Different Types of Careers In Finance

Types of Careers In FinanceMost people think that having a career in finance means handling money, a job full of numbers and that unless you devote every hour of the day to knowing the ins and outs of financial rules, then you should be looking for career opportunities elsewhere.

That is a myth.

In fact, many business careers in finance are very interesting and range from working with people on personal levels to high-level commercial finance ventures that deal with broad scope processes, rather than chasing down every penny.

[product_feature title_color=”#be9f2a” title_font_size=”22″ description_color=”#555555″ description_font_size=”14″ icon=”fa-lightbulb-o” icon_color=”#ffffff” icon_bg_color=”#1a398b” icon_size=”22″ title=”Corporate Finance”]Corporate finance careers involve working directly for a company, or as a consultant, and making sure the finances of a business are not only sustainable, but profitable. Corporate finance jobs typically involve taking a look at how a company spends money (overhead, production, payroll, etc.), how much revenue the business makes, and then drawing up plans to make everything run more efficiently (if possible) and making projections that enable the business to grow, meet long-term goals, and become more profitable, overall. A person who can perform the functions of a corporate finance position is in great demand.[/product_feature][product_feature title_color=”#be9f2a” title_font_size=”22″ description_color=”#555555″ description_font_size=”14″ icon=”fa-lightbulb-o” icon_color=”#ffffff” icon_bg_color=”#1a398b” icon_size=”22″ title=”Financial Advisors”]In the world of business finance careers, financial advisors are sought after because they know the latest tax laws and regulations, and can handle everything from personal portfolios with a worth of under $50K on up to business finances comprising hundreds of millions of dollars. Financial advisors will not only assist with taxes, but they will utilize their broad knowledge of insurance and investments to make sure people and businesses are getting the most out of their money. [/product_feature][product_feature title_color=”#be9f2a” title_font_size=”22″ description_color=”#555555″ description_font_size=”14″ icon=”fa-lightbulb-o” icon_color=”#ffffff” icon_bg_color=”#1a398b” icon_size=”22″ title=”Investment Finance”]The major role of an investment finance career is that of a facilitator. Investment finance deals with people and businesses that need working capital, and then bringing resources to the table in the form of investors, potential partners, financial institutions, or anything else in order to structure a solution for the clients. Investment financiers usually receive a very nice salary (if they work for a firm) or a healthy broker’s fee, if they work independently. Businesses, in particular, are always in need of extra money, and being able to facilitate deals that meet the needs of those businesses put this finance career in great demand, with no shortage of clients.[/product_feature][product_feature title_color=”#be9f2a” title_font_size=”22″ description_color=”#555555″ description_font_size=”14″ icon=”fa-lightbulb-o” icon_color=”#ffffff” icon_bg_color=”#1a398b” icon_size=”22″ title=”Collectors”]Financial institutions sometimes run unto problems with borrowers who are unable to repay loans in a timely manner, or who have defaulted completely on money owed to the institution. In the private and commercial sector, corporations who are owed money from clients will often sell those accounts to collectors so that the business does not have to deal with the headache of tracking down the money they are owed. The job of the collector is to hunt down and get those payments. In many cases, this involves meeting with the clients who are in debt to these institutions and structuring a solution to get back that money. This means the people (or businesses) make monthly installments – sometimes with the collector’s fee, if this is being settled by an independent firm – until the amount owed is fully paid off. [/product_feature][product_feature title_color=”#be9f2a” title_font_size=”22″ description_color=”#555555″ description_font_size=”14″ icon=”fa-lightbulb-o” icon_color=”#ffffff” icon_bg_color=”#1a398b” icon_size=”22″ title=”Public Accounting”]Accounting covers a broad spectrum of services, for private individuals as well as businesses. Like those with jobs in corporate finance, public accounting keeps track of incoming and outgoing money for a household or business, delivering reports and suggestions to reduce spending and increase revenue. Accountants are hired to work in-house at many organizations, and also function as auditors so business owners can get an overview of how healthy the finances are so they can make projections to meet long-term goals. There is never a shortage of clients from the private and commercial sectors for certified accountants, and most people choosing finance careers in accounting end up working for larger accounting firms, or they get hired to work in-house for a corporation.[/product_feature][product_feature title_color=”#be9f2a” title_font_size=”22″ description_color=”#555555″ description_font_size=”14″ icon=”fa-lightbulb-o” icon_color=”#ffffff” icon_bg_color=”#1a398b” icon_size=”22″ title=”Loan Officers”]Loan officers work in a field a commercial finance that does the majority of the leg work before any lending agreements are drawn up. This business finance career assesses the value of financial holdings and assets of a company in order to figure out what lending options are available. Many loans cannot be secured without collateral, and a loan officer places a value – figuring in cost, upkeep, depreciation, etc. – of those assets, and then takes the amount the business is asking for and matches it with the appropriate type of loan. Some banks are restricted in what they can accept as collateral, and they are also limited by the amount of money they can lend. In these cases, a loan officer may refer the business to private investors, alternative lending methods, or work with a partner from the investment finance field (see above) in order to put together a solution that meets the needs of the business owner.[/product_feature]

Finance Career Opportunities

The positions mentioned above are just a few of the myriad business finance careers that are available. Many people worth through banks, major lending and accounting firms, and even as independent agents in the field of finance in order to help individuals and businesses with their financial needs. Money makes the world go around, and having a career in business finance is one of the most lucrative and stable fields out there.

Further Reading