What is the Average Salary for Entry Level Finance Jobs?

<p>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. If you’re interested in boosting your long-term earnings, exploring fast, high-return credentials can be a smart strategy. Comparing <a href="https://learn.org/accelerated-degrees/fast-online-degrees-that-pay-well">fast online degrees that pay well</a> may help you weigh accelerated education paths that align with your career goals and financial expectations. </p> <h3 id="section---ImportantFactsAboutEntryLevelFinanceJobs">Important Facts About Entry-Level Finance Jobs</h3> <p /> <table border="1"><tr><td> On-the-Job Training </td><td> Learning the products, services and software; rotations between departments</td></tr> <tr><td> Licensure </td><td> Financial Industry Regulatory Authority (employers sponsor licensing for financial analysts)</td></tr> <tr><td> Work Environment </td><td> Full time; nights and weekends; telephone calls and meetings</td></tr> <tr><td> Similar Occupations </td><td> Cashiers, bookkeeping, auditing, and accounting clerks, customer service representatives, insurance sales agent, insurance underwriters, real estate broker, budget analysts</td></tr> </table><h3 id="section---BankTeller">Bank Teller</h3> <p>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 12% little between 2021 and 2031 (<i>www.bls.gov</i>). </p> <p>In May 2021, the BLS reported that these professionals earned an average salary of $34,930. The depository credit intermediation industry was the largest employer for bank tellers and paid an average wage of $34,850. Monetary authorities-Central Bank paid the highest average wage of $43,570. The five states with the highest pay for these professionals had average salaries ranging from $36,380-$38,060. These states included the District of Columbia, Massachusetts, California, Washington, and Connecticut. </p> <h3 id="section---SecuritiesCommoditiesAndFinancialServicesSalesAgent">Securities, Commodities and Financial Services Sales Agent</h3> <p>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 10% during the period spanning 2021-2031, though entry-level agents may see better job prospects in commodities brokerage and trading. </p> <p>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 $93,260 in May 2021; 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 $125,880, the depository credit intermediation industry paid a much lower average wage of $70,250. Average salaries in the five states with the highest pay were between $97,870 and $156,750. These states were New York, Connecticut, District of Columbia, and New Jersey Massachusetts. </p> <h3 id="section---FinancialAnalyst">Financial Analyst</h3> <p>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 9% from 2021-2031. </p> <p>According to the BLS, financial analysts earned an average salary of $103,020 in May 2021. Securities, commodity contracts, and other financial investments and related activities and management of companies and enterprises were the top industries for this occupation, and they paid average wages of $124,020 and $95,460, respectively. The five states with the highest pay had average wages between $112,510 and $131,690. These included New York, Alaska, Connecticut, District of Columbia, and Wyoming. </p> <h3 id="section---FinancialManager">Financial Manager</h3> <p>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 17 percent from 2021 to 2031, according to the BLS. </p> <p>In May 2021, financial managers earned on average $153,460 per year, reported the BLS. The depository credit intermediation industry had an average wage of $128,740, while the company and enterprise management industry had a higher average wage of $166,510. Five states with the highest pay included New York, Delaware, New Jersey, Colorado, and the District of Columbia. Average salaries ranged from $174,220-$206,990 in these locations.</p>