What Are My Career Options in Media Finance?
Learn about jobs in the business and finance areas of the media and entertainment industry. Read on to learn more about the career options, how to be a competitive applicant for media finance jobs and perks of working in the field. Schools offering Accounting & Finance degrees can also be found in these popular choices.
What Are Media Finance Professionals?
Media finance is a specialty area that can be pursued by working toward a degree in a variety of areas, such as accounting or business. Some common positions include auditor, financial advisor or financial manager. These professionals offer their services to clients in the entertainment field.
Auditors are the record-keepers of the financial actions of a company or other organization. They prepare a company's tax forms and advise them on financial matters. Financial advisors meet one-on-one with clients to analyze and discuss financial goals. These experts help design plans to meet those goals through savings or investments. They discuss options and risks in investing as well as watch their clients' accounts to make recommendations when changes may be warranted. Financial managers are responsible for an organization's entire financial department. They monitor investment trends, make financial recommendations and write reports for upper management. Executives may use this information to either build on profits or move funds to less risky portfolios.
Do you have an interest in providing financial services and consultations to professionals in the world of media and entertainment? Continue reading and discover the options available for you.
|Auditor||Financial Advisor||Financial Manager|
|Degree Required||Bachelor's degree||Bachelor's degree; master's degree preferred by some employers||Bachelor's; master's degree preferred by some employers|
|Education Field of Study||Accounting or related field||Business,|
|Key Skills||Analytical, detail-oriented and math skills||Analytical, interpersonal, math and sales skills||Analytical, communication and leadership skills|
|Licensure or Certification||Voluntary certification available||Licensure typically required||Voluntary certification available|
|Job Growth (2014-2024)*||11%||30%||7%|
|Median Salary (May 2015)*||$67,190||$89,160||$117,990|
Source: *U.S. Bureau of Labor Statistics
What Job Duties Will I Have?
If you decide to work in media finance, you will be responsible for providing financial services and consultations to professionals in the world of media and entertainment. You may have the option of working with a media company or for an individual client. If you choose to find a position within one company, you will typically be responsible for digging deep into the inner workings of that organization and devising the best financial strategies to meet its business needs and profit goals. You could also work for several different organizations or individual clients on a freelance basis, which will require you to have a much broader understanding of individual finances.
In addition to auditor, financial advisor and financial manager, there are several distinct positions which you could pursue in the field of media finance, including data processor, financial executive and credit specialist. You might find yourself working for a film studio, entertainment company, newspaper publisher, television show or media corporation. You could also work for individuals such as producers, musicians and movie stars. Some of your duties might include meeting with clients, developing customized financial strategies, handling payroll, developing investment plans and setting budgets for clients.
How Can I Be Most Competitive in the Field?
Most financial managers have at least a bachelor's degree in accounting, financial management, business administration or economics. If you are interested in becoming a financial analyst or accountant in the media field, you might also consider becoming a Certified Public Accountant (CPA).
You could also earn an MBA with a minor in entertainment management or arts. In such a program, you'll learn about the legal and business issues that affect the media industry while also gaining the skills necessary to analyze financial documents, manage media content, analyze market trends and develop business plans for multimedia projects. Completing an internship or volunteering with a financial company that focuses on media can also help to prepare you for a job in the field.
Are There Extra Benefits to This Career Path?
In addition to being well paid, you could be receiving the extra perks of working in the entertainment industry. For example, if you worked for a film production company, you could receive invitations to red carpet events. If you worked for a famous personality, you may receive invitations to their premieres. However, if you worked in the consulting field, you would be moving from one media company to the next and would likely miss the benefits that come with working in the entertainment industry. One benefit of consulting versus accounting is that your work hours may be more structured.
What Are Some Related Alternative Careers?
The vast majority of all the related careers in this field require at least a bachelor's degree. Some alternatives to working in media finance include working as a budget analyst, an insurance underwriter or a loan officer. Budget analysts may work with individuals or companies by analyzing their financial situations, writing company reports and monitoring an organization's spending. Insurance underwriters evaluate clients' insurance needs. If they elect to cover an individual, insurance underwriters then determine the terms and policies of the agreement. Loan officers do financial background work on people seeking financial loans. They analyze the risks to the institution and recommend the loan be approved or not.
To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below: