If you’re thinking about majoring in finance, then it makes sense to consider what the job outlook for the field of finance is. Some careers are seeing only average job growth, while in other finance occupations, opportunities are increasing rapidly. Over a period of just 10 years, hundreds of thousands of new career opportunities in finance will become available – which is good news for current and prospective students.
Anticipated Job Growth for Careers in Finance
Overall, the job outlook for the field of finance is strong. The amount of growth expected for different business and finance jobs ranges from average to significantly above average, according to the United States Bureau of Labor Statistics (BLS). As a whole, field of business and financial operations will see job opportunities increase by eight percent over the course of a decade, with a total increase of 632,400 jobs, the BLS reported.
On the lower end of the spectrum of predicted job growth is financial manager. These senior-level roles are highly competitive, so it’s no wonder that they’re seeing slower job growth than some other finance positions. However, even for this occupation, the job outlook for the field of finance remains positive. The BLS expects financial manager positions to increase by seven percent – the average for all occupations in all career fields – in just a decade.
Other jobs in finance have a more positive outlook. Financial examiners can look forward to an above-average 10 percent increase in opportunities in 10 years, the BLS reported. For financial analysts, the job outlook is even stronger, with the BLS anticipating faster-than-average job growth of 12 percent.
The finance career with the most impressive and optimistic job outlook is personal financial advisor. For this occupation, the BLS predicts a “much faster than average” rate of growth of 30 percent.
Factors Affecting the Job Outlook for Finance Professionals
What makes the job outlook for the field of finance so strong? In part, the financial instability and economic downturns of recent years – and the recovery from those events – is a contributing factor. Financial examiners become more necessary during these tough economic times, though their employment tends to be steady even during more stable periods of time, the BLS reported. In general, growth in the financial services sector can account for many of increases in career opportunities. Other factors, like an aging population, the prevalence of individual retirement savings accounts and the increasing complexity of today’s investment portfolios are also paying a part in job growth.
The expected increases in job opportunities can help aspiring financial professionals plan for the future. Many graduates of bachelor’s in finance degree programs start their careers off by seeking out entry-level roles as personal financial advisors, financial analysts and compliance officers, all of which have a positive job outlook, according to U.S. News & World Report. Even better, the increase in jobs won’t only affect new graduates, but also established finance professionals. The job outlook for the field of finance is strong for workers at all stages of their careers.