Wall Street CEO’s are notorious for raking in thousands in yearly bonuses. However, CEOs aren’t the only ones rolling in the dough. Many lucrative positions in finance have made their appearance in over the course of the last few years due to recent innovations in the field. This has opened many positions to people who would otherwise have to compete for the limited amount of CEO positions available. In this article, we’re going to explore four great finance career choices besides CEO.
Chief Risk Officer
Many companies are jumping on the risk management craze these days and many firms have neglected risk as part of the equation for a long time. The job of a chief risk officer is one of the most lucrative in finance and chief risk officers can earn between 1 million to 3 million per year. More often than not, chief risk officers came from the trading side and have experience in fixed income trading.
Chief Compliance Officer
The position of chief compliance isn’t need, but with the recent slew of regulations hitting Wall Street, the position has become more important than ever. Firms today take regulation and compliance very seriously, and in this increasingly regulated environment, CCOs have become absolutely essential. Most CCOs will need a background in law and/or accounting in addition to finance if they want to land a position. In addition, earning an online master of science in finance from a reputable institution such as Northeastern University can increase your chances of getting hired as a CCO. The job of CCO can pay between 1 and 2 million per year.
Chief Technology Officer
A chief technology officer will usually be in charge of programming trading systems and operating them. They will also be responsible for accomplishing tasks that would be more akin to that of a programmer such as writing code, which is why most chief technology officers are a graduate from top tech schools. The perfect candidate will need to understand trading strategy and have a solid understanding of trading systems to succeed. A good CTO can earn between 2 to 3 million per year.
Hedge Fund Head of Research
According to many insiders, the job of hedge fund head of research is one of the most lucrative in Wall Street, and the number of positions in this sector is set to increase in the next coming years. Research plays an increasingly important role in the world of hedge funds. As a matter of fact, Bridgewater Associates, one of the largest hedge funds in the country, places huge emphasis on data driven analysis and research. Pay varies between hedge funds, but a good head of research can stand to make between 2 and 3 million per year.
All of these positions are wide open for people who want to pursue a career in finance but don’t want to go the traditional route. Furthermore, since the demand is high in many of these sectors and there is a shortage in properly qualified students to fill them, pay is very advantageous and many of these jobs can be obtained by someone with an online finance masters degree. However, please note that many of these positions require additional study if you want to realistically be eligible. So don’t hesitate to do your own investigation and see if you have what it takes to fill one of these positions.