Work-Life Balance for Finance Professionals (2024)

FAQs

Do finance careers have good work-life balance? ›

Common Factors that throw off work-life balance for Finance Managers. Finance Managers, tasked with the crucial role of overseeing an organization's financial health, often find themselves in a high-stress environment where maintaining a work-life balance can be particularly challenging.

The role, which demands acute attention to market trends, client needs, and financial planning, often extends beyond the typical nine-to-five schedule. This can lead to unpredictable work hours and the need for constant availability, which complicates the pursuit of work-life balance for these professionals.

Most financial analysts work full time and some work more than 40 hours per week.

Your work-life balance can improve your overall well-being, including physical, emotional, and mental health. Studies have found that long hours can lead to serious health issues such as 'impaired sleep, depression, heavy drinking, diabetes, impaired memory, and heart disease' [1].

At CareerExplorer, we conduct an ongoing survey with millions of people and ask them how satisfied they are with their careers. As it turns out, financial managers rate their career happiness 3.0 out of 5 stars which puts them in the bottom 30% of careers.

The median annual wage for business and financial occupations is $46,310 higher than the median annual wage for all occupations. Drawbacks of a career in finance can include high stress, long working hours, continuing education requirements, and, in some cases, limited job stability.

Lack of work ethic. It takes a lot of hard work and discipline to break into a career as a financial advisor. While many are willing to work hard for a period of time, fewer are willing and able to maintain the high-level work ethic required to survive and thrive as a successful advisor.

Meanwhile, the rookie failure rate hovers around 72%. As the industry grapples with such a low success rate for new advisors entering the industry, firms must grow their talent pipeline and better communicate the role and training timeline of a financial advisor.

Financial advisors who sail past low six figures and enter high six figures (and sometimes seven figures) have mastered two things: leverage and scale. Leverage is all about having things work separately from your time.

What are the hardest jobs in finance? ›

One of the most difficult jobs in Finance is to be the CFO of a PE firm or a PE-backed company. According to a Big 4 firm's survey, turnover of CFOs in PE and PE-backed companies is notoriously high, reaching 80% in less than five years; half of whom are gone within three years.

Typical white-collar jobs include: Customer service representative. Team development leader/supervisor/office manager. Accountant/financial analyst/auditor.

Ideal work hours per day and week

Those who felt like they had the least time overall worked 8.6 hours, whereas those who felt like they had the most time worked just one hour less, or 7.6 hours. So to not feel starved for time, aim for a 7.6 hour workday. That would equate to a 38-hour workweek.

Some signs of an unhealthy work-life balance may include: Constant overwork: Regularly working long hours, including weekends and holidays, without sufficient time for rest, relaxation, or personal activities.

One of the main challenges to work-life balance is the lack of clear boundaries between work and life. This can happen when you work from home, have flexible hours, or use the same devices for both purposes.

At the entry-level, you'll usually work between 40 and 50 hours per week. However, that varies based on the group and the time of year. For example, FP&A Analysts might work more like 50-60 hours per week because the role tends to be more strategic and involves more interaction with management.

The U.S. Bureau of Labor Statistics (BLS) projects that business and finance jobs will be in demand from 2022 to 2032, with 911,400 openings on average each year. Certain roles within finance, like financial examiner, are expected to grow over six times faster than the rate for all occupations nationwide.

Work-Life Balance FAQs for Investment Banker

On average, Investment Bankers often work long hours, typically ranging from 70 to 100 hours per week. The demanding nature of the job, with its tight deal deadlines and client needs, can lead to extended workdays and weekend work.