The number of employment that involve dealing with money is growing. According to projections provided by the United States Bureau of Labor Statistics, employment opportunities in disciplines connected to business and finance are expected to increase at a rate that is five percentage points higher than the national average between the years 2019 and 2029. 1 So, what factors are contributing to this expansion?
The labor market in the United States will never be without a need for financial employees. Financial occupations, as well as retirement planning among millennials and baby boomers, are growing in popularity as a direct result of the gyrations of the stock market and the varying monthly employment rates. Due to the increasing emphasis placed during these times on wealth management, risk management, and the acquisition of real estate, a significant number of career openings in the field of wealth management became available.
Following the economic downturn that began in 2008, rules underwent significant revisions. Banks and other lenders started putting in extra hours to verify that they are in compliance. People who are able to deal with figures and are familiar with the new laws are needed in a market that has a lot of regulations. Both the number of hours that financial employees put in and the number of hours that they are needed are being significantly impacted by the present status of our economy.
Opportunities in the Workforce for Students Majoring in Finance
Asking oneself, "What can I do with a degree in finance?" is a perfectly acceptable question to ask. Recent graduates in the field of finance have a variety of possibilities available to them thanks to the expanding number of career opportunities across a broad spectrum of industries. It is crucial to investigate the many employment opportunities available to graduates with a degree in finance so that you may pick a position for which you are qualified and which you would like working. The following are some things to bear in mind:
Analysts collaborate with financial institutions such as banks and lenders to establish credit ratings for individuals and companies. According to the Bureau of Labor Statistics of the United States of America, the employment of financial analysts is projected to increase by 5 percent between the years 2019 and 2029. This rate of growth is higher than the average for all professions. 2 Individuals in this role do an analysis of financial accounts and histories in order to assist in the decision of whether or not to offer a line of credit. In addition, financial analysts collaborate with businesses to study projects and evaluate investment opportunities.
If you like interacting face-to-face with people of all ages and backgrounds, a career as a personal financial adviser can be an excellent fit for you. Individuals and families may use the services of financial advisers, who are also referred to as financial planners and consultants, to get advice and guidance on their financial choices. They are able to provide guidance on a wide range of topics, including mortgages, college savings, investments, and retirement planning. In addition, it is anticipated that employment of personal financial advisers would increase by 4 percent from 2019 to 2029, which is approximately the average growth forecast for all professions. It is expected that there will be a surge in demand for financial planning services as the population ages and life expectancies continue to climb. 3
This is the perfect profession for you if you like being a stickler for the law and regulations. The number of people employed as financial examiners is expected to increase by 7 percent between the years 2019 and 2029, which is faster than the average growth projection for all professions. 4 One of the objectives of this profession is to monitor and ensure that businesses are complying with all of the latest financial and tax requirements. In addition, they provide advice on legal matters pertaining to the administration of finances and the general structure of businesses.
Officer of Loans
A career as a loan officer is another option that students majoring in finance should think about. The applications for loans submitted by individuals and corporations are reviewed, authorized, and recommended for approval by loan officers. The number of people employed as loan officers is anticipated to increase by 3 percent from 2019 to 2029, which is roughly as fast as the average growth projection for all professions. 5 The vast majority of loan officers work for commercial banks, credit unions, mortgage firms, and other types of connected financial organizations.