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The Best Earning Positions in Finance

The Best Earning Positions in Finance

Employment projections for the best earning positions in finance are positive and have shown demonstrated growth. If you think finance is the right industry for you, then read on to discover the highest paying jobs in the US finance market, their associated salaries and requirements.

Requirements

In order to achieve any of the best-paying jobs in finance you have to have the corresponding education, skills and work experience. A bachelor’s degree is the minimum requirement for most career trajectories within this industry, but an MBA, other master’s degree or Ph.D. gives you better chances of advancement up the career ladder. 

Essential skills for individuals wanting to land the best earning finance jobs include:

  • Financial Planning & Reporting
  • Computer & Technology Skills
  • Mathematics & Statistics
  • Great Verbal & Written Communication Skills
  • Close Attention To Detail & Problem Solving

Once you satisfy the main objectives required for any of the best-paying jobs in finance, you need to prepare to find a job. Before you can start applying, you should make sure you have an optimized resume and cover letter. 

What Do Finance Jobs Normally Pay? 

Chief Financial Officer 

Chief financial officers oversee the implementation of procedures that make sure organizational funds are utilized efficiently and are accounted for. A bachelor’s degree can help to find employment. However, an MBA or other master degree increases your chances. On top of an optimal education, chief financial officers need several years of relevant work experience and it can take most people 10 to 15 years to become eligible for this position.

Chief Financial Officer Salary & Career Path

There are several career paths you can take in order to obtain a high paying finance job, like working as a company controller or corporate treasurer. Being a Chief Financial Officer is the highest finance position within a company with only the CEO above you. The national chief financial officer salary ranges from $83,000 to $156,000 and averages at $119,000.

Tax Director & Senior Tax Manager 

Depending on the work environment, tax directors and senior tax managers are two high paying jobs in finance that are often considered the same type of position but with different responsibilities. Some companies act as if these two have similar but different roles. The tax director is usually further along on the career path.

Tax directors are responsible for their company remaining in tax compliance, planning and income tax accounting. To pursue a career as a tax director or senior tax manager, you need to have at least a bachelor’s degree in tax accounting and several years of experience in the financial industry.

Tax Director & Senior Tax Manager Salary & Career Path

Most tax directors or senior tax managers have previous work experience in the tax industry as a tax manager, tax accountant or tax analyst. Potential career paths after working as a tax director include finance jobs like corporate controller, finance director and chief financial officer.

The national senior tax manager salary ranges from $91,000 to $148,000 and averages $117,000. 

Financial Quantitative Analyst

Financial quantitative analysts are experts in subjects like math and statistics are a requirement in order to analyze financial data, develop financial models while conducting research on relevant products and assessing risks. Quantitative analysts can work in banks, insurance companies, asset management firms and other financial institutions.

In order to be considered for a career in this field, financial quantitative analysts need to have a bachelor’s or master’s degree and a Chartered Financial Analyst certification. 

Financial Quantitative Analyst Salary & Career Path

After meeting all of the educational requirements and becoming a Financial Quantitative Analyst, you need to learn how to apply these skills in the field through an internship or assistant position. Once you are ready to move up the career ladder, financial quantitative analysts can become data scientists, directors or other senior managerial roles within the industry.

The national financial quantitative analyst salary ranges from $76,000 to $125,000 and averages at $98,000. 

Finance Manager

Finance managers are in charge of making long-term planning and investment decisions for their clients. They work closely with many departments and executives in addition to usually having the last word on important financial decisions. Like other highest-paying finance jobs, finance managers have at least a Bachelor’s Degree even if a Master’s Degree is preferred.

After filling the educational and work experience requirements, finance managers make an effort to attain a Financial Analyst Certification. 

Finance Manager Salary & Career Path

Finance managers begin their career as Financial Analysts or Accounting Managers. In order to land entry-level finance manager roles you usually need at least five years of experience in both finance and accounting. Some common career paths for finance managers include senior management positions such as Corporate Controller and Director of Finance.

The National Finance Manager salary ranges from $59,000 to $124,000 and averages $93,000. 

Financial Risk Manager

A Financial Risk Manager's main responsibilities include developing and implementing risk management, compliance policies and procedures while identifying potential risk exposure and promoting loss prevention. Similar to other jobs within finance, the skills needed to excel in this role include superior organization, interpersonal, project management skills and a strong attention to detail. Besides obtaining a post-secondary education degree, you need to be accredited by the Global Association of Risk Professionals.

Financial Risk Manager Salary & Career Path

A majority of Financial Risk Managers begin their career as Risk / Insurance Analysts or Consultants. Possible career paths for Financial Risk Managers include becoming a Risk Management Director, Chief Financial Officer, Vice President of Operations, etc.

The National Risk Manager salary ranges from $67,000 to $117,000 and averages $93,000. 

Accounting Manager

Accounting managers are responsible for the day-to-day accounting operations within their department. Their work is usually reviewed by Finance Managers who determine the company’s overall financial strategy. Accounting Manager candidates need to have at a minimum a Bachelor’s Degree in Accounting, Finance, Business or a similar field. While a Master’s Degree is not commonly required to work as an Accounting Manager, it is easier to achieve this role, which is one of the highest-paying jobs in Finance.

Accounting Manager Salary & Career Path

Many Accounting Managers begin their career in positions like Accountants, Bookkeepers and Financial Analysts. Popular career paths for Accounting Managers include moving into becoming a Finance Manager, Cost Accounting Manager, Tax Manager, Assistant Controller and Senior Managerial roles within Accounting and Finance.

The average national Accounting Manager salary is $89,000 in a range that goes from $63,000 to $119,000. 

Economist

Economists are financial analysts who track, observe and analyze major economic trends. They can work within different environments in the public and private sector in addition to easily switching between various types of employers. Economists are not the same as Finance Analysts but they share similar duties. They focus on research and analysis while Finance Analysts advise on how to increase profits. To begin working as an economist, a bachelor’s degree might suffice for entry level positions. In certain work environments and for more senior roles, you will need a Master’s or a Ph.D.

Economist Salary & Career Path

The most common careers prior to becoming an Economist include Economic Research Assistant and additional types of Economic and Finance Analyst jobs. Besides moving up the ladder to a Senior Economist Role, Economists can become consultants, directors, managers and VPs.

The average Economist salary ranges from $58,000 to $123,000. 

Investment Portfolio Manager

An Investment Portfolio Manager is in charge of how clients money is invested and takes care of day-to-day tasks with the help of a team of Financial Analysts. They are also the ones who communicate with and explain investment decisions to clients in addition to providing updates and reports on portfolio performance.

The minimum educational requirement in order to become a Portfolio Manager is a Bachelor’s Degree but it is not uncommon to find employers requiring a Master’s Degree. Similar to other jobs in finance, Investment Portfolio Managers need to hold Financial Analyst Certifications like the one awarded by the CFA Institute.

Investment Portfolio Manager Salary & Career Path

Many Investment Portfolio Managers begin their career as Financial Analysts and move into senior management or a leadership position. Salaries range on average at $82,000 within a range of $61,000 to $106,000.

Underwriter

Loans, insurance and security underwriters work to assess the risk behind credit and lending decisions. It is one of the highest paying jobs in finance. Within five to ten years, you can work your way up to a senior position. Underwriters earn at least a Bachelor’s Degree and have great analytical, communication, math and computer skills. 

Underwriter Career Path

Underwriters usually start by taking entry-level jobs in their chosen industry sectors. Underwriters climbing the career ladder typically become senior underwriters, underwriting directors or take on other roles in management like Account and Portfolio Managers, Branch Managers and Risk Managers. The median Insurance Underwriter salary ranges from $48,000 to $90,000 and averages $69,000 while the Senior Insurance Underwriter salary ranges from $64,000 to $96,000 and averages $78,000.

Trader

Traders are among the highest paying jobs in finance due to superior skills and knowledge. These professionals have the potential to earn an increase in salary every year. Their job consists of buying and selling securities in order to earn a profit on behalf of their clients. They can be found working in different environments including banks and hedge funds. It’s possible to become a successful Trader without a college degree, having one makes it easier to land a job and work your way up.

Trader Salary & Career Path

Depending on the type of Trader career you pursue there are different ways to start. The easiest route is to get an undergraduate degree, a license from the Financial Industry Regulatory Authority and an entry-level position in the industry, like an assistant to a Senior Trader or Analyst.

Traders moving forward in their career can become senior managers, directors, or even a VP of Finance. Securities and Commodities Trader salary ranges from $48,000 to $104,000 and averages $78,000. 

Financial Analyst

Financial Analysts study market trends in order to understand and predict how they can affect company performance, securities, bonds and stocks. Through their financial reporting, Financial Analysts help companies set up the right financial strategies in order to increase revenue and manage their assets.

In order to work in this role, they are similar to other high paying jobs in finance. To begin a career as a Financial Analyst, you are normally required to attain a Bachelor’s Degree and obtain two to four years experience in the industry. 

Financial Analyst Salary & Career Path

Many Financial Analysts start working in the industry via an internship or as Accountants or Business Analysts. Their next step is becoming a Senior Financial Analyst which offers an increase in pay and more responsibilities. Other trajectories pursued by Financial Analysts include Finance Manager, Finance Quantitative Analyst, Controller and Data Analyst.

The median Financial Analyst salary ranges from $48,000 to $87,000 and averages $67,000 while the Senior Financial Analyst salary ranges from $72,000 to $97,000 and averages $83,000.

Ghosted after an interview? Here’s how to handle it.

Ghosted after an interview? Here’s how to handle it.

You nailed your job interview and the hiring manager promises to get back to you. Then two weeks go by and you haven’t heard anything. The hiring manager is not returning your calls or emails. Have you been ghosted? What is your next step? Let’s look at the situation of candidate ghosting, why it happens and how to respond.

Ghosting Is Not Just for Dating

If you have been left holding the bag after an interview, you are not alone. Companies frequently leave job seekers in the dark. 

What is the timeframe for a recruiter to get back to you after an interview?

How long should you expect to wait until you know whether you have gotten a second interview, a job offer or a rejection? When should you start looking for signs that you have been ghosted after an interview?

Most employers follow up with phone interview candidates anywhere from three to ten business days. After interviewing in person, a response can take as long as two weeks especially if you are likely to receive an offer. At this point, the hiring manager needs time to talk with HR and other team members, get budget approval in addition to a host of other details.

If they do not get back to you within that time frame, you might have been ghosted.

Why do employers ghost after an interview?

Even companies with good intentions can have many reasons for not contacting you in a timely manner after an interview. Here are the most common reasons why you were ghosted after an interview:

  • The company is still interviewing other candidates.
  • They promoted someone already at the company into the job.
  • The person who interviewed you or a key decision-maker who has to approve the hire is out of office, busy, sick or ended up leaving the company.
  • The company has an urgent matter that has pushed hiring to the bottom of the to-do list.
  • They are waiting to hear back from another candidate they offered the job to.
  • Your information has gotten lost.
  • They do not have a procedure in place to send rejection emails.

How can you as a candidate prevent being ghosted after an interview?

Ultimately, the company is in control when it comes to deciding whether to contact job candidates. There are some steps you can take to encourage them to respond and for you to know when to give up.

How to Prevent Being Ghosted: During the Interview

Most interviews end with the hiring manager asking if you have any questions. If they do, this is the perfect opportunity to ask about the hiring timeline. If they do not invite an inquiry, take the initiative and ask for their intentions in one of these polite but direct ways:

  • When do you expect to make a decision?
  • When should I expect to hear back from you?
  • What is the next step in your interview process?
  • When are you looking for the person in this position to start?

How To Prevent Being Ghosted: After the Interview

You cannot conjure up an employer’s call after your interview, but there are some things you can do to increase the chances that they will remember you.

Send A Thank You Note

You should always send a thank you note after an interview. This is to thank the person or people for taking the time to interview you. It also makes you look professional.

Another great reason to send a thank you note is to remind the company that you exist and are waiting to hear from them. This is especially important if they are interviewing a long list of candidates. If you were the first one in the door, you might be the last one they remember. Be prompt with your thank you by sending it within 24 hours of your interview.

Send A Follow-Up Email

If you asked about their hiring timeline in your interview and it is getting close or the deadline has passed, you can send another email. Ask if they need any additional information from you to make their decision. You can also mention that you would like to know if you should pursue other job opportunities. This shows enthusiasm and initiative and will jog their memory if your info has slipped through the cracks.

Whatever you do, resist the urge to haunt them with repeated correspondence or an angry response.

Have You Been Ghosted? Here’s What to Do.

When it has been several weeks and you have gotten no response to your emails, you have probably been ghosted after your interview. Do not let it affect your ego. Do you want to work for a company that leaves people hanging or is not organized enough to follow up? Move on and continue your job search until you find a company that is a better fit. While you are waiting for a response, you should always continue to send resumes and accept interview invitations. You never know when a better opportunity will present itself.

Sales Tips That Can Help Enhance Your Career

Sales Tips That Can Help Enhance Your Career

Working in the ever changing world of sales, one knows that not one person has the ability to close every deal opportunity. Chances are that you want to improve your numbers, both for personal fulfillment and for professional reasons in order to earn bonuses, commission and opportunities for advancement. If you already have good sales and communication skills, how can you improve and make them even better? Read these tips to help you move forward in your sales career.

How To Locate a Decision-Maker Within A Company

To ensure that you can close a sale, you first have to determine that you are talking to the right person who is also known as the decision-maker. This step can be more complex than you think because at many companies, there are several people involved when it comes to making purchasing decisions. To give yourself the best chance of success, you can target the person with the most influence.

The best way to find this person is to ask a gatekeeper within the company itself, such as a receptionist. You can help the gatekeeper determine who exactly you need by asking insightful questions like:

  • “Who should I talk to?”
  • “Who makes the final decision on projects like this?”
  • “Who makes recommendations on these types of decisions?”
  • “Who signs off on the budget?”

These questions are particularly important because there are different levels and types of decision-makers:

  • Traditional Decision-Maker: This person makes the final decision when it comes to purchasing the product. It is often ideal to speak directly to decision-makers, sometimes they may be difficult to reach. In turn, you can rely on the expertise of their subordinates in order to make recommendations.
  • Influencer: These people do not make the final decision but will advocate for your product if they like it. Influencers often have authority but not enough to sign off on the purchase. They might have a vested interest in the product. For example, managers in the department that will use the product on a daily basis.
  • Budget Decision-Maker: This person authorizes the purchase by signing off on the financial budget. Depending on how purchases are approved, this person can be the same as the decision-maker or another person.

Five Things That Influence The Decision-Maker

Once you determine who the decision-maker is, influence them to purchase the product or service by connecting with them directly. You will need a great sales pitch but the lead is more likely to do business with you if they can sense a great connection with you personally. The following tips can be used on existing contacts in order to convince them to renew or add products and services. By continuing to work on your communication skills, you can then increase your figures and chances of getting a promotion or raise.

Improving Your Voice Skills

It is not just what you say, but also how you say it. This is particularly true for phone calls when leads are unable to see your face and view body language. Some employers pay for voice training for sales associates but you can also take steps to work on it yourself, for example by avoiding fillers like “um” or “okay”. Have a trusted family member, friend or colleague listen to you speak and give you feedback on your pitch, tone and volume.

Use Specific Numbers and Examples

Incorporate the storytelling technique into your demo pitch by using specific and illustrative examples of how your products have helped other clients.Make sure that you are allowed to share that information. You can describe the positive results with numbers, statistics, graphs, photos or anecdotes.

Make The Decision-Maker Feel Important

One of the most effective sales tips is to make the lead feel important which in turn will create a positive association with you. You can incorporate techniques such as using their name, complementing their business strategies, making statements like “I know you are really busy...” and asking them about how their day is going.

Focus On Solving A Particular Problem

You now know what you can gain from using these sales tips. When you want to close a sale, focus on the customer. How will the product benefit them? If you take the time to research their challenges, whether by asking them direct questions, reading about their competitors or staying informed of current market trends, you have a better chance of closing the deal.

Master Presentation Techniques

If you are making the sales pitch in person, incorporate common presentation techniques. Study the best techniques for body language, eye contact, placement and posture. Even your handshake is important.