Finance pertains to managing money and investments in three categories: public finance, personal finance, and corporate finance.
Almost all money-making entities require financial personnel to function. That's why the financial sector offers a plethora of career opportunities.
Since the pandemic, finance jobs have diversified. From the comfort of your home, you can now clock into a position that used to require in-person consultations and business-formal attire.
With work-life balance perks and high pay, freelance finance opportunities are superb for mathematically inclined folk. So, let's explore why this industry is having a moment and how you can infiltrate it.
Freelance Roles in Finance Industries
Finance is a booming sector, with job growth increasing as much as 18% over the next 10 years, according to the Bureau of Labor Statistics. As a result, companies desire qualified candidates, whether you're entering the industry or a seasoned veteran.
Here are some common freelance finance roles:
● Finance Specialist
● Finance Associate
● Financial Advising Assistant
● Part-Time Finance and Operations Intern
Mid- to High-Level
● IT Finance Business Analyst
● Telecommute Global Finance Executive Director
● Project Finance Director
Freelance gigs provide perks for both sides. Contractors can work with multiple companies, take temporary gigs, and create their schedules. On the other hand, clients don't have to provide benefits and can hire and fire with fewer strings attached.
Salary and Career Outlooks
According to the Bureau of Labor Statistics, the financial sector is one of the most well-paid industries. The field provides plenty of opportunities for upper-five-figure and six-figure salaries, along with high hourly wages.
Check out these median pay rates for freelance finance gigs:
● Cost Estimators: $32.03 per hour
● Budget Analysis: $37.97 per hour
● Financial Examiners: $39.15 per hour
● Financial Analysis: $40.22 per hour
● Personal Financial Advisor: $42.95 per hour
As more people discover the benefits of freelance finance work, the harder it can be to secure your dream job. However, there are several ways to stand out amongst the crowd.
Certifications and Higher Education
A finance certification shows employers you’ve gone above and beyond to attain knowledge and skills, making you even more valuable to the company.
Here are some certifications that can make you a top-tier candidate:
● Certified Financial Planner
● Chartered Financial Analyst
● Chartered Financial Consultant
● Personal Finance Specialist
● Financial Risk Manager
Another way to set yourself apart is to pursue a master's degree in accounting (MAcc). According to data shared by ICMS (2021), 50% of companies have seen an increase in candidates with a master’s degree for entry-level positions.
As remote work becomes the standard, companies are pulling candidates from all over the country and sometimes worldwide. The more of an expert you can be in your subject, the better.
As for pay rates, Payscale found those with a MAcc degree across all finance and accounting positions made a median annual salary of $72,000 ($34.62 per hour). Financial or corporate controllers had even higher wages, exceeding $85,000 ($43.59 per hour) and $100,000 ($51.28 per hour).
The more proof of education on your resume, the better.
Big Labor and Hiring Fluctuations
The mobile workforce keeps expanding, even with vaccine mandates and promises of returning to the office. Freelancers make up most of the mobile workforce, even in the finance realm.
According to data shared by Cornerstone, 81% of companies that pursue talent mobilization (aka are open to remote work) surpass targets or experience revenue growth. So, it's no surprise more businesses are jumping on the bandwagon.
And the younger generation are more likely than ever to join the freelance crowd. Sixty-four percent of college seniors predict they’ll pick up a freelance job to supplement their income, based on data from ICMS (2021).
More Money, Fewer Problems
A freelance finance career can be an excellent opportunity to make good money while maintaining work-life balance. If you're willing to earn certifications and a master’s degree, you can become a top candidate in today’s most desired field.