Is pursuing a career in finance profitable?

Jobs requiring a finance degree may offer comparatively high salaries, consistency, room for promotion, and reliable demand forecasts. Employee flexibility may be provided through careers in finance, enabling them to work remotely.

Fintech, a cutting-edge invention at the nexus of finance and technology, enables people in finance to keep abreast in a changing industry. The demand for professions in finance will be driven in large part by the requirement for skilled workers to evaluate investment opportunities.

Careers in Finance

Careers in the finance industry can be quite profitable, which contributes to the explanation of why they are so in demand. No doubt, getting a job in the finance industry is difficult—the admission requirements might be as high as the pay. Many professionals have postgraduate degrees in business, math, economics, or statistics, and the majority of occupations demand at least a four-year degree.

However, there are many opportunities in the finance sector that suit a range of skills and preferences. They include a variety of positions such as investment banker, quantitative analyst, financial analyst, actuary, portfolio manager, , financial planner, economic analyst, and securities trader with average base salaries ranging from N120,000 to N800,000 and total pay figures, including bonuses and commissions, of anywhere between N1.5M to N10M annually.

Accounting

·        Average base Salary: 127,500

·        Additional Pay: N240,000

·        Total Monthly Pay: N367,500

Accounting professionals keep track of the finances of both public and private companies. They maintain thorough, well-organized records that adhere to rules and regulatory requirements. People who work in finance can specialize their profession to concentrate on particular industries, such as healthcare, tax management, and other government and private agencies.

These individuals keep tabs on agencies' spending and review documents at all levels of government to ensure that tax regulations are being followed. Additionally, accountants supervise cash flow, assess risk, enhance efficiency, and recommend improvements to raise profitability for private enterprises.

Auditing

·        Average base Salary: N160,000

·        Additional Pay: N400,000

·        Total Monthly Pay: N560,000

Auditors assess an organization's financial situation to see whether it complies with legal requirements. Similar to accountants, these experts offer advice for financial upgrades and ways to abide by tax laws to decision-makers. A finance person can take up an auditing job either as an internal or external auditor.

Internal auditors monitor the financial records of the organizations they audit in order to evaluate risk, compliance, and fraudulent activity. These experts deliver their results to management and could offer suggestions for bettering business procedures or best practices.

External auditors examine financial statements of organizations in collaboration with external firms. To make sure the business accurately tracks and maintains its financial records, they communicate their analysis to authorities and investors.

Investment Banking

·        Average base Salary: N130,000

·        Additional Pay: N300,000

·        Total Monthly Pay: N430,000

Investment banking offers some of the most attractive and demanding financial careers. Bonds, equities, public offerings, venture capital, and mergers and acquisitions (M&A) are just a few of the ways that investment banks assist businesses and governments in raising funds. Investment banking institutions typically have multiple divisions and groups with a variety of goals and duties. 

Financial Analysts

·        Average base Salary: N

·        Additional Pay: N

·        Total Monthly Pay: N

 Financial analysts assess financial information for both individuals and corporations. They examine financial data, evaluate economic and company trends, and recommend investments to boost returns.

Typically, financial analysts are either sell-side analysts or buy-side analysts. Buy-side analysts advise businesses in making investments through hedge funds, mutual funds, and pension plans in order to profit. Based on the client's long-term plans and objectives, they evaluate each client's portfolio of investments.

To produce financial estimates for potential investors, sell-side analysts investigate stocks and investments within particular industries. They consult industry participants to develop investment predictions, which financial experts frequently combine into a consensus estimate.

Personal Financial Advisor

·        Average base Salary: N205,000

·        Additional Pay: N550,000

·        Total Monthly Pay: N755,000

Individuals and families meet with personal financial advisors to discuss their financial needs and set goals. These experts provide advice on taxes, estate planning, investments, mortgages, and other financial issues.

Individuals turn to these experts for support during major life transitions including retirement, investments, insurance, and education, amongst other financial needs. Financial planners assist clients in evaluating the risk involved in investing in order to achieve both short- and long-term objectives. Customers are given advice on how to enhance profits. Financial advisors may purchase stocks, bonds, and annuities on behalf of their customers.

Financial planners also offer clients advice on purchasing insurance, filing taxes, and creating personal budgets. These experts keep an eye on clients' accounts to determine whether they are on pace to reach their financial objectives and, if not, to propose changes as needed.

Financial Examiners

·        Average base Salary: N205,000

·        Additional Pay: N550,000

·        Total Monthly Pay: N755,000

To ensure that clients and borrowers are safeguarded from unforeseen losses and exploitative lending practices, financial examiners maintain a close eye on financial institutions in the industry. These experts often engage in either consumer compliance or risk assessment, making them one of the most sought-after professions in finance.

Financial examiners reassure clients that these financial institutions can be held to stringent standards in consumer compliance. This prevents organizations from making loans with excessively high-interest rates that debtors are unable to repay. In order to prevent banks from discriminating against people based on their ethnicity, color, sex, or handicap, these specialists also monitor lending procedures. Furthermore, they produce and deliver reports on financial institutions' overall fiscal health.