The number of money-related jobs is increasing. According to the U.S. Bureau of Labor Statistics, business and finance-related occupations are on track to grow by 5% between 2019 and 2029, which is faster than average compared to all other fields.1 So, what is driving this growth?
The U.S. job market will always need financial workers. As the stock market fluctuates and the monthly jobs rates vary, financial jobs increase, as well as retirement planning with millennials and baby boomers. A lot of wealth management jobs become available during these times due to an increased focus on wealth management and risk management, as well as acquiring real estate.
After the 2008 recession, regulations changed drastically. Banks and lenders began working overtime to ensure they comply. A regulation-heavy market is in need of people who work with the numbers and know the new rules. Our current economic state is also greatly affecting the need for financial workers and the amount of work financial workers do.
Job Possibilities for Finance Majors
“What can I do with a finance degree?” is a reasonable question to ask. Fortunately, with a growing number of jobs and a wide range of job sectors, recent financial grads have lots of options. It’s important to look into the variety of jobs for graduated finance majors to ensure you select a job for which you are qualified and will enjoy. Here are a few to keep in mind:
Analysts work with banks and lenders to determine people and businesses’ credit ratings. According to the U.S. Bureau of Labor Statistics, financial analysts are on track to grow by 5% between 2019 and 2029, which is faster than average for all occupations.2 People in this job analyze financial statements and histories to help determine whether a line of credit should be extended. Financial analysts also work with companies to analyze projects and assess investment ideas.
If working directly with individuals and families is something you are interested in, becoming a personal financial advisor could be a great job for you. Financial advisors, also called financial consultant or planners, work with individuals and families to advise them in their financial decisions. They can give advice about everything from mortgages to college savings to investments to retirement. Furthermore, employment of personal financial advisors is projected to grow 4% from 2019 to 2029, about average for all occupations. As the population ages and life expectancies rise, demand for financial planning services should increase.3
If you like enforcing rules and regulations, this job is for you. Employment of financial examiners is projected to grow 7% from 2019 to 2029, faster than the average for all occupations.4 The responsibilities of this occupation include ensuring that companies obey the new financial and tax regulations. They also consult about laws related to financial management and overall business organization
Another job finance majors should consider is a loan officer. Loan officers evaluate, authorize and recommend approval of loan applications for people and for businesses. Employment of loan officers is projected to grow 3% from 2019 to 2029, about as fast as other occupations.5 Most loan officers are employed by commercial banks, credit unions, mortgage companies and related financial institutions.
If you would like to enter the fast growing field of finance, consider enrolling in the Bachelor of Science in Finance and Economics degree program or Master of Business Administration with an Emphasis in Finance degree program at Grand Canyon University. To learn more about Grand Canyon University’s Colangelo College of Business, visit our website or click the Request More Information button at the top of this page.
*Covid-19 has adversely affected the global economy and data from 2020 may be atypical compared to prior years. The pandemic may impact the predicted future workforce outcomes indicated by the Bureau of Labor Statistics as well. Accordingly, data shown is based on 2019, which can be found here: U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Business and Financial Occupations, U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Financial Analysts, U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Personal Financial Advisors, U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Financial Examiners, U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Loan Officers.
The views and opinions expressed in this article are those of the author’s and do not necessarily reflect the official policy or position of Grand Canyon University. Any sources cited were accurate as of the publish date.