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Finance jobs: All your options

Finance jobs: All your options

Finance jobs can offer practical experience, in a diverse set of roles, for graduates with strong financial and analytical skill sets. Graduates may apply their industry knowledge and explore a broad range of finance careers, Alternative Medicine.

From accountants and economic analysts to other fulfilling career options, such as investment bankers and portfolio managers, the opportunities are limitless.

What’s it like to work in a finance job?

Personal finance, corporate finance, and government finance are widely recognized as the three finance subfields. Other subfields include investments, money and credit markets, and financial management.

Graduates and working professionals can pursue careers in corporate financial management, securities analysis, and commercial lending, along with several other financial career institutions. Finance professionals typically interact with attorneys, accountants, and insurance agents. In the right work setting, both introverts and extroverts can enjoy rewarding financial jobs and long-term careers.

Finance job seekers may seek remote opportunities as financial analysts, financial advisors, accountants, and other offsite career opportunities. Industry professionals may work between 50 and 70 hours per week. Investment bankers may log as many as 70 to 100 weekly hours. Long hours can contribute to burnout.

Salaries range from $61,000 to $137.000 plus. Finance professionals are driven by a lively, exciting, and challenging workplace with advancement opportunities and unlimited career opportunities around the world.

Finance career options

The finance industry is ever-growing for those who possess a finance degree and strong analytical and accounting skills. Explore your finance career options below and check out the best online finance master’s programs.

Accountant

Minimum degree level required: Bachelor’s

Salary expectations: $73,560

Good fit for individuals who:

  • Are organized professionals
  • Are skilled at working with numbers
  • Possess strong analytical skills
  • Like collaborating with diverse clientele
  • Are current with accounting trends

Accountants assemble, examine, validate, and organize financial documents. They also monitor the organization’s cash inflow and expenditures and ensure the legalities of financial transactions. Accountants operate with integrity, comply with accounting control procedures, and resolve accounting discrepancies.

Actuary

Minimum degree level required: Bachelor’s

Salary expectations: $111,030

Good fit for individuals who:

  • Are detailed-oriented professionals
  • Are organized and self-motivated
  • Possess strong project management skills
  • Possess advanced statistical analysis and database manipulation training

Actuaries investigate financial outcomes and risk. They also apply financial theory alongside math and statistical data to examine the uncertainty of events and reduce their organization’s risk. Actuaries assist top executives with preparation for risk management, strategic solutions, and company-wide growth.

Budget analyst

Minimum degree level required: Bachelor’s

Salary expectations: $78,970

Good fit for individuals who:

  • Possess advanced mathematical and analytical skills
  • Have strong knowledge of economic trends
  • Are well-versed in financial markets and banking
  • Are experienced in resource allocation

Budget analysts prepare income statements, balance sheets, and cash flow statements. Additionally, budget analysts review the organization’s accounting documents, expenditures, and revenue. Budget analysts oversee payouts, resolve accounting issues, and generate regulatory reports.

Chief financial officer

Minimum degree level required: Bachelor’s

Salary expectations: $137,390

Good fit for individuals who:

  • Are results-oriented professionals
  • Possess leadership and team-building skills
  • Have excellent communication skills
  • Have cash management, financial accounting, and corporate finance competencies

The chief financial officer (CFO) is the organization’s top-ranking finance executive, balancing expenditures and revenue, monitoring financial planning and analysis, and overseeing the company’s overall fiscal health. Additionally, CFOs manage cash flow along with the organization’s assets, mergers, and funding.

Corporate finance manager

Minimum degree level required: Bachelor’s

Salary expectations: $93,714

Good fit for individuals who:

  • Have management consultative experience
  • Possess communication and organizational skills
  • Are proficient in math
  • Possess solid technical skills

Corporate finance managers identify the organization’s financial resources, evaluate and forecast financial earnings and risks, and offer investment recommendations. They also guide leadership on achieving targets, generating capital, and preparing legal records.

Credit analyst

Minimum degree level required: Bachelor’s

Salary expectations: $86,170

Good fit for individuals who:

  • Can communicate effectively with colleagues, superiors, and subordinates
  • Enjoy collecting and processing data
  • Like programming and writing software
  • Can evaluate information
  • Enjoy gathering information from resources

Credit analysts evaluate prospective borrowers’ eligibility for loan approval and repayment. They also evaluate credit data and financial records and generate reports for credit risk. Credit analysts validate financial and credit operations and collect debt for past due balances.

Economic analyst

Minimum degree level required: Bachelor’s

Salary expectations: $61,322

Good fit for individuals who:

  • Are organized
  • Possess analytical thinking and problem-solving skills
  • Have programming expertise
  • Possess statistical and database software experience

Economic analysts study economic trends and develop forecasts about the economy. Additionally, economic analysts use their math and programming knowledge to gather financial data and predict financial outcomes. Economic analysts perform microeconomic analyses and determine the best times to invest the organization’s assets.

Financial analyst

Minimum degree level required: Bachelor’s

Salary expectations: $83,660

Good fit for individuals who:

  • Are analytical and strategic thinkers
  • Have excellent presentation skills
  • Are technologically proficient
  • Are detail-oriented

Financial analysts research business and economic trends, analyze financial records, and define the organization’s value. Financial analysts also explore the organization’s financial projections, weigh the leadership team’s capacity, and propose assortments of investments.

Financial examiner

Minimum degree level required: Bachelor’s

Salary expectations: $81,430

Good fit for individuals who:

  • Possess strong analytical skills
  • Are detail-oriented
  • Are proficient in math, economics, and accounting
  • Have experience with compliance software

Financial examiners evaluate the organization’s profits and losses along with their assets, equity, and liabilities. Additionally, financial examiners guarantee compliance with governing laws for financial institutions and form guidelines that abide by the most improved and latest regulations. Financial examiners generate reports of the organization’s safety and soundness.

Financial manager

Minimum degree level required: Bachelor’s

Salary expectations: $134,180

Good fit for individuals who:

  • Are proficient in math
  • Possess strategic and analytical skills
  • Have strong oral and written communication skills
  • Have commercial awareness
  • Possess problem-solving skills

Financial managers monitor assets of large-scale and small-scale organizations. Additionally, financial managers and their team members manage accounting processes and prepare fiscal reports, cash flow statements, and profit and loss forecasts. Financial managers adhere to laws and regulations and assist employees with understanding the organization’s reports.

Financial planner

Minimum degree level required: Bachelor’s

Salary expectations: $64,993

Good fit for individuals who:

  • Are knowledgeable about personal finance
  • Have budgeting and investment experience
  • Possess analytical skills
  • Have debt management experience

Financial planners assist clients with investing, retirement savings, and maintaining wealth. These professionals also develop and monitor financial programs for employee benefit packages. Financial planners may specialize in niche areas such as estate planning, risk management, and tax planning.

Insurance agent

Minimum degree level required: Bachelor’s

Salary expectations: $52,180

Good fit for individuals who:

  • Possess strong customer service skills
  • Have sales and marketing experience
  • Possess solid math and critical thinking skills
  • Are knowledgeable about legal codes and laws

Insurance agents market health, long-term care, life, and property and casualty insurance along with several other insurance types. They also review insurance policies, personalize insurance plans, and maintain policy renewals with new and existing clients.

Investment banker

Minimum degree level required: Bachelor’s

Salary expectations: $101,237

Good fit for individuals who:

  • Possess analytical and numerical skills
  • Have interpersonal Skills
  • Are well-versed in financial markets
  • Have a background in investment trading

Investment bankers raise capital for an organization’s expansion and improvement efforts. Investment bankers also negotiate mergers, arrange bond offerings, and organize confidential placement of bonds. Investment bankers crunch numbers and effectively communicate with financial institutions.

Loan officer

Minimum degree level required: Bachelor’s

Salary expectations: $63,960

Good fit for individuals who:

  • Are data-driven and organized
  • Are accountable and responsive
  • Possess excellent communication skills
  • Welcome and encourage questions

Loan officers communicate with applicants to assess their needs for loans. Additionally, loan officers discuss loan options and terms, respond to applicants’ questions, and review financial documentation. Loan officers approve or deny applications, examine loan agreements, and adhere to federal and state regulations.

Management analyst

Minimum degree level required: Bachelor’s

Salary expectations: $87,660

Good fit for individuals who:

  • Are accounting professionals
  • Have auditing experience
  • Possess analytical and communication skills
  • Have a background in computer systems analysis

Management analysts evaluate financial records such as profits, costs, and employment reports. These professionals also propose organizational changes, methods, and systems. Management analysts interview staff and administer in-person observations to assess the organization’s needs.

Personal finance advisor

Minimum degree level required: Bachelor’s

Salary expectations: $89,330

Good fit for individuals who:

  • Have a background in accounting and economics
  • Possess math and analytical skills
  • Are good at public speaking
  • Have sales experience

Personal finance advisors communicate with clients and ascertain their income, costs, and insurance coverage while assessing their financial goals and risk tolerance. Additionally, personal finance advisors develop financial plans, oversee clients’ portfolios, and provide cash management and investment planning strategies.

Portfolio manager

Minimum degree level required: Bachelor’s

Salary expectations: $89.286

Good fit for individuals who:

  • Are leadership Professionals
  • Are goal-oriented
  • Possess analytical and quantitative skills
  • Exhibit initiative

Portfolio managers invest mutual, closed-end funds or exchange traded holdings. They also institute investment plans and monitor daily portfolio trading. Portfolio managers develop investment strategies and determine best times for purchasing and selling assets.

Quantitative analyst

Minimum degree level required: Bachelor’s

Salary expectations: $83,660

Good fit for individuals who:

  • Are economics and accounting professionals
  • Possess statistical and complex problem-solving skills
  • Have expertise in computers and electronics
  • Are good critical thinkers

Quantitative analysts apply math techniques to assist organizations with business and financial decisions. Quantitative analysts also determine lucrative investment opportunities and minimize risk. Quantitative analysts evaluate cost effectiveness and benefits of the organization’s developments, products, and services.

Risk specialist

Minimum degree level required: Bachelor’s

Salary expectations: $83,660

Good fit for individuals who:

  • Possess analytical or scientific software skills
  • Have financial analysis and word processing software skills
  • Are good problem-solvers and project managers
  • Pay attention to details

Risk specialists investigate potential risks that could reduce cash flow and increase the organization’s insurance rates. They also develop strategic plans to lessen the organization’s losses. Risk specialists examine financial records, design risk assessment models, and institute contingency plans.

Trader

Minimum degree level required: Bachelor’s

Salary expectations: $131,000

Good fit for individuals who:

  • Are analytical professionals
  • Are excellent at product sales
  • Enjoy working with financial data
  • Are detail-oriented
  • Possess solid customer service skills

Traders purchase and sell securities such as stocks and profits to generate revenue. These professionals may work for large-scale investment management firms, banks, or exchanges. Traders are typically hired by hedge funds or partnerships investing in stocks, currencies, and other investment options.

Venture capitalist

Minimum degree level required: Bachelor’s

Salary expectations: $192,525

Good fit for individuals who:

  • Are detail-oriented
  • Have excellent decision-making skills
  • Are excellent notetakers
  • Have experience in the financial sector
  • Are proficient in locating new profit opportunities

Venture capitalists supply investments at various stages of the venture process. These professionals are also private equity investors that allocate capital to organizations with strong potential to generate large financial gains. Venture capitalists provide capital for startup companies and small businesses seeking to expand their products and services.

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Ray Dalio says cash is not a safe place right now despite heightened market volatility

Bridgewater Associates’ Ray Dalio stood by his belief that cash is not the place to be despite the volatility in the markets triggered by the new Covid omicron variant.

“Cash is not a safe investment, is not a safe place because it will be taxed by inflation,” the founder of the world’s biggest hedge fund said Tuesday on CNBC’s “Squawk Box.”

During turbulent times, it’s also important to be in a safe, well-balanced portfolio, the billionaire investor said.

“You can reduce your risk without reducing your returns. You will not market-time this. Even if you were a great market timer, the things that are happening can change the world, so it changes what could be priced into the market,” Dalio said.

The omicron strain of the coronavirus, first identified in South Africa, rattled the stock market on Black Friday after the World Health Organization labeled it a “variant of concern.” The Dow Jones Industrial Average slid 900 points Friday to suffer its worst day since October 2020. Stock futures indicated another big down day following a rebound Monday on Wall Street as investors monitored the ongoing health crisis.

The stock market rebounded swiftly from the pandemic bottom in March 2020 thanks to the massive fiscal and monetary stimulus measures the government and the Federal Reserve orchestrated to support the economy. However, the excess money supply in the system could create certain economic and political problems, Dalio said.

“You can’t raise living standards by raising the amount of money in credit in the system because that’s just more money chasing the same amount of goods,” he said. “It will affect financial markets in the ways we’ve seen and it will affect the inflation rate. It won’t raise living standards in an important way. As inflation then begins to bite, it has political consequences.”

A key inflation gauge spiked in October, accelerating at its fastest pace since the early 1990s. The personal consumption expenditures price index excluding food and energy, a measure closely followed by Federal Reserve policymakers, rose 4.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. 

The central bank has been wrestling with inflation that has been more aggressive and persistent than they had anticipated. Officials have said they believe inflation is at the point where they can start gradually reducing the amount of monthly stimulus they are providing through bond purchases.

“What we are seeing happen has played out many, many times in history; it’s like watching the movie over again,” Dalio said.

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Market strategists split on ‘buying opportunity’ after post-Thanksgiving selloff

The Dow Jones Industrial Average’s (^DJI) worst daily plunge of the year sparked a split among market strategists on whether Friday was a good buying opportunity. 

The index closed down more than 900 points, while the broader S&P 500 (^GSPC) average declined 2.27{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Energy, financials and industrial stocks led the markets lower amid concerns of a new COVID variant first detected in southern Africa. 

“To the extent this is not as big as Delta was ultimately, then I think maybe it’s a little bit of a buying opportunity,” Simeon Hyman, ProShares Global Investment Strategist told Yahoo Finance Live on Friday. “All the economic data of the last month or so was really, really strong—I mean, an all-time high ISM Services… Manufacturing was also high. And retail sales was up 1.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.”

The Down Jones Industrial Index year-to-date. Friday's selloff was they year's largest single-day drop despite a holiday-shortened session. (Yahoo Finance)

The Down Jones Industrial Index year-to-date. Friday’s selloff was they year’s largest single-day drop despite a holiday-shortened session. (Yahoo Finance)

Other strategists are sounding off warning signs of trouble ahead. 

“I don’t see it as a buying opportunity. I see this as the first leg of a multistep downward move in the S&P “, Ed Budowsky, a Chapwood Investments managing partner, told Yahoo Finance Live (video above). “This new variant is an excuse to sell off the market, because the market is so overpriced.”

Chapwood added that the market “has been 31{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} overvalued for a number of months. It’s definitely going to be a downward move going into 2022. … You just can not support and justify for a long period of time, this kind of valuation.” said the strategist.

The Dow Jones Industrial average declined more than 1,000 points at one point during Friday’s shortened trading session.

MEXICO CITY, MEXICO - NOVEMBER 25: Actor Rubén Cerda as 'Santa Claus', and Grinch behind performing during lighting of the Christmas tree in Xochimilco, on November 25, 2021 in Xochimilco, Mexico. (Photo by Medios y Media/Getty Images)

Actor Rubén Cerda as ‘Santa Claus’, and Grinch behind performing during lighting of the Christmas tree in Xochimilco, on November 25, 2021 in Xochimilco, Mexico. (Photo by Medios y Media/Getty Images)

Travel-related stocks were among the sectors that slid on Friday over concerns of renewed lockdowns and tighter restrictions. Stay-at-home trades, meanwhile, rebounded: Video calling software-maker Zoom (ZM) was up more than 7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. At-home-fitness company Peloton Interactive (PTON) gained more than 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the shortened trading session. 

“I think it’s a reaction to the uncertainty,” BNP Paribas Asset Management Chief Market Strategist and Co-Head Investment Insights Centre Daniel Morris said on Yahoo Finance Live, later adding: “We clearly are going into the winter and it does seem, at this point, anticipating the potential problems as opposed to waiting to see if they’re confirmed.”

Vaccine maker Pfizer (PFE) hit an all-time-high on Friday after a Citi analyst highlighted the company is capable of producing a variant shot in 100 days.

Read the latest financial and business news from Yahoo Finance

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Analysis: EU adds more pieces to its ‘elusive’ capital market jigsaw

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, November 9, 2020. REUTERS/Staff/File Photo

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LONDON, Nov 25 (Reuters) – The European Union has moved a step closer to its vision of creating a single capital market across the bloc, a slow moving process but one that is chipping further away at Britain’s status as Europe’s investment banker.

The bloc first began an ambitious – but tortuous – process of ultimately creating a single EU securities market in 2015.

Creating a single market should make it easier for companies to issue and bonds and shares, enabling them to spread risk and be less reliant on just bank loans for funding – the risks of which were highlighted during the euro zone crisis.

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On Thursday, the EU set out proposals to introduce a single ‘consolidated’ set of prices for stocks and bonds listed across the EU and a single portal for corporate information – akin to Wall Street’s Edgar system – analysts say the vision will gain more traction. read more

“Those two for me are key to setting up the whole CMU (capital markets union) effort and when that’s in place you will see a real push to further it. Onwards and upwards,” said Mairead McGuinness, the EU’s financial services chief.

The initial plans for a capital markets union were set out in 2015 by McGuinness’ then British predecessor Jonathan Hill to much fanfare, promising the building blocs would be in place by 2019.

Follow-up measures two years later raised expectations further, but an EU official acknowledged that there remains a perception that CMU is an ‘elusive’ goal.

“Perhaps the mistake of the original version of capital markets union was that it gave the impression that CMU was a legislative project that could be ‘completed’ by passing lots of new regulations,” said William Wright, head of New Financial, a London-based think tank that does research on European capital markets.

“The current version may look less ambitious but is taking a more practical and tangible approach,” Wright said.

The EU capital market is still little more than a quarter as deep as that of the United States, relative to GDP, with Britain’s twice as deep as the bloc, according to New Financial figures.

Sander Schol, a former banker who is head of EU public affairs at consultants Hanbury Strategy, said the less controversial CMU measures have been approved previously and Brussels’ latest proposals tackle more difficult issues, though rules on even tougher issues that are crucial, such as harmonising insolvency rules, are still missing.

This time round the EU executive, the European Commission, has proposed thornier steps for knitting together national markets by creating an EU tape or record of stock and bond trades by 2024, a step exchanges will lobby hard to water down.

A single EU point of access for information on listed companies to mirror the ‘Edgar’ filings system on Wall Street, is also proposed.

But far tougher reforms like harmonising settlement, taxes on investments and accounting will need tackling to create a truly seamless EU securities market like in the United States, Schol and others said.

“Market participants have asked for harmonisation of settlement and insolvency laws but member states don’t want to change insolvency rules, for example, because if you start tinkering with those then you have to change the legal foundations of each country,” Schol said.

STRATEGIC AUTONOMY

Brexit, the recovery from COVID-19 and the need for massive investments to tackle climate change have added a sense of urgency to CMU that was missing six years ago as Brussels seeks to build “strategic autonomy” in sectors like finance.

Britain’s exit has shown Brussels that the bloc’s markets can largely stand on their own feet after billions of euros in daily trading of shares, interest rate swaps and EU emissions allowances left London for Amsterdam without market disruption.

Previously a relatively small financial centre, the Dutch capital became Europe’s biggest share trading centre immediately after Brexit, although London is now roughly neck and neck. Amsterdam has also attracted 22 public floats and private placements so far this year, raising 10.7 billion euros ($11.99 billion).

There have been 108 floats on the London Stock Exchange which raised 16.1 billion pounds ($21.47 billion), though London is aware of how it trails New York, which has raised $128 billion this year.

London is expected to remain Europe’s top financial centre in coming years and the EU still relies on London for clearing interest rate swap trades worth trillions of euros, but here too Brussels is determined to reduce reliance over coming years.

“One way to think about CMU is as a multi-decade process of laying the important foundations over five to 10 years and then building on them over the next 10 to 20 years: the United States has a 150-year head start and still doesn’t have a full ‘CMU’,” Wright said.

In reality, CMU was never going to happen overnight and remains a work in progress, said McGuinness, already flagging her next batch of measures due next year to include simplifying listing rules, making cross-border payments more efficient, and finally seeking to harmonise aspects of insolvency laws.

New Financial Global CMU Graphic

($1 = 0.8928 euros)

($1 = 0.7497 pounds)

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Reporting by Huw Jones; Editing by Susan Fenton

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Business Beat: Asian market expands | Business Beat

Pacific Asian Market opened its second location in Longview earlier this month at 2305 Gilmer Road.

The first Longview store, 1432 McCann Road in Brookwood Village Shopping Center, remains open.

Romel Igaya and his wife, Esusana, own the stores. Alongside business partners, they also own a similar grocery store in Tyler.

The stores are open 9:30 a.m. to 7 p.m. Monday through Saturday and 1 to 6 p.m. Sunday.

Mall adds new stores

The holiday shopping season kicked off at Longview Mall this past week with the opening of two new stores: EntertainMART and Red Barn Farms.

EntertainMART, near JC Penny, buys and sells vintage items, as well as some new merchandise: Blu-rays; DVDs; retro and new video games; consoles and accessories; comic books; sports and collectible game cards; books; knives and swords; and more.

“We kind of try to take the spot of Hastings,” said EntertainMart Assistant Manager Garrett Hopkins, referring to a now closed chain of stores that featured, among other things, new and used books, CDs, Blu-rays and DVDs as well as collectible items.

EntertainMART also offers a service to repair CDs and DVDs with scratches, for instance, which people previously might have thought had to be trashed.

“We’ve never had a store like this in the mall,” Longview Mall General Manager Kelly Overby said.

Red Barn Farms, near Center Court, features gifts such as signature foods and candles that the store manufactures in Jacksonville, as well as hand-sewn stuffed animals, goat milk soaps and purses. Owner Brad Juneau said many of the items in the store are crafted in the Amish community in Nappanee, Indiana.

His merchandise spills out into two kiosks just outside the store, with Juneau describing his merchandise as “unique” items that can’t be found on Amazon.

Downtown grand opening

The new Visit Longview Marketplace will celebrate its grand opening starting at 4:30 p.m. Monday.

Visit Longview, the city’s convention and visitors bureau, previously was at City Hall but moved downtown to increase visibility and foot traffic. In addition to housing the convention and visitors bureau, the new location at 109 W. Tyler St. also is home to the Main Street program and a retail shop featuring Longview and Texas merchandise, including T-shirts; postcards; mugs; shot glasses; a small selection of pet supplies; playing cards; jewelry; buttons; tote bags; ornaments; Texas-shaped cookie cutters; snacks from Heartisans Marketplace; local honey from Piney Woods Bee Company; and spices and barbecue sauce from Bodacious.

Perfect Catering will serve appetizers, beer and wine from 5 to 7 p.m.

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How to Become a CFA

How to Become a CFA

The chartered financial analyst, or CFA, designation is often viewed as the gold standard in investment management. For financial industry, Home Garden USA.

The chartered financial analyst, or CFA, designation is often viewed as the gold standard in investment management.

For financial industry professionals whose aspirations lie in analysis, you can’t do much better than the chartered financial analyst marks, which demonstrate knowledge of investments, portfolio management and other aspects of wealth planning. “It is slowly becoming the ‘college degree’ of investment management,” says Bryan Lee, a CFA who is the chief investment officer at Blue Zone Wealth Advisors, “meaning, for some companies, it is a must-have to even attempt to work there.”

Here’s what to know about earning the CFA as a financial certification — and what it’s like to work as a CFA.

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What Is a Chartered Financial Analyst?

A chartered financial analyst is a financial professional who’s earned professional marks denoting expertise in investment management. Given by the CFA Institute, the chartered financial analyst program teaches the fundamentals of investment management, from asset valuation and analysis to portfolio management and wealth planning.

Investment management is an evolving ecosystem affected by valuation, politics, economics, accounting, ethics and behavioral science, says Taylor Royal, a CFA and partner and financial representative with Royal Wealth Partners, a Northwestern Mutual private client group. “The CFA charter is the differentiator in finance and dives deep into each of these topics.”

[READ: MBA or CFA: Which Is Better for Financial Advisors?]

How to Become a CFA

To become a CFA, you’ll need to pass a three-part sequential CFA exam that includes multiple-choice and essay questions. It is considered one of the hardest professional exams in the industry. The average pass rate on each part ranges from 42{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to 54{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. From 1963 to 2021, only 45{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of applicants passed all three exam parts. Candidates report studying for more than 320 hours on average in preparation for each exam.

Depending on when you register, the CFA program can cost between $700 and $1,000 — or more if you need to reschedule your exam date.

You must also complete at least 4,000 hours of relevant work experience over a minimum of 36 months. To be relevant, that work must be “directly related to the investment decision-making process producing a work product that informs or adds value to that process,” according to the CFA website. You can complete this work experience before, during or after passing the exam. But applicants won’t be able to use the CFA designation until they’ve met all these requirements, which also include submitting two to three professional references who can comment on their work experience and professional character.

“The CFA program was a major commitment of time, money and brainpower,” Royal says. “I began studying for each level at least six months in advance of each test and spent countless nights and weekends preparing for each exam.”

Be prepared to turn down a lot of social events while you’re preparing for the CFA exam. “I always tell people there is only one way to approach the program, and that is to go all in,” Lee says. “I have seen past co-workers take multiple years to pass different levels, and it can really be draining.”

He chose to tackle the program as quickly as possible, so while he felt like he was making a lot of sacrifices at the time, he was able to complete the program efficiently by passing each exam on his first attempt. “Looking back, I think that was key to keep my motivation high and remain disciplined and focused,” he says.

He also recommends sticking to a study schedule and taking as many practice exams as possible. But don’t forget to get enough sleep and exercise, so you don’t get burned out. “Understand why you are going through the process and make sure you use that as motivation to get through the difficult and frustrating weekends that you are studying all day while your friends are out having fun,” he says.

To help him get through the exam, Jim Grefenstette, a CFA with DJM Financial, a Northwestern Mutual private client group, joined a study group. The group members met regularly to review topics and hold each other accountable. Grefenstette says having that study group was critical to his progress.

“For any aspiring CFAs, my advice is to come at the work with passion and know that the designation can open doors to a wide variety of successful and fun careers in finance,” he says.

[READ: What to Know About Working as a Freelance Financial Planner.]

What Do CFAs Do for Work?

CFAs hold a variety of careers across all sectors of the financial industry, from asset management and private wealth management to insurance and commercial or investment banking.

You’ll also find CFAs in emerging sectors like financial technology. CFAs typically work as research analysts or investment consultants or strategists. They may work in portfolio management or risk analysis and management. CFA charterholder portfolio managers reported a base salary of $126,000 in 2019 and a total compensation of $177,000, according to the CFA Institute.

As a CFA, Royal advises sophisticated professionals who have earned their wealth in technology or as business entrepreneurs and managers. He says the CFA credential has helped him demonstrate his ability to meet his clients’ unique financial needs while showing his commitment to higher ethical standards.

Grefenstette chose to get his CFA while working as an analyst for an equity mutual fund. “I wanted to both improve my analytical skills, so I could do my job better, and be able to communicate my qualifications to my fund shareholders, so that they could have more confidence in our fund’s investment process,” he says.

He says he never could have progressed in the field without the skills he developed and honed through the CFA program. “An analyst, to a large extent, must make decisions or judgments based on incomplete information most of the time, as the variables in finance are often as qualitative as they are quantitative,” he says. “I think that aspect makes my job fun every day.”

The CFA charter can also be beneficial to professionals who aspire to work in a more analytical role. It allows them to be heard in the room and demonstrate that they have the required background and drive to advance within the company, Lee says.

“Having a CFA opens the door to more opportunities and allows for growth in your career,” he says. “If your company doesn’t value the designation, it can help you to find somewhere else that will — and will compensate you for your hard work completing the program.”

More from U.S. News

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How to Become a CFA originally appeared on usnews.com

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