High-Paying Jobs in Financial Management
- Hedge Fund Manager
- Chief Risk Officer
- Management Analysts
- Internal Auditor
- Investment Banking Analyst
Getting a job in financial management is the first step toward a rewarding career. From working as a management analyst to managing a hedge fund, there are many opportunities for advancement. Most of these careers require at least a bachelor's degree. Once this is obtained, individuals can go after some of the top financial jobs available.
1. Hedge Fund Manager
For employees who are just starting out, an entry level position with a hedge fund is a good place to begin. In the beginning, hedge fund managers with small funds may make around $70,000 per year. At the top of the pay scale, some hedge fund managers regularly bring in millions of dollars. Many hedge funds are actively seeking finance graduates, so there is an opening available for newcomers to the field.
2. Chief Risk Officer
After the 2008 financial crisis, an increasing number of firms have decided to hire chief risk officers. Depending on the organization, this position can pay up to $3 million per year. The chief risk officer is someone who generally has experience with fixed-income trading and a wide range of skills. They must know how to analyze risk and figure out the risk caused by each option. The firm will typically require the chief risk officer to create complex formulas to calculate risk and reward. To succeed in this position, individuals must know the risk inherent in different financial vehicles and be extremely intelligent.
3. Management Analysts
According to the Bureau of Labor Statistics, a management analyst earns a median wage of $81,320 per year. Most employees will require to have at least a bachelor's degree to be hired. Management analysts are generally contracted out to different organizations for consulting work. They help the organization become more efficient by reducing costs. The ultimate goal is to make the organization more profitable by streamlining different processes.
This job is expected to grow much faster than average. From 2014 to 2024, it is expected to grow 14 percent to include 103,400 more positions. Once hired, the employee will be expected to collect and analyze information about an organization. They will develop solutions using expenditure, revenue and employment reports. Afterward, the management analyst works with managers to create organizational changes.
4. Internal Auditor
This financial management job is ideal for individuals who like dealing with numbers and accounting. An internal auditor works to audit a firm with an objective, independent assessment. This helps the firm to manage risk and make sure that their operations are following all applicable regulations. There are entry level positions that require just a bachelor's degree in finance or accounting. Afterward, internal auditors can advance to become senior audit staff or managers.
5. Investment Banking Analyst
This career field can pay up to $62,645 for entry-level employees. Signing bonuses or performance-based bonuses can increase this base pay significantly. Someone who works as an investment banking analyst must understand investment risk and securities. They must also have significant experience in quantitative analysis, statistics and information modeling.
After getting a degree in the field, students can take the next step in their career. These jobs range from managerial positions to entry-level jobs. With a job in financial management, individuals can enjoy a lucrative, rewarding career.