Finance has been a tempting industry for many people, primarily because of how high-paying it can be. In our experience as a leading financial services recruiter, that doesn’t mean that all the positions in the area are paid roughly the same. In contrast, there can be quite a large difference in annual pay.
But, what are the highest paying jobs in the financial industry? While experience and seniority will have a significant role in your pay, there are several position tracks that you can expect to see a high paycheck.
Hedge funds typically had quite a few hands in the pie, many of which could be from several firms. That’s typically driven by consultants and other third parties working with a company. More firms want to keep things in-house, however.
As a result, they’ve developed multiple graduate initiatives across various areas. If you want to get into hedge funds, then it’s never been a better time. The basic salary associated with this is already quite high.
When you add in performance-related bonuses and other benefits, however, it can be much higher than expected.
Private equity has been booming for years, which has led many people to want a career. They often don’t know how to break into the industry, however. Perhaps the best way is to become an analyst in the area.
As difficult as that path used to be, it’s become much simpler in the past few years. That’s driven largely by private equity firms that need more analysts. In many cases, they’ll offer graduate programs that you can study through before becoming a full-time analyst with them.
Compensation is also quite high, especially if you’re able to out-compete colleagues.
The recent pandemic has meant that more people have gotten into investing. While some of this has been done with apps, etc., just as much as been done with professionals. That’s led to investment banks hiring more and more, with this showing no signs of slowing.
If you’re looking for a way into this, then an investment banking division analyst could be a recommended path. While the salary starting off in the role might be low compared to other positions in the financial industry, it’s higher than many roles in other areas.
There’s a lot of competition here, so you’ll need to stand out. Once you’ve joined a private equity firm, for example, and put in the work, you’ll have no problem earning quite high compensation.
You might assume that certain roles will pay much better than others. In most cases, the highest paying jobs in the financial industry are those at the top. That’s the case with every other industry, however.
As such, you should see your annual pay rise consistently with each of the above roles, regardless of how high the initial paycheck is. That doesn’t mean that each of the positions will be easy, however. You’ll have to put in the time and effort to justify your salary.
Once you do, you’ll have no problem making a great living in finance.