Many people in the field of finance work for specialized financial institutions, which are all really just banks of one kind or another. They supply credit for the purchase of consumer goods and/or services, and they also grant small loans to consumers.
- Specialized banks or consumer-finance agencies are in operation throughout almost the entire world. Many hot finance jobs can be found in these agencies, and these jobs often provide great career opportunities.
- Large-scale finance companies or banking corporations operate by purchasing unpaid customer accounts at a discounted price from merchants and then collecting the payments that are due. Others extend credit for wholesale purchases by retailers. Some of the top finance jobs are found in such institutions.
- Consumer finance or small-loan companies provide authorized loans to qualified consumers. Today many companies are involved in the sales-finance business and in making loans. These companies employee many people, but they may also be among the first places where layoffs occur.
Two-thirds of the jobs in banking are office or administrative jobs. Tellers, new account clerks, and customer service reps make up the biggest number of employees working in banking. The safest positions in terms of job security are tellers and other administrative support workers, since these are the majority of workers and there is a constant turnover in such positions. One-quarter of all banking jobs are in finance positions, including titles like loan officer and financial manager. Due to technology, some banking jobs are becoming increasingly outdated. On the other hand, careers in banking information technology are definitely on the rise. According to the US Bureau of Labor Statistics, the number of banking jobs on the whole is expected to decrease slightly in the next five years.
The top banking jobs have always been thought of as jobs in investment banking.
One of the leading investment banks today is Goldman Sachs. Such major financial institutions do several things, such as:
- provide financial advice.
- help governments and companies issue securities
- manage financial assets
- trade securities
- help investors buy securities
Another top banking job is in real estate banking. Banking specialists who lend money to large developers, such as hotels, malls, etc., can expect a very lucrative career.
Mortgage Banking
Mortgage banking, which involves the buying and selling of mortgages, has always been considered a top banking job and a hugely profitable area; however, the recent collapse in the US mortgage industry has taken some of the shine off the field, and it remains to be seen what the future holds as far as careers in mortgage banking are concerned.
Financial Investment Advisors
Financial investments must be managed and carefully controlled in order to reduce risk for the given investor. Assets or investments in publicly traded companies can be traded on stock exchanges, and financial advisors help less knowledgeable individuals to manage such trades. People who enjoy working with people and their investments can be top performers in these jobs. Some of the best financial jobs remain in this area, since people need advice even when the economy is doing poorly.
Financial Management
A financial manager position is also considered a very good job. A financial manager is the person responsible for raising and managing the funds of business organizations. These are the people who do all the planning, analyzing, and controlling of a given company’s financial operations. This position is at the top level of a firm. In large firms or companies, there is a finance committee that makes major financial decisions, while in smaller firms, the owner/manager usually runs his or her own finances.
Financial planning is critical to all the activities of a firm. This includes both the running of the firm as well as the investments made by the firm. Accordingly, a person may find a career in any of the following areas:
- Financial ratio analysis -- This activity enables the business owner to spot trends in the businesses operations and compare the business’s performance with the average performance of similar businesses.
- Profit planning -- This discipline is concerned with the development of an operating plan for a given business period. The plan is summarized in the form of an income statement that serves as a profit objective and budget.
- Budgeting -- This involves using the company’s itemized income and expenses to forecast performance in the future.
A senior financial analyst performs complex budgeting and accounting functions. This is usually one of the top finance jobs available. This person does financial, statistical, and analytical studies, prepares all financial reports and statements, and makes any claims for reimbursement. This job is different from a lower level financial analyst job in terms of complexity and responsibility.
A senior financial analyst’s job is a major responsibility and requires someone who can be an expert in complex budgeting and accounting functions. A senior financial analyst must be able to perform the following critical tasks:
- make decisions involving the interpretation of data, facts, procedures, and law
- reconcile state apportionments and local taxes
- conduct periodic reviews and evaluate staff
- verify fiscal solvency
- coordinate budgets and communicating with internal/external clients
