Preparing and Training for a Career in Finance

As the last year has shown us, finance is a dangerous line of work. But that doesn't mean financial careers are a lost cause. Many economists believe that, once the dust clears, the various economic stimulus plans and the continued globalization of the world economy should give rise to new jobs.

What's more, a number of finance occupations have proven immune to the economic downturn. Auditors, accountants, and collection specialists, for example, are in greater demand than ever before. And, as they always say, every bust is followed by a boom.

The World of Finance

Broadly speaking, finance is the management of money and other assets. It includes fields such as corporate finance, personal finance, public finance, investment banking, and more. Depending on your desired career path, there are a variety of business and finance careers. Some of the leading careers include:

Financial Analyst

• What they do: Use financial data to identify trends and develop forecasts that help insurance companies, banks, and other businesses make wise investments
• What they need: A bachelor's degree in finance, accounting, or statistics--some have master's degrees in business administration (MBAs)
• Mean annual salary: $84,780
• Mean hourly wage: $40.76
• Top paying states: New York, Connecticut, California

Personal Financial Advisor

• What they do: Provide individual clients with advice on their taxes, insurance, and retirement accounts
• What they need: A bachelor's degree in finance or a related field
• Mean annual salary: $92,970
• Mean hourly wage: $44.69
• Top paying states: New York, Massachusetts, Connecticut

Brokerage Clerk

• What they do: Keep records of transactions involving stocks, bonds, commodities, and other types of investments
• What they need: An associate's degree or a bachelor's degree in a finance-related field
• Mean annual salary: $41,370
• Mean hourly wage: $19.89
• Top paying states: New York, Illinois, California

Investment Banker

• What they do: Help companies raise money by providing strategy recommendations and issuing and selling securities
• What they need: A bachelor's degree or higher in finance, accounting, or economics
• Mean annual salary: $92,050
• Mean hourly wage: $44.26
• Top paying states: Connecticut, New York, Tennessee

Loan Officer

• What they do: Help clients apply for loans and assess their applications
• What they need: A bachelor's degree in finance, economics, or a related discipline
• Mean annual salary: $63,540
• Mean hourly wage: $30.55
• Top paying states: Rhode Island, Massachusetts, New York

Other key players in the finance field include financial managers and planners, commercial bankers, money managers, and payroll specialists.

Entering the Financing World: Consider an Online Degree in Finance

According to the Bureau of Labor Statistics, most financial professions will grow at the same rate as other occupations from 2006 to 2016. Personal financial advisors and financial analysts, however, rank among the fastest growing occupations in the U.S., with projected growth of 41% and 33.8%, respectively. Keep those numbers in mind as you weight your options.

If these positions appeal to you but you don't yet have the credentials, consider enrolling in an online degree program in finance. Online education can be a convenient way for working professionals to advance in their careers or change directions entirely while continuing to fulfill their personal and professional responsibilities.

Students, job candidates, and seasoned financiers alike should remember that the finance field has been on the cutting edge of information technology for several decades now. Financial professionals should stay on top of new advances in order to shore up their positions and qualify for promotions. Many training institutes and online education programs offer certificate programs and courses that focus on financial systems and software.

If you already work in finance but would like to transition to an area with more potential, earning an online degree could could allow you to build new skills on your own time while keeping your current job.