Highest paying Careers in Finance

Cutting through all of the nonsense about challenging and rewarding work, there's only one driving reason why people work in the financial industry - because of the above-average pay. As a recent The New York Times graph highlighted, workers in the securities industry in New York City make more than five times the average of the private sector, and that's a substantial incentive to say the least.
So what are the highest-paying careers in finance?

First, Let's Get the Definitions Straight
It's not hard to create a very broad definition of a "career in finance." After all, you could argue that working as a CFO or in the finance department of a major Fortune 500 corporation is a career in finance. Likewise, teaching financial theory or economy theory at a university could also be consided a career in finance.

I am not referring to those positions in this article. It is indeed true that being the CFO of a large corporation can be quite lucrative - what with multimillion-dollar pay packages, options and often a direct line to a CEO position later on. Likewise, academia pays better than many people realize, with professors at top schools earning six-figure salaries and reaping the benefits of consulting or part-time work that they get due, in part, to the name value of the university at which they teach.

Banking – Not as Demanding, but not as Lucrative
There's a reason that soon-to-be-minted MBAs largely crowd around the tables of Wall Street firms at job fairs and not those of commercial banks. While the CEOs, CFOs and executive vice presidents of major banks like U.S. Bancorp (NYSE:USB) and Wells Fargo (NYSE:WFC) are indeed handsomely compensated, it takes a long time to work one's way into those positions and there are not many of them.

Instead, a large number of the available jobs in commercial/retail banking run along the lines of branch manager or loan officer. Bank branch managers pull an average salary (including bonuses, profit sharing and the like) of about $51, 000 a year, according to PayScale, with the range stretching as high as $77, 000. By comparison, loan officers can make more ($80, 000 or more), but the bottom of the scale is lower as many loan officers start off with more modest pay packages.

While these pay packages don't sound great compared to the six- and seven-figure paychecks of Wall Street workers, a little perspective is in order. By and large, becoming a bank branch manager or loan officer does not require an MBA (though a four-year degree is commonly a prerequisite). Likewise, the hours are regular, the travel is minimal and the day-to-day pressure is much less intense. In terms of attainability, these jobs score well.

It's Interesting

  • Tseng Shu-o (Chinese: 曾淑娥; pinyin: Céng Shú'é; born September 6, 1984 in Taoyuan, Kaohsiung County - now part of Kaohsiung City) is a Taiwanese aboriginal female football player from the Bunun tribe. She has represented Chinese Taipei since 2002, and she received the Most Valuable Player award in the AFC U-19 Women's Championship in...

You might also like

High-paying jobs
High-paying jobs
Highest paying Careers 2011
Highest paying Careers 2011
Wiley Fast Track Careers: A Guide to the Highest Paying Jobs (Career Blazers)
Book (Wiley)
  • ISBN13: 9780471838012
  • Condition: New
  • Notes: BRAND NEW FROM PUBLISHER! 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
Cool App Zone Accounting Career
Mobile Application (Cool App Zone)
  • How to get online accounting jobs
  • 4 different types of accounting jobs
  • Finance careers - find the highest paying jobs in finance
  • Career opportunities in accounting profession
  • Staff accountant job description
  • Accounting bookkeeping jobs
  • Careers in accounting software
  • Rapid guide to accounting training
  • Accounting career education and training
  • How to start and operate an accounting business

Copyright © . All Rights Reserved