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How Many Jobs Are Available in Finance?

Jun 29, 2023
How Many Jobs Are Available in Finance?

Finance is one of the most popular and fastest-growing industries around the world. With its wide and diverse range of job roles and opportunities, finance has become an attractive career choice for many professionals. From entry-level positions to executive roles, the finance sector has something for everyone. Whether you're interested in accounting, investment banking, financial analysis or any other aspect of finance, there are plenty of jobs available to suit your skillset. But just how many jobs are there in finance?

 Before diving into the details of job availability in finance, it's essential to understand the scope of the industry. The finance sector can be broadly categorized into the following segments. Each of these segments offers numerous job opportunities, catering to professionals with different skills and interests.

Banking

Banking is one of the largest industries within the finance sector, encompassing retail banks, commercial banks, and investment banks. Some of the most common job roles in banking include:  

  • Bank tellers

  • Loan officers

  • Personal bankers

  • Branch managers

  • Investment bankers

  •  Financial analysts


Insurance  

The insurance industry offers a variety of job opportunities, from underwriters and actuaries to claims adjusters and insurance agents. Common job roles in insurance include:

  • Underwriters

  • Actuaries

  • Claims adjusters

  • Insurance agents

  • Insurance brokers

  • Risk managers

 Investment Management

Investment management firms manage the financial assets of individuals and institutions, aiming to maximize returns on investments. Job opportunities in this segment include:

  • Portfolio managers

  • Investment analysts

  • Financial advisors

  • Wealth managers

  • Traders

 Corporate Finance

 Corporate finance involves managing the financial activities of businesses and organizations. Typical job roles in corporate finance include:

  • Financial analysts

  • Controllers

  • Treasurers

  • Chief Financial Officers (CFOs)

 Financial Planning and Advising

 Financial planners and advisors help individuals and businesses make informed decisions about their financial goals. Job opportunities in this segment include:

  • Financial planners

  • Certified Financial Planners (CFPs)

  • Financial advisors

  • Retirement planners

 Financial Technology (FinTech)

 FinTech is a rapidly growing segment of the finance industry that leverages technology to improve financial services. Job opportunities in FinTech include:

  • Software developers

  • Data analysts

  • Product managers

  • Sales and marketing professionals

  • Compliance officers

 According to recent research, the finance industry offers over 7 million jobs in the US alone. This includes jobs at banks and credit unions as well as money management firms and other companies that provide financial services to individuals or businesses.

Meanwhile, as per the State of the Sector: annual review of UK financial services 2022, there are currently over 2.3 million jobs in the sector. In 2020, financial

and professional services contributed nearly £100bn in taxes. The sector produces £10 of every £100 of UK economic output, making it relatively more important than the financial services sectors in the US, Germany and France. According to the IMF, the UK is one of the globally most developed financial markets, providing depth, easy access to finance and efficiency.

Factors Influencing Job Growth in Finance

While the overall number of finance jobs is impressive, it's important to note that the job market can vary depending on several factors. For instance, some major cities such as New York, London, and Singapore offer more finance job opportunities due to their status as financial centers. Another example is there is a greater demand for accountants in the UK than there is for them in America. This is due to the fact that American businesses tend to be larger and hire fewer employees overall than their British counterparts do.  Similarly, some finance sectors may be experiencing growth while others may be declining.  

 Factors contributing to the growth and availability of jobs in the finance industry: 

Economic Growth: A growing economy leads to increased demand for financial services, resulting in more job opportunities in the finance sector.

Technological Advancements: Technological innovations, such as advancements in FinTech, create new job opportunities and change the landscape of existing roles.

Regulatory Environment: Changes in regulations can impact the finance industry by creating new job opportunities or altering existing roles.

Demographics: An aging population and increasing life expectancy contribute to the growth of jobs in financial planning and advising, as more people seek assistance with retirement planning.

However, despite these variations, it's clear that finance is a thriving and dynamic industry with ample opportunities. In fact, the demand for finance professionals is expected to continue growing in the coming years. Automation, globalization, and regulatory changes are all driving the need for skilled finance personnel who can navigate complex financial environments.

Tips for Pursuing a Career in Finance

 If you're considering a career in finance, here are some tips to help you succeed:

Educate Yourself: A degree in finance, accounting, economics, or business administration can provide you with the knowledge and skills needed to succeed in the field.

Gain Experience: Seek internships, part-time jobs, volunteer work and entry-level positions to gain valuable experience and build your professional network.

Stay Informed: Stay current on industry trends and news to remain competitive in the job market.

Obtain relevant certifications: Certifications such as the Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA) can demonstrate your expertise and enhance your job prospects.

Develop Your Skills: Develop essential skills, such as analytical thinking, problem-solving, communication, and adaptability, to help you stand out to potential employers and excel in the finance industry.

Network: Attend industry events and join professional associations to build relationships with others in the field.

The finance industry offers a wide range of job opportunities for individuals with the right skills and qualifications. By understanding the current job market and taking steps to prepare yourself, you can position yourself for a successful career in finance. Whether you're interested in financial analysis, investment banking, or risk management, there are plenty of exciting and rewarding jobs available in this dynamic field.

 If you're looking for finance job opportunities, be sure to check out Grow CFO's Finance Jobs Board & Career Resources.