Salary and Demand in the Finance Industry
According to the U.S Bureau of Labor Statistics, employment opportunities for the sector of business and financial operations has estimated a growth of 632,400 new jobs, or an 8% rise from 2014 to 2024. In fact, the Bureau states that “the median annual wage for business and financial occupations in 2016 was 66,530, higher than the median annual wage for all occupations of 37,040” (U.S. Dept of Labor). As a future University of Houston-Downtown graduate obtaining a bachelor of Business Administration degree with a major in Finance and investment management, I hope to be able to pursue a successful career within the financial field. Seeking a career in the finance industry can lead to many
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In the following table (see table 1) we can further understand the projected salaries and demand of someone who might want to pursue a job within the finance and banking sector.
Table 1 Average national salary for various financial professionals in 2016 and 2017 and their expected job growth
Source: U.S. Department of Labor’s Bureau of Labor Statistics and Robert Half 2017 Salary Guide
Note. Exact salary varies due to factors affecting actual pay such as benefits, company size, experience, skills, certifications, and advanced education
Analyzing table 1, we can see that expected job growth from 2014 to 2024 for analyst positions and lower to mid- level employees to be 12%; much higher than the estimated 7% national average growth of all occupations combined. In fact, financial analysts are becoming one of the fastest growing jobs, especially as more organizations are relying on data provided from information systems and the demand for analysts to help provide insight and knowledge from this information. Salary for financial analysts is also increasing with the demand for experienced and qualified candidates as shown from the 4.1% increase of pay from 2016 to 2017. As the job title flows down the table and the level of skills and education increases, average pay rises to meet the level of work. However, we can also see that the % of change of salary from 2016 to 2017 as one rises to upper level management is decreasing. Additionally, job growth for
I chose three jobs of COO (Chief Operating Officer), HRIS (Human Resource Information Systems) Manager, and Customer Service Representative, and I studied these three jobs’ salary in Boston MA. COO is paid the highest, its median annual salary is $455,864. Then is HRIS Manager with a median annual salary of $113,583. Customer Service Representative gets the lowest payment, $35,250 as a median annual salary. This rank is exact what I expected, because COO requires much higher educational level and years of experience than the other two, and Customer Service Representative is only an entry level job.
In today’s current market, according to the salary structure survey performed by WorldAtWork and Deloitte Consulting LLP (October 2012), the
In 2012, a Wall Street Journal reported a salary of $10,000. It pointed out that men are more likely to go after higher degrees of education. The report also noted that more men are willing to work evening shifts, night shifts and fulltime.
the table below corresponds to a salary of $125,000. A copy of this data set can be found in the
A recent study from Emory University’s Goizueta Business School reveals that even in the midst of an economic recession in which college graduates are more likely be employed in less desirable jobs and lesser pay, graduates still report higher levels of job satisfaction overall (Bianchi, 2013). Likewise, 53 percent of Millennial college graduates are “very satisfied” with their work, while only 37 percent of high school graduates were satisfied with theirs (PRC, p. 40). Moreover, 86 percent of college-educated young adults viewed their current job as part of a “career-track”, as opposed to 57 percent who only have a high school diploma (p.
After considering my client’s desires, as well as his skills, I would advise that he pursues a career in investment banking. My client has sales, management, and customer service skills from his pervious position as an automobile dealer, which will aid him selling securities and commodities as an investment banker. My client would also receive decent financial compensation as an investment banker. The median pay for investment banking in 2012 was 71,720 annually (Bureau of Labor Statistics, 2014). However, my client would have to receive a Bachelors Degree for an entry-level position (Bureau of Labor Statistics, 2014). Although, all of the prospective career the client suggested requires pursuit of higher education. Lastly, a position as a “financial service sales agent is projected to grow 11 percent from 2012 to 2022”, creating a demand in employment (Bureau of Labor Statistics, 2014).
The aura of statistic (2013) show that the average Median employee income is $48, 871.
Personal financial advisor and biomedical engineering are absolutely close on the salary. For biomedical engineering “the median annual wage for biomedical engineers was $86,220 in May 2015”, however, the salaries can be different from people to another because it depends on the hours that are added to meet the project's deadline (Occupational Outlook Handbook). In the other hand, “the median annual wage for personal financial advisors was $89,160 in May 2015”(Occupational Outlook Handbook). Not to mention there are bounces that could be added which is not included in the annual wage.
The report of Robert Reich: “Why the Rich are getting Richer and the Poor, Poorer,” is an eye opener and a warning for society regarding unemployment that it will be facing and is currently facing due to a lack of technology and education. It clearly articulates that the jobs of routine producers and in-person servers have vanished totally as modern techniques have replaced them. The author has stated that the only people whose jobs are on the rise are symbol analysts. As stated in the report, symbol analysts are the real problem solvers. Their skills are highly in demand worldwide because they are the ones who first analyze the problem and then solve it. The Hart Report, on the other hand, also states the same problem of unemployment
Demand for computer systems analysts should grow at a stable clip this decade as corporations and institutes are progressively reliant on information technology. Statistics projects 21 percent employment growth for computer system analysts among 2014 and 2024, which is faster than the average of all occupations. During that time period, about 118,600 new jobs should open up. The job outlook for computer systems analysts is pretty strong (The Bureau of Labor Statistics,1). “On average, computer system analysts earn approximately $83,000 per year of $40 per hour.” (The Bureau of Labor Statistics,
So if this is the base wage rate, we can see why Sam’s previous prediction of an $18 average wage was off. The average
This report explores the issue of the pay that top executives make, and the reasons why they do. It also suggests improvements that can be made to make the system better. High Pay Seems Small When Compared To Company Profits Many companies pull in profits that are extremely high. When an employee of such a companies salary is compared to the amount of profit that the company earns, it starts to seem reasonable. It only makes sense that if the employee is directly responsible for the success of their company, then they deserve to get their payback. It seems ironic, but many salaries even look small once compared with a companies profits. Top Executives Are Under A Lot Of Pressure Being the CEO of a
The researchers conducted semi-structured interviews with 35 analysts from various sectors. They asked analysts to walk them through the typical tasks they perform, the tools analysts use, the challenges they encounter, and the organizational context in which analysis takes place. In this paper, we present the results and analysis of these interviews. The respondents are well-described by three archetypes. We find that these archetypes vary widely in programming proficiency, reliance on Information technology (IT) staff and diversity of tasks, and vary less in statistical proficiency. We describe how collaboration takes place between analysts. We find that analysts seldom share
This result is supported by many studies (Baum & Ford, 2004; Caliendo & Gehrsitz, 2016; Vincenzo, Noemi, & Daniela, 2008) and statistics that a degree will have more power and knowledge to receive more wages. Similarly, we found out different levels of occupation earn different wages as we see “managerial occupation” make 33% higher wages than other occupations under 1% level in all specifications, which is consistent with statistics in other studies that wages will increase over the period of a job promotion. Also, another interesting finding we found is that while a worker works more hours each week will earn 0.5% to 26% less as we see “Hours Worked per week” is negatively significant at 1% level, a part-time worker will also earn less than a full-time worker by 59% to 64% per hour. This may indicate wages start to decrease once work hours exceed a certain amount in each week, along with a decrease in productivity. However, this may require further research and hypothesis testing on the relationship between hours of work and productivity, which is beyond the scope of this study. Furthermore, as we considered health limitations in specification 3 regression, we found out that a worker does receive a wage
Finance is an industry with a 16% job growth as of 2012 (bls.gov 1). With a promising outlook such as this, one could secure a job in a position as a financial advisor, financial analyst sales executive among many other positions. According to Rowan University’s undergraduate admission office, “graduates have found positions with organizations such as J. P. Morgan, Northwestern Mutual Financial Network, TD Bank, Lincoln Financial Group, Wells Fargo Advisors, State Street, Vanguard, Goldman Sachs, ING Financial Partners, Wells Fargo Advisors, Merrill Lynch” (Rowan.edu 1). In New York City, a finance major can expect to make between $48,479 to $101,014 a year out of college