A financial adviser is one of the many jobs a finance major can obtain. Usually an adviser works for a bank or a financial firm or group. Advisers usually work with clients or customers at a bank who want to grow their capital. They usually will manage a client’s capital and invest it for them and take a percentage of their money every year or quarter as a fee for their service of investing it. Some companies that have advising jobs are J.P. Morgan, B.O.A., Chase, Merrill Lynch, and Wells Fargo. As an adviser you use computers and IS to track the market. You analyze changes and patterns in the market to make effective investments and grow your clients capital. Adviser’s have to report transactions of stocks and bonds, and fill out reports on risk assessment. Hours as an adviser can be less intensive than an analyst or investment banker because the market opens at 9 A.M. and closes at 5 P.M. which are typical working hours for an office job. The average salary for a financial adviser is $89,000. This job is for someone who is an expert in making predictions, risk analysis, and attention to detail. It’s not as rigorous or cut throat as being an investment banker or analyst but it still take a smart, and cautious individual to do the job and do it well. Advisers can either deal with clients that want conservative long term investments which are usually easier to manage, or they can deal with clients who want risky short term investments that can yield larger gains/losses. This area takes much more work and time to make the right decisions, and things can also go wrong much faster. Overall an Adviser is a great position to hold and pays well compared to the average salary in the U.S.
In this post I will be discussing the position of an investment banker. In general terms and investment banker is somebody who can work for an number of different types of entities and tries to grow their capital for them. They usually work in a division at a bank called an investment bank. Investment bankers analyze economic and financial statements on companies and other entities to try and give them a value for if a bank or other entity wants to invest. They identify potential risks and other opportunities to see what the right moves. Large investment banks are Goldman Sachs, Merrill-Lynch, and J.P. Morgan. The average salary of an investment banker is 100,000-150,000 per year. This is a high paying job, but you are expected to be able to work long and grueling hours. When companies come out with an IPO investment bankers have to value the company and then try and come out with a higher price point off of the IPO to try and sell the stocks at to make a profit. This is very risky though because if they over-value the stock they are looking to make a loss. This is a high risk high reward job and it takes a smart, driven individual to do well at it.
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Finance has always been a passion of mine. I love learning about it, doing work in it and informing others about it. Both my Dad and my sister work in the financial world and I am currently majoring in it. Finance is one of the most versatile and informative majors a business school student can obtain. To be able to map out and analyze numbered information that looks foreign to most is great skill and will always be in demand. There are so many different career paths a single finance major can get you. Right now my dad is a consultant, and my sister is an analyst. They do completely different jobs but both had the same major. There are so many different jobs in the financial career field. You can be a stockbroker, insurance underwriter, financial adviser, budget analyst, and financial manager. Those are just some of the many jobs there are within the financial field of work. The setting of all of these jobs are very different. You could work at a huge corporation, or bank, or work as an analyst or adviser for a smaller company. An analyst analyzes financial information in the form of data, reports and numbers too recommend a course of action for the company at hand. They may also be synthesizing the reports and information themselves. As a stockbroker you will usually be working at a bank and spend your day trading and investing in stocks, securities, and bonds trying to pull a profit at the end. As a financial adviser you can manage people’s money and invest it for them while you take a percentage of what they make. Overall finance is a great field of work to be in and I will continue to blog in the future about more information on specific jobs, companies, difficulty of the work itself, and salary information.