Types of careers in finance
Types of careers in finance: The financial industry is vital to the economy because it offers both individuals and companies with necessary services. The financial industry is expanding, so there are many interesting job choices to consider if you’re interested in the fast-paced world of finance.
One of the most productive sectors in the UK is financial and professional services, with £278 billion in economic output, according to the government’s “State of the sector:
Annual review of UK financial services 2023.” In 2022, the UK attracted the largest amount of foreign direct investment in Europe, with over £2 billion spent in financial and professional services businesses, generating around 15,000 jobs. The industry employs 2.5 million people.
Your hobbies, abilities, and long-term objectives will determine the kind of profession you choose as well as your pay. Among your career options are corporate finance, investment banking, payroll, accounting, and financial analysis. Regardless of the path you choose, you’ll need a blend of strategic, people, and technical abilities to succeed in a financial job.
Essential competencies include financial modelling, data analysis, budgeting, risk assessment, cooperation, leadership, business acumen, strategic thinking, and strong analytical abilities. By keeping up with the development of these talents, you may advance in your profession and take on roles that pay more.
Highest paid positions in finance
We have compiled a list of the highest paying finance occupations for 2024, starting with the highest, based on our 2024 accounting and finance salary guide, in case you’re looking for well-paid finance employment. These numbers pertain to internal finance and accounting positions, not those held by private practice organizations.
Controller of group finances
A group of “parent” and “subsidiary” organizations that function as a single economic entity make up a corporate group, often known as a group of companies. The group financial controller will normally oversee the organization’s finances.
They assume responsibility for the group’s financial operations, including treasury, taxation, and reporting. They are in charge of making certain that the organization as a whole has reliable accounting and reporting.
Group financial controllers must possess strong technical and analytical reasoning, as well as strong leadership and communication abilities. They must also be strategic thinkers. Given the seniority of the role, the best credentials in the banking industry as well as a great deal of experience are required.
A group financial controller in the UK has an average income of around £84,000, making it one of the top paying finance occupations. Regional differences exist, too. For instance, an average group financial controller in Yorkshire and Humberside makes £72,400, but the similar position in London would typically bring in £95,800.
Controller of finances
A financial controller’s responsibilities are comparable to those of the group financial controller mentioned above, however they will only be limited to one organization’s finances as opposed to a collection of businesses.
Developing internal control systems and processes, as well as organising and creating the company’s budget and financial projections, are among the responsibilities that come with overseeing all accounting and finance activities. Financial risk management will be one of the tasks of the finance controller.
Financial controllers must possess strong technical and analytical abilities as well as strategic thinking. It will need many years of experience and great financial qualifications because it is a highly senior post.
Manager of finances
Finance managers supervise a company’s financial well-being in close collaboration with top executives and financial data divisions. They supervise a group of finance experts and assist in planning the long-term financial goals of their organization in addition to producing financial reports.
A degree and at least five years of experience in a financial role—such as accountant or financial analyst—are often prerequisites for finance managers.
In the UK, the average wage is £57,900. It is among the highest paying positions in finance, albeit a lot of this is location-specific. For instance, the average salary for a financial manager in London is £69,800.
financial collaborator
Senior experts known as finance business partners collaborate with many departments to give senior stakeholders access to financial data and analysis, enabling them to make better decisions when formulating business strategies. They often assist in identifying and mitigating financial and commercial hazards as a certified accountant and company partner.
High levels of analytical, communicative, and stakeholder engagement abilities are needed for this. Analytical, commercial, and forward-thinking, these are the qualities of good financial business partners.
In the UK, a finance business partner will make, on average, £56,700 in 2024. The average pay in the South East is expected to be between £53,200 and £61,500, while the average wage in East Anglia is £49,700.
Project manager
Project accountants, who hold one of the best paying positions in accounting, are in charge of keeping an eye on the status of projects, authorizing expenditures, and making sure that all revenue and costs are accurately reported for every project.
In addition to working with senior management to assess the project’s performance when it is finished, they will need to design custom financial reports for every project.
Project accountants must possess outstanding planning, project management, and attention to detail abilities, along with the credentials to support them.
In the UK, project accountants typically make £55,000 annually. You may make £55,600 in the South West, but in Wales, where the average pay is £46,300, this figure somewhat declines.
Accountant for finances
In order to make sure they comply with accounting rules, financial accountants collect and track financial data, create statements, project expenses and revenues, handle tax payments, and carry out audits.
A good eye for detail is necessary for this position as it calls for the capacity to not only identify mistakes but also areas for improvement. It will also need having a keen sense of business as well as sorting through and comprehending vast volumes of data.
A financial accountant in the UK could expect to make £52,600 a year on average. This decreases little to £47,900 in the North West and increases to £61,100 in London.
Commercial bookkeeper
Commercial accountants, who work for a company or corporation, are basically financial accountants and are among the highest paid positions in accounting. They provide financial analysis reports, projections, report on commercial operations, assess data, and analyse financial information and anomalies. They also engage in business partnership.
Commercial accountants must be well-versed on the state of the industry, the market, and the rival businesses of their clients. In both commercial and strategic decision-making, they are crucial.
The most suitable candidates for this position are accountants who enjoy working with data and are enthusiastic about utilizing technology to support analysis.
The average pay in the United Kingdom is £46,800; however, the North East has a lower average salary of £39,000.
Manager of Payroll
A payroll manager, who is essential to any organisation, comes in next on the list of top paying financial positions, after accountants. They supervise employee remuneration, uphold precise payroll documentation, and guarantee adherence to regulatory obligations. They handle employee inquiries, oversee payroll systems, and compute wages.
In addition to excellent leadership and problem-solving talents, effective communication skills, and extensive expertise with all facets of payroll management, a degree in finance or accounting is usually necessary.
In the UK, a payroll manager may expect to make an average income of £45,400; however, this is again largely location-specific. The average in the West Midlands soars to £48,100, while in the East Midlands it is £39,800.
supervisory accountant
The last position on the list of the ten best paid finance careers belongs to management accountants. In the end, their job is to assist companies in handling their money. But it’s much more than that. They are forecasters, innovators, decision-makers, and leaders in business.
They generate reports, analyze financial data, and utilize their in-depth business expertise to assist senior management in decision-making on a daily basis.
Strong attention to detail, superior analytical and quantitative abilities, and these qualities are required of management accountants. They also need to be very skilled communicators with senior stakeholders and possess a thorough grasp of business.
In the UK, the average wage is £43,400. Unsurprisingly, London has the highest average income for management accountants, at £51,800 per year.
Conclusion
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