What Is the Average Salary for Entry Level Finance Jobs?
Some careers in finance include budget analyst, investment specialist and financial manager; however, as with many jobs, you might have to start at a lower-level position before reaching your goal. Read on to find out more about salaries in the finance industry.
Average Salaries by Career
Finance is a wide-ranging field that offers a variety of career choices and opportunities for advancement. You might, for example, enter the field as a bank teller, securities and commodities sales agent, business finance analyst or financial manager. Salaries for these careers vary and depend on your employer and location.
Important Facts About Entry-Level Finance Jobs
|On-the-Job Training||Learning the products, services and software; rotations between departments|
|Licensure||Financial Industry Regulatory Authority (employers sponsor licensing for financial analysts)|
|Work Environment||Full time; nights and weekends; telephone calls and meetings|
|Similar Occupations||Cashiers, bookkeeping, auditing, and accounting clerks, customer service representatives, insurance sales agent, insurance underwriters, real estate broker, budget analysts|
To become a bank teller, you generally must have a high school diploma and pass a background check. You'll then complete on-the-job training to learn the occupational functions, such as processing transactions, cashing checks and completing withdrawals. According to the U.S. Bureau of Labor Statistics (BLS), employment of bank tellers was expected to decline by 8% little between 2016 and 2026 (www.bls.gov).
In May 2018, the BLS reported that these professionals earned an average salary of $30,140. The depository credit intermediation industry was the largest employer for bank tellers and paid an average wage of $30,160. State government paid the highest average wage of $45,300. The five states with the highest pay for these professionals had average salaries ranging from $32,860-$35,790. These states included the District of Columbia, Washington, Connecticut, New Jersey and Massachusetts.
Securities, Commodities and Financial Services Sales Agent
Securities, commodities and financial services sales agents arrange securities transactions for companies, investors and the public. You may specialize in one aspect of the field, such as stock brokerage or investment banking. Entrance to this profession typically entails a bachelor's degree in finance or another related major. The BLS reports that employment of these sales agents was expected to increase 6% during the period spanning 2016-2026, though entry-level agents may see better job prospects in commodities brokerage and trading.
While some sales agents are paid salaries, many earn commissions based on the securities and commodities they sell. According to the BLS, these professionals earned an average salary of $98,770 in May 2018; however, earnings often vary according to the number of clients that agents have, so entry-level agents who haven't developed clientele may bring in lower wages. While the securities and commodity contracts industry paid an average wage of $133,020, the depository credit intermediation industry paid a much lower average wage of $66,240. Average salaries in the five states with the highest pay were between $107,500 and $161,580. These states were New York, Connecticut, Massachusetts, South Dakota, and Kansas.
As a financial analyst, you'll help determine the value of a business by studying the marketplace and calculating financial statements, sales, expenses and other factors. You'll need to have at least a bachelor's degree to enter this profession; however, advancement may entail a master's degree and certification. Though highly competitive, this career field is expected to grow quickly in the coming years, and the BLS reports that jobs for financial analysts were projected to increase by 11% from 2016-2026.
According to the BLS, financial analysts earned an average salary of $100,990 in May 2018. Other financial investment activities and company and enterprise management were the top industries for this occupation, and they paid average wages of $130,360 and $91,860, respectively. The five states with the highest pay had average wages between $106,100 and $139,660. These included Wyoming, the New York, California, Colorado and New Jersey.
Financial managers oversee companies' budgets and investments, prepare fiscal reports and develop financial plans. A bachelor's degree is the minimum requirement for entrance into this profession, though employers may prefer financial managers with master's degrees and sales experience. Employment of financial managers was projected to increase 19 percent from 2016 to 2026, according to the BLS.
In May 2018, financial managers earned on average $146,830 per year, reported the BLS. The depository credit intermediation industry had an average wage of $118,820, while the company and enterprise management industry had a higher average wage of $161,400. Five states with the highest pay included New York, New Jersey, Connecticut, and the District of Columbia. Average salaries ranged from $166,710-$210,510 in these locations.