Different aspects of a business’ finances are monitored by financial managers. Investment opportunities can be recommended by them to chief financial officers or other top executives to expand profits or maximize growth. You can find information about the companies are in the consumer services field in this article.
When working for a small business, a financial manager might oversee the entire company’s finances; in larger ones, they might focus on credit, cash flow, or risk management. Market trends are analyzed, financial forecasts are made, and investments are made by financial managers, depending on the company and industry.
Financial managers earned an average annual salary of $131,710 in 2021. There will be a 17% increase in employment opportunities for financial managers, much faster than the average for all occupations.
Director of financial systems
The financial systems director is responsible for overseeing the implementation and development of business systems within a company.
Information technology departments can work with systems directors to establish systems for tracking capital allocation and collecting financial data. Their responsibilities include ensuring system stability and streamlining processes.
It is typically necessary for financial systems directors to hold a bachelor’s degree in computer science, information systems, or database administration. Obtaining professional certifications in SQL tools and database management systems like WebLogic from Oracle are other options.
The national average salary for financial systems directors is $107,901, according to ZipRecruiter. Until 2030, the employment of computer and information systems managers is projected to grow at a faster rate than average – 11%.
It is the role of actuaries to help insurance companies assess the likelihood and potential financial consequences of future events. Analyzing data, predicting payout costs, and designing strategies to minimize risks are all done by using statistics and modeling. It is also the responsibility of actuaries to aid companies in setting policy premiums so that they can remain competitive and profitable.
Insurance actuaries can specialize in life, health, property and casualty, enterprise risk management, and pensions and retirement benefits. The Casualty Actuarial Society or the Society of Actuaries usually requires a bachelor’s degree and an Associate or Fellow certification.
The Bureau of Labor Statistics (BLS) reports that the median salary for actuaries in 2021 will be $105,900, with demand expected to grow by 24%.
Economists forecast economic trends, develop models, and write reports to help private companies make decisions. Federal government agencies also use economic analysts to gather and analyze data in order to create spending projections.
The ability to analyze large amounts of data requires high-level knowledge of mathematical models and statistical techniques. An economics or mathematics master’s or Ph.D. degree, as well as some work experience involving statistical analysis software, is typically required.
According to the BLS, economists’ median annual salary is $94,710 as of May 2021, and employment is projected to grow 13% between 2020 and 2030.
Advisors in personal finance
Managing personal finances is the responsibility of personal financial advisors. Investors, insurance agents, retirement planners, mortgage professionals, tax experts, and estate planners evaluate clients’ individual situations to determine what investments, insurance, retirement plans, mortgages, tax planning strategies will be most beneficial for them.
They help clients develop long-, intermediate-, and short-term plans, identify financial opportunities, and create budgets for educational expenses, retirement, savings, and monthly debt payments.
Stocks and bonds can be purchased and sold by licensed advisors on behalf of clients’ investments. Consequently, they are expected to have excellent communication skills and be able to explain complex information to a variety of audiences.
The majority of personal financial advisors are self-employed. It is predicted that employment opportunities for personal financial advisors will grow around 5% by 2030, with a median annual salary of $94,710.
Analyzing a business’ procedures and recommending improvements to them is the job of management analysts or management consultants.
Management analysts prepare documentation and advise executives on the implementation of new systems based on financial data, such as revenues and expenditures. It is their job to find ways to make an organization more efficient and profitable.
The median salary for management analysts in 2021 was $93,000. It is also projected that this field will offer 14% more job opportunities between 2020 and 2030.