For those who are interested in making a significant amount of money, it should come as no surprise that a career in finance can be a good path to take.
Listed below are some interesting finance jobs that you could consider when pursuing a career in this field.
1. Credit Analyst
For those who are unfamiliar with this role, it involves working for a bank or similarly large financial institution. Credit Analysts are responsible for collecting a loan applicant’s income information, credit history, and payment history to determine if they are eligible for loan approval. Once the credit analyst has compiled this information, they create a loan application and submit it to a loan officer for final approval. According to indeed, a credit analyst makes an average of $56,193/yr. A Credit Analyst generally requires the “Certified Credit and Risk Analyst certification”.
The National Association of Credit Management offers other certifications that can improve your career opportunities as a credit analyst:
- Credit Business Associate
- Certified Credit Executive
- Credit Business Fellow
Other Certifications include:
- Credit Risk Certification, offered by the Risk Management Association
- Credit Risk Analysis Professional Certificate, offered by the New York Institute of Finance
2. Insurance Claims Adjuster
An insurance adjuster gathers information about what happened in an accident and tries to determine a fair settlement price. A claims adjuster may look at property damage, police reports, and witness statements. A claims adjuster may also conduct interviews with the people involved in the accident.
There are several types of insurance claims adjusters based primarily on who they work for. Staff adjusters work directly for the insurance company, independent adjusters are contractors for multiple insurance firms and public insurance adjusters work directly on behalf of policyholders.
Different types of adjusters have different goals. A staff adjuster or independent adjuster works in the interest of the insurance company and tries to settle for the least cost while a public adjuster wants to get the highest possible amount paid to their claimant client. Some states require insurance adjusters to be licensed. According to Salary.com an insurance claims adjuster earns from $56,541 to $71,410/yr.
3. Data Analyst
As the name suggests, this occupation involves analyzing crucial data. Generally speaking, a data analyst will retrieve and gather data, organize it and use it to reach meaningful conclusions. Data analysts’ work varies depending on the type of data that they’re working with (sales, social media, inventory, etc.) as well as the specific client project. Data analysts spend their time developing systems for collecting data and then compiling their findings into helpful reports that can help their company improve some aspect. Data analysts can look for patterns that indicate a problem or an opportunity for improvement.
The 4 Types of Data Analysis are:
- Descriptive analytics answers, “What happened?”
- Diagnostic analytics answers, “Why did something happen?”
- Predictive analytics answers, “What is likely to happen?”
- Prescriptive analytics answers, “What action should be taken?”
A data analyst typically earns between $68,596 to $87,155.
4. Tax Associate
The tax associate works with both individuals or companies to prepare their tax forms and minimize tax liability by maximizing legal deductions.
According to Universal Accounting’s Professional Tax Preparer course :
- Nearly 80% of Americans are required to file taxes every year.
- Approximately 144 million individuals and 2.4 million corporations filed returns last year
- 82 million returns are prepared by paid professionals, only 23% of which are handled by franchises
- 32,000 tax preparation firms generate approximately 7.7 billion in revenue
- The majority of the firms that prepare tax returns are small, with less than 10 employees
- The tax prep industry is expected to grow by 4% compounded annually
Although tax preparation is generally seasonal work it can have several advantages including:
✓ Earning $100+ an hour
✓ Working from home
✓ Working on Your Own Schedule (full or part-time)
✓ Be in demand for your skills
✓ Reducing your own tax liability
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