The Average Salary of Finance Jobs
A career in finance in the United States can be consistently rewarding and lucrative. Finance specialists can work within a variety of environments such as financial planning, corporate finance, investment banking and real estate. The economic and market savvy professionals can also provide advice and guidance to businesses and individuals when it comes to making decisions regarding money and investments. The average salary for finance jobs in the United States can vary greatly depending on many factors.
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Qualifications
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There are many different requirements for holding finance-related jobs depending on the position and task being performed. To be a financial analyst, one of the most common careers in finance, one must possess a minimum of a bachelor's degree and often a master's degree in finance or business administration. Some positions may also demand certain licenses and certifications. Generally, those interested in a career in finance should study business, accounting, statistics, economics and have a strong command of mathematics. The most coveted positions in finance are reserved for those with not only experience but an impressive track record.
Location
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Cost of living and the level of demand for finance professionals has a great effect on salaries. For example, a financial advisor in Florida, a state with a high concentration of financial advisors and relatively low cost of living, can expect to make an annual average of $64,810. New York also has a high concentration of financial advisors, but the demand is also high and cost of living is far above average. Financial advisors there earn an average of $146,460 a year, according to the BLS.
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Position
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The area of finance in which a person works will also determine salary ranges. Financial advising is a common career choice, and for those individuals the national average salary is $68,200 a year. Analysts can expect a slightly higher salary at $73,670 annually. At the higher end of the pay scale are the financial managers. These are often more experienced professionals and they can expect a national average salary ranging from $72,030 to $135,070, according to the BLS.
Industry
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Providing a certain service in the world of finance will not necessarily justify similar salaries across all industries. Financial analysts work in many fields, but salaries vary widely. For example, a financial analyst at an insurance carrier will average $74,980 a year. Those working in advertising and public relations will garner an average of $94,810 a year. The higher wages are earned by those dealing with securities and commodity exchanges, bringing in an annual mean wage of $105,820, according to the BLS.
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References
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