What are the different finance professions?

By Christine Lorteau - Excelia Service Orientation le 28 February 2023

Wealth Advisor, Chief Financial Officer (CFO), Business Engineer, Investment Analyst, etc. To list all the professions in the banking and finance sector would require more than one article, as the range of careers is so extensive.

Why are there so many professions? Financial transactions are becoming increasingly complex and as older experienced employees leave the job market, new talent needs to be trained for the finance of tomorrow. In the light of the key figures and trends for 2023, finance professions have a bright future ahead!

But before we look at the different opportunities available and the study programmes needed to access them, let’s first look at the reasons for choosing a career in this field.

Why work in finance?

The Corporate Finance Institute defines finance as: ‘…the management of money and includes activities such as investing, borrowing, lending, budgeting, saving, and forecasting. There are three main types of finance: (1) personal, (2) corporate, and (3) public/government.’

A far-reaching definition for a sector that offers a myriad of possibilities!

A highly attractive sector

Of course, the following facts and figures only cover a fraction of the jobs in finance and banking because this sector offers dozens of promising careers, from Wealth Advisor to Insurance Broker to Chief Financial Officer (CFO).

Here is an overview of the banking sector that illustrate its appeal:

40,300 new appointments in 2021
350,400 employees, i.e. 20% of the banking sector in the euro zone
98% of employees on permanent contracts
1.7% of all private-sector jobs

Directors confident about the future

Things look bright for 2023! The human resource consultancy firm Robert Half International surveyed a number of CFOs (Chief Financial Officers) about their recruitment plans for the new year. Confidence is high, to say the least!

In fact, 64% said they were more confident in 2022 (compared with 56% in 2021). The reason for this renewed optimism? Nearly half of them attribute it to the increase in financial and budgetary resources, 44% to the growth in business opportunities, and 38% to the increase in workforce numbers.

A sector that remains competitive…

Their main concern? Not being able to attract the best candidates!

Staff turnover is stable in only 25% of cases. But this is a perfectly reasonable statistic in a sector where ‘high turnover’ is part of its DNA. The world of banking and finance is highly competitive, and it’s not uncommon for an employee to be poached by another company offering a better salary.

...but which rewards the best talent!

On the subject of salaries, the consultancy firm noted a general rise in pay scales, with gross annual increases in double figures. Which jobs have seen the biggest increases? Management positions (management control, accounting, taxation, internal audit).

Overview of finance professions

From self-employed financial advisors to corporate managers and financial engineers, the range of careers in finance is diverse and open to all backgrounds. Here are just a few of the different roles.

Financial Advisor

Métiers de la finance Excelia As the name suggests, the role of Financial Advisor is to provide expert advice. They provide specialist advice on financial and/or banking products. Their main role? To implement tangible measures to respond to customer objectives (e.g. to generate returns on savings by developing an investment portfolio).

Here are a few Financial Advisor jobs:

Advisor/Private Banker
Wealth Advisor/Consultant
Financial Consultant
Financial Advisor in Asset Management
Wealth Engineering Advisor
Financial Investment Advisor
Savings & Wealth Advisor
Insurance Broker

Financial professions within a company

These careers are different as they focus on supporting a specific company and not a private individual.

Although the position of financial expert in a company requires the same skills as an advisor, it involves more in-depth management of the company assets. It's not just about investing savings. The profitability of assets is of paramount importance because the financial health of the company depends on it.

Here are a few of the key jobs:

Chief Financial Officer (CFO)
Credit Rating Manager
Portfolio Manager
Fund Manager

Financial Engineering jobs

Maths and IT are essential skills in the world of banking and finance. All new employees, with no exception, are trained in these technical skills, which are in great demand today as a result of the digitalisation of the sector.

However, behind this statistical side are more human skills in jobs such as Business Engineer or Asset Management Engineer. These are the kind of jobs that are perfect for people with mathematical brains who enjoy tangible projects.

Analyst jobs

Financial analysts also perform the role of advisor, assuming considerable responsibility for monitoring the health and growth of the financial assets of their clients or their company. Their work involves reading the specialist press, conducting in-house research, and keeping an eye on the stock markets.

Here are some of the careers available: