Micheal Hsu knows that a career in finance can be competitive. Still, as he continues to pursue his MBA, he has discovered that some finance jobs can be both professionally and personally rewarding. As Baby Boomers continue to retire as tax managers, controllers, and fund accountants with 20+ years of experience, the time is ripe for a new wave of financial professionals to take their place.
Here are the three financial career categories to consider when choosing a potential path as a candidate in financial services.
Three Different Financial Roles
Corporate Finance
Corporate financial management is a sub-field of finance that oversees a company's capital structure, funding sources, accounting, and investment choices. Michael Hsu suggests that while this position may pay a very good salary, it can also be ripe with pressure and competition.
Corporate financial managers include the Chief Financial Officer or CFO and a slew of other subordinate financial staff. The expertise of this corporate division is critical to the company's future fiscal growth by generating new revenue streams.
Public Finance
Michael Hsu sees public financial jobs as less demanding than the corporate world. Your degree in public finance will help public sector clients (state and local) and non-profit organizations manage their financial infrastructure, including assets and debt. Government-related projects and other deal types are scrutinized for how they will ultimately benefit the organization.
As a public finance expert, you will be thoroughly knowledgeable about the rules and procedures for public funds and the legal rules governing the financial relationship between the state and other authorities. If you desire to help communities or non-profits like hospitals grow bigger and better, then a career in public finance may be a good career path for you, says Michael Hsu.
Personal Finance
Managing personal wealth is where a good many finance majors either start or where they end up in their careers. Financial advisors are in high demand as they help individuals and families manage their income, reduce spending, increase their savings, and direct their investments. They also offer financial protection, including risk reduction and retirement planning.
Personal wealth management can be advantageous and is often a career for an entrepreneur. If you have a passion for planning and managing the finances of private individuals, then personal finance is a good career path. But, you must be an excellent salesperson to instill confidence in your clients and obtain clients who will trust you with their finances.
Michael Hsu notes that the best personal finance manager will prioritize their client's interests and always take a proactive view when managing a family's wealth.
No matter which finance career path you choose, Michael Hsu says you will likely have plenty of opportunities for advancement and enjoy a relatively high and stable income. Be prepared for times when economic changes are happening at an exhilarating pace and other times, when wait and watch will rule the day.
