Graduating with a finance degree opens up a world of opportunities. Finance is a versatile field that prepares students for careers in banking, investing, insurance, corporate finance, accounting, and more. While the field is competitive, there are many great entry-level jobs perfect for recent finance graduates.
This article will explore some of the best first jobs out of college for finance majors. We’ll cover key positions in finance hot spots like New York, Chicago, and California. Whether you’re looking to break into investment banking or chart your course to becoming a CFO, read on to learn about promising career paths and how to land these sought-after roles.
Why Choose finance?
But first, why pursue a career in finance at all? There are several compelling reasons:
- Earning Potential: Finance roles tend to be very well-compensated, especially as you move up the ladder. The average salary for a financial analyst is $63,790 annually.
- Career Development: Early responsibilities provide transferable skills in analysis, modeling, valuation, and communication. These carry forward throughout your career.
- Mobility: Finance skills are valued everywhere, and some roles don’t even require being tied to a specific location. Experience can transfer between companies and industries.
- Impact: Finance pros support key strategic decisions that help businesses and the economy grow. You’re close to the pulse of innovation and change.
For many reasons, finance offers an attractive career path for business students. Now let’s explore some of the best entry points.
Financial Analyst
A financial analyst is likely the most common and accessible finance role for recent graduates. As a financial analyst, you’ll be responsible for researching companies, industries, and economic conditions to make actionable recommendations.
Key Responsibilities
- Prepare financial models, forecasting, and analysis to inform business strategy and planning
- Research and analyze financial data to assess performance, risk, and opportunities
- Compile reports, presentations, and other materials to communicate insights and recommendations
- Support senior staff in evaluating potential business deals and investments
Qualifications
- Bachelor’s degree in finance, accounting, economics, or business administration
- Strong analytical and problem-solving skills
- Excellent written and verbal communication abilities
- Proficiency in Excel and financial modeling
- Attention to detail and ability to synthesize complex information
Salary and Growth
The average salary for financial analysts is approximately $63,790 per year. The role has strong growth projections as well, with an estimated 11% increase in jobs from 2016 to 2026, according to the Bureau of Labor Statistics. Major hubs like New York and California tend to pay more due to a higher cost of living.
With sound training in analysis and presentation, the financial analyst role equips you with a strong foundation to grow throughout your finance career.
Investment Banking Analyst
For graduates seeking more prestige and pay, one popular choice is to break into investment banking as a first job. Investment banks help companies and governments raise capital through services like underwriting debt and equity offerings.
Key Responsibilities
- Develop pitchbooks and financial models to assess potential deals
- Perform valuation analysis on companies and investment opportunities
- Prepare client presentations and information memoranda
- Conduct market research and tracking on companies, transactions, and macroeconomic trends
- Participate in roadshows and client meetings
Qualifications
- Bachelor’s degree in finance, economics, or another quantitative field
- 3.5+ GPA from a target university generally preferred
- Finance internships and leadership in campus clubs looks strong
- Sharp financial modeling abilities (Excel and PowerPoint skills)
- Strong work ethic and ability to manage high pressure
Salary and Hours
Base salary for first-year analysts tends to be $85,000–$90,000, with bonuses bringing total compensation up to ~$140,000 or more at top banks. Hours are long, often 100+ hours work weeks. The role is intense, but it offers tremendous early responsibility and great pay. After 2-3 years, successful analysts may move up to associate roles or transition to private equity, hedge funds, or business school.
Financial Advisor
Financial advisors work directly with individuals and families to provide investment and money management advice tailored to their goals. As a financial advisor, you’ll build long-term relationships with clients and help empower them to meet objectives.
Key Responsibilities
- Consult with clients to understand their financial situation and objectives
- Create personalized financial plans and investment portfolios matching client risk tolerance
- Recommend specific investments and products to help clients meet their goals
- Monitor investment accounts and overall financial picture and adjust plans as needed
- Stay up-to-date on financial markets, products, regulations, and tax changes
Qualifications
- A bachelor’s degree in finance, business, or economics preferred
- Certifications like the CFP (certified financial planner) help credibility
- Strong interpersonal and relationship-building skills
- Confident public speaking and presentation abilities
- High ethical standards and trustworthiness
Salary and Growth
According to the Bureau of Labor Statistics, the median salary for financial advisors is $88,890 annually. Compensation often includes bonuses based on assets under management and commissions on products sold. The job outlook is also strong, projected to grow much faster than average at 15% from 2020 to 2030.
Building long-term client relationships leads to increasing pay over time. And most financial advisor positions have a high degree of independence and flexibility.
Accountant
From major corporations to non-profits and small businesses, every organization needs financial accountants to handle essential money management tasks. This steady demand makes accounting a reliable career choice coming out of school.
Key Responsibilities
- Prepare and analyze financial statements, budgets, taxes, and internal reports
- Perform audits to ensure financial records are accurate and comply with regulations
- Identify ways to reduce costs, improve efficiency, and maximize profits
- Advise management on financial strategy based on analysis and trends
- Prepare and file taxes, ensuring compliance with federal, state, and local tax laws
Qualifications
- Bachelor’s degree in accounting, finance, or related major
- CPA certification provides a significant leg up in the field
- Strong organizational skills and high attention to detail are critical
- Analytical skills to identify trends and insights in complex financial data
Salary and Growth
According to the BLS, accountant salaries average $77,250 annually. With a CPA license, pay increases to $94,650 on average. Accounting is projected to grow by 6% from 2020 to 2030, adding over 200,000 new jobs. Government and CPA firms tend to pay less but provide a good experience. Corporate accounting offers higher pay as you advance.
Actuary
For number crunchers, a promising option is pursuing actuarial science, leveraging math and statistics to assess financial risk and uncertainty. Actuaries provide critical support to insurance companies, investment firms, and other financial corporations.
Key Responsibilities
- Analyze data to predict potential financial impacts of risk, like insurance claims or investment returns
- Design and price new insurance products and investment strategies
- Calculate reserves needed to pay expected future claims and benefits
- Assess financial risk related to events like insurance, medical needs, mortgages, and pensions
- Stay up-to-date on insurance and finance regulations, legislation, and products
Qualifications
- Bachelor’s degree in actuarial science, statistics, mathematics, or finance
- Pass actuarial exams to get licensed as credentialed actuary (up to 10 exams)
- Strong background in mathematics, including calculus, probability, and statistics
- Analytical skills and detail- orientation are needed to build complex, accurate predictive models
Salary and Growth
Actuaries earn a median salary of $111,030 per year, among the highest of finance roles. The career has bright projections too, expected to grow 24% from 2020 to 2030. Actuaries generally work for insurance providers, consulting firms, the government, or investment companies. Gaining credentials allows your earning potential to grow quickly.
Financial Manager
Those interested in leadership can work up to financial manager roles, directing teams and department strategy. Financial managers maintain records, analyze performance, and guide major business decisions.
Key Responsibilities
- Oversee financial department operations like accounting, budgeting, and investments
- Direct preparation and analysis of budgets, metrics, forecasts, and financial statements
- Identify opportunities and recommend actions to enhance profits and efficiency
- Lead short- and long-term organizational financial planning and strategy
- Manage team members like accountants, analysts, and clerks
Qualifications
- Bachelor’s degree in finance, accounting, or business administration
- 5+ years experience in a financial analysis or accounting role
- Leadership, time management, and communication skills
- Deep analytical abilities and financial modeling expertise
- MBA or CPA/CFA certifications preferred for senior roles
Salary and Growth
The average salary for financial managers is $151,370, according to the Bureau of Labor Statistics, with the top 10% earning $208,000+. The career has 10% job growth projected from 2020 to 2030. Pursuing an MBA paired with progressively advanced financial roles can help secure higher management positions.
Corporate Treasurer
At large firms, corporate treasurers oversee all treasury operations, cash management, and company investments. It’s a high-level strategic role with influence on financial health.
Key Responsibilities
- Direct daily cash management and investment of company funds
- Execute capital-raising strategies, including financing through debt, equity, and bonds
- Manage portfolio of investments according to growth and risk objectives
- Oversee foreign exchange risk management, hedging, derivatives, and insurance
- Develop treasury policies and procedures to maintain internal controls and compliance
Qualifications
- Bachelor’s degree in finance or accounting
- 10+ years experience in treasury, finance, or investment banking
- Leadership and collaboration skills to guide a treasury team
- Deep understanding of global financial markets and instruments
- Technical knowledge of cash management systems, treasury software, ERPs, and data analytics
Salary and Growth
According to Payscale, corporate treasurers earn between $109,000 and $201,000 on average. More senior roles at major global firms can reach up to $300,000 or above. Corporate treasurer is a very specialized role with unique expertise developed over time. Gaining experience across treasury functions, from capital management to investments and risk mitigation, paves the path to success.
FAQ
Q. What entry-level finance jobs have the highest pay?
Ans: The highest-paying finance jobs for recent graduates are generally in investment banking and financial trading firms. First-year analyst roles can pay between $85,000 and $90,000 base, with bonuses bringing total compensation up to ~$140,000 or more at top investment banks. Hedge funds and proprietary trading firms also tend to pay very well.
Q. Do you need an internship to get a job in finance?
Ans: Internship experience is extremely helpful for breaking into competitive finance roles like investment banking. Finance internships allow you to gain relevant experience, expand your network, and get a foot in the door at firms that emphasize hiring out of their intern pool. But it’s still possible to land jobs without an internship, especially if you have demonstrated relevant skills through coursework, clubs, projects, or other work experience.
Q. What entry-level finance jobs let you work remotely?
Ans: Some financial analyst and advisor roles offer workplace flexibility or fully remote options. Software and technology skills open up more opportunities to work virtually. Some investment research, trading, risk analysis, and actuarial positions also lend themselves well to remote work. But in-person client meetings still anchor many finance careers, especially at junior levels.
Q. Should you get a master’s degree or MBA in finance?
Ans: Pursuing an advanced degree like a Master’s in Finance or MBA can provide useful specializations and job opportunities later in your career. But most entry-level finance roles only require an undergraduate degree in a relevant major like finance, accounting, or economics. Professional experience and certifications are generally more important early on. An MBA or other Master’s is worth considering down the line as you advance.
Q. What skills stand out for finance applicants?
Ans: Recruiters look for strong analytical ability, financial modeling expertise, and internships or work experience on resumes. Confident public speaking, communication skills, and leadership in campus clubs also help. Having technical expertise in Excel, financial databases, data visualization, and programming languages like Python and R can give you a boost. Ultimately, demonstrating intellect, work ethic, and business acumen go a long way.
Conclusion
A degree in finance unlocks doors to diverse, lucrative, and fast-growing career paths. While the field is competitive, countless opportunities exist for ambitious graduates to find roles that match their strengths and interests.
By targeting positions that provide hands-on training and skill development early on, new finance professionals can set themselves up for advancement and long-term success. While the road ahead takes hard work and dedication, the payoff in terms of compensation, mobility, and impact makes finance an extremely rewarding choice.