Top 10 Entry-level Finance Jobs for Career Changers and Recent Grads
Note: This article was originally published on https://gogpac.com/knowledge-center/entry-level-finance-jobs-to-start-your-career-path in June 2022.
Starting a career in finance can be daunting. Whether you're a recent graduate or looking to pivot into a new field, the challenge remains: navigating a highly competitive job market. Luckily, the finance industry boasts one of the lowest unemployment rates , and numerous entry-level positions offer the perfect gateway for launching your career, even without prior experience.
While some entry-level finance roles might not seem like your ideal job at first, this industry provides ample opportunities to advance, hone your skills, and expand your professional network . Plus, finance careers are often associated with lucrative salaries and bonuses for those willing to put in the effort.
How Can You Start a Career in Finance with or Without a Finance Degree?
The finance industry offers a variety of career paths, many of which don't require a finance degree as a prerequisite. With the right skills, experience, and interests, you can break into finance even with a non-related academic background .
Here are six tips to help you land an entry-level job:
10 best-paying entry-level finance jobs
Now, let’s dive into the entry-level finance roles that will set up your career for success with solid financial rewards:
Investment Manager
As an investment manager, you can secure a well-paying job, often without being tied to a specific employer. In this role, you’ll advise clients on building and managing their investment portfolios, requiring strong analytical skills to assess them, review performance reports, and present strategies to help clients diversify their assets.
If employed by a company, your focus will likely shift to long-term growth strategies. According to Indeed data, investment managers can earn between $99,604 and $118,280 , depending on employment terms.
Financial Analyst
Financial analysts rank among the highest-paid entry-level finance professionals, with an average salary of $99,890 annually. Their responsibilities include analyzing budgets, researching investment opportunities, improving financial performance, conducting business analyses, and creating financial forecasts.
Financial analysts typically work in banking, insurance, consulting, large investment firms, and corporate finance. Most of these roles require a bachelor’s degree in finance or a related field, and certifications like CMC or CFA can further boost employability.
Personal Financial Advisor?
With an average yearly salary of $99,580 , personal financial advisors help clients with budgeting, investments, and saving strategies. Some may also provide tax advice or sell insurance and other financial products in addition to offering financial planning services.
This role doesn't require a specific degree, but those with backgrounds in math, economics, or finance or with industry credentials often have an edge. Clear communication skills are vital, as explaining complex financial concepts to clients is a key aspect of this role.
Trader
Although many traders are self-employed, this position can function as an entry point into the finance industry, even for those without a finance degree. Traders must have strong analytical abilities and in-depth market knowledge to create effective trading strategies and maximize asset profitability.
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For those who prefer a more stable environment, traders can work for banks, investment firms, or hedge funds. The average salary for a trader is $96,774 annually, but successful traders can significantly increase their earnings through bonuses, commissions, or personal investments.
Budget Analyst
Budget analysts assist organizations in managing their financial resources, preparing budget reports, evaluating financial goals, and ensuring that proposals are financially sound. This role is ideal for those who enjoy collaborative problem-solving.
Budget analysts enjoy excellent job benefits, and their median salary is around $84,940 per year, with variations based on experience and certifications.
Compensation Analyst
Another common position to enter the finance industry is the compensation analyst role; they are responsible for determining appropriate salaries for various positions within a company. This involves conducting thorough research on competitor salaries and ensuring compliance with pay transparency laws.
As a compensation analyst, you may also contribute to job descriptions and provide recommendations on bonuses and raises. Annual earnings for this role average $83,439 , though they can vary based on location, industry, and company size.
Accountant
Accounting positions are consistently in demand, making them one of the best-paying entry-level finance roles, particularly for recent graduates. Accountants typically work in firms or large corporations, though freelance work is also an option.
Accounting roles often serve as stepping stones to higher corporate positions like budget director, comptroller, or even Chief Financial Officer. The Bureau of Labor Statistics reports that the median annual salary for accountants is $79,880 , with a 6% growth forecast for the next decade.
Insurance Underwriter
Since insurance careers are related to the finance industry, for those seeking a less tax-heavy finance role, insurance underwriting could be a great fit. As an insurance underwriter, you'll review applications, set policy rates, and determine the terms of coverage.
This role offers an average salary of $77,860 per year, and while many underwriters hold bachelor’s degrees, those with strong analytical skills and insurance experience can excel without one.
Claims Adjuster
Claims adjusters are another insurance-related position for fresh grads or career changes. They evaluate damaged property, determine repair costs, and assess liability in accidents or insurance claims. Another common task of this role is to investigate suspected fraud cases.
A college degree is often required, along with specialized training and licensing. The median salary for claims adjusters is $75,020 annually, with an estimated 25,500 job openings per year.
Loan Officer
This role is perfect for individuals wanting to enter finance without a related degree. Loan officers assess clients' financial eligibility for loans, requiring professional licensing more than formal education. They work for banks, credit unions, and mortgage companies.
Loan officers earn a median annual salary of?$69,990 , though commissions can raise earnings as high as?$183,272 .
If you're serious about starting a career in finance, staying informed and continuously improving your skillset is essential. Entry-level jobs offer the opportunity to build your reputation in the industry, and working with a recruiter can help you reach your career goals.