What is the highest paying job in finance?
Chief financial officers (CFO) oversee business budgeting, cost-related decision-making, and financial teams. The CFO role is one of the highest paying finance jobs because it requires financial leadership, experience, and an extensive network.
Chief financial officers (CFO) oversee business budgeting, cost-related decision-making, and financial teams. The CFO role is one of the highest paying finance jobs because it requires financial leadership, experience, and an extensive network.
Finance can be a fiercely competitive field. It's a famously high-paying industry known to deal out six or seven figures in salaries and bonuses for those at the top. Even those on the bottom rung can expect to start at a good wage compared with other fields.
| Job Title | Annual Salary | Hourly Wage |
|---|---|---|
| Vice President Finance Administration | $159,846 | $76.85 |
| Senior Director Finance | $133,162 | $64.02 |
| Senior Finance Manager | $129,317 | $62.17 |
| Corporate Finance Consultant | $126,962 | $61.04 |
No surprise, majoring in engineering and finance yields the biggest paydays five years after graduating college, while majoring in liberal arts or performing arts pays the least.
1. Investment Banker. Roles in investing banking are highly sought after. For investment bankers, it's often a higher competition to land a role in one of the largest firms.
Both finance and tech offer lucrative career opportunities, and the highest-paying field between the two can vary depending on various factors such as location, job role, and level of expertise. However, it is generally observed that the tech industry tends to have higher earning potential compared to finance.
Hedge fund managers can make tens of millions of dollars because of a similar compensation structure to private equity; hedge funds charge both an annual management fee (typically 2% of assets managed) and a performance fee (typically 20% of gross returns).
Finance degrees are generally considered to be challenging. In a program like this, students gain exposure to new concepts, from financial lingo to mathematical problems, so there can be a learning curve.
Overall, a finance degree is worth it for many aspiring professionals. According to the BLS, careers in business and finance can pay above-average salaries and are projected to have above-average growth over the next several years.
What is the number #1 highest paying major?
| 1. | Chemical engineering | $133K |
|---|---|---|
| 2. | Computer engineering | $125K |
| 3. | Aerospace engineering | $120K |
| 4. | Electrical engineering | $112K |
| 5. | Mechanical engineering | $111K |
- Data Scientist.
- Investment Banker.
- Corporate Lawyer.
- Project Manager.
- Senior Software Engineer.
- Chief Executive Officer.
- Financial Analyst.
- Chartered Accountant.
While both finance and accounting can be difficult majors, accounting is considered more difficult because it requires more discipline and a lot of math. Accounting is more complex because it relies on precise sets of arithmetic principles.
Finance careers can be very lucrative for high-performing workers, with management roles commonly earning over $150,000 annually and executive salaries often reaching even higher.
It's normal to have these thoughts and it's good to ask these kind of questions before you get into it. Believe it or not, mastery of advanced math skills is not necessary to have a career in finance. With today's technology, all math-related tasks can be done by computers and calculators.
- Construction Worker. ...
- Marriage and Family Therapist. ...
- Paramedic. ...
- Firefighter. ...
- Mental Health Counselor. ...
- Rehabilitation Counselor. ...
- Surgeon. ...
- Cardiovascular Technologist. The last role featured on our list of most stressful jobs is that of cardiovascular technologists, who often face challenges in the workplace.
On an hourly basis, most sales & trading professionals earned a lot more than bankers in 2023. Credit sales & trading professionals earned $147 per hour on average, for instance. Commodities and macro professionals earned $170 and $180 per hour, respectively.
- Washington, DC. $90,619 per year. 166 salaries reported.
- New York, NY. $83,602 per year. 332 salaries reported.
- Houston, TX. $82,671 per year. 174 salaries reported.
- Los Angeles, CA. $79,451 per year. ...
- Dallas, TX. $79,290 per year. ...
- Show more nearby cities.
Finance professionals are often responsible for managing large amounts of money, making critical decisions that can have significant financial impact. Additionally, the finance industry can be very competitive, and those with specialized skills and knowledge are often in high demand.
The reason for higher fintech salaries is pretty clear: these cutting-edge firms must not only compete for talent with the traditional finance sector, but also deep-pocketed tech giants such as Google and Microsoft that have no compunctions about paying whatever it takes to secure the talent they need.
Should I do banking or tech?
Investment Banking Pays Better Than Tech & Startups
After 15 years, making over $1,000,000 a year is a distinct possibility, especially if you reach the title of Managing Director. Technology startups pay like CRAP because they give you stock options and RSUs to make you feel like you're getting a great package.
Generally, a liquid net worth of $1 million would make you a high net worth (HNW) individual. To reach very high net worth status, you'd need a net worth of $5 million to $10 million. Individuals with a net worth of $30 million or more might qualify as ultra-high net worth.
To go from $500,000 in assets to $1 million requires a 100% return—a level of performance very hard to achieve in less than six years. To go from $1 million to $2 million likewise requires 100% growth, but the next million after that requires only 50% growth (and then 33% and so on).
For example, it takes $1,400 per month to reach $1 million in 20 years. However if you can find 30 years to save, it only takes $475 per month to reach the same goal. This isn't easy, but finding the extra time may be easier than finding an extra $12,000 per year.
While finance requires some mathematics training and some knowledge and skills in accounting and economics, it's not necessarily more difficult than any other field of study, particularly for people with an aptitude for math.
