In a climate of economic uncertainty and relatively high unemployment, both recent college graduates and the currently employed are cautiously evaluating the job market. At the same time, businesses and individuals are seeking to secure their financial futures and are increasingly turning to money managers to do so. Money management, therefore, is an attractive career path. Here are five of the most popular careers in the field.
1. Financial Consultants
Financial planners, or consultants, use their research and critical thinking skills to evaluate their clients’ portfolios. They discover weak points and suggest improvements. Securities firms, banks, management companies, insurance companies and private individuals all seek financial planners. In 2013, the average salary of financial analysts was $70,000.
2. Claims Analysts
The claims analyst, or claims adjustor, makes sure that claims are accurate and in keeping with the company’s eligibility standards. They have to collect material, inspect evidence and draw up documents to deny or approve claims. Insurance companies are not the only businesses seeking claims analysts: large retail firms and banks also need them. In 2013, the average claims analyst made $62,000 a year.
3. Financial Project Specialists
Project specialists support the management of large institutions. They disseminate information, develop projects and programs and monitor project results. Project specialists typically facilitate meetings and make routine presentations to keep employers up-to-date on the status of projects. Consequently, the job requires exceptional communication skills. In 2013, Financial Project Specialists made an average of $49,000 a year, though there is a wide range of salaries.
4. Investment Banking Analysts
These analysts furnish companies with the information required to make important investment decisions. Investment banking analysts have to research market trends, prepare prospectives, build financial models, manage trades and prepare meetings. The job requires a bachelor’s in a finance-related field, and a master’s in banking and finance can be especially helpful. The average investment banking analyst made $77,000 in 2013.
5. Relationship Managers
A Relationship Manager or financial product agent meets with clients face-to-face, and so the job requires a personable personality and good communication skills. Relationship managers bring in new business, keep current clients satisfied, and lure departed clients back into the fold. They are customer relations experts who provide technical support, marketing and customer service. In 2013, the average salary of Relationship Managers nationwide was $63,000.
Whether you have an outgoing personality or prefer to crunch numbers quietly behind a desk, the money management field has a “bankable” career path that will suit you. These are five of the most popular jobs in business and finance.