Studying finance gives one a breadth of knowledge and experience that businesses need. With all of the information that finance experts know regarding financial law, institutions, and different investments, they are an important asset to their employers. Their skills and knowledge make them flexible to different environments, too, such as those that work with monetary data.
That said, it may be difficult for up and coming finance experts to choose an occupation. Considering the different types of business one could work with and how technological advancements are changing operations, there is a lot to think about. When choosing a career, it’s important to ask “who am I working with?” and with changing technology, “how might this job be different in the future?”
Since an informed decision is a good decision, compiled below is information regarding the current finance job market. The points have been divided into the categories of small scale, large scale, and data-based financial jobs. If you’re looking at a career in finance, hopefully, this will help to steer you in the direction best for you.
Small Scale Operations
Small businesses are crucial to the American dream and are an important part of local communities. Those who put their financial expertise toward these businesses are giving their vote to underdogs and helping to grow great ideas that may otherwise go unheard of. Small scale operations may occur within family estates and startups.
Determining what good investments are, how to make more money, and saving for the future of a company are all things that financial experts can help small businesses with. There are a number of jobs that help to accomplish these goals, but some of the most popular are:
- Venture capitalists
- Small business financial planners
- Small business financial advisors
- Small business financial analysts
Most, if not all of these jobs can be done for big businesses. However, the ramifications of each position are different within a startup or family estate. For instance, one of the most important attitudes for a financial advisor to have is to not promise too much or embellish a company’s abilities. In the case of a small business, there is less capital to work with and therefore more to lose with measured risk-taking. So advisors and planners should not encourage grandiose or risky spending that could ruin a company’s stability.
Large Scale Operations
Large scale finance professionals work with large businesses and corporations. Their work knows no international or state border. Without them, some of the largest brands in the world would have most likely have gone bankrupt. Corporate finance jobs may include:
- Corporate financial analysts
- Corporate financial managers
- Corporate financial planners
- Investor relations associates
Many of these jobs are melding into one with the help of automated technology. Take the position of corporate financial managers, for instance. Their job has always been to closely supervise a company’s financial standing as it relates to the world economy.
However, with the amount of data now at their immediate disposal, financial managers take on more analytic and advisory roles to help with strategic decision-making. In the past, these roles were more divided among the different positions of planners, managers, and analysts. Now they work off of each other and tend to interlap more.
Where Data May Push Finance In The Future
The progression of data has affected every part of general business. Navigating it is still tricky for most professionals to do, but within finance, there are specific roles that deal primarily with data. These roles are very important to the financial success of individuals as well as businesses. Some of the financial roles that deal particularly with data are:
- Credit analysts
Considering the direction in which data is pushing accounting jobs, it’s important to think about the practical consequences of said data. Similar to the case with corporate financial managers, these automated tax programs have enabled accountants to become advisors as well. Since data is being compiled and calculated automatically, businesses will increasingly need experts to interpret it for them. The same may be said for credit analysts and auditors.
Within investment sectors, data has revolutionized international trading. Take the Forex market for example, which is a decentralized marketplace for foreign currency trading. A financial analyst in 2019 will recognize the importance of this data-based ledger and advise their employers on it by watching the market closely, staying up to date with how it develops and consulting the best Forex news websites.
This all goes to show that small or large, finance jobs will be ever-changing. While businesses of all types and sizes will continue to call for financial experts, new technology will require adaptation. From analyzing a market to advising for decision-makers, the need for updated expertise will always continue. But with the knowledge and skillsets you’ll build up along the way, your future should be promising.