High Paying Careers in Finance and Economy
Careers in finance are both challenging and rewarding and, if you are thinking of going into jobs in finance, you might just want to read this post. Today we look at some high paying careers within the finance sectors, telling you a little more about each one and the salary expectations of those jobs.
A Chief Financial Officer or CFO
A Chief Financial Officer (CFO) is in charge of the financial matters as well as the decisions relating to the finances of a company or business. From developing financial strategies and writing reports, to creating budgets and calculating the business’ pay scales, a CFO is literally involved in every single financial aspect and decision.
Working with a company’s funds and investments, and making sure that all financial matters are above board, Chief Financial Officer jobs require professionals that are reliable, organised, analytical and have some insane skills when it comes to mathematics, finance and business.
Professionals within these finance careers usually have a degree, doctorate or masters in Economics, Accounting Finance or Business.
According to PayScale a CFO in South Africa earns an annual income of R 957 678 and, as skills and experience in fields like Financial Compliance, Business Strategy and Risk Management increase, salaries also increase. This annual income, depending on the company you work for, your company benefits as well your experience and skills, can go up to R 1 830 000.
Keep in mind that this is a senior position and, if you are just starting out in jobs in finance, you will need to gain experience and work your way up through the ranks.
Marked as a scare skill by the Department of Higher Education and Training, an Actuary makes our list as one of the high paying careers in finance. As an Actuary you will be responsible for analysing data – from statistical and economic data, to mathematical and financial data – in order to both assess and predict any long term risks that might have an influence on financial planning and decision making.
From developing credit risk rating models and analysing the financial consequences that might arise from risks, to evaluating investments and working with medical schemes to develop benefits based on contributions (and a whole lot of other factors), these finance careers are challenging to say the least.
Because of a very useful skillset, Actuary jobs can be found in a range of companies, businesses and intuitions. Professionals in this field can work anywhere from Banks and Government Insurance Departments, to Insurance Companies and Consulting Firms.
This is truly a very fascinating finance career and, if you would like to learn more about what these individuals do and the training required, we highly recommend reading our ‘How to become an Actuary in South Africa’ post.
Aside from successfully completing your studies, you will be required to write examinations through the Actuarial Society of South Africa – a professional body of the profession.
According to PayScale, an Actuary in South Africa earns on average an annual income of R 617 940. It is important to note that, depending on your experience and company benefits, this annual income can go up to around R 1 313 600. Looking for Actuary jobs? Register your CV on Job Mail and start applying for great positions today!
Working as an Economist
Doing economic research and working with data and statistics, an Economist is responsible for both developing and applying theories in order to predict trends in the economy. This will involve working with supply and demand (for raw materials and products) and a range of other factors in order to help everyone from the Government to companies and businesses to make informed and economically sound decisions.
These careers in finance also allows professionals to specialise in certain fields – from agriculture and tax to baking, politics and even unemployment, to name but a few fields. Working with both past and current economic data, these professionals are responsible for predicting trends, collecting data and, based on research and statistical data, forecast economic trends.
This is a very interesting career within finance that requires at least a Bachelor’s Degree in Economics. If you would like to learn more about these jobs in finance, we highly recommend reading ‘Your career guide on becoming an Economist’ post.
If you are already qualified and looking for Economist jobs, you can browse Job Mail for opportunities. Looking for a super-easy way to apply for jobs on Job Mail? Download the FREE Job Mail iOS App or the Job Mail Android App and let us know what you think.
According to PayScale, an Economist in South Africa earns an average annual income of R 244 861 per year. Do note however that, depending on your experience and company benefits, this may go up to around R 603 000 per annum.
Business Analyst Jobs
When it comes to the high paying careers in finance, the Business Analyst also makes our list. As a professional in this field, you will be responsible for a wide range of tasks including solving organisational problems within an organisation. By doing this, the organisation will be able to achieve a higher efficiency.
From being involved in the review and evaluation of structures and systems already in place, to developing solutions in order to solve organisation problems, a Business Analyst will take on roles that include reviews of operational procedures, revising implemented procedures and methods, and developing more efficient operational procedures.
As a professional in this field, you will be required to work across a wide range of fields – from marketing and financial management, to supply chain management and business and business strategies. Interested in this career? Read our ‘A Day in the life a Business Analyst’ post and learn more about what you need to be successful.
According to PayScale, a Business Analyst within the Financial and Banking industries earns an average annual income of around R 309 000. Do note that, depending on the company you work for, your skills and experience, this annual income may go up to around R 565 000.
Qualified and looking for new and challenging opportunities? Browse Job Mail and check out the Business Analyst jobs currently listed.
A Finance Manager
Also marked as a scare skill by the Department of Higher Education and Training, a Finance Manager is involved in everything from planning and organising to controlling and directing the accounting and financial activities of a business, company or organisation.
Working as Finance Manager you will be involved in both the creation and management of budgets, consultations with other departments within the company or organisation you are working for, and the overall assessment of an organisation or company’s financial situation.
You will need a qualification in Financial Management or a Bachelor’s in Accounting. Interested in Finance Manager jobs on Job Mail? Be sure to read our ‘10 Attributes of a highly successful Finance Manager’ post.
PayScale reports that the average annual income of these jobs in finance are around R 486 000. Do note however that, depending on your experience, skills and your employer, this can go up to an annual salary of around R 871 000.
Being a Financial Analyst
When it comes to finance careers, another high paying job title includes that of a Financial Analyst. Financial Analysts are responsible for handling and managing different aspects of money – be it that of an individual or companies.
Depending on their field of expertise and specialisation, these finance professionals are responsible for analysing a financial situation, formulating informed reports and recommendations. By using data – like past and current economic trends – a Financial Analyst draws calculated conclusions in order to make decisions regarding a company’s financial portfolio for example.
Professionals in these careers in finance can find work in a number of fields, like investment banking or insurance for example, and are required to have some insane skills when it comes to logical and analytical thinking, numbers and current economic developments as well as past and present trends.
PayScale reports that professionals in this field earns an average annual income of around R 326 000, but depending on your skill sets, experience and your employer, this average annual income can go up to around R 667 000 per annum.
Don’t forget to check out the current Financial Analyst jobs advertised on Job Mail!