Why you should read this new analysis of the financial sector
- by admin
Financial management is the third most important job in the US, but for many, the job has never felt so important.
A new report by McKinsey and Company has revealed that for many of us who earn our livelihood through work in the financial industry, this is the most important role we take on.
What are we getting paid?
There are different types of compensation that are often used to compare pay for different types and levels of experience.
These are usually defined by an hourly rate, or hourly pay, as well as an annualized salary.
These tend to be more commonly used in the United States, but the same factors can apply across the globe.
What’s the typical salary for an entry-level financial manager?
According to McKinsey, the median hourly pay for financial managers is $27,800, with an annualizing annual salary of $75,800.
How many people are employed in financial management?
The median salary for a financial manager is $35,400, with a yearlyized annual salary that ranges from $54,000 to $89,000.
In total, there are more than 3.6 million people in the Financial Management and Risk Management industry.
Can I move from financial management to an entry level role if I leave the industry?
Yes, you can move from an entry to a financial management position if you leave the profession.
McKinsey’s report suggests that a person in a financial company who had been a financial administrator for 12 months would be able to move from a financial analyst to a manager.
This would allow them to be paid more than $65,000 annually, with annualized compensation of $55,400.
Do I need to have a degree to be a financial planner?
If you are looking to take a job in financial planning, the minimum degree you need is a bachelor’s degree, but McKinsey has also put out a recommendation for an associate’s degree.
Is there a minimum salary that I can get for my financial manager position?
As of 2018, there is a minimum starting salary for financial advisors in the industry.
That salary ranges from around $60,000 in the low-end to around $80,000 for a top-tier financial analyst.
Are there specific roles in financial engineering that require a bachelor of science degree?
Financial engineering is a subfield of the finance industry that focuses on a variety of areas, from real estate, to real estate asset management, to credit card processing, to financial engineering, to risk management.
Why do I need a financial engineering degree?
It’s important to note that financial engineering is not a prerequisite to becoming a financial advisor, but it does offer a variety to choose from.
Where do I find financial engineers?
It’s easy to find financial engineering jobs in financial institutions, but there are also a variety more geared toward individual consumers.
There are plenty of companies that will pay a salary of anywhere from $75 to $180 per hour, depending on the industry they’re in.
McKinseys report suggests hiring a career coach for a fee of $30,000 or more.
I am currently a student.
Where do I get a financial engineer education?
You can take a course in financial analysis from your school or a financial services company.
McKinseys suggests that students take the course from an accredited school that specializes in financial intelligence and analytics, such as a financial service company, or a credit union.
It is also worth noting that if you’re a student looking to transfer to a finance company, you’ll need to pay for your own tuition.
McKinsells suggests that you look for a job as an assistant financial planner.
Am I qualified to take this job?
Financial advisors aren’t necessarily required to have an associate degree, and there are many financial management jobs that are held by people who have completed a bachelor or associate degree.
However, if you are already in a finance career, you may be able get hired for a position where you need to acquire a financial education.
Will I be able work from home?
McKinsey’s analysis suggests that the majority of people who work from a desk in a traditional office environment will find that their financial management responsibilities are too time-consuming.
This is because a lot of the work involved with managing the financial affairs of businesses and individuals takes place in a large office space, which can be expensive.
However at the same time, McKinsey also found that many people who are working from home are more likely to have the skills and experience to manage an office environment.
The financial management job market is expected to grow in the coming years, and McKinsey estimates that the financial services industry will account for up to 40 percent of all employment in 2019.
This article originally appeared at TechCrunch.
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