Four Keys to Success in Financial Careers

Money. Dinero. Soldi. No matter how it's translated, when it comes down to money, finance-related careers are abundant. Money Magazine recently highlighted financial advisor as one of today's top 10 jobs, and according to the Bureau of Labor Statistics (BLS), financial-related careers are forecasted to increase faster than average through 2014. With more and more colleges touting finance-related degree and certification programs, coupled with the strong need for professionals in this field, it's no wonder why many are attracted to cash careers like hedge fund trader, controller, budget analyst, or financial advisor.

For these four finance fields, marketability is very much dependent upon a combination of required and recommended certifications, designations, and degrees. Find out how coursework can help you cash in. When you are looking for a suitable online finance degree, see our wide selection of listings.

Hedge Fund Trader

A hedge fund trader or manager is responsible for overseeing the portfolio, making trading decisions, monitoring the risk of the portfolio, and ensuring that accounting and operations are in order. While the role of hedge fund employees may differ from one investment bank to another, people who want to pursue this career should possess strong analytical and quantitative skills such as math, finance, and statistics.

Regarding the salary, it depends on the institution. According to a job survey of fixed income hedge fund trader on TheVault.com, a site dedicated to inside career and education information, a mid-level job in Jersey City, N.J. equates to a salary of $100,000 with a guaranteed bonus of $40,000.

In order to secure such top-level salaries, understanding the requirements of continuing education is important. “Every field requires continuing education whether formal or informal,” explains Bryan Johnson, vice-president of business development for hedge fund ratings at Moodys, a provider of independent credit ratings, research, and financial information to capital markets. “Certain areas require official certification or licensing, such as the Series 7 to be an SEC licensed broker.” Other designations recognized as critical, Johnson points out: CFA (Chartered Financial Analyst) or CAIA (Certified Alternative Investment Analyst).

Controller or Treasurer

Responsible for corporate cash management, treasurers need to have an understanding of accounting as it relates to cash and cash-related activities. Controllers are responsible for the accounting of an entire company and typically begin one's career as an analyst or accountant. According to Jim Kaitz, president and CEO of the Association for Financial Professionals, “in corporate treasury and finance, this person makes sure a company has enough capital on hand to sustain operations and reach its strategic goals. Treasury and finance professionals move billions of dollars through the capital markets and make strategic decisions that impact the financial health of their organizations.”

According to BLS, entry-level opportunities for those with a bachelor's degree in finance, accounting, economics, or business administration abound as cash manager, cash management analyst, financial manager, financial analyst, or risk manager. The average salary of financial managers was $81,880 in May 2004. Although a master's degree isn't essential to advance in this field, Katz recommends the Certified Treasury Professional (CTP), a designation earned through a continuing education program and that has come to be a symbol of excellence. “It signifies that an individual has demonstrated the knowledge and skills required to perform competently in today's complex treasury environment and is increasingly gaining preference from potential employers.”

Finance Operations

Whether the position is a financial analyst, budget analyst, cash manager, or branch manager of financial institutions, having an interest in numbers and accounting, as well as being detail-oriented and results-driven are prerequisites for a position within finance operations. According to Rebecca Albarelli, finance operations solutions director at Jefferson Wells, a professional services organization, who holds a bachelor's degree in accounting and a master's in finance, having an advanced degree and becoming certified is paramount to one's success.

“Depending on whether you go the public accounting route or industry route will dictate which certification will best help your education and career.” Plus, once immersed in the financial industry sector, she indicates it's not uncommon to switch to another field. “There are so many different avenues you could take your career based upon your individual aspirations. Business will always be here, and there will always be a strong demand for resources. It is relatively easy to cross over from one company to the next, one industry to the next, and have your skills still be very relevant.”

BLS data supports Albarelli's job-security belief–recent studies show that almost every firm, government agency, and other type of organization has one or more financial managers who oversee the preparation of financial reports, direct investment activities, and implement cash management strategies. The median salary in 2004 for financial managers was $97,730.

Financial Planner

Also known as personal financial advisors or financial consultants, these planners apply their knowledge of investments, tax laws, and insurance to advise individuals regarding their financial options as it relates to the individuals' short and long-term goals. Some planners may be generalists while others may specialize in areas such as retirement and estate planning.

According to Jack Waymire, founder of the Paladin Registry, which helps investors find financial advisors, certification – specifically, being a Certified Financial Planner (CFP)–is important. This and other designations, such as Chartered Financial Analyst (CFA), enable financial professions to hone and highlight their knowledge in financial planning, portfolio design, and management or asset allocation.

“If the professional is providing research and trading, then he or she should have that CFA designation–it's the best certification for financial analysts.” According to BLS, in 2004 the average salary of a financial planner was $62,700.

Learning Equals Success

According to Chuck Gurden, vice-president for graduate and online admissions at Baker College, as far as employability, advancement, and changes in rules and regulations, finance is an ever changing market. “I see this as a career where you are learning and growing daily–even for those who have 15, 20, even 30 years in.” Gurden's advice to professionals who wish to continue prospering is to remain abreast of the industry, both in and outside the classroom.

While Gurden indicates programs like Baker's require students to have at least three years of full-time work experience prior to being accepted, the specific MBA concentration–whether it's finance or general business–attempts to cover all areas and depends on the aspirations and ambitions of each student. Besides the classroom, the remaining education consists of staying relevant with rules, regulations, and the policies and procedures of the industry and organization, he says.

Vicki Salemi, a frequent contributor to ClassesUSA.com, Online Degrees Magazine, and The CollegeBound Network,writes regularly about education and career issues. She is also the author of “The ABC's of College Life.”

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