Careers in Finance
The many career opportunities in the finance industry offer students an abundance of choices. Finance majors at the Saunders College of Business take many different paths including Financial Analysis (analysts responsible for analyzing budgets, assets and liabilities and forecasting) or Investment Banking (bankers responsible for organizing IPOs and finding buyers for newly issued stock). Graduates have many career options and the level of responsibility in their positions can vary according to the size of the company.
- Financial Planner The planner advises the client on budgeting, securities, insurance, real estate, taxes, retirement, and estate planning. After, they complete a financial plan to meet the clients objectives. Financial planners must have two certifications (each requires about 2 years of study and many examinations). They are the Certified Financial Planner (CFP) credential of the International Board of Certified Financial Planners, and the Consultant (ChFC) credential of The American College
- Investment Banker An investment banker acts as a middleman between issuers and buyers of newly issued stocks and bonds. Generally, the investment banker purchases the security issue and then markets it to the public. Advising clients about the various financing strategies available to the firm and developing new financing tactics are important aspects of an investment bankerï¿½s role.
- Loan Officer A loan officer evaluates the credit of personal and business loan applicants. Loan officers may specialize in commercial, consumer, or real estate loans. The loan officer develops and monitors the credit relationship between the business customer and the bank. Responsibilities include evaluation of the credit worthiness of the business, negotiating credit terms, monitoring the firmï¿½s financial condition, and acting as a financial advisor to individuals and small firms.
- Pension Fund Manager The pension fund manager is responsible for coordinating the assets and liabilities of the pension fund. Most companies hire outside money managers. The pension fund manager develops overall investment strategies to meet the actuarial needs of the fund, analyzes economic conditions and financial market trends and selects and monitors the performance of investment managers.
- Capital Budgeting Analyst The capital budgeting analyst is responsible for the evaluation and selection of proposed projects and for the allocation of funds for these projects. Upon selection of projects, the analyst oversees the financial aspects of the implementation of the projects. This job sometimes includes analyzing and arranging the necessary financing.
- Credit Manager The credit manager administers the firmï¿½s credit policy by analyzing or managing two basic activities: the evaluation of credit applications and the collection of accounts receivable. Routine duties include analyzing the financial condition of applicants, checking credit histories, and determining the appropriate amount of credit and terms to offer. The manager also supervises the collection of current and past due accounts receivable. This job requires knowledge of the customer and ability to analyze accounting statements.
- Stock Broker Stockbrokers or account executives act as agents for people who wish to buy and sell securities. They provide advice to customers on financial matters, supplying the latest stock and bond quotations and latest analyst reports, and responding to customer inquiries.
- Branch Manager The branch manager would be responsible for overseeing all activities at the bankï¿½s branch office. Some of these include opening new accounts, loan origination, solving customer problems and foreign exchange. Many bank managers start as tellers or customer service representatives. Key things to have for this position are customer service skills, empathy, quantitative ability, strong work ethic, organization and a solid understanding of banking.
- Risk Manager A risk manager is employed by an organization to help identify the risks that it faces and to make recommendations for deal with these risks. The recommendations may include the purchase of insurance, adoption of precautionary measures and presentations to upper management. Risk managers are involved in the management of employee benefit plans. Valuable skills include knowledge of the insurance industry and of business practices as well as skill in making presentations to upper management.
- Treasurer Duties involve supervision of the Treasury department which is involved in financial planning, raising funds, cash management and acquiring and disposing of assets. This is an upper management job, requiring years of experience and requires analytical skill and the ability to manage and motivate people.
- Securities Analyst Securities analysts are the experts who study stocks and bonds, usually in specific industries. They are specialists within a particular firm or industry and understand the economic impact of changes in the competitive, financial, and foreign markets on that firm or industry. They are employed and are advisors to securities firms and their customers, fund managers, and insurance companies.
- Trust Officer Trust officers manage portfolios of investments for individuals, foundations, institutions, and corporate Pension plans. The trust officer and his or her staff research, analyze, and monitor both currently held and potential investment vehicles for retention or inclusion in the portfolios they manage.
- Credit Analyst This is a great entry level job which requires the credit analyst to evaluate business and consumer loan applications. The analystï¿½s duties include projecting a companyï¿½s future cash flows, evaluating its current financial soundness, visiting and interacting with financial people at businesses and dealing with lenders. Skills needed for this job range from attention to detail, knowledge of accounting and the ability to communicate.
- Benefits Officer Duties involve managing pension fund assets, setting up employee 401(k) plans, determining health care benefits policies and working with human resources to set up employee benefits. This job requires a combination of finance knowledge, knowledge of human resources management and deep understanding of organizational behavior.
- Project Finance Manager The project finance manager position generally exists only at the largest firms. Responsibilities include arranging financing for capital expenditures that meet the firm's objectives. The manager of project finance coordinates the activities of consultants, investment bankers, and legal counsel. A required skill of this position is the ability to evaluate and forecast financial market conditions and to assess the impact on future project financing.
- Financial Analyst A financial analyst might be responsible for a variety of financial responsibilities. The analyst is mostly involved in preparing and analyzing the firmï¿½s financial plans and budgets. This function requires a close working relationship with the accounting department. The degree of specialization of the analystï¿½s duties is generally dependent upon the size of the company.
- Cash Manager Responsible for maintaining and controlling the daily cash balances of the firm. In a large company this may involve managing foreign currency risk and coordinating national or international banking relationships, compensating balances, lockbox arrangements, and cash transfers. An understanding of business and cash cycles of the firm is essential in projecting the firm's daily cash surplus or deficit.
Here you will find information regarding outcome data collected by our Office of Cooperative Education and Career Services. Here you can find median salaries, and co-op wages for every major at RIT.
See our featured Finance students who have gone on successful co-ops around the country, and learn about their stories and experiences.
For more information on Finance co-ops and job resources, please contact your Career Counselor in the Office of Career Services and Cooperative Education