Finance

Finance professionals earn a median salary of $80,200 for general specialists, but top roles in investment banking, private equity, and corporate finance regularly exceed $150,000-$300,000+.

Finance is one of the broadest career fields in business, spanning everything from personal financial planning to global capital markets. This guide covers the major career paths within finance, how compensation varies dramatically by role and city, which credentials open doors, and how to build a career in one of the most competitive and rewarding industries.

What Do Finance Professionals Do?

Finance professionals manage money – analyzing it, investing it, lending it, insuring it, and advising on it. The field is enormous, and the BLS tracks finance workers across multiple SOC codes. The umbrella category of Financial Specialists, All Other (SOC 13-2099) captures roles not classified elsewhere, with a median of $80,200 and 8% growth, but the full scope of finance careers includes:

• Financial analysts – evaluate investments, build models, and advise on capital allocation ($99,890 median)
• Accountants and auditors – prepare and examine financial records ($79,880 median)
• Personal financial advisors – help individuals plan for retirement, taxes, and investments ($99,580 median)
• Budget analysts – develop and manage organizational budgets ($84,940 median)
• Credit analysts – evaluate creditworthiness of individuals and businesses ($81,400 median)
• Insurance underwriters – assess risk and determine policy terms ($77,860 median)
• Loan officers – evaluate and authorize loan applications ($69,990 median)
• Financial managers – oversee an organization’s financial health ($156,100 median)
• Investment bankers – facilitate mergers, acquisitions, and capital raising (compensation varies widely, often $150,000-$500,000+)

Common Themes Across Finance Roles

Regardless of specialization, finance professionals share core functions:

• Analyzing financial data to inform decisions
• Managing risk and assessing uncertainty
• Communicating complex financial information to stakeholders
• Ensuring compliance with regulatory requirements
• Using quantitative methods to model outcomes

Major Finance Career Paths

Corporate Finance

Working inside companies to manage budgets, forecast revenue, analyze investments, and support strategic decisions. Corporate finance roles include financial planning and analysis (FP&A), treasury, controller, and eventually CFO. This is the broadest entry point for finance graduates.

Investment Banking

Advising companies on mergers, acquisitions, IPOs, and debt issuance. Investment banking is the highest-paying entry-level path in finance but demands 70-100 hour work weeks, particularly at the analyst and associate levels. Major employers include Goldman Sachs, JPMorgan, Morgan Stanley, and boutique banks like Lazard and Evercore.

Asset Management and Wealth Management

Managing investment portfolios for institutions (mutual funds, pension funds) or individuals (high-net-worth clients). Roles include portfolio managers, research analysts, and financial advisors. The CFA designation is the standard credential.

Commercial Banking

Lending, deposit management, and financial services for businesses and consumers. Roles include loan officers, branch managers, credit analysts, and relationship managers. Hours are more predictable than investment banking.

Insurance and Risk Management

Underwriting policies, assessing actuarial risk, and managing corporate risk exposure. Actuaries, underwriters, and risk managers are the key roles. Actuarial careers require passing a series of rigorous exams.

Financial Planning

Helping individuals and families manage their finances, plan for retirement, and optimize tax strategies. Certified Financial Planners (CFPs) typically work at advisory firms or as independent practitioners.

A Day in the Life

The daily experience in finance varies enormously by role.

A corporate FP&A analyst at a mid-size company starts the morning reviewing actual vs. budget variances for the previous month. They spend mid-morning building a revenue forecast model in Excel, pulling data from the ERP system and adjusting assumptions based on sales pipeline inputs. After lunch, they prepare a slide deck for the CFO summarizing key financial metrics. The afternoon involves a meeting with the marketing team to discuss ROI on a proposed campaign, followed by updating the annual budget model with revised headcount projections. Standard 40-45 hour weeks, occasional crunch at quarter-end.

An investment banking analyst at a bulge-bracket bank has a radically different day: arriving at the office by 9 AM, spending the morning on a financial model for a potential $2 billion acquisition, working through lunch on a pitch book, taking a call with the client’s management team in the afternoon, and refining the model and presentation until midnight or later. This pace is sustained for 2-3 years before most analysts exit to private equity, business school, or corporate roles.

A financial advisor at a wealth management firm spends the morning calling clients to discuss portfolio performance and upcoming rebalancing decisions. The afternoon includes a prospect meeting to present a financial plan for a couple approaching retirement, followed by compliance documentation and continuing education coursework.

Finance Salary Overview

National Medians by Role

Source: U.S. Bureau of Labor Statistics, 2024 data.

Salary by Experience (Corporate Finance Track)

Top-Paying Cities for Finance

Finance compensation varies by city more than almost any other field. Wall Street and the major financial centers pay dramatically more than regional markets.

How to Get Started in Finance

Education Pathways

Bachelor’s degree (required for most roles). Finance, accounting, economics, mathematics, or business administration are the most common majors. Coursework should include financial accounting, corporate finance, investments, statistics, and economics. Strong Excel skills are essential from day one.

Master’s degree. An MBA is valuable for advancement in corporate finance and essential for investment banking associate positions. A Master of Finance (MFin) or Master of Financial Engineering (MFE) programs are more specialized and valued in quantitative roles.

CFA charterholder path. For investment-focused careers, the CFA designation can substitute for or complement a graduate degree (see certifications section below).

Associate degree. Provides entry into banking, insurance, and financial services support roles. Many professionals start as bank tellers, insurance agents, or accounts payable clerks and advance with experience and additional education.

Entry-Level Routes

• Corporate finance analyst – most accessible path; available at companies of all sizes
• Bank management trainee – rotational programs at commercial and regional banks
• Insurance underwriting trainee – learn risk assessment on the job
• Financial advisor trainee – study for securities licenses (Series 7, Series 66) while building a client base
• Investment banking analyst – highly competitive, typically requires top-school pedigree or strong networking

Certifications That Matter in Finance

CFA (Chartered Financial Analyst)

The gold standard for investment professionals, administered by the CFA Institute.

• Requirements: Bachelor’s degree (or be in final year), pass three progressive exams (Level I, II, III), and four years of relevant work experience
• Timeline: Most candidates take 3-5 years to complete all three levels
• Pass rates: Level I ~43%, Level II ~45%, Level III ~52%
• Cost: $2,600-$3,500 total (registration and exam fees for all three levels), plus $500-$1,500 for study materials
• Salary impact: CFA charterholders report median compensation of $126,000 (CFA Institute data)

CFP (Certified Financial Planner)

The standard credential for personal financial planning.

• Requirements: Bachelor’s degree, complete CFP Board-registered education program, pass a 170-question exam, 6,000 hours of professional experience (or 4,000 hours in an apprenticeship)
• Cost: $825 exam fee plus $500-$5,000 for education programs
• Renewal: 30 hours of CE every two years

CPA (Certified Public Accountant)

Essential for finance professionals working in accounting, audit, or tax. See the accountant career guide for detailed CPA information.

Series Licenses (FINRA)

Required for professionals selling securities or providing investment advice.

• Series 7 (General Securities Representative) – required for stockbrokers and financial advisors selling securities
• Series 63 / 65 / 66 – state law exams required in addition to Series 7
• Sponsored by employers – you must be associated with a FINRA member firm to take these exams

FRM (Financial Risk Manager)

Offered by the Global Association of Risk Professionals (GARP), focused on risk management.

• Requirements: Pass two-part exam, two years of relevant work experience
• Cost: $1,000-$1,500 for both exam parts

Skills and Tools

Technical Skills

• Financial modeling and valuation (DCF, comparable company analysis, LBO models)
• Financial statement analysis (income statement, balance sheet, cash flow)
• Risk assessment and management
• Investment analysis and portfolio theory
• Budgeting, forecasting, and variance analysis
• Regulatory compliance (SEC, FINRA, SOX)
• Quantitative and statistical analysis

Soft Skills

• Analytical thinking and problem-solving
• Clear communication of complex financial concepts
• Attention to detail and accuracy
• Time management under deadline pressure
• Relationship building with clients, colleagues, and stakeholders
• Ethical judgment and fiduciary responsibility

Software and Tools

• Spreadsheets: Microsoft Excel (the universal tool – financial modeling, pivot tables, VBA macros)
• Financial terminals: Bloomberg Terminal, Refinitiv Eikon, FactSet
• Accounting systems: SAP, Oracle, NetSuite
• Data analysis: Python, R, SQL (growing importance)
• Visualization: Tableau, Power BI
• Financial planning: eMoney Advisor, MoneyGuidePro, RightCapital

Work Environment

Settings

Finance professionals work in banks, investment firms, insurance companies, corporate headquarters, government agencies (SEC, Federal Reserve, Treasury), and independent practices. Most work is office-based, though remote and hybrid arrangements have become standard in corporate finance, analysis, and advisory roles. Trading floors and client-facing roles tend to require in-office presence.

Schedule

Hours vary enormously by role:

• Corporate finance / FP&A: 40-50 hours/week with occasional quarter-end crunch
• Commercial banking: 40-45 hours/week, predictable schedule
• Financial advisory: 40-50 hours/week plus evening client meetings
• Investment banking: 60-100 hours/week, unpredictable and demanding
• Asset management: 45-60 hours/week, market-driven schedule (early mornings)

Pros and Cons

Pros:

• High earning potential across most specializations
• Intellectually stimulating work with real-world impact
• Clear credentialing paths (CFA, CPA, CFP) that reward effort
• Strong job demand with 8% growth for financial specialists
• Diverse career options within a single field
• Global industry with international opportunities

Cons:

• Some paths (investment banking) demand extreme hours
• High-pressure environments with significant financial stakes
• CFA and CPA exams require years of dedicated study
• Entry into top firms is highly competitive
• Regulatory changes constantly reshape the landscape
• Market downturns can lead to layoffs, particularly in banking

Career Advancement

Corporate Finance Track

Financial Analyst -> Senior Analyst -> Finance Manager -> Director of Finance -> VP of Finance -> CFO

Investment Track

Analyst -> Associate -> Vice President -> Director -> Managing Director / Partner

Advisory Track

Junior Advisor -> Financial Advisor -> Senior Advisor -> Branch Manager -> Regional Director

Related Careers Within Finance

• Financial Analyst – in-depth guide to investment and corporate analysis
• Accountant – financial reporting and tax specialization
• Business Administration – operations management path

Browse all Business & Technology Careers.

Professional Associations

• CFA Institute – Global association for investment professionals, administers the CFA program. cfainstitute.org
• Financial Planning Association (FPA) – Professional community for financial planners and CFPs. financialplanningassociation.org
• American Finance Association (AFA) – Academic research and professional development in finance. afajof.org
• Global Association of Risk Professionals (GARP) – Risk management education and FRM certification. garp.org
• Association for Financial Professionals (AFP) – Corporate treasury and finance professionals. afponline.org
• AICPA – Relevant for finance professionals pursuing the CPA. aicpa-cima.com

Frequently Asked Questions

What is the best entry-level finance job?

For most graduates, a corporate finance analyst or FP&A analyst role offers the best combination of learning, reasonable hours, and career flexibility. It exposes you to budgeting, forecasting, and financial modeling across business units. Investment banking analyst roles pay more but demand significantly longer hours and higher burnout risk.

Do I need a finance degree to work in finance?

No. Economics, accounting, mathematics, engineering, and even liberal arts graduates work in finance. Quantitative skills and financial literacy matter more than the specific degree title. However, you will need to demonstrate competency in financial concepts, either through coursework, certifications (CFA, CFP), or relevant experience.

How much does location really matter for finance salaries?

Enormously. A financial analyst in New York City can earn 40-60% more than the same role in a mid-size city. However, cost of living erodes much of that premium. Charlotte, Dallas, and Denver offer strong finance job markets with lower living costs. Remote roles have expanded geographic options, though many finance positions still prefer or require in-office work.

Is it worth getting the CFA?

For investment management, equity research, and portfolio management careers, the CFA is extremely valuable and widely respected. For corporate finance, banking, or financial planning, the CPA or CFP may be more relevant. The CFA requires 900+ hours of study across three exams and takes most candidates 3-5 years to complete, so it is a significant commitment.

What is the difference between finance and accounting?

Accounting focuses on recording, classifying, and reporting financial transactions (backward-looking). Finance focuses on analyzing financial data to make investment, funding, and strategic decisions (forward-looking). In practice, the fields overlap significantly, and many professionals hold both CPA and finance-oriented credentials.

Can I switch into finance from another career?

Yes. Common transitions include engineering to quantitative finance, accounting to corporate finance, sales to financial advising, and IT to fintech. An MBA, CFA, or targeted certificate program can facilitate the switch. The earlier you make the move, the easier the transition, but career changers at all levels enter finance successfully.

Is finance a stable career given market volatility?

Finance is cyclical – hiring slows during recessions and accelerates during expansions. However, the fundamental need for financial analysis, planning, and management exists regardless of market conditions. Corporate finance and insurance roles are more stable than investment banking and trading, which are directly tied to market activity. Diversifying your skills across multiple finance disciplines provides the best job security.

Compare finance programs near you. Program availability, tuition, schedules, and requirements vary by school and state. Contact programs directly to confirm details.

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