Oct 23, 2014 by David

Career options available in the financial industry are quite diverse; they range from public accountants to hedge fund managers and bankers. The paths that individuals decide to take will depend on an equally wide range of criteria, from educational and professional qualifications to personal interests and salary expectations. Thanks to the Internet, identifying the most suitable career path, selecting the most appropriate educational courses, and ultimately finding a job with a great employer, has never been easier.

Following are just a few of the career options available within the financial sector.

Public accountant

The role of public accountants entails working for individuals, companies, or as an employee of an accountancy partnership, auditing client accounts to ensure they comply with all the requirements and terms of the generally accepted accountancy principles (GAAP).

Depending on the precise role, an accountant’s work typically involves acting as a financial consultant by preparing statutory financial statements, tax returns, and monthly and annual management reports. It also entails working with senior management to produce budgets and forecasts and auditing annual accounts in compliance with current legislation.

When starting out, most accountants tend to be employed by smaller companies or firms of accountants. Frequently, they act as staff accountants before moving on to become audit or tax managers. Eventually, they may become partners or be elected to the board as CFOs or similar positions.

In terms of qualifications, the precise criteria varies from state to state, but all require that the individual has completed a four-year college degree or master’s degree course, plus an additional year of practical experience. To qualify as a CPA, the individual must then successfully complete the Uniform Certified Public Accountant Examination, set by the American Institute of Certified Public Accountants (AICPA).

Corporate finance

Corporate financiers are employed by companies to raise and manage the capital required to finance their day-to-day activities and to provide cash necessary for expansion or investment. They are also responsible for minimizing the company’s exposure to financial risks and increasing its net worth. Qualifications required for this position vary but are generally the same as those required to become a CPA.

Insurance companies are related to the finance sector and employ specialists to assist clients, whether individuals or businesses, to assess their level of risk exposure and to advise them on how to minimize that risk.

There are a number of ways to find employment with an insurance provider; for example, many start out selling policies or in customer service. Other options include working as an actuary, which involves assessing risks and setting the premiums at appropriate levels.

Hedge fund managers and related positions

Hedge fund managers are responsible for buying and selling a variety of financial products and assets and for managing their clients’ portfolios. Other related roles include financial analysts, marketing managers, traders, quantitative analysts, and regulatory compliance officers.

Venture capital and private equity professional

Those involved with venture capital tend to work with startups and smaller companies that are expanding rapidly and therefore require sources of financing other than from banks. Companies providing venture capital hope to make a return when the businesses they invest in either go public via an IPO, merge, or are bought out by a larger company. While this is one of the riskiest areas of the finance industry, the rewards in terms of bonuses, can be massive.

Private equity professionals work in a slightly different way than venture capitalists, in that they assist companies to find capital to expand or purchase additional assets. They also locate the funding necessary to enable internal restructuring and to finance buyouts.

Investment and commercial banking

Careers in commercial banking range from tellers to branch managers and eventually more senior positions at corporate headquarters. Investment banking involves what are perceived to be some of the most challenging, yet rewarding, careers in the finance industry. Jobs in this sector are centered on issuing securities offered to individual and corporate investors, working with clients on acquisitions and mergers, providing financial advice to both corporations and high-worth individuals, and trading stocks, bonds and other instruments.

Investment management

Compared to investment banking, careers in investment management are considered one of the most stable forms of employment in the financial industry. This is mainly due to the stability of the work, as there is a fee required from clients in order to manage their investment portfolios. This means there is always a steady flow of profit to keep a company going, even in hard economic times. Investment managers are likely to start on a lower salary than investment bankers; however, they are more likely to make bigger leaps in pay at asset management firms, and it is likely to be a less stressful working environment.

If you are lucky enough to have a specific career in mind and possess the necessary qualifications, all you have to do is register with two or three reputable online recruitment agencies and they will notify you as soon as a suitable position becomes available. If you are not so sure, numerous websites provide detailed information on the various options available. Having decided on a career path, there are Web-based organizations that specialize in offering training courses and educational qualifications, and these are available offline at colleges across the country as well.

By conducting a little research, almost anyone can find a career in the finance industry to suit his or her interests.

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About David

Traveling the world teaching English and helping with clean water initiatives.