Working in the financial industry can be an appealing prospect, especially if you like working with numbers and money. Yearly pay is usually pretty decent, and the skills you use are ones that can be applied to managing your personal finances as well. One common misconception is that you need to have an advanced degree in order to get a good career in the finance industry. That's not necessarily the case. There are some careers in finance that don't require you to have an advanced degree.
Bookkeepers are primarily responsible for maintaining business expense records. This includes duties such as managing accounts payable and receivable, checking financial records for accuracy, and preparing financial reports. To become a bookkeeper, you need a minimum of a highschool diploma or a GED. A bachelor's degree is a good idea as well, specifically one focusing on finance. Many employers offer on-the-job training, which is great if you don't have any experience. If you want to get a competitive edge without getting an advanced degree, consider becoming a certified bookkeeper through the American Institute of Professional Bookkeepers. According to Pilot, income varies from state to state, but the average income for a bookkeeper is around $20 per hour.
Mortgage Loan Officer
Mortgage loan officers are responsible for helping prospective homeowners find the mortgage that is right for them. To become a mortgage loan officer, you don't need to have a bachelor's degree, but it will help if you do. You will be required to get a mortgage loan originator license, regardless of what state you live in. Before you get your license, you'll have to complete pre-license education. According to MEC, all states require a minimum 20 hours of pre-license education before additional state hours. After completing the education requirements, you'll have to pass the SAFE MLO test and pay the state fees. You'll also need to obtain a state-approved sponsor and an NMLS Unique Identifier. The average MLO salary as of 2018 was $63,040 per year.
Tax accountants can serve anyone who needs help with taxes, which means pretty much everyone from individuals to big corporations. Their responsibilities include things like preparing and filing taxes, as well as advising on tax liability. You'll need a minimum of a bachelor's degree in accounting to be a tax accountant. Upon completing your degree, you can apply to become a CPA. There is additional coursework that may be required to become a CPA, but it's different from pursuing a master's or other advanced degree. Finally, you'll need to take and pass the CPA exam. According to the Accounting Institute of Success, the average CPA salary is $62,410 per year, but can change depending on factors such as experience, where you live, and what your specialty is.
The finance industry is full of lucrative careers. One of the great things about it is that although advanced degrees can be beneficial, landing you better jobs and higher pay, they aren't necessarily a requirement for success in the industry. You can make a successful career for yourself as a bookkeeper, mortgage loan officer, or a tax accountant. If you have a head for numbers and the drive to succeed, you can make it in the finance industry.
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