Finance Salaries, What to Expect

In today’s world, a career in finance can be quite lucrative as more and more people are trying to invest and save as much as they can. While you may enjoy working with numbers, it is just as important that you earn a living. This applies even more especially after going through college and those long lectures; it is only second nature that you get something out of your hard work. After college the tricky part is job hunting because you have to look and settle for something you will enjoy while also earning a decent living.

Finance salaries vary depending on your qualifications and the area you want to pursue. If you have an associate degree which is generally a two year program that are offered by technical institutes or community colleges. They give students general education on business and there are careers available after you get your degree. The average starting salary for a financial adviser is $ 66,000. This is a career that will be needed for a long time to come.

If you want to specialize in investments, you can start by earning an average salary of $ 70,000. You will need a bachelor’s degree and there is always room to expand your career.

Financial Planning Salaries

Financial planning is a lucrative job today. With more and more people earning more and more money, it is logical to assume that more and more people will look for advice in planning their financial activities. Basically, a financial planner is someone who helps a person to manage his or her finance in the optimum manner possible. The financial planner finds out suitable investment avenues for a person based on the person’s attitude towards risk and sources of income. Generally, people with MBAs or with some other degree in finance are considered for the job of financial planning. There are plenty of companies in the financial sector today other than the conventional banking institutions. They offer a variety of financial solutions. For example, one can invest in the stock markets of any country, not just in the one’s own country, through certain funds offered by these new-generation non-banking financial institutions. In such situations, a financial planner is inevitable. Also there are independent financial planners who work as consultants. A financial planner should be well versed in financial and taxation laws and should have a thorough understanding of the intricacies of the financial sector.

Financial planners are one of the highest paid executives in financial sector today. In a single year, there has been an increase of around 25% percent in the salary of financial planning professionals. But the industry is experiencing a brief lull at present because of the sub-prime crisis in United States and the plummeting stock-market indices all over the globe. The average annual salary of a senior financial planner has come down to less than $80000/-. It was around $64000/- a year ago and touched $81000/- in January this year.

In the financial planning sector, there are many posts. Examples are given below (average salaries in United States in entry level are given in brackets): certified financial planner ($59000), personal financial advisor ($46000), financial planner ($47000), associate financial planner ($40000), administrative assistant ($30000), administrative manager ($37000), and executive assistant ($40000). As you can see, the salary varies significantly with the nature of the job. A fresher in the financial planning industry is likely to get a salary of around $37000 to $40000 in United States. Naturally, the salary will increase as the financial panning professional gains experience. The general trend is that there will not be a substantial increase in salary in the first four years. But once the person passes that four year mark and gains some experience, the salary hike shifts to top gear.

However, there has been criticism about the increasing salaries of financial planners. The financial sector has been undergoing a mini crisis in the last few months. But most financial planning executives are still drawing high salary. Some financial columnists are arguing that even at the time of crisis, the bank balance of the financial planners in fattening up, while bank balances of their customers are drying up.

High Pay Still Found in Finance

Though the stock market remains wildly prone to fluctuations and the United States barely saved itself from veering off a fiscal cliff at the new year, the high pay of finance jobs has remained a steadfast thing. And the number of people seeking such jobs has, if anything, been on the rise-even as the amount of spots available moves the other direction on the number line.

“I’m looking to go into finance” is a common phrase among soon-to-graduate and recently graduated college students. But what exactly does “going into finance” look like? Finance is an industry, and the term blankets a lot of different positions. Finance jobs include everything from being an analyst to being a trader, from being a researcher to being a consultant. When most people think “finance,” investment banking, also called iBanking, is what first comes to mind. Specifically, bulge bracket banks like Goldman Sachs, J.P. Morgan Chase, and Morgan Stanley come to mind. But these firms only comprise a small (if highly profitable and reputable) piece of the finance pie. Job-seekers can also break into the finance career bubble through sales and trading divisions, corporate finance, hedge funds (a harder point of entry for fresh BAs), consulting firms, (McKinsey & Co., Boston Consulting Group’s HOLT associates division), private wealth (Charles Schwab, PNC Wealth Management) management firms, and even ratings agencies (Moody’s, Standard & Poor’s). And within iBanking alone, there is further job breakdown into three types of groups: capital market, product, and industry groups. Basically, “finance” is deceptively simple-there are dozens of ways to wriggle into the finance sector.

The pay, of course, differs from position to position and from company to company. At a big investment bank, first-year analysts will typically make around $70k base salary plus a $10k signing bonus and $50k to $60k year-end bonus. At a hedge fund, the hiring salary can go up to $90-$100k base plus an even more significant year-end bonus-but generally only analysts with an MBA or prior iBanking experience will make this kind of money right off the bat.Entry-level private wealth management salaries can also be over $80,000. First-year traders bring in similar base salaries to analysts but usually expect less of a bonus-around $20K to $30K. Ratings or credit analysts tend to make slightly less than these other positions, around $55K base salary, but compared to the larger scope of American and international pay grades, that is still a more-than-respectable entry-level salary. And once someone is inside the finance worlds, his/her chances for mobility into different sectors and positions greatly increase.

Of course, no money comes free, and no one getting into the finance world can expect to get his/her salary without doing a lot of work-sometimes 100 hours a week of it. Analysts joke that analysts don’t have a life, and at times that joke rings all too true. But the applications for finance jobs keep coming and will keep coming. The bonuses may not be as extravagant as they once were, nor is the path to rise through the ranks of a firm as smooth and certain. Yet no other industry can promise pretty much across the board $50k plus entry-level salaries, especially after the recession. High pay has remained a stable fact for those who can say they are “in finance,” and in unstable times, that kind of stability is something for which many are willing to fight.

Salary for an Accountant

Accountant jobs demands following activities viz. to prepare profit loss statements, to prepare balance sheets and other financial reports. They analyze trends, revenues, financial commitments etc. The person should have a bachelor’s degree and specialization in particular subject. Salary of an accountant depends on the experience and qualification.

Prepares balance sheets, profit and loss statements, and other financial reports. Responsibilities also include analyzing trends, costs, revenues, financial commitments, and obligations incurred to predict future revenues and expenses.

Reports organization’s finances to management, and offers suggestions about resource utilization, tax strategies, and assumptions underlying budget forecasts.

They are broadly divided as accountants, cost accountants and financial reporting accountants. The duties of the them are broadly described above. Depending upon the area of expertise and experience an accountant achieves, he/she has to look into reports from finances as well as management, resource utilization, tax strategies etc.

The cost accountants establish and execute cost accounting methods. They prepare cost report analysis and costing audits. They should be familiar with standard concepts, practices and procedures etc.

Financial reporting accountants collect, evaluate and organizes finance related data. The reporting is as per the guidelines set by SEC and GAAP. The financial reporting accountants work on proposals regarding company policies.

The salary of them depends upon various factors such as the country and the sector you work in, experience and education etc. The salary of an accountant with up to two years experience in US is $43,905 per year. The salary of an experienced accountant having two to five years experience in US is $52,618 per year. The salary of the experienced tax accountant in US is $58,737 per year.

There salaries are spread over a wide range.Salary of the accountant in India with minimum work experience 1 year can be approx. Rs.1,20,000 per year. This salary is offered in mega cities like Mumbai. The salary may vary from small towns to mega cities. The accountant salary also matters a lot whether you are working in government sector or private sector.

Personal Finance – Advanced Tips For Young Adults

After starting new, you have your whole life ahead of you. So you need to make sure that your personal finances are on the right track. Apart from the budgeting, credit management or extra earning ideas, you need to do a little more to plan ahead of time. Here are some tips advanced personal finance tips for a better future.

Start building your emergency fund
Here’s an essential and oft-repeated mantra of smart personal finance “pay yourself first”. Regardless of how much you’re indebted in your student loans and/or credit card loans and regardless of how stumpy your current salary might seem, a wise decision would be to decide on some amount (could be any amount you want) of money that you’ll save in your emergency fund each and every month. You will be astonished in future imagining how much it helps you in times of your needs!

Just try to get yourself into a habit of keeping aside some money, treating it like your non-negotiable “expense” every month. Very soon you’ll manage to have much more than mere emergency money: you’re most likely to have your retirement money, fun vacation money. If you’re able to stick to it, you will end up saving sufficient funds for the down payment of your new home.

Start saving for your retirement now
Sounds weird, right? It feels like too early for that. But you do need to plan for that retirement thing in advance! The sooner one starts saving, the higher she or he can have upon retirement. And the sooner you can invest in something that matures gradually to a profit generating venture that pays for your necessities (and hopefully, luxuries) in your retirement.

Handle taxes smartly
It’s important that you realize the impact of income taxation even before putting your hands on the first paycheck. Just when your employer offers you the starting salary, you’ll need to understand the process of calculating whether the salary is likely to provide you with enough funds after taxes, so you can meet the financial goals or obligations you already have.

Fortunately, there’re heaps online calculators taking the dirty calculation work of determining your payroll taxes. A good example is Paycheck City. Those calculators shows your gross pay and the amount you need to spend on taxes and the amount you’re left with, something alternatively known as pay, or simply – take-home pay.

Here’s an example. $35,000 per year in a state like California leaves you with around 27,600 bucks after taxes. That amounts to around $2,300 per month. Likewise, if you are considering quitting a job for a new one for your salary increase, you got to understand to what extent your marginal tax rate is going to affect the raise. The bottom line is – a salary raise from 35,000 bucks per year to 41,000 bucks per year doesn’t actually leave you with an extra $6,000, or an extra 500 bucks per month. You are only getting an additional $4,200, which amounts to 350 bucks per month. Then again, this amount varies depending on which state you live in.

Careers in Finance – An Overview

Finance is a very broad subject. Speaking in terms of employment doesn’t narrow the term much. There are a wide variety of careers and job positions available in the Finance field. Education requirements and salary expectations depend on the area of interest, as well as the geographical position.

Several careers opportunities are available in Finance. Banking is probably the more common position that comes to mind. Commercial Banking, Corporate Finance, Financial Planning, Insurance, Investment Banking, Money Management, and Careers in Real Estate are all related to the field of Finance. Studies done recently have shown that the need for people in the Finance field is growing. Incidentally, as long as there is money involved, there is a need for finance. Some characteristics of Finance professionals include; Strategic thinking, and the ability to comprehend complicated matters fairly quickly, a new, fresh perspective, and candor. If you are interested in a career in finance, you should also possess some leadership qualities, have a firm understanding of risk management, and have strong analytical and problem solving skills.

Keeping in mind that Finance is a global industry, a second or even third language would be a very helpful skill in this field. Education requirements vary, depending on the career path that you have chosen. An Associates Degree would be beneficial for a few minor career choices, but most companies require at least a Bachelor’s Degree for jobs such as accounting, investment banking, commercial banking, and so forth. You can opt to pursue your Master’s Degree, and expect to earn a much higher annual income. Income ranges with a Bachelor’s Degree start around $25,000 per year and top out at over $40,000. Starting salaries with a Master’s range from $30,000 to $80,000 annually. Incidentally, if you choose a Bachelor’s degree, your starting title would probably be “Junior Financial Analyst”, as with a Master’s it would be “Financial Analyst”. So, besides the annual income being higher, with a Master’s Degree, you can expect to have more responsibility and a much higher “clout” with companies than if you simply pursue a Bachelor’s Degree.

Whatever degree you decide to obtain, there will be specific courses of study that you must take. Actual course titles will, of course, vary by institution, but an example of your required courses would be: Developing Business Perspective, Management and Leadership, Fundamentals of Business, Marketing and Sales, Human Resource Management, Organization and Communication, Finance and Accounting, Financial Markets and Institutions, Investment and Portfolio Management, Business Ethics, Public and Nonprofit Finance, and Risk Management. Keep in mind that these courses are not the only ones that you will be required to take, depending on your choice of degree, and the institution that you attend.

The Government Finance Officers Association has information, news, and helpful links to help you whether you are in the Finance industry, or just thinking of entering finance. You can find lists of companies that are hiring, as well as their salary requirements and educational requirements. There are also links to local training events, as well as general news that affects the finance industry in the United States and Canada.

A look at some current job openings in the finance field, shows that the need for financial advisors is very much in demand. In California, an Assistant Chief Fiscal Officer, for a county government office, with only 1 year of experience, has a salary range of $81,765 to $99,424 annually. There are many opportunities in the government, if you have a finance degree, and you can expect the salary to be very competitive. Other, non-government companies, such as AIG, American Express, and local banks are a good place to get your start in the finance world. Also, private firms such as Deloitte & Touche Corporate Finance Canada, Inc., Chapman and Cutler, and William Blair & Company, all which serve the US and Canada, and other private firms hire periodically for new positions, and offer competitive salaries.

If you are inclined to seek your career in the finance industry, research companies well to find the best one for you. Educationally speaking, most colleges and institutions offer a wide range of courses, depending on the focal point of your finance choice. You would need to delve into the path of finance that you are planning to pursue, and with a little research and a good head for business, you could well be on your way to a very lucrative career in the ever-growing Finance World.

Finance Jobs – Top 10 Finance Job Opportunities

The job market is full of competition these days. It is quite difficult to get into the job of your choice. Your aim should always be clear. It is important to decide about the field in which you want to go from the very beginning.

You must choose your career very carefully. Lots of people make mistakes in choosing their career and hence they have to suffer a lot. So find out the field in which you are interested. Always make sure that you love your job.

This way you can reach to the top. Finance jobs have become quite popular these days. Lots of people are entering into this field because of the wide range of prospects in this field. There are different kinds of opportunities waiting for you in this field.

If you want to get into finance then you must have a good hold over math. These kinds of jobs are gaining more importance these days because of the finance jobs salary. The salary package is quite attractive.

In the beginning you must always try for the entry level finance jobs. These kinds of entry level jobs will help you learn the job and have a better idea about the kind of work you need to do. Other than this, you will also gain some experience in this field.

If you want to go up the ladder of success then experience is very much essential. You can try for the bigger companies as well as the bigger salaries of you have enough experience in this field.

Corporate finance jobs have also become quite popular these days. Before you enter into this field you need to learn about the top opportunities available in the finance jobs. It is important to have finance jobs description before you join.

1. One of the most popular and sought after jobs is the banking jobs. The banks usually have branches in every city and it belongs to the financial sector.

2. You can also work as an auditor if you want to join the financial sector. Auditors can be of two types. You cam either be an internal auditor or an external auditor.

3. The job of an underwriter can also help you have a good career in the financial field. But whichever job you choose in this field you need to make sure that you are responsible.

4. You can also enter into the payroll job. This is also a job which requires a great amount of responsibility. These people are there are to make sure that the employees get paid.

5. You can also get the job regarding private equity. This job might be a bit complex but is highly paid.

6. You can also join the finance jobs as an accounts assistant. You need to have certain qualifications for this field.

7. Financial director is the other job opportunity that you can get.

8. You can also choose to be a business analyst.

9. Management accountant post is also attractive.

10. Credit controller can also be one of your choices.

Finance Investments

There are a number of finance investments options available for everyone. Starting from the basic savings bank account, there are a vast number of investment options available. While most of them are good for the salaried individual who would certainly want to see that his hard-earned money starts earning some return for him in the future, there are some that provide excellent returns but have a high risk factor.

In the current scenario, finance investments have gained serious importance after the crippling global recession. As people lost jobs and businesses downed shutters, the person with substantial back up investments finally could sail through the difficult times virtually unscathed. This shows how important finance investments are to the common man. It is in this context that it becomes all the more important to have at least one line of financial investment in place.

The dilemma however remains. While liquid finance investments are low earning and fully guaranteed in nature, the investing public is slowly weaning itself away from these conventional methods. The emergence of mutual funds, and cash value life insurance as equally safe and immensely productive investment options have opened many a door for the investing public. Every person would always want that his or her money earn the highest available return though there are some who are willing to pay the extra cost by way of high risk to service these investments.

Earning a salary during the productive age of one’s life is something completely different from the days when he or she would be at home earning a pension. No pension today equals the salary earning capabilities of any individual. However, with pension, a good nursery of choice investment options can help in maintaining a close to salary income for many people. For this of course, long term planning in consultation with the experts need to be taken into consideration.

Businessmen also have excellent finance investments available though the advantage of a businessman is that he never needs to retire from his business. If hard labor behind his business makes him feel proud of the achievements and the days he had seen gone by, Businessmen however need to provide a bigger security cover for themselves and their businesses. Since uncertainties in trade and life in general cannot be ruled out, there is a crying need for stronger investment backups to come into force in the event the unforeseen takes place. Towards this end, the banks and other financial institutions offer a platter of investment options exclusively for the businessmen of today so that at least their families remain safe and fully covered. Banks are known to be a step ahead in this since there are a number of investment options that they can easily choose which one would serve their purpose.

To sum up therefore, finance investments cannot be done away with. They are the source of all hopes and desires in the twilight years and will remain the driving force after retirement comes in. Life has a number of different prerogatives in these years and so finance investments are absolutely necessary.