Finance is an element that can be found in many different careers. It’s especially important in business, however. As businesses and organizations get larger and better at what they do, they need people who are dedicated entirely to the company’s finances. Finance is a quick-paced career, and it requires adaptable people who can keep things well organized. In business finance, there are plenty of opportunities to bring your experience to the table. The more experienced you are, the more needs you can meet. It can be a demanding career, but it’s not without rewards. A career in business finance could be just the right fit for you.
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You’ll need these core skills for a career in business finance:
- Problem solving, applying analytic and critical thinking, and personal insight
- Computer fluency, particularly spreadsheets and large-scale data management tools
- Adaptability and a zest for changing environments
Also, you will be in high demand if you have these qualities:
- Understand the models, techniques, and derivatives used to manage risk
- Speak a second language
- Communicate well and have strong people skills
What Is a Business Finance Career?
Business finance professionals are responsible for an organization’s financial planning and strategy, but you can also apply your business finance knowledge to private parties, such as personal financial planning and advice. Positions range from accounting to analysis. See the chart below for some details on specific positions. A career in business finance can be very rewarding. You have an integral role in running a business and helping it grow, as well as keeping it on track in the present. Business finance jobs offer lucrative starting salaries that are among the highest compared to other industries.
What Business Finance Professionals Do
Many careers fall under the umbrella of business finance. What they have in common is money—business finance professionals will advise on spending and investing, and work to manage transactions. They can be auditors for private companies or major businesses, as well as the government. Many positions in private banks and credit unions are open to business finance professionals, such as higher-level administration positions or cashier and teller positions. Accountants at any level and in any environment will need a background in business finance. Take a look at some further information on specific positions.
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|Occupation||Summary||Education||2012 Median Pay|
|Accountant||manage a company’s financial transactions, prepare financial records, and ensure accuracy and adherence with government regulations||Entry-level: bachelor’s degree in accounting or a related field. Mid- to senior-level: master’s degree in accounting may be expected||$63,550|
|Budget Analysts||monitor spending and provide ongoing budget reviews, analysis, and recommendations.||Bachelor’s or master’s degree, typically in accounting, finance, management, or business administration||$69,280|
|Financial Analysts||evaluate the value of organizations and recommend how businesses and individuals spend their money||Bachelor’s degree is necessary, however a master’s degree should provide better opportunities.Relevant programs of study include a bachelor of science in business administration, master of business administration, and master of science in finance.||$76,950|
|Financial Managers||in charge of the financial health of an organization, from income and costs to investments and acquisitions||Bachelor’s degree is necessary, however a master’s degree may be required depending on the specific role and size of the organization.Degree programs to consider include a bachelor of science in business administration, master of business administration, and master of science in finance||$109,740|
|Personal Financial Advisors||provide guidance on asset allocation and financial planning to individuals and small business owners||Bachelor’s degree in finance, accounting, business administration, or similar||$67,520|
|Project Managers||keep resources and schedules on track. Their goal is to deliver projects on time and under budget||bachelor’s degree; a program of study in finance can be especially beneficial. Depending on responsibilities, a graduate degree may also be required||$105,000|
[A business degree is incredibly versatile. Read more: Revenge of the MBA Degree.]
Why Consider a Career in Business Finance?
According to the Bureau of Labor Statistics, there will be approximately 3.8 million job openings in business finance through 2022. Employment opportunities for financial advisors and financial analysts are especially promising. They’re projected to grow faster than the average for all occupations, but competition for these high-paying jobs will be steep. Keep yourself educated on the current business and market trends with basic or advanced business degrees and MOOCs and you’ll be in high demand.
|Occupation||Number of Jobs in 2012||% Change Projected by 2022||Net Change Projected by 2022|
|Accountants||1,275,400||+13% (as faster as average)||166,700|
|Budget Analysts||61,700||+6% (slower than average)||3,800|
|Financial Analysts||253,000||+16% (faster than average)||39,300|
|Financial Managers||532,100||+9% (as faster as average)||47,100|
|Personal Financial Advisors||223,400||+27% (much faster than average)||60,300|
*Employment growth statistics are not available for project managers.