Types of Careers in Finance
The financial sector is vast, with many different types of job positions. Below, we list some of the most well-known and highest-paid careers in this industry:
Investment Banker
- Average investment banker base salary: $101,848 (total pay is $46,000–$283,000)
- Projected growth rate: 10%
- Investment banker education requirements: Four-year degree in finance, economics, or a quantitative or business-focused field, plus an MBA or a master’s in finance (ideally from a top school)
Investment Banker Positions
The career of an investment banker progresses along a fairly standard path. Investment banking positions from junior to senior:
- Analyst (grunt)
- Associate (glorified grunt)
- VP (account manager)
- Director (senior account manager, rainmaker in training)
- Managing Director (rainmaker)
Some banks call certain investment banker positions different names or have added levels of hierarchy. For example, sometimes banks separate Senior Vice President from Vice President. Other times, Director is split up into Director and Executive Director (more senior). However, regardless of the names, the general job functions of each relative position tend to be consistent bank to bank.
If you are an undergraduate, you are applying to banks with the aim of landing an investment banking analyst position. Assuming you do well, have an interest in staying, and there is a need, some banks offer direct promotions from analyst to associate instead of requiring that you go back and get your MBA (typically called “A to A”). If you are an MBA student, you are applying to banks with the aim of landing an investment banking associate position and aspire to work up the ranks to Managing Director one day.