Check our list of the best paying jobs in finance to make the right career decision
Not only can the “Wolves of Wall Street” live a luxurious life. In fact, there are many ways to make good money whilst dealing with financial assets and operations. Today, we have prepared a short review of the most well-paid professions in both traditional finance and the rapidly developing fintech sector.
Best paying jobs in finance & fintech
Chief Compliance Officer
According to the Glassdoor survey, the national average salary for a Chief Compliance Officer is $149,597 per year in the USA. In the UK, this number equals £106,313. Searching across vacancies in the EU, you may find similar jobs in a salary range from €100,000 to €150,000.
A chief compliance officer (CCO) is a part of the top leadership hierarchy within a company. The role of the CCO is to ensure both internal and external compliance. These professionals deal with following the rules and regulations set forth by local, state, and federal governing bodies; as well as employee and employer compliance with corporate moral, legal, and other regulatory policies.
The main requirement for compliance officers is that they must have strong ethical principles. It’s crucial for their role which is to help organizations manage risk, maintain a positive reputation, and avoid lawsuits. Compliance officers also deal with educating the entire company and establishing corporate practices that will ensure the highest possible level of compliance.
Before becoming a Chief Compliance Officer, an employee will likely go up the following career ladder: compliance analyst – senior compliance analyst – compliance officer – compliance director – chief compliance officer.
In the USA, the projected starting salary midpoint for compliance analysts is currently $77,000, according to the 2019 Robert Half Salary Guide for Accounting and Finance Professionals.
Financial Systems Manager
The average salary for a Financial Systems Manager is $121,371 as of June 27, 2019, but the range typically falls between $107,772 and $140,239. Payroll opportunities rise with the level of experience, education, certifications, additional skills, etc. Having 10-20 years of experience, such professionals may even become Financial Systems Directors that earn $124,634 – $169,489.
This position is part of the following career chain: financial systems administrator – financial systems project manager – financial systems manager – financial systems director.
However, in the UK, the salary range for a finance systems manager is much more modest. According to itjobswatch.co.uk, the median annual salary for a Finance Systems Manager was £62,500 in advertised job vacancies during the 6 months to 8 July 2019. The Glassdoor survey reveals a bit greater amount of £74,361. The typical salary range doesn’t go higher than £100,000 per year.
The top job of any financial systems manager is to focus on software maintenance and long-term security of that software. They lead the development, implementation, and administration of the organization’s financial systems, as well as research financial record-keeping and reporting requirements and ensure that systems are modified to meet these requirements. These professionals, typically highly educated in computer science, information systems, and management information systems, use their extensive background to make sure that a company can actively and securely monitor key corporate transactions.
Actuaries use statistical techniques and mathematical skills to assess the probability of a certain outcome and its financial consequences. They are the gurus of risk management. Thus, they are highly welcomed in insurance, banking, corporate financial planning, and investment management with their unbeatable analytical skills.
Typical responsibilities include:
- analyzing statistical data relevant to corporate activities;
- computer modeling of statistics to determine potential risks;
- preparing presentations and reports;
- communicating findings to corporate management and all the stakeholders.
According to data reported by the US Bureau of Labor Statistics (BLS), the median annual pay of an actuary was $101,560 as of May 2017. Actuaries working with insurance brokerages and financial institutions earned at least 15 thousand USD more than those employed in general companies.
In the UK, the salary range for actuaries is very wide. Starting salaries for graduates generally fall between £25,000 and £35,000, while the amounts over £200,000 are typical for senior directors in this field. Salary prospects are usually higher in the London area.
Across Europe, salaries for actuaries differ as well. For instance, in Belgium, they can earn €74,000 – €186,000 per year depending on the experience level. In France, this number is much smaller – €50,000 – €110,000. In Ireland, actuarial analysts earn from €50,000 to €288,000. Spanish actuaries cannot boast such high salaries, as even the chief professionals earn €160,000 in their best case scenarios. Nevertheless, they still belong to the top-tier professionals in the financial sphere.
Blockchain Experts & Developers
In a Global FinTech Report 2017, PwC predicted that “77% of financial institutions expect to adopt blockchain as part of an in-production system or process by 2020”. According to the freelancer marketplace Upwork, blockchain is one of the fastest-growing FinTech skills. The need for blockchain experts services increases steadily.
A blockchain developer is a type of software developer who works with blockchain technology. They are responsible for the full life cycle of blockchain applications, from research and analysis to design and execution. They utilize various programming languages to create interfaces, features, and architecture for different purposes, such as payment processing.
Blockchain experts include blockchain engineers and consultants. Blockchain engineers specialize in creating and implementing digital solutions for organizations by utilizing a unique type of distributed ledger technology. These engineers must be able to analyze an organization’s technological needs and create applications to meet those needs.
Tech professionals like software developers and engineers are highly trained in programming languages like Java, Python, and C++. Blockchain projects might require them to research, design and build a new platform as well as offering business ideas and plans for the future.
Despite the high demand, the number of qualified blockchain professionals in the fintech field remains inadequate. Shortages of well-trained experienced staff have their bright side. Startups and fintech companies are ready to pay more to lure real talents. Governmental institutions also hire blockchain experts but typically provide fewer benefits.
Blockchain engineers are making between $150,000 and $175,000 in annual salaries on average. Non-staff specialists offer freelance services from $150 per hour.
The UK average salary for a Blockchain Developer is £68,000. The daily rate for a Blockchain Developer is £550. These rates are significantly higher than the average payments received by Software Developers. Moreover, in some locations like Yorkshire and the East of England, blockchain professionals are in high demand. Their yearly median salaries exceed £105,000.
According to cryptocurrencyjobs.co, the average base salary for a blockchain backend developer in Europe is $85,000 per year, with a low base salary of $45,500 and a high base salary of $125,000. Remote blockchain backend developers earn $102,300 per year, with a low base salary of $80,000 and a high base salary of $125,000.
Their job duties include:
- Guiding cost analysis process by establishing and enforcing policies and procedures; providing trends and forecasts; explaining processes and techniques; recommending actions.
- Improving financial status by analyzing results; monitoring variances; identifying trends; recommending actions to management.
- Increasing productivity by developing automated accounting applications; coordinating information requirements.
- Protecting operations by keeping financial information confidential.
- Business finance or other relevant experience;
- High proficiency in financial modeling techniques;
- Fluency with Excel formulas and functions;
- Bachelor’s Degree in Accounting/Finance/Economics;
- Strong analytical and data gathering skills.
In the USA, Financial analysts made a median salary of $84,300 in 2017. The best-paid professionals made $114,980 that year, while the lowest-paid ones made $64,390. The states and districts that pay Financial Analysts the highest mean salary are New York ($134,560), Wyoming ($111,210), Colorado ($110,290), California ($109,580), and Alaska ($109,330).
The average financial analyst salary in the UK ranges from £40,000 to £75,000, depending on the skill set, location, and level of experience. The highest salaries in the UK are going to London-based financial analysts, who can earn £51,800 – £97,000.
In Europe, salaries for financial analysts professionals vary greatly. On average, they receive the following yearly income:
- Belgium – €55,000 – €120,000;
- France – €28,000 – €40,000;
- Germany – €55,000 – €100,000;
- Ireland – €50,000 – €65,000;
- The Netherlands – €45,000 – €80,000;
- Switzerland – €90,000 – €140,000.
SEE ALSO: Top 10 blockchain professions in 2019