Bridgia

Finance

Career Cluster

Finance is not just a department. It is a group of professions with competencies—ranging from accounting, financial and investment planning, banking, insurance—to business financial management. Finance career opportunities are available across all industries and is a required skill in every organisation in the private, public sector and non-governmental organisations. 

The job functions of finance professionals include record-keeping, expense analysis, making investment decisions. And also the strategic planning of the future of an organisation. Finance professionals serve individuals, businesses and a wide range of organisations as in-house staff, auditors, or consultants. 

It isn’t easy to put a precise figure on the size of the global financial sector. However, the market estimates project that the financial services market will reach $22.5 trillion by 2021, growing at 9.9% from the previous year. This is around 24% of the global economy, estimated to reach $93 trillion at the same periodic—resulting from a slowdown from the COVID-19 pandemic. 

The Business Research company estimates that the financial services market size is growing at a compound annual growth rate (CAGR) of 9.9% and is expected to reach $28.5 trillion by 2025 at a CAGR of 6%. The global banking sector had an estimated market capitalisation of 7.3 trillion euros in the first quarter of 2021, equivalent to $8.58 trillion, making the banking sector accounts for 14% of the global economy. By 2020, the global size of assets under management (AUM) reached $103 trillion, according to Boston Consulting Group, accounting for just under a quarter of the world’s assets.

Africa
The most developed segment in Africa’s financial sector is the banking industry. South Africa surpasses $1 trillion in assets under management. According to the World Exchange Federation, the market capitalisation of Africa’s 30 stock exchanges exceeded USD 1.5 trillion as of 2018. Banking is also the largest employer of labour in Africa’s financial sector. The Johannesburg stock exchange (JSE) in South Africa dominates the region. The five largest exchanges (South Africa, Morocco, Egypt, Nigeria, and Kenya) account for about 90 per cent of this total. 

The total issuance of government bonds and bills has increased from USD 28 billion in 2000 to over USD 200 billion annually since 2009. As a result, the outstanding domestic sovereign market was worth approximately USD 400 billion in 2019. Africa’s financing terrain is one of the so many gaps. According to an overview of Africa’s Financial Sector by the AMENET university network and the initiative Making Finance Work for Africa (MFW4A), the MSME finance gap is above $331 billion in SSA alone. Financing the Sustainable Development Goals (SDGs) in Africa requires about USD 600-700 billion a year UNCTAD (2016). The International Monetary Fund (IMF) reports that sub-Saharan Africa will need $30- $50 billion annually to adapt to the impacts of climate change.

Ghana
The ministry of finance projects Ghana’s real GDP to grow by an average of 5.6% – with yearly growth rates of about 5.8%, 5.4%, 5.3% and 6.0% in 2022, 2023, 2024 and 2025, respectively. With the projected increase in GDP, the corresponding growth in the financial services industry cannot be underestimated. Ghana Statistical Service reported that Ghana’s GDP grew by 5.4% in 2021, compared to the 0.5% growth recorded in 2020. According to the Economist Intelligence Unit, Ghana’s real GDP growth will strengthen in 2022 before slowing in 2023-24, then pick up again in 2025-26. In 2020, the GDP of Ghana was 72.354 Billion US Dollars, with a growth rate of 0.41% and GDP per inhabitant at 2.328 USD.

The Government of Ghana introduced a YouStart entrepreneurship programme in the 2022 budget to create 1 million jobs for the youths in the next three years. In addition, on 17th November 2021, the government presented a “Build a Sustainable Entrepreneurial Nation” programme anchored on Fiscal Consolidation and job creation in the 2022 Budget – the “Agyenkwa Budget”. The objective is to underpin a resilient programme to mobilise 100.5 billion Ghana Cedis in revenues and grants, with an estimated total expenditure of 137.5 billion Ghana Cedis to achieve an overall budget deficit of 7.4% for the year 2022. This was against the economy, which had recovered from 0.5% in 2020 to 5.4% in 2021, and the fiscal deficit declined from 14.7% in 2020 to 11.4% in 2021. 

Kenya
Kenya’s financial sector is the third-largest in sub-Saharan Africa. It significantly contributes to economic growth and job creation. The industry is a focus of the government’s Vision 2030, aiming to create a” vibrant and globally competitive financial sector. Kenya has the largest economy in East Africa—the country is the largest economy in East Africa. It is approximately the economies of Tanzania and Uganda combined. It has a GDP of $109Billion and is among the top 10 largest economies by GDP in sub-Saharan Africa. According to the World Bank, the country rose from low to middle-income in 2014. Poverty decreased between 2005 – 2019 from 46.8% to 33.4%, with 4.5million people living below the poverty line. 

In 2020, Kenya’s exports to Africa improved by USD 98 million to USD 2,213 million, reflecting increased exports to EAC and COMESA regions. The share of exports to EAC increased to 23.5 per cent in 2019/2020 from 21.7 per cent in 2018/2019. However, there was a reduction in exports to the rest of the world, majorly to the US, Netherlands and India.  Government budgetary operations in the Financial Year 2019/20 resulted in a deficit on a cash basis, including grants of KSh 791.2 billion (7.8 per cent of GDP) compared to KSh 721.1 billion (7.8 per cent of GDP) in the previous year. However, it was below the target of 9.0 per cent of GDP in the supplementary III budget despite the shortfall in revenue collection amidst increased expenditures to mitigate the effects of COVID-19.

Nigeria
A 2022 report by the National Development Plan (NDP) has shown that the total size of Nigeria’s financial sector in 2017 was N78.10 trillion. It, however, rose significantly, reaching N122.30 trillion by the year 2020, adding N4.8 trillion and N17.4 in 2018 and 2019, respectively. As a result, the sector added N44.2 trillion to the Nigerian GDP from 2017 to 2020. The contribution of finance and insurance to real GDP hovers at around 3% each year. The banking sector has particularly proven resilient despite the struggles of the insurance industry for penetration and disappointment for investors from Nigeria’s stock exchange.

According to the same report, banking made the most significant contribution at N34.6 trillion in 2017, N37.8 trillion in 2018 and N42.7 trillion in 2019. However, it increased to N53.3 trillion in 2020 due to the lockdown from COVID-19, which forced the increased adoption of digital banking. This was followed by the capital market, which contributed N32.6 trillion in 2017 but slipped to N31.9 trillion the following year. In 2019 however, the market rose sharply to N42.6 trillion and continued with the trend witnessing a N49.2 trillion in 2020. The non-banking financial institution contributed the least during the period with a N10.9 trillion in 2017, improving the digit to N13.2 trillion, N15 trillion and N19 trillion, respectively, in the following years.

South Africa
The South African financial, real estate, and business services industry added about 626 billion rand (or about 41.4 billion dollars) to the country’s gross domestic product in 2019, according to Statista. However, compared to the prior year, when the sector’s contribution to the nation’s GDP totalled almost 655 billion rands, this reflects a drop.

The World Bank Group and the Swiss State Secretariat for Economic Affairs (SECO) signed a $4.6 million multi-donor Trust Fund program to support South Africa’s efforts to strengthen its financial sector stability and increase financial inclusion in 2018, according to a World Bank report. In addition, the program will help the nation further implement its financial sector regulatory reform agenda.

Disruption of Financial Markets for Consumers
Trading financial securities, a domain of stockbrokers, has now opened up for consumers to trade independently. Apps such as RobinHood and Bamboo allow individuals without a finance background to trade stocks without a commission fee.

Blockchain, Cryptocurrencies and Crypto Assets
Blockchain distributed ledger technology has departed from the need for a central institution as the broker of financial services used in traditional finance. These have led to the rise of cryptocurrencies such as Bitcoin, developed on blockchain technology. As a result, investors who have traded traditional securities such as ​​commodities, stocks, bonds, cash, real estate arts and other collectables are now adding crypto assets such as cryptocurrencies, non-fungible tokens, and utility tokens to their portfolio.

Rise of Fintechs and Big Tech Companies as Financial Service Providers
The digital transformation of finance started with the automation of back-end processes in the financial sector. Today, numerous startups play directly in the market and compete with incumbent financial institutions to offer consumers financial services. In addition, technology companies like Google, Apple and Facebook are also making a foray into providing financial services, especially in payments.

Responsible Finance 
To improve their contribution to sustainability, many financial institutions have adopted the principles of environmental, social and governance (ESG) factors in their operations and portfolio. 

Fraud Mitigation and Cybersecurity 
As finance becomes increasingly digitised, so do the vulnerabilities to threats and attacks from bad actors within the financial system and cybercriminals worldwide. This has led to a rise in investment by finance companies in their cybersecurity capabilities.

Quantitative Finance 
Applying mathematical and statistical methods to financial and risk management problems is growing due to advances in machine learning and the availability of high-speed processors such as quantum computers. This further empowers quants to develop complex models for their firms to make financial and business decisions.

Internationalisation of Finance
Financial institutions in several developed countries, especially banks, are emerging to become regional and global service providers. Many of them are now involved in global finance deals and collaborate to make it easier for their customers to make international payments.

Changing Role of Finance Professionals
The digitisation of finance has automated several traditional areas of finance, such as book-keeping and accounting. Today, finance professionals are becoming more data analysts who can easily pull up reports from their systems and communicate the insights to decision-makers. In addition, they advise/act using the data accessible to them to make informed decisions. Artificial intelligence will further change the role of finance professionals.

Changing Role of Regulators
The disruption to finance by technology influences regulators to take a more agile approach to regulate the financial sector. To ensure that changes in the financial sector do not leave behind their markets, regulators are becoming enablers of innovation through initiatives such as regulatory sandboxes and open banking. They are also protecting consumer investments with stricter policies for financial service providers. In addition, many apex banks are also pioneering digital currencies due to their aversion to cryptocurrencies.

International 
World Bank, International Monetary Fund, International Finance Corporation, African Development Bank, 

Ghana 
Bank of Ghana, Ministry of Finance, Securities and Exchange Commission, Internal Audit Agency, Ghana EXIM Bank, Ghana Revenue Authority

Kenya
The National Treasury and Planning, Central Bank of Kenya, The Kenya Revenue Authority

Nigeria 
Central Bank of Nigeria, Securities and Exchange Commission, Federal Ministry of Finance, Budget and National Planning, Nigeria EXIM Bank,  Federal Inland Revenue Service, Nigeria Deposit Insurance Corporation, Development Bank of Nigeria, Debt Management Office, Nigeria Sovereign Investment Authority, Asset Management Company of Nigeria, 

South Africa
SA Reserve Bank, Financial Sector Conduct Authority (FSCA), National Credit Regulator (NCR)

Innovation Opportunities

Digitigitisation is on the high in the following areas of finance:

  • AI for interfacing with customers, delivering advisory services, and making product recommendations in banking.
  • The emergence of blockchain technologies for trust management and digital currencies in business finance. 
  • Data-driven decisions such as calculation of premiums based on predictive analytics in insurance.
  • Robotic Process Automation and advanced AI technologies for automating manual accounting processes.
  • Algorithmic stock trading – quants in investment banking.
  • Loan prediction and credit scoring based on historical financial records, behavioural analysis, and big data in banking.
  • Automation of accounting workflows to reduce the burden of manual data entry.

Fintechs as Challengers
Startups leveraging data and technology are bringing innovations to markets at an unprecedented rate for traditional financial service providers and regulators to deal with. However, several incumbent financial institutions respond by rolling out fintech offerings to their customer base. Some of these are exclusively from them, while others partner with Fintechs.

Evolving Customer Expectations 
Customers now expect personalised and instant access to a menu of financial services. They also expect services to be accessible across multiple digital channels and their requests promptly attended to.

Fraud and Cybercrime
The financial sector is exposed to several threats from within and outside the financial system. The complexity of fraud and money laundering operations continues to evolve, putting the deposit of customers, operations and reputation of financial firms at risk.

Underserved Customers
Agency and digital banking services have helped close the financial inclusion gap in several developing countries. However, most of the population is still underserved due to the lack of robust financial services to cater for their needs. Access to credit at an affordable rate remains a challenge for individuals and small to medium-sized businesses.

Exposure to Global Risk 
The connectedness of the global financial system has made economic systems vulnerable to shocks that may come from anywhere in the world. For example, default on loans in the US may lead to a domino effect on financial markets in Europe and catalyse to become a global financial crisis.

Tougher Regulatory Environment
The financial sector is highly regulated. In both good and bad times of the economy, the financial sector is a target of increasing legislation and policies and has to adhere to the government’s strict compliance measures. The globalisation of finance also implies that many of them are exposed to the regulatory environment in international markets.

Legacy Systems
Financial institutions with a long history of operation are significant players in any nation’s financial service industry. But unfortunately, a majority of them are challenged with legacy systems of existing software, processes, and business infrastructure, which can be challenging to integrate, change or adapt to new technologies.

The volatility of the World Economy
From the devastating effect of COVID-19, mounting rate of inflation, fluctuation in the value of currencies and the foreign reserves of Nations, to wars among nations, the financial sector’s stability is threatened by uncertain times.

They include developments, issues and impact in areas such as:

  • Corporate finance; capital markets, dividend policies, corporate governance, financial development, risk management, financial distress and bankruptcy, financial structure, resource allocations, security design and firms’ decisions
  • Banking; financial intermediation, interest rates, bank supervision, regulation banking, credit markets, trade credit, international finance, risk management, fixed income securities, private equity and venture capital finance.
  • Financial markets; financial inclusion, financial markets, bank efficiency, financial stability, investment efficiency, financial networks, market regulation, systemic risk, and financial stability, pricing of securities, options trading, and derivatives asset pricing
  • Financial Economics; sustainable finance, green finance, Pricing of Securities and Derivatives Asset Pricing and Business Cycles Microstructure and Regulation of Markets Financial Decision Making International Finance
  • Financial technology; fintech, digital currencies, cryptocurrencies, crowdsourcing, payment networks and systems.
  • Models of financing SMEs including bootstrapping and angel investment, peer-to-peer financing model
  • Venture capital development
  • Technology incubation
  • Models of technology/industrial parks

 

Career Opportunities

Pathways in this career cluster include:

  • Accounting
  • Financial Planning 
  • Business/Corporate finance
  • General Banking (Corporate and Commercial)
  • Investment Banking
  • Wealth management
  • Insurance services

What They Do
Accountants help organisations and individuals to manage their finances— track expenses, income and comply with relevant regulations. They keep records of how organisations make and spend their money. An accountant is responsible for the preparation and analysis of the financial reports of a company. These include data management, analysis and consultation. An accountant creates financial statements and ensures that the accounting practices of a company comply with regulations. Accountants manage the financial affairs of clients to achieve the best outcome possible. They ensure that public interest is not compromised. 

Key Areas

  • Assurance: a review of financial data and procedures within a company. It ensures that shareholders’ money is put to proper use and provides them with the information they need when considering investing in an organisation.
  • Audit: looks closely at key areas of business operations to verify the integrity of records. It also involves the report of findings to advise on business efficiency. Whether or not the business is financially risky or even presence of fraudulent activities.
  • Management Accounting:  leverages in-depth knowledge of the business sectors they work. It involves a wide range of different skills such as planning, management and strategy. These are in addition to their accounting abilities. It provides information to aid the decision-making processes in a company.
  • Financial accounting: analyse and report financial transactions that can yield vital information on business performance. This information—can be conveyed to other staff members with no financial background.
  • Forensic accounting: an investigative approach to accounting to helps clients resolve financial problems. These problems include fraud, disputes and suspected misconduct.
  • Tax accounting: accounting and advisory on tax matters to ensure that their clients are in good standing with tax authorities.


Is It for Me?

You can take the Accounting pathway if you:

  • Enjoy working with numbers. If you can learn quickly, can communicate and work as part of a team and are interested in the business world.
  • Can grasp concepts quickly— whether it is assimilating new information or data, managing a new project, or meeting a new client.
  • Have an eye for detail—can see the bigger picture; if you possess a good knowledge of how businesses run and can liaise and communicate effectively.
  • Are comfortable interpreting financial reports and explaining complex ideas to others.
  • Can follow laid down rules over adventure-seeking, make decisions based more on logic than emotions, and sequentially organise data or information.
  • Can cope with the stress of late hours. Accountants sometimes have to work and study at the same time to get qualified.
  • Have high moral standards and can live according to your means.


Jobs/Roles

  • Accountants: keep and maintain financial records and produce periodic financial reports.
  • Auditors: verifies the integrity of financial records.
  • Bookkeeper: keeps business transaction records and providing accurate, up-to-date financial information about a business.
  • Budget Analyst: prepares budget reports and monitors the spending of a company.
  • Fraud Examiners and Investigators: work to reduce fraud.
  • Credit Analysts: determine how risky it is to lend money to individuals or businesses.
  • Tax Advisors/Preparers: Prepare tax returns for individuals or small businesses.
  • Personal Financial Advisors: Advise clients on how to use or save their money.
  • Budget Analysts: Make sure budgets are complete and accurate.


Relevant Degrees, Training & Certifications
A first or second degree in Accounting, Finance, Financial Engineering, Economics, Business, Business/Corporate Law, Banking and Finance. In addition to a finance-related degree, a professional qualification is needed. Career changers without a finance degree can also take these professional qualification exams. However, they may be required to cover more modules. Regional accounting bodies in different countries also have their qualification exams to which students can enrol. The first degree or previous certificates of students usually determine where in the qualification ladder students can begin writing their qualification exams. International qualifications include ACCA, ACA and Certified Public Accountant (CPA).

Top Global & Regional Employers (by specialisation)

  1. Ernst & Young
  2. Deloitte & Touch
  3. KPMG
  4. PwC 
  5. Mazars 
  6. PKF
  7. Grant Thornton
  8. BDO
  9. Andersen Global
  10. RSM

What They Do

They deal with the development of a comprehensive financial plan. It includes the combined areas of budgets, investments, tax, insurance, retirement, and estate planning. They maintain ongoing relationships with clients— they keep them informed about any changes that may affect their finances. They also act as a liaison between the client and other financial professionals. Though commonly associated with high net worth individuals (HNIs), they also work with families to protect their assets through appropriate insurance products and estate planning services.

Specialisations

Some specialise in certain aspects of wealth management, such as tax planning, portfolio management, and retirement planning. A financial planner must be good with numbers and possess a keen understanding of how the markets work. However, it is more important to have great sales and networking skills. Financial planners may work with a firm or independently. Both require them to be entrepreneurial in building their client base. 

Is it for Me? 

You can consider taking the Financial Planning pathway if you:

  • Good with numbers and can make sense of financial information. 
  • Are comfortable with sales.
  • Have excellent analytical and communication skills.
  • Can work independently.
  • Are great with people, have, can or ready to build a broad social network.
  • Are interested in becoming a go-to person for financial advice and are comfortable explaining financial concepts to others.

Jobs/Roles

  • Personal Financial Planner: Creates holistic financial plans to meet the unique financial goals of their clients.
  • Personal Financial Advisers: Advise clients on how to use or save their money.
  • Client Services Advisor: Prepares financial plans for review and implementation, participates in client meetings, and works on follow-up for clients.
  • Associate Advisor: Works closely with a team of advisors to prepare financial plans, presentations, and other materials for client meetings.
  • Analyst: The Analyst performs research and analysis and manages investment options or both. Professionals in this role provide information and make recommendations on managers, advisory service products, investment selections, suitability guidelines and reporting decisions. 
  • Portfolio Manager: The Portfolio Manager manages client assets and portfolios—as directed by the firm’s Investment Committee and the investment policy statements designed in collaboration with clients. 
  • Wealth Management Advisor: Develops one-on-one relationships with high-net-worth clients and helps to construct investment portfolios.
  • Investment Manager: Selects and manages investments on behalf of a firm and its clients.

Relevant Degrees, Training & Certifications

A first or second degree in Accounting, Finance, Financial Engineering, Economics, Business, Business/Corporate Law, Banking and Finance. In addition to a finance-related degree, a professional qualification is needed. Career changers without a finance degree can also take these professional qualification exams. However, they may be required to cover more modules. The first degree or previous certificates of students usually determine where in the qualification ladder students can begin writing their qualification exams. Accounting qualifications are relevant, and many professionals in financial planning start as accountants. However, financial planners often hold specific licenses and designations, the most common being Certified Financial Planner (CFP). A CFP must pass rigorous exams in multiple areas of wealth management and finances. Gaining the CFP designation requires completion of a Bachelor degree from an accredited school. Other relevant qualifications include Chartered Financial Analyst (CFA) and the Chartered Financial Consultant (ChFC) designations.

Top 10 Global and Regional Employers

  1. Ernst & Young
  2. Deloitte & Touch
  3. KPMG
  4. PwC 
  5. Mazars 
  6. PKF
  7. Grant Thornton
  8. BDO
  9. Andersen Global
  10. RSM

What They Do

Corporate finance deals with how businesses and corporations source funding, structure capital, and decide on investments. It provides governance to the financial activities of a company. Corporate finance ensures maximum shareholder value through long-term and short-term financial planning. And also the implementation of various strategies. Its activities include other finance specialities such as financial planning, risk management, investment banking and asset management—whether shareholders should receive dividends. 

Key Areas

Corporate finance activities include capital financing and short-term financial management. Corporate finance is responsible for sourcing capital—in the form of debt or equity—a company may borrow from commercial banks or other financial intermediaries. These financial intermediaries may issue debt securities in the capital markets through investment banks or choose to sell stocks to equity investors. Corporate finance also involves short-term financial management—where the goal is to ensure that enough liquidity exists to carry out continuing operations. Short-term financial management concerns current assets and current liabilities or working capital and operating cash flows. Short-term financial management may also involve getting additional credit lines or issuing commercial papers as liquidity back-ups.

Is it for Me?

You can consider taking the Corporate Finance pathway if you:

  • Enjoy working with numbers, have strong analytical skills and have an interest in building financial models.
  •  Are a good problem-solver and give strong attention to details.
  • Have an understanding and natural interest in business, have strong commercial awareness and love keeping up to date with the industry through publications and other information sources.
  • Are a natural communicator, enjoy meeting people and comfortable with negotiating deals.
  • Are comfortable with change and can adapt your assumptions to cope with changes.
  • Have a research interest and can communicate your findings with others you are working with as a team.

Jobs/Roles

  • Financial Managers: plan and direct the finance activities of an organisation.
  • Financial Analysts: analyse information that affects the investments of a business.
  • A Cost analyst is involved in making decisions regarding the cost of any service or product concerning their pricing.
  • A Credit Manager is involved in the credit decisions of the company— how much credit is available to the suppliers, the rate, credit guidelines, collection of receivables, and their securitisation are all decisions taken by a credit manager.
  • Risk Managers: responsible for analysing business and financial data of a company. They monitor the performance and identify the risks to an organisation.
  • Cash Manager: manages all the short-term as well as long-term cash requirements of a company.
  • Benefits Officer: is an intersection between finance and the human resource, involved in managing pension funds and other health care benefits and plans of employees.
  • Investor relations: intersects with media and communications in responsibility for managing relationships with company investors.

Relevant Degrees, Training & Certifications

A first or second degree in Accounting, Finance, Financial Engineering, Economics, Business, Business/Corporate Law, Banking and Finance. In addition to a finance-related degree, a professional qualification is needed. Career changers without a finance degree can also take these professional qualification exams. However, they may be required to cover more modules. The first degree or previous certificates of students usually determine where in the qualification ladder students can begin writing their qualification exams. Accounting qualifications are relevant, and a significant number of professionals start with them as an entry point. Other certifications popular among corporate finance professionals include Chartered Financial Analyst (CFA), Chartered Financial Planning (CFP). Also, the Investment Management Certificate (IMC), especially when working with corporate finance firms, investment houses and private equity firms. Financial modelling courses can also be essential for distinction. A Master of Business Administration (MBA) can also make one a desirable candidate for employers.

What They Do

The banking pathway in finance are careers concerned with banking operations such as deposit collection and management. It also involves checking account services, personal and business loans, mortgages and other loans, issuing credit cards and bill payment. Businesses (corporate/business banking) and individuals (commercial/retail) banking use these services. Bankers accumulate and manage customer deposits offered as savings products with interests. Savings deposits—in addition to other sources of finance—is available to individuals and businesses found to be creditworthy by credit and loan staff. The return of these loans attracts interest. 

Key Areas

Banking provides a wide range of functions. These include product and business development, customer service/support, technology, regulatory compliance, risk management and treasury.

Is it for Me?

You can take the General Banking pathway if you:

  • enjoy interacting with and serving people from all walks of life.
  • Open to building relationships with individuals and businesses to provide financial advice and introduce them to financial products that best suit them.
  • Are a good listener and empathetic and can combine meeting business needs with meeting customer needs.
  • Flexible, adaptable, and open to operational and geographical mobility as you move through different divisions or branches.
  • And the ability to build good working relationships with colleagues, beyond your unit, across the business in serving customers. 
  • Can manage stress from an increased workload and open to working unpredictably long hours or on weekends.

Jobs/Roles

  • Credit Analysts: Determine how risky it is to lend money to individuals or businesses. 
  • Credit Authorisers and Checkers: Look up the credit history or review the personal or financial information of customers
  • Loan Officers: Make decisions about who gets approved for loans.
  • Business Development Officers: marketing function—to attract customer deposits, credit-worthy customers to take loans, and increase the patronage of bank products.
  • Mortgage Banker: specialises in providing loans for homes.
  • Account officer: a manager focused on business development and is a more client-facing role. Your job is to find new clients for the bank and maintain relationships with existing ones. You work closely with colleagues on the credit side to deliver results to your clients.
  • Tellers: Work in banks and help customers with basic financial transactions.

Relevant Degrees, Training & Certifications

A first or second degree in Accounting, Finance, Financial Engineering, Economics, Business, Business/Corporate Law, Banking and Finance are traditional routes to a career in banking. Banking as an industry provides a wide range of positions open to graduates from a wide range of other majors. Those purely in finance in the banking industry require a professional banking qualification. There are national and international chartered banking institutes that provide qualification exams for candidates to become chartered bankers. Apart from performance, having an MBA can be beneficial to attaining senior roles as a banker. Career changers without a finance degree can also take these professional qualification exams. However, they may be required to cover more modules. 

What They Do

Investment bankers work with investment banking firms—specialist financial institutions whose goal is to help their clients make or raise money. Compared to general banks that are open to individuals and small businesses. Most investment banks strictly serve high net worth individuals, family offices, and medium to large organisations with sizeable financial dealings. However, they are creating services or entering partnerships to democratise their services to consumers. Renowned for a high drive for profit and competitiveness, it provides one of the highest-paying entry-level jobs for graduates. It is arguably one of the most competitive of all financial career pathways.

Specialisations 

Helping clients make money is primarily achieved through the capital market by dealing with financial instruments such as stocks, shares, bonds and other assets. It is the proactive, fast decision-making, buying and selling side of investment banking. Companies are advised—and guided through a capital raise, a merger or acquisition process through the corporate finance practice as the deal-making arm of investment banking. It is the consultative side of investment banking.

Is it for Me?

You can take the Investment Banking pathway if you are:

  • Ambitious and have the drive to thrive and succeed in a highly competitive environment.
  • Are analytical, have numerical skills, and can get your head around data to make decisions.
  • Good at teamwork, confident dealing with clients and have the resilience to put in long hours.
  • If you ready to live in the city—most investment banks are based in the commercial capital of a country.
  • Can work under immense pressure in a target-orientated environment—large amounts of money are at stake, and mistakes can be highly consequential.

Jobs/Roles

The career of an investment banker progresses along a fairly standard path from junior to senior positions. However, this is determined by performance rather than time spent on the job.

Investment Analyst: supports associates and managers with tasks, such as conducting research, developing presentations, making financial analysis. They also perform administrative tasks such as scheduling and project management.

Investment Associates: associates oversee the analysts—and work with senior investment bankers to forecast market trends, verify models and manage client portfolio.

Investment Fund Manager: implementing the investment strategy of a fund. They also manage the trading activities. They can work in non-investment banking firms to oversee an organisation’s fund—such as pensions and mutual funds—to make vital investment decisions.

Trader:  responsible for trading financial instruments in the capital market; these include stocks, bonds and other assets.

Relevant Degrees, Training & Certifications

Generally, finance, numerical or technical degrees are favoured. Though a first or second degree in Accounting, Finance, Financial Engineering, Economics, Business, Business/Corporate Law, Banking and Finance also provides a route to a career in investment banking. Fresh graduates who have excelled in their first degrees and graduated from prestigious institutions have an advantage. However, getting a highly-regarded MBA can offer a more direct route into investment banking. It can sometimes be at associate levels. Relevant professional certifications include Investment Management Certificate (IMC), Chartered Alternative Investment Analyst (CAIA), Financial Modeling & Valuation (FMVA) certification and Chartered Investment Banking Analyst (CIBA).

What They Do

Wealth management, also referred to as asset management, differs from investment banking and corporate finance with its more personal focus on individuals and families. It makes it more aligned with financial planning. Individuals and families served are typical of high net worth to preserve, diversify and grow their wealth. Standard services sold to clients include managed account services, tax and estate planning, retirement planning, brokerage, and investment accounts.

Wealth managers also provide their services to businesses of all size with significant assets, institutions (NGOs, foundations and endowment funds) and institutional investors (pension funds). Wealth managers typically have a holistic view of their client assets; this enables them to provide a one-stop-shop for a client’s financial needs. Thus, the client does not have to approach a series of financial specialists to manage their money.

Large corporate entities such as investment banks and some independent financial advisers provide their service as asset management. Some commercial banks also provide these services—to high net worth individuals as private banking services. 

Specialisations 

Wealth management involves financial planning and portfolio management. 

Financial planning focuses on developing plans and strategies to achieve financial goals. 

Portfolio management gives control of a portfolio to a professional manager for structuring. The manager makes investment decisions to grow the value of the portfolio. And also, take on services such as accounting, taxes, risk management and more that best fit the portfolio.

Is it for Me?

You can take the Wealth Management pathway if you are:

  • Analytical, have numerical skills and can get your head around data to make decisions.
  • Able to communicate what the numbers mean and fully explain financial concepts to others. 
  • Proactive, can build rapport with prospective clients and go the extra mile to ensure they receive the best possible service in a competitive market.
  • Able to analyse and anticipate market opportunities and risk and provide guidance or make decisions for clients.
  • Able to maintain a high moral ground to ethically manage a client’s asset with integrity, confidentiality and professionalism. 

Jobs/Roles

Financial Advisor:  guide clients through the best options in services and investments to manage their wealth.

Relationship Manager: serves as the single point of contact for a Client and the Wealth Management Firm.

Business Development Lead: source new clients for an investment firm by identifying prospective clients and developing services.

Portfolio Manager: manages a client’s portfolio. Make trades on behalf of the client for the maximum possible return on investment. 

Investment Counselor: provide the right solution to the clients based on their needs. The counsellor walks them through risk, opportunities and their options. 

Relevant Degrees, Training & Certifications.

A first or second degree in Accounting, Finance, Financial Engineering, Economics, Business, Business/Corporate Law, Banking and Finance can provide an entry point. However, an MBA is highly beneficial. It can provide a high level of confidence to prospective employers and clients in entrusting their assets to be managed. In addition to a finance-related degree, a professional qualification has is needed. Career changers without a finance degree can also take these professional qualification exams. However, they may be required to cover more modules. The first degree or previous certificates of students usually determine where in the qualification ladder students can begin writing their qualification exams. Qualifications include Chief Public Accountant (CPA), Certified Financial Planner (CFP), Chartered Financial Analyst (CFA) and the Chartered Financial Consultant (ChFC) designations. Other relevant certifications include Chartered Wealth Manager (CWN), Accredited Wealth Management Advisor (AWMA), Certified Wealth Consultant and a Certified Wealth Preservation Planner (CWPP) certificate.

Top Employing Firms (by organisation type)

  • Brokerage firms
  • Insurance companies
  • Investment consultants
  • Large banks
  • Money management firms
  • Trust companies
  • Multi-family offices

What They Do
Insurance workers protect individuals and businesses from loss. They offer coverage and transfer risk to an insurance company through the payment of an agreed premium. There is a wide array of insurance products for individuals (personal) and organisations (commercial). Being a highly competitive industry, Sale is an integral component of insurance careers.

Personal insurance includes health and home insurance, mobile phone insurance and car insurance. Commercial insurance—on the other hand— lets business owners continue to run their company after an unexpected event. The event could be a natural disaster such as a flood or disasters brought about by humans, such as a cyber-attack. Another categorisation of the insurance firm is into life/health and property & casualty insurance. 

Specialisations
The major areas in the insurance industry include brokerage, underwriting, actuary activities and reinsurance. Insurance brokerage help clients find the best policies suited to them. They negotiate with the insurance firm to underwrite for their clients. 

Underwriters are the insuring firms that evaluate assets to be insured. They come up with terms negotiated by Clients and help them receive premiums. 

Actuaries are professionals who use statistical methods to estimate risk for a company. Reinsurance protects other insurance firms. 

The pool of funds accessible to insurance and reinsurance firms have opened them up to other finance professionals. These include asset, fund and wealth management professionals who make investment decisions for the firm. However, this is highly regulated to ensure that they are not exposed; and they meet their primary obligation of protecting the insured.

Is it for me?
You can take the Insurance pathway if you:

  • Are analytical, have numerical skills, and can get your head around data to make decisions.
  • Have good observational skills, have attention to details and emotionally intelligent to pick up cures for people.
  • Are an excellent communicator and comfortable negotiating with others based on facts for the best possible outcome.
  • Have planning and organisational skills to manage several customers and clients.
  • Can build and maintain relationships which can be crucial to attracting new customers and retaining them.


Jobs/Roles
Actuaries: Analyse statistical data to predict the possibility of risk.

Auto Damage Insurance Appraisers: Examine vehicle damage to determine how much it will cost for repairs.

Claims Adjusters, Examiners, and Investigators: Provides the first port of call for a customer when there is a loss or emergency on an insurance contract. Review insurance claims to ensure proper payments.

Insurance Claims and Policy Processing Officers: Process new insurance policies. And also change existing ones.

Insurance Sales Agents: Sell life, property, health, or other types of insurance.

Insurance Underwriters: Decide whether or not to accept an insurance application.

Investment Underwriters: Manage communications between companies who issue securities and their clients.

Insurance Broker: Work independently or with a brokerage firm to advise clients on the best possible coverage and arrange deals with insurers. 

Loss Adjusters: Evaluate locations of losses to make an assessment on losses and make recommendations for compensation.

Investigators: Work for insurance companies to determine if customer claims are valid or fraudulent.

Risk Management Specialists: Identify risks to an asset or organisation.

Relevant Degrees, Training & Certifications
While there are many roles in the insurance industry that needs analytical and numerical skill can benefit from a degree in mathematics, accounting, and other business and finance-related degrees. These include roles such as underwriting, actuaries and loss adjustment. However, there are several roles in the insurance industry in sales and customer service. Hence, many entry programmes in insurance companies are open to graduates with a first degree in a wide variety of courses. There are also second degrees and short courses focused on insurance and risk management. In several countries, Chartered Institutes of Insurers provide programmes and qualifications that graduates can take. One such is the UK’s Chartered Insurance Institute (CII) which provides a globally recognised professional certification in insurance and financial services.

The highest paying jobs in a finance career cluster are in investment banking, corporate banking, asset management, financial advisory and brokerage, and private equity.

International
Tidjane Thiam, Janet Yellen, Okonjo Iweala, Warren Buffet, J.P Morgan, James Dimon, Josef Ackermann,

Ghana Career Champions
Ken Ofori-Atta, Yaw Kuffour, Joseph Siaw Agyepong, J.S Addo, Mansa Nettey, Amediku Settor Kwabla

Kenya Career Champions
Olivia Muiru, Tonny Watuka, Lyn Megich, Nancy Gathungu, Patrick Njoroge, Sitoyo Lopokoiyit, Bhimji Shah, David Lang’at, James Mwangi, Manu Chandaria, Carole Karuga, Umoja Wendani, Mary Muthoni

Nigeria Career Champions
Okonjo Iweala, Taiwo Oyedele, Herber Wigwe, Akintola Williams, Jim Ovia

South Africa Career Champions
Kennedy Bhungane, Tasneem Abdool-Samad, Michael Goemans, Natascha Viljoen.

The most relevant employability skills are:

  • Communication
  • Analysis
  • Planning & Organisation
  • Networking & Teamwork
  • Numeracy & Financial Literacy
  • Professionalism & Industry Awareness
  • Digital Proficiency

Finance professional work across all industries, top among them are:

  • Banking
  • Insurance
  • Consulting, Business/Professional Services
  • Fintech

You can learn more about these industries using the search function of the Industry Portal.

International
Association of Chartered Certified Accountants (ACCA), Association of International Accountants (AIA), Certified Financial Analyst (CFA) Institute, Association of Accounting Technicians (AAT), International Federation of Accountants (IFAC), Institute of Management Accountants, International Federation of Francophone Accountants (FIDEF), The Institute of Internal Auditors (IIA), International Association of Investment Bankers Since (IAIB)

Ghana Professional and industry bodies
National Professional Accountancy Organisation, Ghana National Chamber of Commerce, Ghana Association of Bankers, Institute of Chartered Accountants of Ghana, Ghana MicroFinance Institutions Network

Kenya Professional and Industry Bodies
Association for Microfinance Institutions, Institute of Certified Public Accountants, ACI Financial Markets Association

Nigeria 
Chartered Institute of Bankers of Nigeria (CIBN), Institute of Chartered Accountants of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN), Chartered Institute of Management Accountants of Nigeria, Chartered Institute of Financial & Investments Analysts Nigeria (CIFIAN), Chartered Insurance Institute of Nigeria (CIIN)

South Africa
SAICA (SA Institute of Chartered Accountants), CIMA (Chartered Institute of Management Accountants), ICSA (Institute of Chartered Secretaries and Administrators), IRBA (Independent Regulatory Board for Auditors), IIASA (Institute of Internal Auditors South Africa), SAIPA (South African Institute of Professional Accountants) and Insurance Institute of South Africa (IISA), Compliance Institute of South Africa, Financial Planning Institute of Southern Africa (FPI), Institute of Certified Public Accountants of South Africa (CPA).

Global Leading Employers, and Companies, Startups
Barclays, Bank of America, Societe Generale, Goldman Sachs, Standard Chartered Bank, Access Bank PLC, Standard Bank Group, J.P Morgan, Ecobank, Morgan Stanley, Zenith Bank, Allianz, The World Bank, Capital One, Wells Fargo, Guaranty Trust Bank, Absa, DeVere Group, First National Bank, American Express, RBC, BNP Paribas, PNC Financial Services Group, BNY Mellon, Chase, NatWest Group, Merrill Lynch,  IFC, SEI Investments, 

Ghana’s Leading Employers, and Companies, Startups
Bank of Africa, Societe Generale, Standard Chartered Bank, Access Bank PLC, Standard Bank Group, Ecobank, Zenith Bank, United Bank for Africa, The World Bank, Guaranty Trust Bank, Absa, DeVere Group, Yes Bank, Allianz Ghana.

Kenya Leading Employers. Companies, and Startups
National Bank of Kenya, Kenya commercial bank, Equity bank Kenya limited, Co-operative bank of Kenya, Standard chartered bank Kenya limited, Stanbic bank, Diamond Trust bank of Kenya, Barclays Bank of Kenya, NIC bank, I&M bank, Absa bank Kenya plc, Citibank NA. Kenya, Prime bank plc

South Africa Leading Employers. Companies, and Startups
Absa Bank Limited, Africa Bank Limited, Alexander Forbes Investment, Albaraka Bank Limited, Allan Gray, Bank of Baroda, Bank of China, Bank of Taiwan, Bidvest Bank Limited, BNP Paribas, Capitec Bank, Coronation Life, Discovery Bank, Discovery Life, FirstRand Bank, Grindrod Bank, Investec Assurance, Liberty, Mercantile Bank, Momentum Metropolitan Holdings, Nedbank, Old Mutual Life, Wesbank, Sygnia Life, Sasfin Bank, Sanlam Life Insurance Limited, Jumo, Yoco, MFS Africa, Investec, TymeBank, SA Taxi, Oragroup SA.

International 
World Bank, International Monetary Fund, International Finance Corporation, African Development Bank, 

Ghana 
Bank of Ghana, Ministry of Finance, Securities and Exchange Commission, Internal Audit Agency, Ghana EXIM Bank, Ghana Revenue Authority

Nigeria 
Central Bank of Nigeria, Securities and Exchange Commission, Federal Ministry of Finance, Budget and National Planning, Nigeria EXIM Bank,  Federal Inland Revenue Service, Nigeria Deposit Insurance Corporation, Development Bank of Nigeria, Debt Management Office, Nigeria Sovereign Investment Authority, Asset Management Company of Nigeria, 

Kenya
The National Treasury and Planning, Central Bank of Kenya, The Kenya Revenue Authority

South Africa
SA Reserve Bank, Financial Sector Conduct Authority (FSCA), National Credit Regulator (NCR)

Books

  • How Finance Works: The HBR Guide to Thinking Smart about the Numbers
  • Narrative and Numbers: The Value of Stories in Business
  • Managerial Accounting: Tools for Business Decision Making
  • Cost Accounting: A Managerial Emphasis
  • How to Read a Financial Report: wringing vital signs out of the numbers


Podcasts

  • The Abacus Show
  • ACCA Podcasts
  • From CPA to CFO
  • Cashflow Diary
  • The Economist Podcast


Publications/Blogs

  • CFO Magazine
  • Strategic Finance
  • Global Banking & Finance
  • Financial Planning Magazine
  • Accounting Today


Movies

  • Enron: The Smartest Guys in the Room
  • The Accountant (2016)
  • The Insider (1999)
  • In Debt We Trust: America Before the Bubble Bursts (2006) 


Events

  • World Economic Forum
  • Africa Finance Summit
  • Africa Fintech Foundry/Summit
  • African Insurance Organization Conference and General Assembly

https://www.4cornerresources.com/blog/the-top-8-technical-skills-desired-for-finance-and-accounting-jobs/

https://careerwise.minnstate.edu/careers/finance.html

https://www.usnews.com/education/best-colleges/finance-major-overview#:~:text=A%20finance%20major%20will%20learn,give%20investment%20advice%20to%20clients.&text=Students%20in%20finance%20and%20financial,make%20and%20keep%20their%20profits.

https://www.freshbooks.com/hub/accounting/what-do-accountants-do#:~:text=An%20accountant%20is%20responsible%20for,in%20the%20company’s%20accounting%20practices.

https://targetjobs.co.uk/career-sectors/accountancy-and-financial-management/283291-which-accountancy-specialisation-should-you-choose

https://www.investopedia.com/terms/c/corporatefinance.asp#:~:text=Corporate%20finance%20is%20the%20division,the%20implementation%20of%20various%20strategies

https://www.investopedia.com/articles/professionals/100515/career-advice-accountant-vs-financial-planner.asp#:~:text=Accountants%20do%20auditing%20work%2C%20financial,better%20at%20sales%20and%20networking.

https://www.cfp.net/why-cfp-certification/career-guide/what-is-financial-planning/career-opportunities

https://www.investopedia.com/articles/financialcareers/06/financialplanningquiz.asp

https://www.wallstreetmojo.com/corporate-finance-career/

https://www.ambition.co.uk/blog/2017/12/why-consider-a-career-in-corporate-finance

https://targetcareers.co.uk/career-sectors/finance/308-would-a-career-in-finance-suit-me

https://www.bankersbyday.com/best-degrees-for-a-career-in-banking/

https://business.ku.edu/what-can-i-do-major-finance

Sources: 

https://www.bgsu.edu/business/departments-and-programs/finance/programs/finance-specialization.html 

https://www.allaboutcareers.com/career-path/investment-banking/

https://www.investopedia.com/articles/professionals/092515/career-advice-investment-banking-vswealth-management.asp

https://www.kaplanfinancial.com/resources/getting-started/what-is-wealth-management

https://www.financialplannerworld.com/wealth-management/

https://www.insurancecareers.co.uk/career-advice/

https://pdf.co/blog/top-banks-in-kenya

https://corporatefinanceinstitute.com/resources/careers/companies/top-banks-in-kenya/

https://www.poverty-action.org/organization/association-microfinance-institutions-amfi https://www.knqa.go.ke/index.php/professional-bodies-and-associations-in-kenya/ https://acifma.com/national-associations/aci-kenya

https://www.poverty-action.org/organization/association-microfinance-institutions-amfi https://www.knqa.go.ke/index.php/professional-bodies-and-associations-in-kenya/ https://acifma.com/national-associations/aci-kenya

https://www.kenyans.co.ke/news/71230-top-100-kenyans-2021 https://www.jubilantstewards.org/top-100-companies-scoop-pacesetters-awards-2020/ https://avancemedia.org/2019miyk/

Explore Further

Books

  • How Finance Works: The HBR Guide to Thinking Smart about the Numbers
  • Narrative and Numbers: The Value of Stories in Business
  • Managerial Accounting: Tools for Business Decision Making
  • Cost Accounting: A Managerial Emphasis
  • How to Read a Financial Report: wringing vital signs out of the numbers


Podcasts

  • The Abacus Show
  • ACCA Podcasts
  • From CPA to CFO
  • Cashflow Diary
  • The Economist Podcast


Publications/Blogs

  • CFO Magazine
  • Strategic Finance
  • Global Banking & Finance
  • Financial Planning Magazine
  • Accounting Today


Movies

  • Enron: The Smartest Guys in the Room
  • The Accountant (2016)
  • The Insider (1999)
  • In Debt We Trust: America Before the Bubble Bursts (2006) 


Events

  • World Economic Forum
  • Africa Finance Summit
  • Africa Fintech Foundry/Summit
  • African Insurance Organization Conference and General Assembly

https://www.4cornerresources.com/blog/the-top-8-technical-skills-desired-for-finance-and-accounting-jobs/

https://careerwise.minnstate.edu/careers/finance.html

https://www.usnews.com/education/best-colleges/finance-major-overview#:~:text=A%20finance%20major%20will%20learn,give%20investment%20advice%20to%20clients.&text=Students%20in%20finance%20and%20financial,make%20and%20keep%20their%20profits.

https://www.freshbooks.com/hub/accounting/what-do-accountants-do#:~:text=An%20accountant%20is%20responsible%20for,in%20the%20company’s%20accounting%20practices.

https://targetjobs.co.uk/career-sectors/accountancy-and-financial-management/283291-which-accountancy-specialisation-should-you-choose

https://www.investopedia.com/terms/c/corporatefinance.asp#:~:text=Corporate%20finance%20is%20the%20division,the%20implementation%20of%20various%20strategies

https://www.investopedia.com/articles/professionals/100515/career-advice-accountant-vs-financial-planner.asp#:~:text=Accountants%20do%20auditing%20work%2C%20financial,better%20at%20sales%20and%20networking.

https://www.cfp.net/why-cfp-certification/career-guide/what-is-financial-planning/career-opportunities

https://www.investopedia.com/articles/financialcareers/06/financialplanningquiz.asp

https://www.wallstreetmojo.com/corporate-finance-career/

https://www.ambition.co.uk/blog/2017/12/why-consider-a-career-in-corporate-finance

https://targetcareers.co.uk/career-sectors/finance/308-would-a-career-in-finance-suit-me

https://www.bankersbyday.com/best-degrees-for-a-career-in-banking/

https://business.ku.edu/what-can-i-do-major-finance

Sources: 

https://www.bgsu.edu/business/departments-and-programs/finance/programs/finance-specialization.html 

https://www.allaboutcareers.com/career-path/investment-banking/

https://www.investopedia.com/articles/professionals/092515/career-advice-investment-banking-vswealth-management.asp

https://www.kaplanfinancial.com/resources/getting-started/what-is-wealth-management

https://www.financialplannerworld.com/wealth-management/

https://www.insurancecareers.co.uk/career-advice/

https://pdf.co/blog/top-banks-in-kenya

https://corporatefinanceinstitute.com/resources/careers/companies/top-banks-in-kenya/

https://www.poverty-action.org/organization/association-microfinance-institutions-amfi https://www.knqa.go.ke/index.php/professional-bodies-and-associations-in-kenya/ https://acifma.com/national-associations/aci-kenya

https://www.poverty-action.org/organization/association-microfinance-institutions-amfi https://www.knqa.go.ke/index.php/professional-bodies-and-associations-in-kenya/ https://acifma.com/national-associations/aci-kenya

https://www.kenyans.co.ke/news/71230-top-100-kenyans-2021 https://www.jubilantstewards.org/top-100-companies-scoop-pacesetters-awards-2020/ https://avancemedia.org/2019miyk/

https://www.statista.com/statistics/1121221/finance-sector-value-added-to-gdp-in-south-africa/ 

https://www.flandersinvestmentandtrade.com/export/sites/trade/files/market_studies/The%20financial%20sector%20and%20Fintech%20in%20SA%20-%202021.pdf 

https://startuplist.africa/industry/financial-services 

https://www.worldbank.org/en/news/press-release/2018/09/21/south-africas-efforts-to-improve-financial-stability-and-inclusion-boosted