Which jobs are better, IT jobs or finance jobs?

Updated on : December 3, 2021 by Melissa Lee



Which jobs are better, IT jobs or finance jobs?

Greetings.

With all due respect to IT and finance staff ... guys / girls ... wake up.

A job is a job is an acronym for:

J. only

O. about

B.broke

So they all get paid, and the paycheck lasts only until the third week of the month Only to come back the following week to find out how you can extend the volume and size of your paycheck to last 4 weeks. .

The author would love to say ... go figure ... but sadly ('more on purpose') sadly to say no in this case.

Good luck getting out of this DIY quagmire.

Peace.

I think what you are asking is which one is more lucrative. That pays more. You are definitely not talking about job satisfaction, talent, aptitude, etc. Truth?

Let's talk about India. Finance pays better, at least in the short term and probably in the long term as well. It requires less knowledge, and unlike IT, what you learn in your freshman year of college doesn't become stale by your senior year. Today, with 100% computerization, finance hardly requires any job knowledge. I have interacted with so many bank executives in the last 40 years and have found that those who joined t

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I think what you are asking is which one is more lucrative. That pays more. You are definitely not talking about job satisfaction, talent, aptitude, etc. Truth?

Let's talk about India. Finance pays better, at least in the short term and probably in the long term as well. It requires less knowledge, and unlike IT, what you learn in your freshman year of college doesn't become stale by your senior year. Today, with 100% computerization, finance hardly requires any job knowledge. I have interacted with so many bank executives in the last 40 years and have found that those who entered the profession after computerization have almost zero knowledge of banking. They are not really in finance but in marketing. They are meeting targets and maximizing commissions. Experience counts in finance. After 10 years, it is probably best to convince people to invest in what you sell.

IT, on the other hand, is a field in which it must reinvent itself every few years. In USA, Etc., IT professionals can typically earn a lot because as they become senior and do a good job, they get better compensation through stock or stock options. They are paid for loyalty to the company. However, in India, these advantages have practically disappeared. While there is a good career for a genuinely talented IT person, a regular average IT will only make progress with difficulty, unlike 15 years ago, when growth was phenomenal and everyone prospered.

Finally, I would say that genuine talent will stand out in any field of life because most of us are usually average. For the average person, finance as a profession will always pay better than IT or any other profession. But like I said, finance today is primarily about marketing. Many finance professionals get kicked out of good companies because the goals are too high, but on the other hand, the incentives are great if you can meet or exceed your goals. IT is generally about teams, but finance is more about people.

At the time of my graduation, I thought that, as everyone said, IT jobs are not that interesting, stressed, blah blah ...

So I decided to join my friend's business and continued with them for more than 3 months, but the main thing is that it was totally non-technical and not related to my education (BE Mechatronics).

So I decided to join the job (where I already had more than 2 years of internship experience), so I got an offer to join as a trainer in Industrial Automation and Embedded Systems in a start-up company, after joining there I got great exposure to all technologies.

While graduating, except PLC and

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At the time of my graduation, I thought that, as everyone said, IT jobs are not that interesting, stressed, blah blah ...

So I decided to join my friend's business and continued with them for more than 3 months, but the main thing is that it was totally non-technical and not related to my education (BE Mechatronics).

So I decided to join the job (where I already had more than 2 years of internship experience), so I got an offer to join as a trainer in Industrial Automation and Embedded Systems in a start-up company, after joining there I got great exposure to all technologies.

Although I graduated, except PLC and Embedded IC, I have no programming knowledge, but in the job of trainer, I began to understand complex programs much more easily and, due to my performance, I was promoted to Technical Leader of the branch, in parallel it was getting better. my technical skills.

In IoT, I got into basic mobile app development that interested me the most in the mobile app development industry.

At that point, I quit my job with 2 years of experience outside of IT and started doing a freelance temp job as a Java developer (where I have no idea about Java). In 3 months I gained perfect knowledge about middleware and basic knowledge about front-end mobile application development.

After that, I received many job offers as a Full Stack software developer due to my enormous interest in learning and my ability to adapt easily. I chose one in that and I currently work in the same company as a software developer.

Yes, finally the answer to the current question is YES. IT jobs are more interesting if you love learning software every day.

Note: This was my first Quora answer, are there any grammatical errors, forgive me?

  1. Marketing
    1. These roles often grow to the height of a bubble and are eliminated first during a recession. Their sole purpose is to make sure the company makes more and more money, but often when a recession hits Senator Management wonders, why do we have such a large marketing department? They are often the first to disappear because as part of cost control they add no value (because there is no money for their ideas) and they are highly replaceable (lots of mothers who studied these BSc and MSc at university).
  2. Product control and reporting functions
    1. Many banks have reporting teams. Banks are internally regulated
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  1. Marketing
    1. These roles often grow to the height of a bubble and are eliminated first during a recession. Their sole purpose is to make sure the company makes more and more money, but often when a recession hits Senator Management wonders, why do we have such a large marketing department? They are often the first to disappear because as part of cost control they add no value (because there is no money for their ideas) and they are highly replaceable (lots of mothers who studied these BSc and MSc at university).
  2. Product control and reporting functions
    1. Many banks have reporting teams. Banks are internally and externally regulated, and have complex controls and risk assurance tests that they must adhere to. As a result, you have teams that do nothing more than "report data" in "spreadsheets." Cut paste work. Advanced technology software and old giants like FIS, Murex are eventually replacing these folks ... reporting teams will probably be down 50% in the next 5 years at all the big banks. Similar to Product Controller roles. All the middle and back office people sitting in Eastern Europe and India working with spreadsheets ... they cut and paste data and call it a new report.
  3. IT technical support
    1. This is a typical supply and demand problem. There are thousands of IT support offices with people working for a penny and a penny in Eastern Europe and India. Not happy with the performance of one? You kick them out and hire another boy or girl. Salaries are low, but people are desperate to get a job for an “internationally recognized company” on their CV.
  4. IT developers
    1. All of Eastern Europe and Asia poop babies who start programming and writing from the moment they can walk. They all earn degrees in computer science by the time they go to college in hopes of making a career out of them. Here is a massive supply / demand problem. There is a large supply of programmers who are useless, because most of them are poorly trained. They can code, but lack the social / business expertise to implement the requirements provided by the head office in London or New York. I've seen developers from Eastern Europe and India and the surrounding countries replaced like candy, one after another because the group they fish is huge.
  5. risk control, assurance and conduct
    1. These people do nothing more than check if the people in the bank follow certain procedures as part of the banks' line of defense (LoD) model. High school dropouts can do this job. The supply of people for these roles is huge.

Less replaceable

  1. Market and Credit Risk Managers and their quants.
    1. This requires an in-depth and applicable practical knowledge of the markets. Not many have this. Many think they have it ...
  2. Relations manager
    1. This job requires specific social talents that many do not have. Ability to deal with high net worth individuals or hot heads within an organization.
  3. Regulatory link
    1. This requires a combination of kissing the correct butt, being politically correct, and still getting the best deal for your organization. I know people who have played these roles for 10 to 20 years.

Work-life balance: there is a big time difference in both jobs, let's see how

  • Banking work: fixed hours, you get all national holidays. He has the weekends off, except for the second Saturday, which means he has more time with friends and family.
  • IT work - There are uncertain hours at work, sometimes you work nights if your company is based in the US, and sometimes there are not many holidays.

area of ​​interest

  • Banking jobs: No specific requirements. Everything you learn, you learn on the job. The only requirement is that you pass your banking exam.
  • IT jobs - Coding is a must. It must be up to date with the latest coding
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Work-life balance: there is a big time difference in both jobs, let's see how

  • Banking work: fixed hours, you get all national holidays. He has the weekends off, except for the second Saturday, which means he has more time with friends and family.
  • IT work - There are uncertain hours at work, sometimes you work nights if your company is based in the US, and sometimes there are not many holidays.

area of ​​interest

  • Banking jobs: No specific requirements. Everything you learn, you learn on the job. The only requirement is that you pass your banking exam.
  • IT jobs - Coding is a must. You must be up to date with the latest coding languages ​​on the market and you must have a command to do so. C ++, C #, java, .net, python, etc. they should be on your advice.

Job security

  • IT Jobs - The IT market makes a lot of money every day. Therefore, more prone to market forces and any day can be your last day at the company. Additionally, the automation revolution has disabled thousands, if not millions, of IT industry managers. To improve results, companies are reducing sagging and becoming agile, making mass layoffs the norm.
  • Banking jobs: jobs of people working in Indian public sector banks, even in the darkest times there has not been a single mass layoff in the history of Indian PSBs.

Here are some of the advantages of getting a job in a bank:

  • Flexibility - People have the misconception that bank work hours are not flexible and changes are not possible, but recently RBI offered flexible work hours for its officers to maintain a healthy work-life balance.
  • Holidays: people who work in the government. The sectors enjoy many festivities and in India, the calendar is full of festivities. This gives you quality time to spend with your family.
  • Prestige - Additional advantages as a banker are that you gain a certain level of position that can earn you reputation and prestige.
  • Low pressure - advantage only if you are committed to your job.

The financial industry is easily one of the most competitive when it comes to finding work. This is even true when it comes to entry-level positions, as it is almost completely unheard of to jump in and build a successful career in the industry without starting near the bottom and moving up. The desks of finance professionals around the world are littered with resumes from students and aspiring executives waiting for a break that they believe will set them on their way to being young and wealthy "Wall Street masters." The best paid jobs, and therefore the most competitive, in the financial sector

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The financial industry is easily one of the most competitive when it comes to finding work. This is even true when it comes to entry-level positions, as it is almost completely unheard of to jump in and build a successful career in the industry without starting near the bottom and moving up. The desks of finance professionals around the world are littered with resumes from students and aspiring executives waiting for a break that they believe will set them on their way to being young and wealthy "Wall Street masters." The highest-paying, and therefore most competitive, jobs in the financial industry, including four CEO positions and hedge fund investment professionals, are even harder to come by.

We hope you enjoy this guide to the five highest paying jobs in the financial industry.

Financial Services Industry Overview

The financial sector encompasses a wide variety of business types that provide financial services to individuals, businesses, and government entities. The financial services industry is a key component of developed economies and has become more important in the last half century. In 1950, it accounted for only 10% of all business profits, but as of 2010, financial services companies accounted for almost 50% of total business profits. That's one of the main reasons it offers many of the highest paying jobs.

Globally publicly traded financial firms rank first in both total earnings and total market capitalization. Conglomerates that offer a virtual market for financial services in one location are the largest players in the industry, but there are still many large and successful firms that specialize in providing only one type of financial service, such as personal investment advice.

Commercial and retail banking

Retail banking remains the cornerstone of the financial industry. Retail and commercial banks offer deposit accounts, credit and debit cards, personal and business loans, and mortgages. They also facilitate money transfers and offer foreign currency exchange services. The current trend in retail banking is to offer increasingly specialized financial services to each client, tailored to their individual needs. The highest paying jobs in retail banking generally belong to loan officers and top corporate executives such as chief financial officer (CFO) and chief risk officer (CRO).

Investment banking

Investment banks provide significant financing for corporations and governments through equity capital markets and debt capital markets by managing equity and bond issues for their clients, as well as organizing general debt financing. They also manage the purchase and sale of companies through activities such as mergers and acquisitions (M&A), representing clients on both the buying and selling sides. In addition, they manage investments for their clients. Mergers and acquisitions are often the business that generates the most money for investment banks. Therefore, the highest paying jobs in investment banks tend to be people who can land and manage large M&A deals successfully.

Sure

Insurance companies are a major component of the financial sector, representing a financial services subsector that focuses on providing individuals or corporations with tangible ways to manage risk. Insurance firms also help investment bankers assess and underwrite the risks associated with the capital markets financing they provide to their clients. The final wall of risk protection is provided by reinsurers, which are companies that sell insurance to other insurance companies. This type of insurance is designed to offer insurers financial protection against catastrophic losses. The highest paying jobs in the insurance industry continue to be those of agents who sell insurance policies.

Financial advisers and brokerage houses

Brokerage firms, which include household names such as Charles Schwab and Fidelity Investments, make it easy for their clients to buy and sell securities and also offer financial advisory and money management services. Brokerage firms also often create and offer investments in their own mutual funds or exchange-traded funds (ETFs). The portfolio managers who create and manage such funds fill the highest-paying jobs at brokerage firms.

Hedge funds

Hedge funds and other private investment associations primarily serve the investment needs of High Net Worth Individuals (HNWIs) and large institutional investors, offering money and investment management services in exchange for management fees and a percentage of investment earnings. Successful hedge fund managers are among the highest earners in the financial industry.

Private capital

Private equity and venture capital firms provide significant investment capital for startups or companies that need large amounts of financing for a major growth project, such as expanding their business internationally. Private equity investors offer financing in exchange for a substantial equity stake in or a share of the profits of a business.

Private equity financing helped launch or promote a number of tech companies in the 1990s, but since the turn of the century it has often been more focused on healthcare companies. Like hedge fund managers, private equity managers are some of the highest paid people in the financial industry.

Other financial services

There are also a number of other companies that operate in specific areas of the financial industry, such as accountants, tax preparation companies, payment processors that handle purchase transactions, and software developers that create investment portfolio management software and other programs. of financial software for financial services. companies or their customers to use.

A highly competitive landscape

The first challenge to landing one of the five highest-paying jobs in the financial industry is the sheer number of applicants for the same positions, a number that tends to rise when the market is booming. When the market is down, the number of open positions drops considerably, but so does the level of competition, the number of people searching. Your first tip for securing one of these prized positions is that you may be better off looking for one during a bear market.

If your dream is to land a coveted position in the financial industry, then it is imperative that you pursue your dream as effectively as possible. In this guide, we'll take a look at the five highest-paying financial industry jobs for you, and also provide a guide to help you increase your chances of getting one for yourself.

Let's start with the tips for landing any of these pick positions.

Get a plus: higher education

Regardless of which of the finance industry's most treasured jobs you're looking for, higher education is a virtual necessity. For most of these positions of choice, you will likely need an MBA or some other finance-related graduate degree to even be considered.

If you've already earned a degree in a different major, don't stress or give up. Finance companies are more inclined to look favorably on people with computer and traditional science majors, such as physics and engineering. Even if your major falls into the humanities category, it is not necessarily the end of the road for your million-dollar career as a financial industry executive. You can reinforce your previous education with additional courses or continuing education studies in specific math, accounting, statistics, or financial studies. Your demonstrated enthusiasm to keep learning may just be the boost you need to differentiate your app from the others.

Get a Plus - Professional certification

Most candidates applying for high-paying positions in the financial world have excellent GPAs and an impressive catalog of courses under their belt. To stand out, you must improve your game. There are several ways to go the extra mile in a way that makes your grades stand out from the rest.

Earning a designation will definitely set you apart from other candidates as it demonstrates your commitment and drive for excellence.

You may also consider a practical AND professional designation, such as the Financial Model Analyst Program offered by CFI.

Get a plus: fluency in current events

Being an investment and finance expert requires more than mere numerical intelligence. Regardless of the position, you will be asked to read a lot. And while understanding and analyzing financial reports will likely be a key part of your job, you must also know and master economic policies, events, and major business trends at home and abroad.

Stay on top of financial and social trends, workplace issues, and political events. Almost anything that is financially newsworthy could eventually have an impact on the world of investing and ultimately any financial company you end up working for. Invest in subscriptions to key financial periodicals such as The Wall Street Journal, Investor's Business Daily, The Financial Times, Forbes, Fortune, and Futures, and stay up-to-date with events and stories from around the globe and on the globe. economy.

Consider specializing your knowledge to gain an additional competitive advantage in the job market. You can tailor your reading and study to become an expert in, for example, the Chinese economy, a particular industry or market sector, or specific types of investments, such as private equity investments, real estate, or exchange-traded funds. (ETF).

Get a plus: soft skills

Almost all of the five highest paying jobs in the financial industry require a high level of what is known as "soft skills" such as leadership and communication skills (including public speaking). While you may have limited on-the-job training opportunities in such skills as you move up the financial industry ladder, there are other avenues by which you can acquire and hone your soft skills. For example, you can gain valuable leadership experience by joining local volunteer organizations and taking on roles that allow you to lead and work in a team environment.

Top Five Highest Paying Jobs - The Chiefs - CEO, CTO, CRO, CFO, CCO

CEOs, regardless of their industry, typically take home the largest paychecks at the end of the day. This is particularly true in the world of finance. Competition is incredibly fierce at the executive level, due in large part to potential annual earnings, and also to the fact that such positions are especially hard to come by.

Let's be a bit more specific. If you are thinking of fighting for a top-tier position, you may want to remove (CEO) from your list. Unless you're founding your own finance firm, CEO positions are notoriously hard to come by, especially if you don't have an extensive track record with the company, if you come from one of the top 15 business schools (Harvard, Yale, Wharton, etc.), and have a platform full of backroom network connections to speak well on your behalf with the Board of Directors.

You can more easily aspire to one of these other top-tier management positions, all of which are among the highest-paying jobs in the finance industry: Chief Technology Officer (CTO), (CFO), Chief Risk Officer (CRO), and Chief Compliance Officer (CCO). You may not make as much money as the CEO, but you will still make a bundle, regularly augmented with performance bonuses, at any of these other highly coveted venues.

Average salary compensation for these positions ranges from just $ 156,000 a year for CFOs to $ 189,000 a year for CROs (just under the average of $ 200,000 a year for a CEO). That low-to-high breakdown alone should tell you something: Managing a financial company's money is important, but being able to successfully manage risk is considered an even more valuable, or at least rarer, skill.

By the way, those salary figures are just the average. Many of those with three-letter job titles have a base salary close to seven figures.

CTO and CCO: Increasing the Importance of Technology and Compliance

The fact that these positions are among the highest paying jobs in the finance industry offers substantial insight into what the industry moves, and specifically what most helps ensure the success of a finance company. The high dollars offered to CTOs tell you how important technology is in today's financial world. All those awesome analyst-developed trading algorithms are worth nothing until they are successfully integrated into a company's computer system or trading platform. A good CTO is usually someone who manages to combine high-level executive skills with the specialized knowledge of a "computer geek."

It's doubtful that CCO was among the highest paying jobs in the finance industry as recently as 20 years ago. But one thing that has risen to new all-time highs more often than the Dow or S&P 500 index in the recent past is the level of government regulation of the financial industry. Record keeping, reporting, registration and all other areas of compliance have steadily increased and become more complex as government regulation of the industry has expanded dramatically with the passage of the Dodd-Frank Act. in the United States in 2010, along with similar ones. legislation in other countries. Simply meeting all the legal requirements for financial firms is challenging.

It is completely up to you which is the best course.

Remember the thought of Ratan Tata: - “I don't believe in making the right decisions. I make decisions and then I make them right "

Do you first decide which field you like the most? Finance or IT.

The field that you are passionate about will provide you with an immense opportunity.

Both are good options, but it completely depends on your SWOT analysis.

Do a proper strengths and weaknesses analysis of your talent related to both fields and of course the opportunity and threat are the same for both fields.

Mahatma Gandhi was a famous lawyer and could have continued

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It is completely up to you which is the best course.

Remember the thought of Ratan Tata: - “I don't believe in making the right decisions. I make decisions and then I make them right "

Do you first decide which field you like the most? Finance or IT.

The field that you are passionate about will provide you with an immense opportunity.

Both are good options, but it completely depends on your SWOT analysis.

Do a proper strengths and weaknesses analysis of your talent related to both fields and of course the opportunity and threat are the same for both fields.

Mahatma Gandhi was a famous lawyer and he could have continued his life in a luxurious way abroad, but he was passionate about us and wanted to free his compatriots from slavery, so he has worked for humanity. Thus, immense laurels were automatically shed on this great man.

So, follow your intuition and choose your Finance and IT field of interest.

You will definitely be very happy, satisfied and successful.

So follow this Steve Jobs quote-

“Have the courage to follow your heart and your intuition. Somehow they already know what you really want to become. Everything else is secondary."

All the best

In programming there is no better feeling than creating something from nothing. Sure, it can be frustrating when your program is giving you an error and you have to find the string (s) of code causing the error, but the ending is always very satisfying. I have a lot of time in technology and I definitely believe that having the ability to know how to program is essential. I firmly believe that one day all of our young people will know how to do it.

For me, finance is an art, I trade currencies and there is nothing like doing a technical analysis of your favorite currency pair and being right in essentially predicting t

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In programming there is no better feeling than creating something from nothing. Sure, it can be frustrating when your program is giving you an error and you have to find the string (s) of code causing the error, but the ending is always very satisfying. I have a lot of time in technology and I definitely believe that having the ability to know how to program is essential. I firmly believe that one day all of our young people will know how to do it.

For me, finance is an art, I trade currencies and there is nothing like doing a technical analysis of your favorite currency pair and being right in essentially predicting the future. I don't change for money, but because I really enjoy reading charts. Aside from trading, I also enjoy money management. It is the ultimate sense of control.

I was never a numbers guy, but I became very fond of them.

They don't bore me either, if I had to choose one, it would be finance because I enjoy it, and because there will always be some kind of commodity to handle.

However, both are extremely useful, especially now more than ever.

IT career: it's up to 40 only. Then you have to create your own business or switch to other fields. It is a good period between the ages of 20 and 40. You can get a surge and you can visit so many places in the world at the expense of the company. The lifestyle reaches the top. After 40 it is reduced to the ordinary level. It is very disheartening to adjust to a low lifestyle. Financial career: It is a slow and steady increase in employment or in the financial company itself. You can also work past 70 if the physical settings are fine. You can employ many people. The lifestyle will be growing and encouraging.

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IT career: it's up to 40 only. Then you have to create your own business or switch to other fields. It is a good period between the ages of 20 and 40. You can get a surge and you can visit so many places in the world at the expense of the company. The lifestyle reaches the top. After 40 it is reduced to the ordinary level. It is very disheartening to adjust to a low lifestyle. Financial career: It is a slow and steady increase in employment or in the financial company itself. You can also work past 70 if the physical settings are fine. You can employ many people. The lifestyle will be growing and encouraging, there will be no harm in the field of finance and trade, it will remain up to the world. Choose according to your interest.

Good question. In fact, I'm in the same boat as you, but vice versa. I am a business major interested in technology. I think that ultimately the answer lies in what you are most interested / inclined to do. If you're good at programming and you like it, I could stick with that. Finance is interesting, but I honestly think the whole investment banking thing is probably over the top. For my part, I know that I am not that good at programming and, although I like the idea, I would probably not be satisfied with it as a career. On the other hand, finances are something that I feel much more comfortable with.

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Good question. In fact, I'm in the same boat as you, but vice versa. I am a business major interested in technology. I think that ultimately the answer lies in what you are most interested / inclined to do. If you're good at programming and you like it, I could stick with that. Finance is interesting, but I honestly think the whole investment banking thing is probably over the top. For my part, I know that I am not that good at programming and, although I like the idea, I would probably not be satisfied with it as a career. On the other hand, finances are something that I feel much more comfortable with and that I feel like I can excel at, so I'll stick with that. And yes, as you mentioned, reading about successful entrepreneurs also motivates me a lot. Hope this has helped.

Not everyone has a master's degree in accounting. The only qualifying criteria for writing your CPA exams is that you must have 150 qualifying credits. It doesn't matter what credits you have, but your total credits must be at least 150 college credits. Most students earn these credits without attending the master's program, while some even attend community colleges to qualify. The ultimate goal is to be able to write the CPA exams. Once you pass these exams and become a CPA, prior grades are not taken into account. This is the highest qualification of accountants.

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