you would like to continue with.
Let’s take finance for instance. Let us suppose that you would very much like to pursue a career related to finance, or that you like the course of study that leads up to the study. And even if you are clear about having a career in finance, there are a lot of options to choose from.
Careers in finance are tough to crack yet some of the most sought after career options. Here is a list of some of the most common and popular career options in the field of finance.
- Accounting: Accounting is one of the most commonly known terms related to finance. Accounting is at the core of the smooth functioning of an individual or a firm’s finances. Accountants mostly have to deal with reviewing and updating the financial records of their clients, making sure that all the data is on point. Accountants are also skilled in business communication, decision making and, of course, financial management.
- Banking: Banking is one of the most commonly sought after career options in the financial field. Thanks to the advent of Internet banking, a career in banking has become much hassle-free than it was earlier. Among the several banking roles, the role of a banking investor is the most sought after as it provides several monetary benefits and thus helps to alleviate one’s status in society.
- Corporate Finance: Corporate finance is the way to go if you want to work at different multinational corporations. All big corporations have a finance department to seek help from in times of need, be it small or desperate. Corporate finance incorporates several financial areas such as accounting, auditing, budgeting, and taxation and so on.
- Equity Research: Equity research is one of the most prioritized and top career options in the financial sector. Equity research involves an in-depth analysis of stocks, along with knowledge of financial modelling as well as the valuation, to make decisions regarding investments, or seeking out the worth of investments. Professionals involved in equity research help individuals, firms as well as companies to successfully finalise important decisions regarding investments.
- Financial Advisor: As the name seems to suggest, a financial advisor is required to direct individuals to products that suit them the best. Financial advisors are required to help individuals with important financial decisions, listing down the pros and cons as they come their way. Financial advisors need to have the proper financial knowledge and also need to be well-versed in risk assessment.
- Insurance: The insurance sector is one of the fast-growing sectors in several of the developed as well as developing nations. The insurance sector has many roles for people related to the finance sector in areas such as the compliance department, insurance actuarial department, regulatory department etc. However, the most popular choice here is the role of marketing insurance.
- Portfolio Management: Portfolio management is a perfect career choice for those who fancy both the commerce as well as the science stream. Portfolio management is often referred to as a beautiful amalgamation of the two. It involves the establishment of an overall look over the different investments made by a company, without going in-depth. Portfolio management jobs are known to require good mathematical skills, in addition to statistics.
- Risk Management and Compliance: As the name seems to suggest, professionals in the risk management and compliance sector are required to evaluate the different financial risks that come in the way of operating a business, firm or company. They also need to oversee the functioning of the different departments and make sure that the compliance standards are appropriately met.
In addition to the above-stated career choices, there are several other career options relating to finance that one can choose from. To pick a career in the finance sector, it is advisable to have a stronghold on accounting, mathematical as well as statistical skills. Exploring Careers in the finance sector becomes a lot easier if one has pursued an education in the commerce stream.
Remember, careers in the financial sector are always evolving. You can choose a career that interests you the most and that you feel you will be the most invested in.
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