Gavin Howe
Law and finance are closely linked, and a law degree can be a great asset when pursuing a career in finance. Law graduates can seek positions in regulatory and decision-making roles in finance, and a sound knowledge of finance is an essential skill for senior managers in any business. A law degree can lead to financial jobs such as risk analyst, financial adviser, investment consultant, and certified public accountant (CPA). Additionally, those with a law degree can pursue a Master's in Law and Financial Markets, which offers hands-on experience and the opportunity to meet leading financial institutions. For those interested in a career in finance, a law degree can be a valuable asset, providing a comprehensive understanding of financial management and regulatory guidelines.
| Characteristics | Values |
|---|---|
| Career options | Financial attorney, CFO, risk analyst, financial adviser, investment consultant, certified public accountant, attorney, investment banking analyst |
| Skills | Knowledge of financial terms, financial management, financial analysis, understanding of regulatory guidelines, due diligence, governance, risk management, internal control |
| Coursework | Corporate financial strategy, structure, and policy, money laundering, tax evasion, terrorist financing risks, governance, risk management, internal control, KYC process, international and national legal and regulatory frameworks |
| Job Prospects | Admission to law school, gaining industry connections, networking, internship opportunities |
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What You'll Learn
Financial attorney
A law degree can be a great asset for a career in finance, and there are many lawyers who work specifically in the field of finance, known as financial attorneys. Financial attorneys can work in a variety of areas, including banking, corporate law, and creditor rights.
For example, banking lawyers at GrayRobinson maintain a robust finance practice covering regulatory, litigation, bankruptcy, transactional, and lender liability law. A financial background can be particularly useful in these areas of law, as lawyers can advise clients on financial matters and help them make suitable decisions.
Creditor rights attorneys, such as Michael K. Williamson, represent creditors in repossessions, evictions, foreclosures, garnishments, collections, and other matters where creditors are owed money. Williamson, who has a financial and academic background, is regularly approached by creditors seeking to collect on debts.
Some people with finance or business degrees choose to pursue law as a complementary qualification. This combination can be beneficial in certain jobs, as it allows professionals to understand financial terms and apply them to legal contexts. However, it's important to note that having only a finance degree does not qualify an individual to practise law, as they would need to also obtain a law degree or equivalent qualification and any other requirements mandated by the jurisdiction in which they wish to practise.
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Risk analyst
A law degree can be a good starting point for a career in finance, and there are many routes you can take to get into the field. A career as a risk analyst, or risk manager, is a viable option for someone with a law degree.
A financial risk analyst identifies and analyses the financial risks faced by their employer and proposes strategies to reduce those risks, allowing the business to continue operating profitably. They formalise the process of risk management, which involves business decision-making and enabling the process of risk-taking. Risk analysts may work in sales, origination, trading, marketing, financial services or private banking. They can also work in insurance companies, where they may develop the company's payment and policy structure for whole segments of the market.
There are four main areas of risk analysis: credit, market, operational and regulatory. Credit risk specialists analyse the risk of customers not paying for goods or services or defaulting on loans. Market risk specialists analyse the risk of outside factors affecting share price or the market and work closely with traders to calculate the risk of specific transactions. Operational risk analysts look at the likelihood of risky events, such as system breakdowns and employee fraud. Regulatory risk analysts examine the impact of new legislation on the company.
A degree is not always necessary to become a risk analyst, but it can improve your chances. Employers generally favour degrees in finance, mathematics, or statistics. A postgraduate qualification in a financial risk management-related subject can also improve your employment prospects, especially if your first degree is in an unrelated field. Some specific undergraduate degrees relating to financial risk management are available, such as an Investment and Financial Risk Management BSc (Hons) offered by Bayes Business School.
If you have a law degree, you can also pursue certifications that will qualify you for a career as a risk analyst. The Global Association of Risk Professionals (GARP) offers the Financial Risk Manager (FRM) certification, which requires passing two exams and having a minimum of two years of full-time work experience in finance or a related field. The Chartered Insurance Institute (CII) offers a range of insurance and financial planning qualifications. The American Academy of Financial Management offers the Certified Risk Analyst certification, which is only available to professionals with a master's degree, law degree, CPA, or specialised executive training.
The salary for a risk analyst can vary depending on their performance and the firm they work for. The median annual salary for a market risk analyst manager is $123,750, while for an operational risk analyst manager, it is $100,750. Many analysts also receive bonuses in various forms, and some firms offer profit-sharing programs or commissions.
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Financial adviser
While lawyers and financial advisors have distinct roles, it is possible to be both a lawyer and a financial advisor, and a law degree can be useful for a career in finance.
Lawyers typically hold a Juris Doctor (JD) degree and must pass the bar exam in their state. They advise clients on legal matters, represent them in court, and ensure compliance with laws and regulations. Lawyers may also help with estate planning, contracts, and disputes.
Financial advisors, on the other hand, focus on managing finances, investments, and long-term financial strategies. They may offer wealth management and financial planning services, helping clients grow their wealth and maximize their returns while managing risk.
Becoming an investment advisor is a popular alternative career path for those with a law degree. This role involves bringing in new business, understanding clients' risk tolerance and financial goals, and determining appropriate investment strategies. For example, high net worth advisors may work with hedge fund and bond managers to make decisions on behalf of their clients' investments.
Some people have found that their law degree has helped them in their finance career, especially when it comes to understanding financial terms and making informed decisions. However, it is important to note that the applicability of a law degree in finance may depend on the specific job and area of expertise.
In conclusion, while a law degree can provide a good foundation for a career in finance, there may be additional qualifications or experience needed to become a financial advisor. Those interested in pursuing this path should research the specific requirements and consider gaining relevant work experience to increase their chances of success.
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Investment consultant
A law degree can be a good starting point for a career in finance, and there are many roles within the finance industry that value a legal background. An investment consultant is one such role.
An investment consultant helps clients reach their financial goals. This could involve developing an investment strategy for an individual or managing portfolios for large corporations. Investment consultants work with their clients to understand their financial goals and then create a plan to help them achieve those goals. This may include advising on manager selection, researching investment managers, and coordinating the selection process.
Qualifications
A bachelor's degree is typically required for an investment consultant role, with coursework covering economics, accounting, business administration, or other related disciplines. Some employers may prefer candidates with a license from the Financial Industry Regulatory Authority (FINRA). In addition, certifications like the Chartered Financial Analyst (CFA) or Certified Professional, Life and Health Insurance Program (CPLHI) can make a candidate more competitive.
Skills
Salary
The salary for an investment consultant can vary depending on experience and location, but on average, it is around $87,190 per year in the United States, ranging from $60,000 to $196,000 per year.
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Financial analyst
A law degree can be a good starting point for a career in finance. Financial analysts with a law firm, for instance, are responsible for analyzing historical financial statements and projections, developing financial presentations for management, and analyzing financial data to develop financial models.
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Frequently asked questions
Yes, you can. Your undergraduate study area doesn't matter as much as your GPA and LSAT score.
Some financial jobs that you can pursue with a law degree include financial adviser, investment consultant, certified public accountant, risk analyst, financial attorney, investment banking analyst, and chief financial officer.
Courses in a Master's in Law and Financial Markets include international financial market regulations, governance, risk management, and internal control.
The LLM in Banking and Finance Law is a second-cycle degree that examines contemporary challenges and evolving dynamics in law, regulation, and policy within the banking and finance sectors.
Some tips for pursuing a financial job with a law degree include networking with graduates from your law school who work in finance, showing your enthusiasm for the financial field to employers, and volunteering or interning at a financial institution to gain relevant work experience.
