Careers In Personal Finance

Answer 1

Individuals looking to secure a career in Personal Finance have several different routes available to them. They can choose to enter the field as financial planners, lenders or private bankers. Each of these specialties may seem quite different from each other but all of them require a solid understanding of finances and the accounting systems associated with them.

Financial planners are responsible for maintaining a close personal relationship with their clients and helping them meet their personal financial goals. Financial planners are required to have a strong understanding of accounting. They must have a firm understanding of burrowing, investing and the tax implications of both of these endeavors.

Lenders are responsible for finding the best loan packages for their clients. They do this by examining the financial data of their clients and then finding their clients the loan that fits their budget and needs. Lenders usually have a specialty such as home mortgage loans, auto loans or small business loans.

Private bankers help their clients reach their financial goals, much like the financial planner, but they usually work for very wealthy individuals or corporate executives. Their duties involve developing personal trusts, setting up tax shelters, arrange financing for corporate and personal endeavors and managing assets for their clients.

Personal Finance Educational Requirements

Those looking to enter the field of personal finance need at least a bachelor's degree in economics, accounting, business, statistics or accounting. Many positions in the personal finance field also require a MBA in Business Administration. Individuals looking to enter the personal finance field should also have strong analytical and math skills.

Personal Finance Earning Potential

Individuals working in personal finance usually have a median income of approximately $74,500 per year. The bottom ten percent earned approximately $44,000 per year and the top ten percent earned in excess of $146,420 per year. The middle fifty percent for those working in personal finance was between $54,730 and $99,800 in 2010.

Expected Job Growth In Personal Finance

Thanks to the increase in investments by individuals and corporations, personal finance can expect a job growth of approximately 20 percent each year. This is a significantly faster growth than the average for all other occupations. Factors that contribute to this accelerated growth includes global diversification and an increase in personal and hedge funds.