Starting a career in finance can be an overwhelming journey, especially for those just stepping into the professional world. The finance sector, known for its fast-paced environment, offers entry-level positions that can build a solid foundation for a successful career. With multiple roles and specializations available, getting finance entry-level jobs in 2024 might seem daunting.
Many new graduates and job seekers find themselves unsure about which path to pursue or how to align their skills with the opportunities in the industry. Without a clear understanding of different roles and their requirements, it’s easy to feel lost or uncertain. This blog post highlights the top five entry-level finance jobs you can consider in 2024 and beyond. Let’s get started.
List of Finance Entry-Level Jobs
- Financial Analyst
- Accountant
- Bookkeeper
- Investment Banking Analyst
- Tax Associate
Let’s dive deeper into each of these job positions.
Financial Analyst
A financial analyst, as the name suggests, helps businesses make informed financial decisions. This position involves evaluating financial data, preparing reports, and providing insights that guide strategic planning and investment decisions. Financial analysts work across sectors, including investment banks, corporate finance departments, and financial services firms. Their analyses help organizations manage risk, optimize investment strategies, and ensure financial stability.
Here are some of the key responsibilities of a financial analyst:
- Data analysis that involves collecting financial data to identify trends, forecast future financial performance, and provide actionable insights
- Reporting to outline financial performance, market trends, and investment opportunities
- Budgeting and forecasting to create financial models and forecasts to support business planning and strategy
- Investment evaluation to assess investment opportunities, conduct valuation analyses, and provide recommendations based on financial data and market conditions
- Financial monitoring to track financial metrics, monitor KPIs, etc.
Required Skills and Qualifications to Become a Financial Analyst
- A bachelor’s degree in finance, accounting, economics, or a related field (advanced degrees or certifications, such as CFA can be advantageous
- Strong ability to analyze complex financial data, interpret results, and provide actionable insights
- Proficiency in financial software, spreadsheets (Excel), and financial modeling tools
- Excellent written/verbal communication skills to present financial information clearly to stakeholders
Typical Career Path and Growth Opportunities of a Financial Analyst
Starting as a financial analyst often provides a solid foundation for advancing in finance. Common career progression paths include:
- Senior Financial Analyst
- Finance Manager
- Financial Director
- Chief Financial Officer (CFO)
Accountant
Accountants are fundamental to the financial health of any organization. They manage financial records, ensure accuracy in financial reporting, and comply with regulations. They work in various settings, including public accounting firms, corporate finance departments, and governmental agencies.
Here are some of the key responsibilities of an accountant:
- Financial record keeping to maintain and update financial records, including ledgers, journals, and other financial documentation
- Financial reporting to prepare and analyze financial statements, balance sheets, income statements, and other reports
- Tax preparation to handle tax filings, calculate tax liabilities, and ensure compliance with federal, state, and local tax regulations
- Auditing to verify the accuracy of financial records and compliance with accounting standards and policies
- Assisting in the preparation of budgets, financial forecasts, and financial planning activities.
Required Skills and Qualifications of An Accountant
- A bachelor’s degree in accounting, finance, or a related field (professional certifications such as Certified Public Accountant (CPA) for enhanced job prospects and career advancement)
- Strong attention to detail for ensuring accuracy in financial reporting and record-keeping
- Proficiency in using accounting software (QuickBooks or SAP) and spreadsheets (Excel)
- Ability to analyze financial data and provide solutions for financial issues
Typical Career Path and Growth Opportunities of an Accountant
Starting as an accountant offers a variety of career advancement opportunities, including:
- Senior Accountant
- Accounting Manager
- Financial Controller
- Chief Financial Officer (CFO)
Bookkeeper
Bookkeepers maintain the financial accuracy of an organization by recording all financial transactions. They handle day-to-day financial operations, ensuring that records are up-to-date and accurate.
They are typically employed by small to medium-sized businesses, non-profits, and other organizations to manage financial transactions, track expenses, and assist with financial reporting.
Here are some of the key responsibilities of a bookkeeper:
- Recording daily financial transactions such as purchases, sales, receipts, etc.
- Reconciling bank statements and other financial records to ensure accuracy and resolve discrepancies
- Managing payroll by calculating employee hours, processing paychecks, and ensuring compliance with payroll regulations and tax requirements
- Monitoring and categorizing expenses, ensuring that all expenditures are accurately documented and classified
- Preparing periodic financial reports, such as P&L statements, balance sheets, and cash flow statements to assist with business planning and decision-making
Required Skills and Qualifications of a Bookkeeper
- A high school diploma (though an associate degree in accounting or finance can be beneficial)
- Proficiency in bookkeeping software (such as QuickBooks or Xero) and basic spreadsheet skills (Excel).
- Ability to manage multiple tasks, maintain organized financial records, and meet deadlines
Typical Career Path and Growth Opportunities of a Bookkeeper
Starting as a bookkeeper provides a strong foundation for advancing in the finance field. Common career progression paths include:
- Senior Bookkeeper
- Accounting Clerk
- Accounting Manager
Also Read: How to Get Bookkeeping Certification?
Investment Banking Analyst
Investment banking analysts support investment bankers in executing transactions, including mergers and acquisitions, corporate restructuring, etc. They are involved in analyzing financial data, creating financial models, and preparing presentations for clients.
Here are some of the key responsibilities of an investment banking analyst:
- Financial modeling to develop and maintain complex models and evaluate investment opportunities, assess company valuations, and support deal structuring
- Market research on industry trends, market conditions, and competitor performance to provide insights and support decision-making
- Creating detailed pitch books and presentations for clients, showcasing potential investment opportunities, strategic recommendations, and market analyses
- Assisting in the due diligence process by reviewing financial statements, conducting interviews, and analyzing key business metrics
- Providing support in the execution of transactions by coordinating with various stakeholders, preparing documentation, and ensuring compliance with regulatory requirements
Required Skills and Qualifications of an Investment Banking Analyst
- A bachelor’s degree in finance, economics, business, or a related field
- Strong ability to analyze and interpret complex financial data, build financial models, and derive actionable insights
- Expertise in financial software and tools and familiarity with presentation software (such as PowerPoint).
- High level of accuracy in preparing financial reports, models, and presentations
Typical Career Path and Growth Opportunities of an Investment Banking Analyst
An entry-level position as an investment banking analyst often leads to various career advancement opportunities, including:
- Associate
- Vice President (VP)
- Director/Executive Director
- Managing Director (MD)
Tax Associate
Tax associates manage and prepare tax-related matters for individuals or businesses. They ensure compliance with tax laws, help optimize tax liabilities, and assist with tax planning and reporting. These professionals work in various environments, including public accounting firms, corporate tax departments, etc.
Here are some of the key responsibilities of a tax associate:
- Preparing and filing returns for individuals, businesses, or organizations
- Assisting clients in tax planning strategies to minimize tax liabilities and maximize tax benefits
- Compliance monitoring on changes in tax laws and regulations to ensure compliance and advise clients accordingly
- Maintaining tax records, documents, and supporting paperwork required for tax filings and audits
- Communicating with clients to gather necessary information, answer tax-related questions, and provide advice on tax-related matters
Required Skills and Qualifications of a Tax Associate
- A bachelor’s degree in accounting or a related field (certification as a Certified Public Accountant (CPA) or a tax-specific certification can be advantageous)
- High level of precision in preparing tax returns, managing documentation, and ensuring compliance with tax regulations
- Proficiency in tax software (such as Intuit ProConnect or Drake Tax) and spreadsheet tools for data analysis
Typical Career Path and Growth Opportunities of a Tax Associate
Beginning as a tax associate offers a solid foundation for career progression in the tax and accounting field. Common career advancement paths include:
- Senior Tax Associate
- Tax Manager
- Tax Director
Also Read: Management Accounting 101: All You Need to Know
Conclusion
The world of finance can be exciting and challenging, especially when starting out. Understanding various financial entry-level roles available in 2024 can help make informed career decisions and find the right fit based on skills and interests. Each role offers unique opportunities and pathways for growth. Take the time to explore these roles, consider your career goals, and embark on a path that aligns with your aspirations and strengths.
