Job security is always a concern when choosing a career, but some fields are more recession-proof than others. And while there’s no guarantee that any job will be immune to cutbacks or layoffs, some industries weather economic storms better than others.
One industry that tends to be recession-resistant is finance. After all, people will always need financial services, whether investing their money, taking out loans, or managing their taxes. And while the finance industry has seen its share of ups and downs over the years, it generally bounces back fairly quickly after a downturn.
If you’re considering a career in finance, you’re probably wondering what the best-paying jobs are. With this in mind, we’ve compiled a list of the highest-paying finance jobs for 2023.
What do Finance Jobs Pay?
According to the U.S. Bureau of Labor Statistics, the top finance jobs are: financial managers, personal financial advisors, loan officers, accountants and auditors, budget analysts, and financial analysts with the median salary being $76,750.
Here’s a rundown of the top finance jobs with their average salary, education needed and a brief job description:
|Average Salary||Job Description||Education Requirements|
|Financial Analyst||$71,000 – $91,000||Analyzes and evaluates financial data to make recommendations for business decisions.||Bachelor’s degree in finance, economics|
|Financial Manager||$110,000 – $140,000||Oversees a company’s financial strategy and management of its finances.||Bachelor’s degree in finance, economics|
|Investment Banker||$85,000 – $150,000||Advises clients on financial transactions, such as mergers and acquisitions, and raises capital by issuing securities.||Bachelor’s degree in finance, economics|
|Financial Advisor||$50,000 – $150,000||Helps clients make informed financial decisions, including investments, insurance, and retirement planning.||Bachelor’s degree in finance, economics|
|Risk Manager||$90,000 – $120,000||Analyzes and manages a company’s financial risks, including market, credit, and operational risks.||Bachelor’s degree in finance, economics|
|Actuary||$108,000 – $153,000||Uses mathematical models to evaluate and manage financial risk, such as life insurance, pension plans, and investments.||Bachelor’s degree in mathematics, actuarial science|
|Financial Planner||$59,000 – $100,000||Helps clients plan and achieve their long-term financial goals through a comprehensive financial plan.||Bachelor’s degree in finance, economics, or a related field.|
|Accountant||$50,000 – $80,000||Prepares and analyzes financial records and reports for a company.||Bachelor’s degree in accounting|
|Budget Analyst||$60,000 – $80,000||Analyzes an organization’s budget and recommends ways to reduce costs and increase efficiency.||Bachelor’s degree in finance, economics|
|Bookkeeper||$40,000 – $50,000||Records and maintains a company’s financial transactions and ensures they are accurate and up-to-date.||Associate’s degree or certificate in accounting or bookkeeping.|
|Treasury Manager||$120,000 – $140,000||Manages a company’s financial resources, including cash management, risk management, and investment management.||Bachelor’s degree in finance, economics|
12 Highest Paying Jobs in Finance
1. Chief Financial Officer
Average salary: $314,481 per year
As a financial executive, the chief financial officer (CFO) is responsible for the financial health of an organization. The CFO role is multi-faceted and includes everything from financial planning and analysis to business budgeting, financial decision-making, and risk management. CFOs typically have a deep understanding of economic theory and practice and strong analytical and problem-solving skills.
CFOs are some of the highest-paid finance professionals because they have experience and networks and excel at financial leadership.
2. Financial Manager
Average salary: $134,180 per year
Out of all the finance jobs available to college graduates, financial managers are some of the highest-paying, with high demand for workers in this field. According to the U.S. Bureau of Labor Statistics, employment numbers for Financial Managers are expected to rise by 17% over the next decade, faster than the average for all occupations.
Financial managers are similar to personal financial advisors, except they monitor businesses’ financial well-being instead of individuals. Most financial managers have previous experience working in market analysis and forecasting positions similar to this one.
Financial managers are responsible for developing long-term financial plans, directing investment activities, and generating financial reports for their company. They may work in various industries, such as investment firms, accounting firms, banks, or the government.
3. Chief Compliance Officer
Average salary: $114,832 per year
A chief compliance officer ensures financial institutions adhere to all applicable laws and regulations. To keep a business running smoothly and help avoid costly non-compliance fees, CCOs monitor company policy and compliance.
This can be a demanding job, as the financial sector is heavily regulated. But it can also be rewarding, both financially and professionally. Chief compliance officers often have a degree in finance, law, accounting, or business administration. They also have experience working in the financial industry, usually at a senior level.
4. Insurance Advisor
Average salary: $89,295 per year
An insurance advisor’s primary job is to help customers find the best insurance products for their short- and long-term needs. This covers all areas of insurance – from life and home/auto coverage to financial planning services.
But an insurance advisor’s responsibilities go beyond simply finding the right policy. They must also help customers understand their coverage, file claims, and manage their accounts. In short, they are financial planning counselors who help people protect their assets.
A Bachelor’s degree in finance or a related field is required, and a CFP(Certified Financial Planner) certification is preferred for insurance advisors.
5. Hedge Fund Manager
Average salary: $83,578 per year
Who doesn’t want to make a fortune by correctly predicting the stock market? Hedge fund managers do just that. A hedge fund is a type of investment fund that uses financial instruments to offset the risk of investments. Hedge fund managers use their knowledge of the financial markets to manage their investment objectives, liquidity, and risk.
Hedge fund managers typically have a degree in finance, programming, economics, quantitative finance, or business administration.
6. Financial Examiner
Average salary: $81,410 per year
The financial examiner is responsible for managing risk, ensuring compliance with laws and regulations, and verifying that banks have adequate liquidity to cover unexpected losses. Financial examiners typically earn high salaries and enjoy above-average growth prospects.
Financial examiners are the middlemen between finance and law. Overall, their primary focus is ensuring that companies comply with all regulations so that nothing is mismanaged.
A minimum of a bachelor’s degree is needed for this profession.
7. Personal Financial Advisor
Average salary: $74,055 per year
Financial advisors help people invest their money after learning about their financial goals. They also often guide major life events, like saving for retirement or a college education. Because much of an advisor’s job revolves around talking to clients and seeking new investment opportunities, excellent communication skills are essential in this role.
8. Senior Accountants
Average salary: $73,547 per year
Senior accountants are responsible for managing the financial records of their organization. This includes preparing financial statements, maintaining ledgers, and overseeing budgeting. Senior accountants typically have a bachelor’s degree in accounting or a related field, along with a Certified Public Accountant (CPA) or similar designation.
9. Investment Banker
Average salary: $72,133 per year
As per the name, investment banking is the industry that banks use to invest in other companies. Investment bankers work with clients(businesses or government groups) to identify their financial needs and offer investment products, like stocks and bonds, to help them achieve their goals.
This is a very high-pressure job that requires being able to think on your feet and make quick decisions. Investment bankers also need to be able to work long hours, as they often have to travel to meet with clients.
10. Financial Analyst
Average salary: $70,677 per year
If you’re excellent with numbers and have a background or interest in finance, working as a financial analyst may be the perfect job for you. Financial analysts aid businesses and individuals by providing advice about how to invest money wisely. They keep track of economic trends, help make decisions about investments, and calculate value and risks.
They assist financial institutions, such as banks and insurance companies, with customer buying decisions and identifying their overall needs.
11. Information Technology Auditor
Average salary: $59,676 per year
Information technology auditors ensure that financial institutions have adequate controls to protect their information assets. This includes everything from systems and databases to applications and networks. IT auditors typically have computer science, information systems, or accounting degrees.
IT auditors are responsible for conducting audits and should therefore be experts at this task, which may require financial institutions to appoint them.
12. Budget Analyst
Average salary: $53,690 per year
Budget analysts are important in keeping companies organized and compliant with regulations. They help businesses and individuals budget by evaluating their spending and finding ways to save money. Budgeting can be tricky, but budget analysts have the skills and knowledge to make it easy.
Budget analysts typically work in the government or for accounting firms.