Financial Careers Unveiled: Where Can a BA in Finance Take You?
Perhaps unsurprisingly, professionals who work with money have the potential to make a healthy income. For this reason, among many others, the Bachelor of Arts (BA) in Finance has long been an extremely popular degree for people from all walks of life.
But what exactly are the major career paths and opportunities for finance majors today? Read on for an examination of some of the most exciting and rewarding occupations that someone with a BA in finance can pursue.
Exploring Careers with a BA in Finance
In truth, you can find yourself in any number of careers with a bachelor’s in finance. So, you will want to focus solely on the BA in finance jobs that may be right for you. With that in mind, here are just a few of the most popular career paths for finance majors.
1. Budget Analyst
Widely employed by organizations in both the public and private sectors, budget analysts develop and monitor financial budgets while advising senior leadership on budgetary matters. The job growth rate for the occupation of budget analyst is keeping pace with the average for American occupations overall, rising by three percent through the end of 2032. Budget analysts play a crucial role in fiscal management, ensuring that resources are effectively allocated and financial goals are met.
2. Corporate Finance Manager
While they may have an impact on budgetary matters, corporate finance managers play a far more comprehensive and proactive role in the development and attainment of an organization’s long-term financial goals. They are responsible for overseeing an organization’s investment activities and reporting financial particulars to officials and stakeholders. The field’s growth rate (16 percent) is significantly higher than the national average, suggesting strong future demand for professionals in this role.
3. Financial Planner
Otherwise known as a personal financial advisor, a financial planner provides practical advice and guidance to individuals and families as they plan for their financial future and adjust that plan over time. Many financial planners are also self-employed, offering a degree of autonomy and flexibility in their professional lives. The occupation is expected to expand by 13 percent, indicating a robust job market for new entrants.
4. Equity Research Analyst
Equity research analysts track the value of company stock and develop financial models to aid in effective decision-making. They often specialize in a particular industry, sector, or geographic area to develop the high level of expertise required to make accurate projections. Their work is vital for investors seeking to make informed decisions about stock purchases and sales.
5. Risk Management Specialist
Like equity research analysts, risk management specialists focus on using analytic methods and tools to evaluate financial risks that threaten the assets, earning capacity, or economic state of an organization. They play a key role in safeguarding an organization's financial health against uncertainties in the market environment.
6. Financial Auditor
Financial auditors track, examine, and interpret accounting records to create accurate financial statements or give relevant guidance. They also evaluate financial records prepared by others, ensuring accuracy and compliance with laws and regulations. The auditor profession is expected to expand in the U.S. by four percent through 2032, highlighting its continuing relevance.
7. Portfolio Manager
Portfolio managers oversee investment operations for mutual funds, exchange-traded funds, or closed-end funds. Their daily activities might involve the development of investment strategy, the allocation of fund assets, and the management of trading activities. This role requires a deep understanding of market trends and investment tactics.
8. Treasury Analyst
A close cousin to the budget analyst and the financial analyst, the treasury analyst plays a critical role in managing a company’s finances, including cash flow, debts, banking, and critical assets. Their responsibilities are vital in ensuring the financial stability and operational efficiency of any organization.
9. Credit Analyst
The credit analyst concentrates on determining the specific amount of risk associated with extending credit or lending money. They generate detailed credit reports that help senior organization leaders make effective financial decisions. This role is crucial in financial institutions, particularly in mitigating risks associated with lending.
10. Insurance Advisor
Insurance advisors analyze, examine, and estimate risk for individual and family clients, as well as for insurance companies reviewing coverage applications. They provide a broad spectrum of advisement services, which can greatly impact client decision-making regarding insurance coverage and risk management.
Key Skills in Finance Careers
The typical minimum educational barrier for entry to any of the above finance industry careers is an undergraduate degree. But even if an employer doesn’t demand a college diploma, that employer will almost certainly expect in-depth knowledge and proficient skill in many key areas. Here are just four among many areas of expertise that you will want to refine as you navigate your chosen finance major career paths.
Analytical Thinking and Problem-Solving
Finance professionals are regularly called upon to make necessary calculations, examine important issues, and identify potentially profitable or otherwise advantageous relationships and patterns. To accomplish this, they must strategically hone their analytical thinking and critical problem-solving skills.
Advanced Mathematical Proficiency
When it comes to core technical skills, you cannot overestimate the practical value of a strong command of math. After all, when you are dealing with money, every digit and decimal point is extraordinarily important!
Effective Communication Techniques
Many people mistakenly assume that a career in finance will allow them to wrap themselves in a cocoon of numbers and disappear from humanity entirely. However, most finance jobs require well-oiled teamwork, constant collaboration, and precise communication. Beyond learning to speak and write clearly, finance professionals must tailor their words to inspire, motivate, ingratiate, reassure, critic, or congratulate as the situation demands.
Understanding of Financial Software Tools
The modern finance professional is no finance professional at all without the right technological tools. To compete in this highly complicated field, professionals must leverage all the advantages at their disposal. This means adopting financial software that meets your specific needs and using that software to its full potential.
Advancing Your Career in Finance
Although an undergraduate degree might be enough to get your foot in the door of your chosen finance career, you will need to take many additional steps if you want to climb to the higher rungs of the career ladder. Here are just a few things that every aspirational finance professional should consider:
Importance of Networking and Mentorship
Excellent communication skills can reap benefits that go far beyond operating as part of a professional team and serving clients with the attention that they deserve. Use those skills to cultivate a personal network that can further your professional future. Beyond collecting valuable contacts, you may want to seek the in-depth guidance of one or more dedicated mentors. Depending on where you are in your academic or professional development, you will also want to consider acting as a contact or mentor for others.
Continuous Education and Certifications
While an undergraduate degree help you embark on your finance career, structured or nonstructured on-the-job training will be necessary if you want to go to the next professional level. You may return to the academic environment to pursue a Master of Business Administration (MBA) or any number of additional finance-related degrees at the undergraduate or graduate levels. It may also prove beneficial to secure relevant licenses, such as trade licensure through the Financial Industry Regulatory Authority (FINRA), or relevant certifications, such as the valuable Certified Public Accountant (CPA) and Chartered Financial Analyst (CFA) designations. To keep your licenses and certifications valid (and to keep your professional acumen sharp), you will need to meet routine continuing education (CE) requirements.
Navigating Career Transitions Within Finance
In addition to its earning potential and sheer employability factor, its broad spectrum of career prospects makes the finance field incredibly attractive. With the right additional training and credentials, you can often transition between related finance careers with relative ease.
The Impact of Digital Transformation on Finance Jobs
As previously discussed, today’s professionals must learn to use any number of digital tools if they want to compete in any modern finance employment sector. The advanced capabilities of these tools make them essential. Here are just a few areas of digital development to watch:
Fintech Innovations and Opportunities
Fintech innovations have revolutionized financial services, making them more efficient and secure through advancements like artificial intelligence, which enhances tasks such as fraud detection and customer verification. Additionally, technologies like decentralized finance (DeFi) are transforming financial interactions by removing centralized controls, thus increasing speed and security. This integration of new technologies not only improves personalized customer services but also extends financial inclusion, reshaping financial interactions globally.
Adapting to Automation and AI in Finance
By automating routine tasks such as balancing ledgers and delivering payroll, digital tools can save finance professionals an incredible amount of time and hassle. Digital tools that embrace AI can make their jobs even easier. Beyond its ability to automatically optimize many important finance sector operations, AI can be programmed to make effective decisions about routine matters without direct human intervention.
Prepare for Your Finance Career with a Bachelor of Arts
Are you ready to explore careers with a bachelor’s in finance? A great first step in any financial career, pursuing a BA in Finance can lay the foundation of knowledge and skill that you need to succeed. To learn more, take a close look at the Department of Finance, Insurance and Real Estate (FIR) at the University of Memphis.
Sources
https://www.bls.gov/ooh/business-and-financial/personal-financial-advisors.htm
https://www.bls.gov/ooh/business-and-financial/budget-analysts.htm
https://www.bls.gov/ooh/management/financial-managers.htm
https://www.bls.gov/oes/current/oes132054.htm
https://www.bls.gov/ooh/business-and-financial/accountants-and-auditors.htm
https://www.indeed.com/career-advice/careers/what-does-an-auditor-do
https://www.salary.com/research/salary/alternate/portfolio-manager-salary
https://www.bill.com/blog/treasury-analyst-salary
https://www.ziprecruiter.com/career/Treasury-Analyst/What-Is-How-to-Become
https://www.bls.gov/oes/current/oes132041.htm
https://www.carmatec.com/blog/ai-in-fintech-role-opportunities-and-use-cases/