Top Jobs in the Financial Industry

SECURITIES SALES AGENTS buy and sell stocks, bonds, shares in mutual funds, insurance annuities, or other financial products for individuals and institutions. When an investor wishes to buy or sell securities, sales agents may relay the order through their firms' offices to the floor of a securities exchange, such as the New York Stock Exchange. Agents may devise an individual financial portfolio for the client, including securities, life insurance, corporate and municipal bonds, mutual funds, certificates of deposit, annuities, and other investments. Securities sales agents furnish information about the advantages and disadvantages of an investment based on each person's objectives. They also supply the latest price quotations on any security in which the investor is interested. Because SECURITIES SALES AGENTS must be well informed about economic conditions and trends, a college education is important. Securities sales agents must meet state licensing requirements, which generally include passing an examination. Securities sales agents must also register as representatives of their firm according to the regulations of the securities exchange where they do business or the National Association of Securities Dealers, Inc. (NASD). Average salary ranged from $57,500 to $85,500 a year in 2007.

FINANCIAL MANAGERS direct the financial affairs of a company. They oversee the preparation of financial reports required by the firm to conduct its operations and to ensure that the firm satisfies tax and regulatory requirements. Financial managers direct investment activities and implement cash management strategies. Financial managers analyze investments, develop information to assess the present and future financial status of the firm, and communicate with stockholders and other investors. Financial managers in financial institutions, finance such as banks, savings and loan associations, and credit unions, make decisions in accordance with policy set by the institution's board of directors, and federal and state laws and regulations. Financial managers must have detailed knowledge of industries allied to banking, such as real estate and securities, and a broad knowledge of business and industrial activities. A bachelor's degree in finance, accounting, economics, or business administration is the minimum academic preparation for FINANCIAL MANAGERS. However, employers increasingly look for graduates with a master's degree, preferably in business administration, economics, finance, or risk management. Average salary ranged from $45,500 to $117,000 a year in 2007.

LOAN OFFICERS prepare, analyze, and verify loan applications. They make decisions about the extension of credit, and help borrowers fill out loan applications. Loan officers evaluate, authorize, or recommend commercial or real estate loans and credit loans, or advise borrowers on financial status and methods of payment. They analyze the financial status of applicants to determine whether or not the loan should be granted. Loan officers usually specialize in commercial, consumer, or mortgage loans. They may handle foreclosure proceedings, work out problem loans, develop prospects for loans, and buy and sell contracts, loans, or real estate. LOAN COUNSELORS contact borrowers who have delinquent accounts and help them find a method of repayment to avoid defaulting on the loan. Most LOAN OFFICERS/COUNSELORS are employed by commercial banks, savings institutions, and credit unions. LOAN OFFICER positions generally require a bachelor's degree in finance, economics, or a related field. Educational requirements vary for LOAN COUNSELORS. Some are high school graduates while others have a college degree in economics, finance, or a related field. No special licensing or certification is required for loan officers/counselors. Average salary ranged from $25,000 to $63,000 a year in 2007.

INSURANCE AND RISK MANAGERS are loss prevention insurance specialists usually employed by corporations or firms other than insurance companies. They are concerned primarily with the protection of the company's property, personnel, and products. They determine the insurance needs of large companies by consulting with industrial engineers, personnel workers, and financial specialists. It is the responsibility of the insurance and risk manager to determine what the chances of loss are from such causes as fire, embezzlement, and burglary. They determine the amount of insurance needed, and from which company insurance is to be purchased. Insurance and risk managers must have a thorough knowledge of insurance of all kinds and keep up with new developments in the insurance industry. They review current insurance legislation and modify risk coverage as needed. Managers direct and coordinate loss prevention programs by surveys and other data. They negotiate settlements of loss claims with various insurance companies. Colleges and universities offer courses designed to prepare persons for careers in risk management. No special licensing or certification is required. INSURANCE AND RISK MANAGERS with experience and ability may move to positions with more responsibility and higher pay with larger companies. Average salary ranged from $67,000 to $102,000 a year in 2007.

COST ESTIMATORS predict the cost of future projects. They develop cost information for owners or managers to use in making bids for contracts, determining if a new product will be profitable. Cost estimators calculate the cost of labor and materials needed to perform services or produce goods. They apply their knowledge of specific areas such as building construction and printing processes in order to reach an estimate of the actual costs. Cost estimators analyze data on all the factors that can influence costs, such as materials, labor, location, and special machinery requirements. When surveys are completed, a total project cost summary is prepared by the chief estimator that includes the cost of labor, equipment, materials, subcontracts, overhead, taxes, insurance, markup, and any other costs that may affect the project. Entry requirements for COST ESTIMATORS vary by industry. In the construction industry, employers prefer individuals with a degree in building construction, construction management, construction science, engineering, or architecture. In manufacturing industries, employers prefer to hire individuals with a degree in engineering, science, operations research, mathematics, statistics, or in accounting, finance, business, or a related subject. Average salary ranged from $43,000 to $64,000 a year in 2007.

REAL ESTATE APPRAISERS use their knowledge and understanding of the forces that create and affect investment opportunities to provide expert advice on the value, quality, and use of real property. They are specialists in estimating the value of real estate and other property when it is being bought, sold, assessed, insured, condemned, taxed, or mortgaged. Real estate appraisers arrive at estimates of property value by taking into consideration property location, current market conditions, and real estate trends or impending changes that could influence the future value of a property real estate. They collect, study, and interpret market data, then typically prepare written reports that document their analyses and present their conclusions. Depending upon the purpose of the appraisal, they may estimate the market value of the property, the insurable value, or the investment value. A liberal arts education is a good basis for anyone considering a career as a REAL ESTATE APPRAISER. A background in economics, finance, business administration, computer science, statistics, architecture, law, engineering, sociology, and English is particularly helpful. Average salary ranged from $36,500 to $57,500 a year in 2007.

TAX PREPARERS prepare income tax return forms for individuals and small businesses for a fee. They review financial records such as prior tax returns, income statements from employers, property tax records, year-end interest and dividend summaries, and documentation of expenditures to determine forms needed to prepare returns. They interview clients to obtain additional information on taxable income and deductible expenses and allowances. Tax preparers accurately fill out forms using all appropriate adjustments, deductions, and credits to keep their client's taxes to a minimum. They calculate taxes owed based on state and federal income tax laws and fill out income tax return forms, following tax form instructions and tax tables. Tax preparers may verify totals on forms prepared by others to detect errors of arithmetic or procedure. They calculate a form preparation fee based on the difficulty of the return and amount of time spent preparing the forms. Most states require TAX PREPARERS preparing tax returns for a fee to be registered. Generally, applicants for registration must be 18 years of age and have a high school diploma. They also must have had approved instruction in basic personal income tax law, theory, and practice, or 2 years of work experience preparing tax returns. Average salary ranged from $25,500 to $48,000 a year in 2007.

FINANCIAL PLANNERS develop and implement financial plans for individuals, businesses, and organizations, using their knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Financial planners analyze client's financial status, develop a financial plan based on the analysis of the data, and discuss fiscal options with the client. Financial planners may also sell financial products, such as stocks, bonds, mutual funds, and insurance. They sell insurance to a client, recommending amount and type of coverage. Financial planners may buy and sell stocks and bonds for clients. They may rent, buy, and sell property for clients. Employers seek applicants for FINANCIAL PLANNER positions who have sales ability and good communication skills. Banks and other credit institutions prefer to hire college graduates. A degree in business administration with a specialization in finance, or a liberal arts degree with courses in accounting, economics, and marketing are excellent preparation for this job. Average salary ranged from $45,500 to $75,500 a year in 2007.

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